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 LAWYERS AND CORPORATE CAPITALIZATION

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LAWYERS AND CORPORATE CAPITALIZATION BY EDWARD M. SHEPARD TWO matters which concern us as count, and that this modern disparagement American lawyers, though quite dis of the Bar is injurious to the thoroughness tinct, are truly related. The first is the and sobriety of our statesmanship, to the reduced rank in popular esteem which the persistence of principle in our politics. You Bar holds to-day in public or political remember De Tocqueville's oft-quoted state matters as compared with its rank a gen ments with respect to the United States of eration or more ago. The second is the about 1830. He said: "As the lawyers form the only enlight reform of one of the abuses in corporate management, which, since corporations are ened class whom the people do not mis so large a part of the clientage of the modern trust, they are naturally called upon to lawyer, and since he is accordingly held occupy most of the public stations. They responsible for some of their misdoing, has fill the legislative assemblies, and are at the in real part caused such diminution of his head of the administration; they conse quently exercise a powerful influence upon share in the statesmanship of the country. Is it not true that our profession has in the formation of the law, and upon its late years suffered a distinct loss of prestige execution. . . . "The lawyers of the United States form a in its relations to public life, a real diminu tion in its hold upon the public sentiment party which is but little feared and scarcely of the American people? Certainly in my perceived, which has no badge peculiar to own state of New York, and in the other itself, which adapts itself with great flexi more populous and richer states, there is bility to the exigencies of the time, and such change, material and even serious — accommodates itself without resistance to at least it seems to be so. Do we not see all the movements of the social body. But or feel the change in many, perhaps most, this party extends over the whole com of the states? Lawyers are richer; but they munity and penetrates into all the classes influence the public conscience less. And which compose it; it acts upon the country their influence, such as it is, in behalf of any imperceptibly, but finally fashions it to suit public cause is often indirect or concealed its own purpose." — I do not now mean for sinister reasons -LThe statesmen, the publicists, and politi but lest the support of lawyers may injure cal administrators, with few exceptions, in the cause with the masses of people. both political parties, were, at the time Whether the change is to be permanent, no of our Civil War and long before and long one can tell. You and I hope not; we after it, lawyers. During that war, many believe not. Naturally enough we assume of the ablest officers in the armies, Union the change to be injurious to the Bar, to and Confederate, had come from the ranks its power and large place in the public ser of practicing lawyers. The function of our vice; and others will hardly dispute that courts in the determination of constitutional assumption. There will, however, be dis questions, which, in underlying reality, are pute whether the change be correspond questions of constructive statesmanship, is, ingly injurious to the public welfare, whether no doubt, one reason for, one illustration of, politics and government suffer because the the breadth of view which has been nobly part of lawyers in them is less important. characteristic of the American Bar. Mr. I frankly affirm my belief that our politics Frederick Trevor Hill has pointed out, in and statesmanship do suffer on that ac the recent and interesting articles in the