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On States Emitting Bills of Credit

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  • Legalbear
    At this site: http://www.ebooksread.com/authors-eng/mary-aronetta-wilbur/e very-day-business-for-women--a-manual-for-the-uninitiated-hc
    Message 1 of 1 , Jun 2 7:50 AM
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      At this site: http://www.ebooksread.com/authors-eng/mary-aronetta-wilbur/every-day-business-for-women--a-manual-for-the-uninitiated-hci/page-2-every-day-business-for-women--a-manual-for-the-uninitiated-hci.shtml I found the following quote:

       

      “For indorsed checks circulate as money, and often bear many endorsements before they are cashed or deposited. For this reason it is better not to indorse checks until one reaches the bank.”

       

      CRAIG ET AL. v. The State of Missouri, 29 US 410, 431-2 the Supreme Court said, “"bills of credit" signify a paper medium, intended to circulate between individuals, and between government and individuals, for the ordinary purposes of society.”

       

      Putting these two quotes together, it looks to me like checks, and most certainly warrants, issued by a state, equals “bills of credit”.

       

       

       

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