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Monopolies, perpetuities, and class legislation are contrary to the genius of free government, and ought not to be allowed. Here there is no room for favored classes or monopolies; the principle of our Government is that of equal laws and freedom of industry. Wherever monopoly attains a foothold, it is sure to be a source of danger, discord, and trouble.
In this way exact distinctions have been worked out upon questions in which the elements to be considered are few. For instance, what is a reasonable time for presenting negotiable paper, or what is a difference in kind and what a difference only in quality, or the rule against perpetuities.
This was however suffered, by the acquiescence of the whole kingdom, for ages; because the evasion of the old Statute of Westminster, which authorised perpetuities, had more sense and utility than the law which was evaded.
The same reason holds good in all corporations whatsoever, who cannot follow a more pernicious practice than that of granting perpetuities, for which many of them smart to this day; although the leaders among them are often so stupid as not to perceive it, or sometimes so knavish as to find their private account in cheating the community.
I am a Harvard man, born in Salem, and of an old Massachusetts family. Ever since I made up my mind as a boy to enter the law it has been my ambition to study in your office; and, I may add, it is also the earnest hope of my guardian, Mr. Toddleham." "Do you refer to the Mr. Toddleham of 'Toddleham on Perpetuities'?" he asked with some interest.
Hill on Trustees, is a practical treatise, which may here be read with advantage, as also Lewis on Perpetuities. Sugden on Powers, has been said to be second to no elementary law book. It is a masterly elucidation of the subtle doctrines of the law on the subject of Powers, and is held in the highest estimation.
¶ Notwithstanding all which honor of the pope then exhibited to his saint, as his canonization, with other solemnities procured for the maintenance of his memoriall in all ages, succeeding; what remembrance is there now of Thomas Becket? Where be the shrines that were erected in this church and that chappell for perpetuities of his name and fame?
For be it known that, while the senior member of the firm was long on the philosophy of the law and the subtleties of "restraints on alienation," "powers," "perpetuities" and the mysteries of "the next eventual estate," he was frankly short on the patience to add and subtract. So while Mr. Tutt drew their clients' wills, it was Tutt who attempted to probate and execute them.
He held it as a settled maxim, that it was the first duty of every citizen to serve his country; and I have no doubt that, if the office of Chief Justice of the United States had become vacant during the first fifteen or twenty years after his retirement from the bar, and he had been called to fill it, as perhaps he would have been, he would have accepted the appointment; and I further believe that if the presidency of the Court of Appeals had been tendered him, or even the judgeship of the Superior Court on the Eastern Shore, provided in this last case he did not interfere with the expectations of his brethren of that bar, he would have accepted either, and held it for a certain time, and for a certain time only; for he had no respect for perpetuities in great public trusts.
Besides, permanent debts pertain to monarchical governments, and, tending to monopolies, perpetuities, and class legislation, are totally irreconcilable with free institutions introduced into our republican system, they would gradually but surely sap its foundations, eventually subvert our governmental fabric, and erect upon its ruins a moneyed aristocracy.
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