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FARMERS BANK v. FED. RESERVE BANK

No. 823.

262 U.S. 649 (1923)

43 S.Ct. 651

67 L.Ed. 1157

FARMERS AND MERCHANTS BANK OF MONROE, NORTH CAROLINA, ET AL. v. FEDERAL RESERVE BANK OF RICHMOND, VIRGINIA.

Supreme Court of United States.

Decided June 11, 1923.

Attorney(s) appearing for the Case

Mr. Alexander W. Smith and Mr. John J. Parker, with whom Mr. Gillam Craig was on the brief, for petitioners.

Mr. John W. Davis and Mr. Henry W. Anderson, with whom Mr. M.G. Wallace, Mr. H.G. Connor, Jr., and Mr. C.W. Tillett, Jr., were on the brief, for respondent.

MR. JUSTICE BRANDEIS delivered the opinion of the Court.

The Legislature of North Carolina provided by § 2 of c. 20, Public Laws of 1921, entitled "An Act to promote the solvency of state banks":

"That in order to prevent accumulation of unnecessary amounts of currency in the vaults of the banks and trust companies chartered by this State, all checks drawn on said banks and trust companies shall, unless specified on the face thereof to the contrary by...

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