In the great bankruptcy cases of Sturgis _v._ Crowninshield and Ogden
_v._ Saunders, where it was held, in 1819 and 1827, that the
constitutional provision as to impairing the obligation of contracts
forbade the State to enact an insolvency law which should discharge a
person from liability on a contract made before the law; and then again
that it did not forbid the same thing as touching a contract made after
the law, Marshall, who gave the opinion in the first case, put it on a
ground equally applicable to the second; and so, in the second case,
gave a dissenting opinion. The obligation of the contract, he said,
comes from the agreement of the party; it does not arise from the law of
the State at the time it was made, entering into or operating on the
contract. But this doctrine and this reasoning were justly disallowed.
Finally, in 1830, in Craig _v._ Missouri, Marshall gave the opinion that
certain certificates issued by a State in return for deposits, and
intended to circulate as money, were bills of credit; and as such
forbidden by the Constitution. There were three dissenting opinions; and
soon after Marshall’s death, a different doctrine was established by the
court,--wisely it would seem,--and has ever since been maintained.[35]
Coming now to the third class of cases mentioned above, that which
deals with the fundamental conceptions and theory of our American
doctrine of constitutional law, Marbury _v._ Madison is the chief case.
In speaking of that case I have purposely delayed until this point any
reference to this aspect of it. While, historically, this part of it is
what gives the case its chief importance, yet it occupies only about a
quarter of the opinion.
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