Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1856-07-16

act Of 1880 and the charter Of the bank a NsmS
Berne excluded all notesunder FIVE dpartnee cIal-
ters of the bank of the State and TIE pank G y
Fear excluded only notes under threc doslars IBIS
creates uncertainty ia regard to the "s0ttlcd poi-
cy::,,, and in attempting. by inference from these
stat;Ifes To impose a restriction upon the bank OF
it would be found impossible 70 aec"e
whether the limit should be fixed at hye or tnfee.
But we have come to the conclusion that the on'y
lept;mate effect to which this argument is entitled
is to prove that in oil probability the omission OF
provision as to issuing small notes. similar to that
inserted in the charters of the other banks, was an
oversight. In other words, the Legislature, from
mere inadvertance forgot to insert 1t. II We ~s'e
at liberty to make this superstition, the ev Is Se
yond our control for most certainly, this Court nae
no power to supply tho omissions or correct the ms.
takes of the Legislature Indeed the omission Of ts
proviso, in its bearing upon the argument, leans ene
other and tends to show that the authority
ferre: for its insertion necessary to t"e
other banks it follows that without it.. the power
is given In our case the same general ter'l's a'e
nsed without this restriction. For these reason,
We arc of oninon that the charter does confer upon
the bank authority to issue one dollar notes;
II was assumed in the argument that the Leg.
islature had not the power to prohibit the circua'
ton of small notes. unless it had the power 10 re-
woke directly the authority to issue them upon 'ne
ground to prevent their circulation would necessa-
Indirectly which cannot be done directly. so the
two powers were treated as being precisely one ana
the same thing. We are not prepared to admit the
position in the broad sense in which it was stated
One may 60 around hill and get on top OF ~ az
though he is not able to climb directly up. Many
who deny that Congress has the power 70 p.o.ec'
manufactures by an act passed directly tor
pose are forced to admit the power to give nc'den
tai protection BY a tariff for revenue. So there may
be distinction, but we not disposed to press it,
except to the extent of claiming this reasonable con-
cession: the object of the Legislature was to pre-
vent the circulation of small notes. and the revoca.
ton of the authority to issue was necessary to effect
that purpose. So, fair statement Of the question
is Had the Legislature for the purpose OF prevent
ing the circulation of small notes. power to revoke
the authority of the bank to issue them? Political
and other considerations are apt to connect them-
selves with the subject Of corporations and thereby
give to it more importance than it deserves rs arg
question of lau and the unusual amount of labor
and learning bestowed on it has tended to mystlty,
rather than to elucdate the subject.
In Meares rs the Commissioners Of Wilmington,
Ird Rep 49, it is said the idea that corporations
are less accessible and less responsible TO actions
than individuals (Which, by the bye, was one reason
why corporations have always been looked upon by
the public with so much jealousy and so little avor
has Welded to common sense and it is now settled
that corporations are as liable individuals to be
sued in contract, or in tort, or to be indicted In
Bank of the State Is. Bank Of Cape Fear. IL lro.
Rep. 80 it said the Court supposes it to be clear
law that corporation is like individual, bound
by, and may take benef: Of the general laws, when
it is within the reason of them, unless there be
particular modification in the charter" The notion
that corporation is above the law, has no ground
to support it. The creature cannot be above the
maker Indeed, it is conceded that corporations and
individuals stand on the same footing; both are
equally subject to the law, unless exempted from
its operation by force of contract and both equal
" have right to protection. Stanmire rs. WeIch,
Joness Rep. 2l4, is instance where an indlvld-
ual was protected from the operation OF statute on
the ground of his contract The land of a corpora
ton may be taken for public under the right OF
eminent domain in the same manner as the land OF
an individual! may be taken. Vest River Bridge
Co. rs. Dr. Howard, 507.
These positions have been stated to 'scear the way,
and present the naked question Is authority to issue
small notes conferred by the charter part the
sence OF the contract with the Intention to put DE-
yond the control of future legislation oris confer
red as incident with the intention thatt should
be subject to such limitation the Legislature might
at any time thereafter deem expedient to make for
the purpose of regulating the currency of the State
This is mere question of construction, and plain
statement seems sufficient to dispose Of it. With
the exception of the powers surrendered to the Uni
ted States, each State is absolutely sovereign and
with the exception of the restraints imposed by the
Constitution of the State" aud the Bill OF Rights,
all Legislative power is vested in the General AS
sembly." Its consequently unreasonable to suppose
that the General Assembly, admitting has the pow
err would alien surrender and make subject to any
individual corporation, portion of its sovereign.
ty and thereby disqualfy itself from doing that for
which these ample powers were conferred on it. AS is
/ said in AcRee e. Vii. &. X. Co., 2 Jones's Rep
ls9, "We should hesitate long before bringing Out
minds to the conclusion that it the intention o.
the Legislature to take from itself the power of do
inof hat Oryy Ich anfc izo6-
| promoting the general welfare by adopting such
| measures as new state of things might make ne
cessary for the benefit of the public; in other words
it is unreasonable to suppose intention to surren
der the means by which it may thereafter be able t.
effect the purpose for which it was created and form
ed into government" 1t follows that to establish
contract on the part of the Legislature to relin
quish any of its powers, plain and unequvocal words
must be used. For instance, if its charter author
ICES bank to lend money and is silent as to the rat
of interest, the general law will fix it and shoult
the Legislature afterwards make the rate lower, tn
| corporation, as we'll as individuals, will be bound
So if Railroad Company is authorized to carr!
passengers and freight, the Legislature may after
wards regulate the speed at which the cars shall run
or may make it unlawful to carry gunpowder on tn
same train with passenger cars; the sovereign be
ing presumed to reserve to itself the regulation g
| all such matters in the absence of an express con
( tract to the contrary.
In looking over the statute by which this bank
incorporated, we find authority to issue notes give
in general terms; and although it may be inferre
that it was then the policy rather that there wa
no purpose not to allow the issuing of small notes
that time, yet there is nothing which can fairly b
construed contract on the part of the State nc
to change the policy afterwards prohibit their il
and circulation. There isno pledge to this effect
nothing is said about the size of the notes to be il
sued; there are in this respect no words but thos
Of ordinary legislation, subject to be modified at
l hat iohf ha ovDo1ionf ~
no words of control used; and in fact no word
| which by the utmost ingenuity and straining ca