The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-07-23


other banks, il iolnws that, without il, the
ppwcr Is given. II our case The same general
terms are used, without this restriction. For
/ these reasons; We are az opinion that The
charter does confer upon the bank authority
TO issue one dollar notes
2. Il was assumed in the argument that the
Legislature had mot the power to prohibit the
circulation Of small notes, unless il had the
power 10 revoke directly the authority to is
sue them; upon The ground to prevent their
Itirculatinn would necessarily prevent their
Issue; and that cannot be done indirectly
which cannot be done directly. 30 the Two
powers were treated as being precisely one
and the same thing We are not pr pared 10
admit the position in the broad sense IN which
ut was stated. One may 90 around Hill aud
get on top Of II, although he is not able to
climb directlyup Many who deny that Con.
gres, hs the power % protect manufactures
By an at; passed directly for that purpose,
are lorced to admit the power to give Incl,
dental projection hy tariff for revenue. So
there may be distinction, but we are not
disposed u press i, except to the extent OF
j claiming this reasonable concession: the oh
lject ol the Legislature was 10 prevent the
circulation DI small notes, and the revocation
oi the authority To issue was necessary To ef-
feet that purpose. So, fair statement of
the question IS /: Had the Legislature, for the
/ purpose Of preventing the circulation Of small
notes, power 10 revoke the authority OF the
bank To issue them! Political and other
considerations are apt to connect themselves
with the subject Of corporations, and thereby
give to il more importance than it deserves,
n of Inn. nal
a.ruunt oi labur aud learning bestowed on it
has tended to mystlly, rather thanto elucidate
the subject.
In Meares Us. The Commissioners of U-iE
nlington 9 lrd. %, it is said the idea that
corp rations are less accessible, and less re-
sponsibIc to actions than individuals, (which.
] by the b,e, was one reason why corporations
have always been looked upnn by the public
with 50 much jealousy and so little iavor,l
| has Welded To common sense )" and il is now
settled that corporations are as Liable as in-
/ tiiNitluals 10 be sued IN contract, or in tort,
or to be indicted. In Bank of The STATE Us.
Baak 81 Cape Fear, IS Ird. Rep. so. it is said
:. the CURT supposes it 10 be clear law that
a corporation is, like an individual, bound
I by, and NAV take benefit Of the general laws,
when II is within the reasun oi them,. unless
i there b. particular Modification in the char
ter" The notion that corporation is above
the law, has no ground to support il. The
! creature cannot be abuye the maker. Indeed.
/ il is conceded that corporations aud indiyi-
/ duals stand on the same footing both are
equally subject 10 the law, unless exempted
lrnm lis operation BY force Of a contract. and
both equally have a right to protection.
.Stmm:rs Is. Hetci, 5 Jones's Rep. 2I4, is
an instance where an individual was protec-
ted from the OPP ration Of a statute on the
ground Of his contract. he land of cor
porat,on may be taken Tor public use under
the right uf eminent domain in the same man-
ncr a. the land Of an individual NAV be taken.
Ufsf Rirer Bridge Co. rs. Dir, q Howard.
507.
3 These positions have been stated to " clear
; the way" and present the naked question
Il authority 10 issue small noes conferred by
the cha, ter, as par at the essence of the
contract. with the intention TO put il beyond
. the control of all future Legislation! or is il
conferred a. a meie incident, with the inten-
tion that il should be subject to such Iinita-
,ion as the Legislature might at anv time
{ thereafter deem expedirnt to make for the
lhpN-t ~ itSulhtih- tuc IuIItuCN VI lHc
+ State: This is mere question nf tonstruc-
iion. a ID plain statement seems sufficient
, ta dispose Of Il. Win the exception of the
. pnwers surrendered TO the Uni'ed States,
each state is absolutely sovereign ; and with
/ the exception Of the restraints imposed by
the Constitution oi the STATE" and the Bill
, Of Rights. !" all Legislative pnwer is vested
in The General Assembly" Ii is consequent.
/ u unreasonable % suppose that the General
Assembly, admitting II has the power, would
/ aIien or Surrender aud make subject 70 any
Individual Or corporation, portion Of its
/ sn,ete gnty, and thereby disqusiify itself
Irum dol thai for which these ample powers
were conferred on it. As is said in .ueRee
i rs. Ill. X. ~. Co., Jnnes's Rep. ls9, I've
/ should hesiia e long before bringing our minds
i to the conclusion that IL was the intention Uf
!, the Legislature to take from Itself the power
vi dung that for which all governments are
org4nlked--promuting The general welfare by
! adopting such measures as new state 81
# things might make necessary Tor the benefit
\ 1t tie pubic; IN other words, !, u unreasCna-
!. bic to suppose an intention to surrender the
i mean. BY Which Il NAY thereafter be able %
!, effect the purpose lur which il was created
' aud formed into government" Ii follows
!. that % establish contract on tie part ii the
!. Legislature To rclnqui,t any Of Is powers.
4 ,,iann aud unrqniyu,al wur,ls must be used
!. fur instance, il it, charter authorizes bank
il 10 lend money and j. silent AZ to lhe rate o.
/. interest. Tie general Law will fix ii: and
s shuad the Legislature afterwards make the
: rate l"arr, the corporation. as well a. indi
,llunis. will BE- baIad. Soil Railroad Com
10 pany is authorized to carry passengers anl
= irclgt, il,c Legislature NAV afterwards re
! gaiate the speed at which tie cars shall run
) Of NJ, make il unlawful to carry gunpowde
y un tie same train with passenger cars; III,