This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 573.— The express companies are not affixing a two-cent stamp to their orders payable in United States, allowing the payee to meet this expense. By this means they are attracting much of the smaller draft business formerly done by the Canadian banks. Are they within the Act regulating this matter?
Answer.—If these orders are issued in Canada the American Act does not apply to the issuers, but only to the drawees, who would be bound to stamp them before payment. If they were issued in the United States without being stamped it would of course be a violation of the law.
As regards the effect of this in the way of competition, we would suppose that the payees would object to being made to pay the 2c. stamp duty, and that in the long run the charge would come back on the purchasers of the orders.