On the record
All commercial paper--checks, drafts, orders, bills of exchange, protests, bonds --every instrument that was used in the ordinary process of banking --was heavily taxed, while bank bills were not taxed at all.
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gutenberg.orgAll commercial paper--checks, drafts, orders, bills of exchange, protests, bonds --every instrument that was used in the ordinary process of banking --was heavily taxed, while bank bills were not taxed at all.
Sherman highlights the disparity in taxation between commercial paper and bank bills.
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