Very
properly, therefore, have the convention added this constitutional
bulwark, in favor of personal security and private rights; and I am much
deceived, if they have not, in so doing, as faithfully consulted the
genuine sentiments as the undoubted interests of their constituents. The
sober people of America are weary of the fluctuating policy which has
directed the public councils. They have seen with regret, and with
indignation, that sudden changes, and legislative interferences in cases
affecting personal rights, become jobs in the hands of enterprising and
influential speculators, and snares to the more industrious and less
informed part of the community. They have seen, too, that one
legislative interference is but the link of a long chain of repetitions;
every subsequent interference being naturally produced by the effects of
the preceding."[50]
It has already been decided in this court, that a _grant_ is a contract,
within the meaning of this provision; and that a grant by a State is
also a contract, as much as the grant of an individual. In the case of
_Fletcher v. Peck_[51] this court says: "A contract is a compact between
two or more parties, and is either executory or executed. An executory
contract is one in which a party binds himself to do, or not to do, a
particular thing; such was the law under which the conveyance was made
by the government. A contract executed is one in which the object of
contract is performed; and this, says Blackstone, differs in nothing
from a grant.
Pages:
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154