The Yazoo City Whig. [volume] (Yazoo, Miss.) 1844-1851, 1845-09-05

nest
That the rule the common law, as il aps
Piled to corporations in England, is in force in
this country, unless where restrained by sta.
tuory provisions, we admit; but that this rule
Of the common law ever spilled TO banking
intitutions in England, we deny; and chal.
lenge any Brscoeite to show US single pro
position or dicta. in any Of the hundreds Of
volumes of common law text books and re-
ports, which proves that it did. In discus
sing this point, letus examine:
First What sort of corporations existed
in EPa'n snder the common laws and
SCI S-How the rule of the common
law o. .~sed upon them.
And, first, as to the sorts Of corporations,
which existed under the common law in
England "Of corporations, some are sole;
such as the King. bishop, dean. &c; some
are aggregate, such as mayor and common.
atty, dean and chapter" &c. Likewise,
corporations are spiritual, as bishops, deans,
aFchdeacons, parsons, Wears, &c. or tempo.
raj, as mayors, commonalty. bailifis and bur.
gesses, &c. Some corporations are Of a
mired nature. composed of spiritual and
temporal persons, such as heads Of colleges
and hospitals" &c. All corporations are
said to be ecclesiastical, or IGy- Lay corpo>
rations are Of two sorts, ciul and eleemosyn
airy. The ciUil are such as are created for
variety of temporal purposes: such are
the king, a major and commonalty, bailiffs
and burgesses, the trading companies of
London and other towns, churchwarden5.
the college of physicians, and company of
surgeons in London, the royal society, the
society of antiquarians, and the universities
Of Cambridge and Oxford. 81. Toml's
Dict. 1876.
Here We have examples of the different
kinds Of corporations, and these, with few
more of the same character and description,
are the only ones known 10 the COM
mon law. Banking corporations should
fall under the head Of ciUiI, bat We End
them no where specified, and it is SUPPOSE
Bile case that if they did exist such an inn
ortant class would be no where mentioned in
an enumeration Of the several classes Of
corporations; and that commentators upon
the common law from Coke down. should
not name them, much less treat of them as
existing corporationsR And we.defy any
one to show US single passage in any civ
il or common law writer, which treats of
banking institutions as corporations. A
banking corporation was unknown to the com
mon law. And in 1894, when the bank Of
England only one known as a corpora
ion to the common law of England-wa
chartered, the Legislators of that period,
fearing lest designing and dishonest men
might take advantage of the general terms oil
the rule Of the common law, and endeayor to
apply it 10 such corporation, and aware Of
the ruinous, unjust, and inequitable conse.
quences which must result from such an a
plication of the rule, expressly stipulated
in the charter that the property Of the bank
should not be subject 10 forfeiture. AND
this fact. we conceive. clearly proves tha
the English Parliament, (and who could be
!, better expounders Of the common law p die
not believe that the common law was eve
intended to apply 10 such q corporation. |
!, il was, why was The stipulation above men
: TONED incorporated in the charter? Bank
ing under the common law was not corpo
rate franchise, but vas a public right which
every individual was at libertyio exercise
and we know that previous 70 he formation
S Of the Bank Of England, banking IN England
was carried % entirely BY private indisidu
ais, whose rights, duties, and liabilities we're
in many important respects, totally differen
from those Of banking corporations in Chi
!. country. They had no charters, and be
!, sides the private property Of each and ever,
: member o. 4 banking association was boune
s N solido for debts Of The bank. These Ar,
7 the principles upon which The Real p
!. tate Bank Of Kinds, tie only common
s law bank IN our STATE wah founded.
s we have shown the different kinds q cor
!, poEasions which existed IN England, and iha
81 banking corporations did not exist Is such
!. Lei Is now. secondly. Zee how The rule 9
4 lhe common Law operated upon them. Th
! frs, part 81 the rule Il d lollows sUpc
S he dissolution 81 corporation, its real e