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ON THE LAW RELATING TO

BANKS AND BANKING;

WITH AN APPENDIX

CONTAINING

THE NATIONAL BANKING ACT OF JUNE 3, 1864,

AND AMENDMENTS THERETO.

BY

JOHN T. MORSE, JR.

OF THE SUFFOLK BAR.

SECOND EDITION, REVISED.

BOSTON:

LITTLE, BROWN, AND COMPANY.

Entered according to Act of Congress, in the year 1870, by

John T. MORSE, JR., In the Clerk's Office of the District Court of the District of Massachusetts.

Entered according to Act of Congress, in the year 1879, by

John T. MORSE, JR.,
In the Office of the Librarian of Congress, at Washington.

CAMBRIDGE:

PRESS OF JOHN WILSON AND SON.

PREFACE TO SECOND EDITION.

The first edition of this book certainly enjoyed a better reception than it deserved. When a second edition was called for, I resolved, so far as possible, to correct in it the faults of its predecessor. To this end I have labored very hard, seeking not only to add to the volume, as at first published, all the new material derived from later judicial decisions, but undertaking . also to correct original defects of plan and construction. This proved to be an enterprise of such magnitude that I can truly say that the toil expended upon this edition has very greatly exceeded that which was devoted to the composition of the book in the first instance. It was a re-writing rather than an editing. An especial effort has been made to condense the text, and a great deal of matter, in the nature rather of discussions than of the statement of established principles, has been omitted. The increase in the number of authorities cited is considerable, being about thirty per cent; or a trifle over four hundred new cases, while the pages of text have been increased by one hundred and five, or about twenty per cent.

This indicates in some degree the measure of compression brought to bear in this edition. It must be acknowledged that a still greater amount would have improved the book even more in the opinion of the professional man. But it purports to be a treatise, not a mere collection of authorities; and it has also been extensively used among business men engaged in banking, who require a somewhat fuller elucidation of rules and principles than would suffice for the lawyer. For these reasons I hare felt justified in employing greater elaboration than would

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have been proper in a book intended only to be used for legal reference.

Further, I have sought, wherever it seemed desirable, to give a somewhat extended statement of cases, often embodying the language of the court, with the object of giving to this volume in some degree the value which belongs to a collection of cases. The subject is too extensive to be satisfactorily treated by a publication at length of all cases relating to banks ; on the other land it is not so extensive as to justify its treatment in the shape of a digest. Mr. Thompson whose labors have been a great aid to me, has made a somewhat bulky volume by bringing together upon the former system only such cases as relate to our national banks. I hope that the middle course, which I have adopted, as it has appeared the only one practicable, may also prove to be satisfactory.

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PREFACE TO FIRST EDITION.

Questions in relation to banking law, involving interests of great magnitude, have of late arisen in unusual numbers. But those engaged in investigating them have been cast upon the trackless wilderness of the reports, without guide or aid of any description from treatises or text-books on the subject. English works are nearly useless on this side of the water, since English legislation and usages differ widely and materially from our own. No thorough and sufficient book has ever been attempted by an American writer. It seemed to me that there was not only room but even a necessity for such an undertaking; and when I entered upon the task and found how it grew and expanded upon investigation ; when I found how many doctrines of the law had been expounded, having reference solely to the banking business, which had never been brought together and elucidated in connection with each other, or upon any uniform principle; when I found what multitudes of cases had arisen and been adjudicated which had never been collected, compared, or criticised, which might be overlooked, overruled, practically lost to the profession, I learned that the need for such a work as I contemplated was eren far greater than I had believed it to be.

How well I have met the demands of my task I cannot pretend to judge. That imperfections should exist in my work may be regarded as inevitable. It is almost an impossible

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