assets of the bank issuing them, including the double liability of the
stockholders, and any person or bank holding any of the national bank
notes of a failed bank shall be entitled to recoup the amount thereof
out of the first moneys received on account of the failed bank.
COMMENT:--These credit notes should be a first lien precisely as our
present bank notes are; as the Scotch notes are and as the Canadian
notes are. Bank notes should be made a first lien, because they are a
public convenience and because the holder is morally and practically
compelled to take them in the ordinary course of business.
MR. MANUFACTURER: He could refuse if he chose and demand legal tender,
could he not?
MR. LAWYER: Certainly, but public policy should put the goodness of
bank notes beyond question under all circumstances.