ARGUMENT, IN FAVOR OF THE CONSTITUTIONALITY OF THE GENERAL BANKING LAW OF THIS STATE, DELIVERED BEFORE THE SUPREME COURT, AT THE BY SAMUEL A. FOOT, Of the city of New-York, Counsellor at Law. GENEVA: IRA MERRELL, PRINTER, SENECA STREET. 1839. ADVERTISEMENT. THE history of judicial controversy, so far as my knowledge of it extends, does not furnish a case, in which such an immense amount of property and such vital interests of the community were involved, as were brought into discussion and subjected to judicial determination, by the argument of the cause of Anson Thomas, President of the Bank of Central New-York, against Samuel D. Dakin, at the last July Term of the Supreme Court of this State, held at the city of Utica. The question raised, discussed and submitted to the Court, in that cause, was, whether the Act of our Legislature, entitled, "An Act to authorize the business of banking," passed the 18th April, 1838, and commonly called the "General Banking Law," was constitutional or not. If it is not constitutional, it is of course void, and gives the banking companies, formed under it, no legal authority to conduct banking business. Every one will readily see, the immeasurable amount of unmixed evil which must flow from such a result. The contemplation of it, even, is appalling. It became my duty to take a responsible part in this grave discussion. The tens of millions which have already been invested under this Statute, and now actively employed, and the arrangements which have been made for the investment of hundreds of millions, give the subject an unparalleled importance as regards mere amount of property. The peculiar moment too, at which the question arises, is most inauspicious for the business and commerce of the country, and the public credit of the States of our Union. The determination of the question will, moreover, have a material influence on the future legislation of this State, so far as relates to private incorpo. rations; and, it is hoped, may have a beneficial effect upon it, and check, if not entirely cure, many serious evils we now endure. |