Proceedings of the Annual Session of the Association Volume 22

Proceedings of the Annual Session of the Association Volume 22

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901 edition. Excerpt: ...of the Constitution, having the light of precedents before tliem, viewed more with disfavor than favor, the granting of any charter, by which any of the powers/of government, in ever so small degree, were conferred upon individuals. The question was viewed with distrust. No proposition was submitted to the states to yield to the general government the right to grant corporate charters to any form of association, either exclusively, or to be exercised in equal authority with the states; and it is safe to say that had such question been submitted, it would have defeated the adoption of the Constitution. Mr. Pinkney'says: ' ' "It is an historical fact of great importance that amend ments to.the Constitution were actually proposed. in order to guard against commercial monopolies.." I/awyers agree that congress possesses the power of incorporating companies, but that it can only be claimed under the Hamiltonian doctrine, that of implied powers, and not otherwise. The first Congress created and incorporated a bank, being the Act of February 5, 791. This power was never seriously questioned until 1819, when the case of McCulloch vs. Maryland, 4 Wheaton, 402, was decided. In that remarkable opinion, the court distinguishes express and incidental powers of congress; the ends of government as outlined in the Constitution, from the means essential to the end. On this subject Justice Marshall said: "But that instrument does not profess to enumerate the.means by which the powers of Congress may be executed; nor does it prohibit the creation of corporations, if the existence of such a being be essential to the beneficial exercise of those powers." But this power of Congress is limited by the necessity for corporations to...show more

Product details

  • Paperback
  • 189 x 246 x 4mm | 154g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236974840
  • 9781236974846