Chapter XLVI: Section 49: That national bank notes shall be a first lien upon all the

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.