Select Speeches of Daniel Webster, 1817-1845Webster, Daniel
General
Select Speeches of Daniel Webster, 1817-1845
Webster, Daniel
Speeches, addresses, etc., American
There are divers sorts of corporations; and it may be safely admitted
that the legislature has more power over some than others. Some
corporations are for government and political arrangement; such, for
example, as cities, counties, and towns in New England. These may be
changed and modified as public convenience may require, due regard
being always had to the rights of property. Of such corporations, all
who live within the limits are of course obliged to be members, and to
submit to the duties which the law imposes on them as such. Other civil
corporations are for the advancement of trade and business, such as
banks, insurance companies, and the like. These are created, not by
general law, but usually by grant. Their constitution is special. It is
such as the legislature sees fit to give, and the grantees to accept.
The corporation in question is not a civil, although it is a lay
corporation. It is an eleemosynary corporation. It is a private
charity, originally founded and endowed by an individual, with a
charter obtained for it at his request, for the better administration
of his charity. "The eleemosynary sort of corporations are such as are
constituted for the perpetual distributions of the free alms or bounty
of the founder of them, to such persons as he has directed. Of this are
all hospitals for the maintenance of the poor, sick, and impotent; and
all colleges both in our universities and out of them." Eleemosynary
corporations are for the management of private property, according to
the will of the donors. They are private corporations. A college is as
much a private corporation as a hospital; especially a college founded,
as this was, by private bounty. A college is a charity. "The
establishment of learning," says Lord Hardwicke, "is a charity, and so
considered in the statute of Elizabeth. To devise to a college, for
their benefit, is a laudable charity, and deserves encouragement."
Public-domain text, read in full here on John Shaqi.
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