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 The Green Bag

578

While the political machines and labor unions have won their victory, and re-organi zation of the courts of New Jersey by consti tutional amendment is made impossible for another five years, the victory is but temporary, as the public will bitterly resent

the grounds of this hostility as it awakes to the extent of the set back popular govern ment and a democratic system of justice have received. It would seem as if New Jersey should first purify its politics, if it hopes to succeed in rehabilitating its courts.

Review of Periodicals*

jtrticles on Topics of Legal Science and Related Subjects Banking and Currency. "Is a Central Bank Desirable?" By A. Barton Hepburn. Century, v. 78, p. 950 (Oct.). The writer, who is president of the Chase National Bank, New York, and former Comp troller of the Currency, favors "a governmentcontrolled central bank of issue, where banks of the country in good credit can discount their receivables, receiving the proceeds thereof in bank-notes." He says: "A government bank, from the fact of its paternity, would possess great moral influence, and supplemented with material power would exercise a most wholesome effect in bringing about uniformity and preventing abnormal fluctuations in the rate of interest; it should act as fiscal agent of the government, and would certainly keep in the channels of commerce funds which are now arbitrarily withdrawn whenever the government's reve nues exceed its disbursements; it would pre vent the embarrassment and injury to business which result from the absorption of these funds by our sub-treasury system, even dur ing a crisis, and the subsequent deposit of the same in the banks in lump sums, in an effort to offset the injury." Corporations. "Liabilities of Directors who do not Direct." By P. B. McKenzie. 18 Bench and Bar 100 (Sept.). "In the absence of legislation ... or of some special ground of equity jurisdiction, it would seem from the authorities cited that the action, when brought by the corporation or by a receiver, must be an action at law, and several suits must be brought against the various directors, except as two or more are chargeable with the same wrongful acts or omissions of the officers. Where the situation is such that a stockholder may sue, ♦Periodicals issued later than the first day of the month in which this issue of the Green Bag. went to press are not ordinarily covered in this department.

his action is in equity, and all the negligent directors may be sued in one action, even though they are not liable for the same acts." "'Ultra Vires' Acts of Corporations." By Nathan Wolfman. 6 Commonwealth Law Re-' view (of Australia) 264 (July-Aug.). "It is respectfully submitted that the proposition heretofore advanced, viz., that the effect of incorporation of an association of individuals is to create a legal person with the powers of every other legal person with respect to contracts and acts, subject to such prohibitions upon the exercise of certain powers as the charter may impose, will solve the difficulty attending the confusion and hardship of the doctrine of 'ultra vires,' in that by its application it will work justice without imposing upon the scientific construc tion of the law; that it will do away with the confusion among authorities, and thereby cause uniform rules; that it is in harmony with the common law, while the existing theories are not; that it will be in accordance with the intention of the legislature as inter preted by settled principles of construction; and that its source will be the legislative wiH as expressed in the statute while the exist ing theories are virtually but the will of the courts." Declaration of London. "The Dsclaration of London." By Paul S. Reinsch. A'ffrtA American Review, v. 190, p. 479 (Oct.). "It is to be hoped that the Declaration of London may receive the ratification of the American Executive and Senate. In it are embodied many of the results of American diplomatic experience and of the best reason ing in our State Papers. The part which our State Department has taken in bringing about the creation of an International Prize Court and the formation of this admirable code of prize law should be crowned by a speedy adoption of both conventions by the American government." Government. "The Political Theories of Jean Jacques Rousseau." By Prof. William A. Dunning, LL.D. Political Science Quar terly, v. 24, p. 377 (Sept.).