All the courts seem to have recognized that the power to issue notes to circulate as money could be made a franchise.1 No,one ever seems to have questioned the right of the legislature to make the power to issue currency a franchise grantable by the state.

3 Hubbard v. N. Y. R. R. Co., 36 Barb. 286.

4Corwin v. Insurance Co., 14 Ohio, 6.

5 Kiggins v. Munday, 19 Wash. 233

1 Bank of Augusta v. Earle, 13 Pet. 519,596; Curtis v. Leavitt, 15 N. Y. 9; Nance v. Hemphill, 1 Ala. 551.

1 Bank of Augusta v. Earle, supra; Myers v. Irvine, 2 S. & R 368.

It is put on the ground that the government has the power to protect its subjects from a worthless currency.2 If the legislature can take away one branch of banking from private citizens for the public good, it would seem to follow as a matter of strict logical deduction that all branches of the business could be made franchises.3