University of North Carolina School of Law

Powell, Thomas Reed

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Child Labor, Congress, and the Constitution

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Pou, James H.

NORTH CAROLINA LAW REVIEWVolume 1 | Number 1 Article 51922Shares of Stock without Par ValueJames H. PouFollow this and additional works at: http://scholarship.law.unc.edu/nclrPart of the Law CommonsThis Article is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North CarolinaLaw Review by an authorized administrator of Carolina Law Scholarship Repository. For more information, please contact law_repository@unc.edu.Recommended CitationJames H. Pou, Shares of Stock without Par Value, 1 N.C. L. Rev. 26 (1922).Available at: http://scholarship.law.unc.edu/nclr/vol1/iss1/5THE NORTH CAROLINA LAW REVIEWto retain the power to use the club of the Sherman Law to protect the commonpeople against possible evils of monopoly. In view of this sentiment, no poli-tician would probably dare to advocate such an amendment of the Sherman Law.It is suggested that the trade associations might send their informationdirectly to some governmental agency such as the Department of Commerce,which would undertake to publish this information broadcast and which wouldalso authorize co-operation and standardization under government supervision.This method would undoubtedly supplement the internal activities of the tradeassociations, but it could not supplant them entirely, for trade associations havemany functions that the government could not perform.The most probable solution seems to lie in distinguishing the activities ofthe Hardwood Association from the activities of other similar associations. Sub-tract from the principal case the somewhat inept letters of the manager ofstatistics and the accidental rise in prices that happened to be contemporaneouswith the letters and it is doubtful whether the Supreme Court would have reachedthe same decision. It is probable that fine-drawn distinctions will be made tojustify other trade associations if it is found that their existence cannot be dis-pensed with. For, after all, self preservation is the first law of nature, and theSupreme Court will be overruled by the merciless pressure of economic law,if the trade association is, as its advocates claim, necessary for increasing theefficiency of production.SHARES OF STOCK WITHOUT PAR VALUEJAMES H. POUMEMBER OF THE RALEIGH BARPROBABLY THE most important addition in recent years to North Carolinacorporation law is the passage in 1921 of the act I authorizing the issue of stockwithout par or nominal value. The passage of this act follows the lead of manyof the foremost industrial states. Qur statute, briefer than similar statutes ofother states, embraces the desirable, and leaves out many of the undesirablefeatures of the other statutes.New York was first to enact a law authorizing the issue of shares withoutnominal or par value. The law was enacted in 1912, but it attracted little attentionuntil 1915. In 1915 the non par stock idea gained much headway and manylarge corporations were organized or re-organized with provisions for suchstock. Other states, especially the industrial states, were quick to see the ad-vantages of such stock and enacted laws authorizing its issuance. Non par1P. L., 1921, Ch. 116.THE NORTH CAROLINA LAW REVIEWstock laws have now been adopted in half the states of the union ;2 and corpor-ations organized with authority to issue non par stock can do business as foreigncorporations in all states except South Carolina and Washington.Non. par value stock has not come into use without criticism. Those advo-cating its use claim many advantages; those not in favor of this class of stockdecry it as another dange.rous tool in the hands of the crooked promoter. 3Whether the advantages out-weigh the disadvantages is a matter that experiencealone can demonstrate. The new class of stock has gained rapidly in popularityand it seems certain that many other states will enact laws permitting its issuance.How to deal with the question of "watered" stock has been a troublesomeproblem for many years. Under "watered" stock we must deal with the questionof excessive issue of stock for property, services and good will. Corrupt pro-moters have found the excessive issue of stock for property, their easiest andsafest opportunity for graft. The experience of the stock buying public duringthe years 1919 and 1920 is evidence of this. The numerous stock selling swin-dles during the two years following the World War caused almost universaladoption of a system of laws by which corporations were subjected to rigidexaminations before being allowed to sell their securities. Such a system oflaws was adopted in Massachusetts many years ago and the result in that statehas been