Money which the Government declares to be legal tender (see "Legal Tender ") in payment of obligations; money which the creditor may not refuse in the payment of a debt except where otherwise expressly stipulated in the contract.

The "Opinions of the Attorney General of the United States" gives the following: " The term ' lawful money' is understood to apply to every form of money which is endowed by law with the legal tender quality."

Under the revised statutes of the United States, neither gold certificates, silver certificates, nor national bank notes are endowed with legal tender properties.

Clearing-house certificates, representing specie or lawful money especially deposited for the purpose, of any clearinghouse national bank shall be deemed to be lawful money in the possession of any association belonging to such clearinghouse, holding and owning such certificate, for the purposes of "reserve."

The term "lawful money," when applied to what are known as "gold banks," " shall be construed to mean gold or silver coin of the United States."