Circulation

Whatever passes from person to person, as, money, currency; also, the fact and the extent of a thing's being circulated. Certificates of indebtedness issued by a person or a corporation are not taxable as "circulation," under Rev. St., § 3108, imless calculated or intended to cu-culate or to be used as money.' > 3 HI.

Com. S7-58; 4 id. 432, 434; 1 Steph. Hist. Cr. L. Eng. 100. > 18 Ct. CI. 457; 15 M. & W. 208. s Act 3 March, 1879: 20 St. L. 330, 1 Sup. R. S. 460. 4 United States v. Noelke. 17 Blatoh. 557 (1880); Com- The act of February 8, 1875, c. 35, sec.

19 (18 St. L. 311), provides " that every, person, flrm, association other than national banking associations, and every corporation, State bank, or State banking association, shall pay a tax of ten per centum on the amount of their own notes used for circulation and paid out by them. " This act is tp be construed in connection with the internal revenue law; is designed to provide a currency for the country, and to restrain the circulation of notes not issued by authority of Congress. An order by A in favor of B, or bearer, upon C for " five dollars in merchandise at retail," paid out by A and used as circulation, is not a note within the meaning of the act. Only such notes as are in law negotiable, so as to carry title in their general circulation from hand to h^nd, are the subjects of taxation under the act.' A certificate by a national bank that a person napied has deposited in it a certain sum, payable to the order of himself on return of the certificate properly indorsed, and understood not to be payable until a day agreed upon, is not forbidden. ' See Bank, 2 (2); Tax, 2.