gratifying. The laws of Massachusetts on the subject have been copied,with few exceptions, throughout the country4. This class of legislation hascome to be known as the "Blue Sky Laws." The object, of course, of the "BlueSky Laws" is not only to keep worthless stock off the market but to make actualvalues and par values correspond. Thus, if the par value of a share of stockis one hundred dollars, the part of the assets of the corporation represented bya share of stock must be worth one hundred dollars.While the passage of the "Blue Sky Laws" has been necessary to safeguardthe public interest, it has delayed and embarassed many legitimate enterprises.This has been particularly the case with public service corporations; but otherclasses of corporations have likewise suffered. Not only has the organizationof new corporations been hindered but the financing of established corporationshas been embarrassed. Few corporations begin business with their entire capital-ization paid in. Many acquire their first assets by issuing stock in paymentfor the property that is to be developed. It is hoped that the use of non parstock will facilitate corporate financing.Unquestionably the use of non par stock has advantages to the investorconsidering the purchase of the same as well as to the corporation issuing thestock. Its sponsors claim that stock without nominal or par value puts thepurchaser of the stock on notice that he should investigate and determine forhimself the value of the stock. He is not misled -by a dollar mark which to the2 The provisions of these laws are summarized in a pamphlet, Shares of Stock Without Par Value,issued by the Corporation Trust Company, New York City.3The best discussions in the legal periodicals are: Morawetz, Shares Without Nominal or Par Value,26 Harv. Law Rev. 729; Cook, Stock Without Par Value, 19 Mich. Law Rev. 583; and Rice and Harno,Shares With No Par Value, 5 Minn. Law Rev. 493.' The North Carolina "Blue Sky Law" is C. S. Ch. 106, Art. 10.THE NORTH CAROLINA LAW REVIEWaverage mind indicates value. He buys the stock just as he would buy a dozeneggs or a chicken; he pays what he considers the article worth. He is offereda stock without any named value. In order to deal wisely he must ascertain thevalue of the assets of the corporation and what interest in these assets eachshare represents. To find the book value of the stock is then a mere questionof division. Thus, the investor will learn that each share entitles its holder toa certain fractional interest in the holdings of the corporation and not fifty orone hundred dollars of its capital. A share of stock whose par value is onehundred dollars but which only represents ten dollars of the corporate assetsis a fraud on its face. A share of stock without par value can only representits actual value, no more, no less. This is the principal advantage to the investor.The advantage to the corporation itself is even greater than the advantageto the investor. Upon its organization a corporation has neither property norfunds; it is a mere legal entity with authority from the state to do certain things.It must acquire property with which to accomplish the purposes of its organi-zation. Few corporations commence business with their entire capitalizationpaid in. The majority start -by issuing stock for needed property. A corporationmay issue a certain portion of its authorized stock in payment for property,patents, rights, or good will, and offer the balance of the stock for sale to thepublic. Regardless of whether or not the stock so issued has or has not parvalue each share represents an aliquot part of the corporate assets. If the parvalue of the stock is one hundred dollars and each share represents only tendollars worth of the corporate assets, it will be hard for the investor to getaway from the idea that the stock is worth one hundred dollars. Here the "BlueSky Laws" interfere. These laws provide that no stock shall be sold unlessits par value and its actual value correspond. On the other hand, 'however, ifstock without par value be issued, the provision of these laws will have beencomplied with in that each share represents a certain interest in the corporateassets.A corporation, rigidly complying with the "Blue Sky Laws," may startbusiness with its stock of par value of one hundred dollars actually worth onehundred dollars a share. However, this balance of value will not remain; thestock will soon be worth more or less than par. It will not remain exactly parfor any appreciable length of time. If the corporation is successful and itsstock goes above par it will probably have no great difficulty in obtaining addi-tional finances. But if it meets with reverses and its stock 'goes below par, thequestion of needed finances will be serious. The par value of its stock is onehundred