Quote Originally Posted by allodial View Post
Perhaps some might forget the National Banking Act and the Federal Reserve Act are two separate things.
Yes, but remember federal excise tax was due on the amount of national-bank notes issued; payable by the issuer (Veazie Bank v. Fenno). And Congress intended Federal Reserve Notes to supplant National Bank Notes, so that they (FRNs) would become the banking system's exclusive paper currency—.
"They shall be issued and redeemed under the same terms and conditions as national-bank notes..." http://www.scribd.com/embeds/2047859...?start_page=23

Therefore, it follows that federal excise tax is due on the issuance of FRNs - payable by the issuer - the endorser on the backside of the paycheck. Oops!