Monopolies -- United States; Railroads and state -- United States
the question as to whether state courts were inferior, the supreme court
of the United States decided that they were not. The same court, on a
question raised as to the authority of the legislature of a state to
grant to private parties exclusive rights to certain property in
Georgia, _held_, that the real party in interest was the people, and
that it was only when the legislature acted within the power conferred,
that their acts were valid; that it was the peculiar province of the
legislature to prescribe general rules for the government of society,
but not to apply those rules to individuals of society.
The question as to the rights, powers, and privileges, of corporations,
came before the supreme court of the United States, and was fully
examined and decided, in 1819, in what is known as the "Dartmouth
College Case." The charter for the college had been granted by the king
of England for educational purposes. It was in no sense a corporation
for pecuniary profit. Without the consent of the trustees of the
college, the legislature of New Hampshire amended the charter in a
manner not acceptable to the trustees. They refused to recognize the
change made. A suit was instituted, and the case was taken to the
supreme court for a decision. The point at issue was whether the college
was a public or private corporation; and, also, as to the extent of the
power the state legislature possessed over its charter. It is not our
purpose to examine all the points raised and decided in that case, but
only to notice such as refer to the nature of corporations and the power
of the state governments to control them. In deciding these questions,
the court seems to have looked at the objects for which corporations
were intended. The court says; "A corporation, being a mere creation of
law, it possesses only those properties which the charter of its
creation confers upon it, either expressly or incidental to its very
existence. These are such as are supposed best calculated to affect the
object for which it was created. * * *
Public-domain text, read in full here on John Shaqi.
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