That government could not by its laws or its power, enrich corporations at the publick expense, nor touch property, except for publick use, was so well understood as a principle, essential to liberty, as to have been unequivocally expressed in most of our constitutions, by inhibitions of "exclusive emoluments," except for such publick services as were not transmissible. Our governments are not allowed to invade that appropriation of property called private, by bestowing emoluments which some portion of it must pay, upon any occasion, except such as is covered by that appropriation called publick. They are therefore prohibited by the written rule, as well as by the moral principle, essential to free forms of government, from invading or transferring property for private or corporation emolument. And lest
a government might call a violation of private property, a publick benefit, as it has uniformly done in every species of monopoly, the constitutions quoted have provided against this evasion, by limiting a power in the governments to bestow emoluments, for the compensation of personal and unalienable publick services.
That credit and currency are, in society, properly, both publick and privafe, is demonstrable from other considerations. Talents and industry will divide and distribute credit and currency, as they do land. A species of wealth which talents and industry can distribute, is property. What is the distinction, allowing our governments to take away the whole, or any portion of this species of property, and to give it to corporations, which must not admit a power of chartering away the lands of individuals, and the national territory? If both land and credit, or currency are distributable by talents and industry, then, to distribute either by law, is fraudulent and oppressive.
If it be said, that credit and currency cannot be considered as property, publick or private, because they cannot be divided by metes and bounds, like land; it is answered, that an incapacity for a similar division is common to sun- dry social rights, such as the freedom of religion and of the
