would be void if the payee was employed as attorney by a person appointed by such candidate, held void because based on an illegal consideration.

3. In A v. R, 126 P 1048 (Ill.), where it is shown that a note was procured by fraud, and was without consideration, the burden shifts to plaintiff to show that the note was purchased in due course for a valuable consideration, and without notice of fraud.

4. In D v. H, 60 So. 303 (Ala.), a written instrument, whereby the maker promised to pay a certain sum in money at his option before his death or to be collected from his estate thereafter, is not invalid as a testamentary instrument or a promise to make a future gift, but is a good promissory note.

5. In Y v. H, 99 N. E. 327 (Mass.), a note, as between the parties, takes effect only on its unconditional delivery.

6. In W v. E, 75 S. E. 989 (Ga.), on the sale of a negotiable note by a trustee in bankruptcy after its indorsement by the payee, it is not necessary, in order to pass title, for the trustee to indorse the note; mere delivery being sufficient.

In A v. S, 138 N. Y. S 237 (N. Y.), the rule that a bank undertaking to collect a note for a depositor must accept in payment only legal money, is subject to a contrary custom which is known to depositors or so common as to raise the presumption of knowledge. A bank, receiving a note for collection for a depositor, and accepting an acceptance of another bank at which the maker had sufficient funds, must, to escape liability, prove it to be the established custom, known to depositors, to accept in payment such acceptance.

JOHN MARSHALL (1755-1835)

Soldier, statesman, and one of America's greatest chief justices of the Supreme Court.

Marshall was appointed to the Supreme Court at a time when the relationship of the written constitution to legislative enactments was being considered by both the strict and loose constructionists. It was during his incumbency as Chief Justice that interpretations by the Supreme Court through its decisions definitely determined the status of the Constitution. "The Constitution since its adoption, owes more to him than to any one single mind for its true interpretation and vindication." In the celebrated case of Marbury versus Madison, Marshall clearly and logically sets right the question of conflict between the Constitution and a legislative enactment: "If a law be in opposition to the Constitution, the court must either decide the case conformably to the law, disregarding the Constitution, or conformably to the Constitution, disregarding the law." Upon this decision rests the authority for the annulment of twenty-one acts of Congress and some two hundred State laws as in conflict with the national Constitution.

183. Introduction. A draft is the oldest of the many kinds of negotiable instruments, having been used by the Hanseatic

A

B

League in making payments for goods. For example, A, of one city, owes B, of another, who in turn owes C, of the former city.

In order to save the necessity of transmitting the money between these two places, B directs A to pay the amount due him to C and thus cancels all the indebtedness between these parties.

Again, for example, there is no money due in Chicago from New York or the reverse. The following deals then take place: A, of Chicago, ships 100,000 bushels of wheat at $1.00 a bushel to D, of New York. B, of Chicago, buys $100,000 worth of dry

goods from C, of New York. As the deal now stands there is $100,000 due to Chicago from New York and the same amount due from Chicago to New York. By means of a bill of exchange the banks of the two cities are able to settle the accounts without the use of money. B buys at the bank a draft on New York which he mails to C, who sells it to his banker. D buys at the bank a draft on Chicago which he mails to A, who sells it to his banker, and the accounts are again all in balance without the use of any money.

184. Definition. A draft is an order by one person on ‘a second person to pay a certain sum of money to a third person. These parties are respectively known as drawer, drawee, and payee. The draft is frequently designated a Bill of Exchange or simply Exchange.

185. Theory of Draft. The theory of the draft is that the drawer has funds belonging to him in the hands of the drawee, and therefore has the right to direct payment.

Drafts are issued payable at sight or a certain time after sight, and are known as sight or time paper. They are also called foreign or inland. Foreign, if the parties are residing in different