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14 Minn. L. Rev. 313 (1929-1930)
The Promissory Note as a Substitute for Money

handle is hein.journals/mnlr14 and id is 323 raw text is: MINNESOTA LAW REVIEW Journal of the State Bar Association VOLUME XIV MARCH, 1930 No. 4 THE PROMISSORY NOTE AS A SUBSTITUTE FOR MONEY- By J. S. WATER.MAN* P ROMISSORY notes are almost invariably described in judicial opinions and in legal texts as being either substitutes for money,' representatives of money,2 contracts circulating like money and performing in part the functions of money,' instruments possessing the same circulable character as money,4 part of the currency of the country,' credit instruments performing the func- tions of paper money,' or a medium of exchange possessing the advantages of a flexible paper currency and serving as a substi- tute for government bills or notes.- These statements, selected *Dean of the Law School, University of Arkansas, Fayettevillc. tResearch Paper No. 155, Journal Series, University of Arkansas. lGaar v. Louisville Banking Co., (1874) 11 Bush (Ky.) 180, 187, 21 Am. Rep. 209, 212; Smith v. Marland, (1882) 59 Iowa 645, 13 N. IV. 852. 854; Lincoln Nat'l Bk. v. Perry, (C.C.A. 8th Cir.) 66 Fed. 887, 894, 14 C. C. A. 273, 280; 1 Parsons, Notes & Bills 257; 1 Macleod, Banking, 5th ed., p. 50; 2 Street, Foundations of Legal Liability 395; Spencer, Com- mercial Law, 2d ed., p. 157; Schaub and Isaacs, The Law in Business Problems 536; Brewster, Legal Aspects of Credit 397, (1928) 22 I11. L. Rev. 833, 838. 2Wookey v. Pole, (1820) 4 B. & A. 1, 6; People's Bank v. Bates, (1886) 120 U. S. 556, 565, 7 Sup. Ct. 679, 30 L. Ed. 754, 757; 3 R. C. L. 836; Parsons, Mercantile Law, 2d ed., p. 94. 32 Street, Foundations of Legal Liability 325. 4Aigler, Commercial Instruments, The Law Merchant, and Negotia- bility, (1924) 8 MVIINNESOTA LAW REvmw 361, 378. SLang v. Smyth, (1831) 7 Bing. 284, 291; Ingham v. Primrose, (1859) 7 C. B. N. S. 82; Goodwin v. Robarts, (1875) L. R. 10 Exch. 337, 358. sChalmers, Bills of Exchange, 9th ed., Intr. p. lii; Holdsworth, The Origins and Early History of Negotiable Instruments, (1916) 32 L Quart. Rev. 20, 30; Hope v. Parker, (1890) 43 Mo. App. 632, 637. 7Norton, Bills and Notes, 3rd ed., pp. 17-18. For the distinction be- tween metallic money, or specie, and currency, or paper money, see Schou- ler, Personal Property, 5th ed., sec. 347; 40 C. J. 1489. For a discussion of the term currency see 2 Macleod, Banking, 5th ed., 292-307.

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