Bush v. Shipman

Citations

• 5 Scam. 186

Syllabus

<p>appeal from Pike.</p> <p>1. Corporation — legislative control. The doctrine is undoubtedly correct, that the legislature has no power to direct that any portion of the debts due a private corporation shall be received in anything but gold and silver coin, as the act of incorporation is regarded as a contract between the government and the corporators, which the legislature cannot repeal or impair, so long as the latter keeps within the limits of their charter. But it is equally as well settled, in respects to public corporations, created for public purposes, that the legislature has the exclusive right, as trustee of the public interest to regulate, control, and direct the corporation, and its funds and franchises, (a) </p> <p>2. Municipal corporation — same. An incorporated township for common school purposes, under the law? of Illinois, is a quasi public corporation; and the legislature has an unquestionable right to change, modify, enlarge, restrain, or destroy such corporation and may exercise a superintending control over all its money and other property, securing, however, as a matter of good faith, the effects of the corporation, for the use of those for whom they were donated or purchased. (b) </p> <p>3. Legislative power — school fund. The legislature has the power to direct in what manner the school funds shall be loaned, upon what security, at what rate of interest, in what currency they shall be received and by whom they shall be applied. (c) </p> <p>'4. Tender — state bank bills. A tender of the bills of the State Bank of Illinois, in payment of a debt due the school fund of a township, made before the issuing of the proclamation of the governor, auditor, and treasurer, forbidding .their reception, is good, and such tender may be pleaded in bar of an action for the recovery of the same, (d) </p>