Should There Be a Federal Incorporation Law for Commercial Corporations?

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"'Wheeling Bridge Cases, 9 How. 647; 11 How. 528; 13 How. 518; 18 How. 421, 460.
""In re Debs, 158 U. S. 564.
"lU. S. V. ,\ddystone Pipe Co., 175 U. S. 211 (1899); U. S. v. Joint Traffic Assn., 171 U. S. 505 (1898).
^*- Northern Securities Co. v. U. S., 193 U. S. 19 "= Buttfield V. Stranahan, 192 U. S. 470.
•-« Stockton ». R. R. Co., 32 Fed. R. 9, 17.
— 27 — the extent of "direct supervision, control, and manage- ment.""^ _— As to the power of the National Government to create a corporation it
...may seem useless to inquire, since we see i\ ational banks all about us. Its history is significant for .
our purposes. :^In 1779 in the critical period of the revolu- tion Alexander Hamilton suggested that the creation of a bank by the revolutionary Congress was the method of es- cape from financial disaster.""* In 1781 the Articles of Con- federation, providing that each state retained every poiver not expressly delegated to Congress, went into operation.
There was no express power to create a bank.^*' Robert Morris was asked to become Superintendent of Finances ; Mr.


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