Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1853-09-29
WHOLE NUMBER 1851


lP'iveleges. and il usually gives = capacity t
lake and hold property Where = charter ere
aIes corporation it emphatically eonfers lhi
capacity Tor it is an incident TO eorpora.lor
(unless prohibited 10 take and to hold proper
iy. A charter granted to privatv persons 70
private purposes is within the terms and rea.
sous Of the prohibition. l; eonfers rights sht
privileges upon The faith OF which it is accept
ed It lmpaTts obligations and duties on theil
part which hey are not at liberty 10 disregaiJ
and It Implies n contract, on the Part Of the le
gislaiurs, that the rights and privileges 90
granted shall be enjoyed. A charter OF bahk
ior insurance COMPANY. or turnpike com pany
Is certainly contract founded in q valuable
consideration.
Upon this point propose further TO read an
extract from the c, mmrntaries Of that very
Distinguished jurist whose peniusis impressed
upon the Institutions of the country, and
whose learning is The admiration of the civil,
lized world. Chancellor Kent 10 bis eommen.
taries vol /. p. s07, says ---
1--WE come next to prohibition Of great
moment and affecting extensively and deeply
.he legislative authority Of the State. There Is
no prohibitory clause in the constitution which
! has given rise to more various and able discus
>ions or more protracted litigation than that
which denies to any State the rightto pass any
/ law impairng the obligations Of contracts
shall endeavof to give full and accurate view
Of he judicial decisions de6ning aud eforcins
this prohibition"
Afer reviewing numerous decisions, the
commentator thus sums up his conclusions, on
page 399
IL have thus stated the substances Of the ar
gument OF the Supreme Court in this celebra-
| ted case, THE Dartmouth College case and 1t
contains one ofthe most full and elaborate e1-
| positions of the constitutional sanctity of con.
tracts to be met with in any OF the reports
The decision of that case did more than any
single act proceeding from the authority OF the
United States, to throw an mpregnable barrl-
er around rights and franchises derived
from the grant oil government, and to give So
ldity and inviolab'litv to the literary, char.
table, religious and commercial institutions oil
the country"
Again, in vol. z; page Ell. speaking OfcOr-
porations. the Chancellor says:
"The various acts Of incorporation OF pri-
vate companies, for banking, manufacturing,
literary, charitable and insurance purpose; for
turnp ke, railroad, and toll bridges. and for
many other objects upon which private indus
try. skill and speculation can be freely and ad-
vantageously employed, constitute mighty
map Of charters. which occupy large part OF
the volumes Of the statute law n almost every
State. All these interpretations are contracts
between the government and the company
which cannot, ordinarily, be affected by legis-
latve interference"
Having thus shown the meaning Of that
clause in the constitution which prohibits any
State from impairing the obligation OF con-
tract. as it was understood by the trainers OF
that instrument, by coEtemporaneous writer's
and by all elements works that treat OF IaaI
subject, and all concurrng in the opinion that
where a legislature has made grant and
rights have accrued under that grant That no
subsequent legislature can revoke 1t, without
the consent of the grantee, come to the con-
sideration of the question as regarded by the
judicial tribunals ef the country, those tuou.
nals that are constituted to give construction
to the constitution and laws OF the land.
The first case to which call the attention ol
The Senate. is the celebrated case OF the Dart
mouth College. decided by Chief Justice Mar
shall in 4th of Wheaton, page l2o. In that
cas- the court held.
"i. That the charter for the college, though
granted by the parliament Of Great Britain be-
fore the adoption Of the constitution was a
contract, and protected by the constitution OF
the United Sta.es - and
"2 That act of the Legislature OF New Hamp-
shire interfering with the vested rights under
that charter was unconstitutional and void.
Il will be recoIected that the charter OF this
college was granted to a certain number o. per-
sons, and that the Legislature of New htmp'
shire increased that atnumber, and fore tins slight
interference (which the court say cannot De
toler,ted) the highest trbun ! know to the
constitution, declared itnull and void
Following this very important decision one
that was sustained by the spotless character
and profound learning OF the distinguished
JUDGE VINO made it, and coming, as did from
the unanimous judgment of the most enllght-
.rad court in the world, it is not strange that
+ sbonld he regarded as settling the question
And accordingly as often as the case arose one
doctrine of this case was FedthiiEo''
Crqnch, D. 43; in 8th Wheaton, p 81; IN WASH
O. Rp. 9la; in 5;h Cranch, p. 49, ana 10 eve
w other court that hal arisen to the dignity
IL a resnpetable Justice Of the peace. this dos,
trine was recoanirsd and the question treated
as one no longer open. An@ call upon gen,
tIeman on the other side topr duce one s'n9le
authority that sustsins the right Of the Leglsla,
tmre to revoke a grant without the assent Of
the grantee.
Mr. MYsrs. Does the gentleman assert
that this Legislature canno: tax the banks!
Mr., EoKLEY. assert that If the Leg'sIa'
ture has parted with that power by It's grants
to the eorporators, under the banking law, tna'
il canuo, resume it without the consent OF the
oorporatOrs. viii the gentleman now IA. answer 's
~ m one question? Does he believe that TIT
Lagislature possesses the power to repeal any
sbsrter at pleasure. without the consent of the
company?
Mr. MYREs. decline answering that ques-
ton at this time.