dollars but its book value is only fifty dollars a share. The corporationis faced with laws that require that its stock be sold for par and a stock buyingpublic that will not give more than fifty. The one alternative is the issue ofbonds. Bonds mean maturities; and maturities necessitate future financing. Thelaws of many of our states permit bonds to be sold below par but deny thisprivilege to stock.THE NORTH CAROLINA LAW REVIEWBut if the corporation is authorized to issue non par stock its position ismuch better. When finances are needed, the board of directors, if empoweredto do so and if not, the stockholders, can authorize an issue of stock to be soldat its actual book value. Thus, the "Blue Sky Laws" are complied with, valueis received by the investor and the corporation obtains the needed capital.A corporation whose stock is worth more than par, when in need of addi-tional finances, is likewise confronted with a troublesome problem. Its stockmust be sold at its value and yet the stock buying public is inclined not to paymore than par. The amount above par is regarded as a premium. They donot stop to consider that the part of the corporate assets represented -by eachshare of stock is now worth more than when the corporation was organized.Non par stock is the solution of the difficulty. Each share of such stock rep-resents an aliquot part of the corporation's holdings and is the equivalent of somany dollars and cents.While as has been said, the advocates of this class of stock are enthusiasticin its praise, its enemies are equally zealous in condemnation. They say thatauthority to issue stock without par value is another dangerous tool in the handsof the crooked promoter, and that it legalizes, instead of restricts, large issuesof stock for over valued property and services. The promoter can thus issuestock in exchange for property as long as he can induce the public to buy thesame. The non par stock according to this view, not only fails to solve the prob-lem of "watered" stock but in a way gives protection to the promoters who"water" it. If an unlimited amount of stock can be issued for all kinds ofproperty, the danger of fraud is increased instead of lessened. Mr. W. W.Cook, of the New York Bar, an authority on corporation law, says "Stock with-out par value adds to the- mystery as to what the stock really represents, andthe public still compares the market value of such stock with $100.00 par, with-out regard to whether or not the stock is without par value. Even the Courtsin construing these new statutes, do so in that frame of mind." He again says"It conceals the mystery of the 'water'." 5Another important criticism is that promoters can issue excessive amotintsof stock for property and this stock is full paid. This seems to be a long stepin the direction of the destruction of stock liability in the case of excessiveissue for property. However, our statutes have always given the board of di-rectors of a corporation the right to issue stock in payment for property and ser-vices; and in tlhe absence of fraud, their valuations have been conclusive.0Crooked people have ever been able to carry on their practices despite theobstacles that have been thrown in their way. It will probably always be thecase. The advocates of stock without par value do not hope that its adoptioninto our laws will give the death blow to fake promotions. They claim it is a'Cook, Stock WithIout Par Value, 19 Mich. Law Rev. 583, 592, 595.0 C. ;. sec. 1157-60.THE NORTH CAROLINA LAW REVIEWstep in the right direction. It gives the intending investor notice that he shouldinvestigate, and ascertain what he is buying, before he parts with his money.The authority to issue non par stock does not change the form of thecharter. It merely requires the addition of another clause. This authority maybe granted in the original certificate of incorporation or in an amendment thereto.The records of the office of the Secretary of State of North Carolina show thatseveral corporations have been organized with the authority to issue non parstock and that other corporations have amended their charters to include thisauthority.For purposes of taxation, all of the non par stock laws place an arbitraryvalue upon the shares issued under their authority. In North Carolina this taxvalue is $100.00.

Shares of Stock without Par Value

Dodd, Walter F.

NORTH CAROLINA LAW REVIEWVolume 1 | Number 1 Article 21922Statute Law and the Law SchoolWalter F. DoddFollow this and additional works at: http://scholarship.law.unc.edu/nclrPart of the Law CommonsThis Article is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in North CarolinaLaw Review by an authorized administrator of Carolina Law Scholarship Repository. For more information, please contact law_repository@unc.edu.Recommended CitationWalter F. Dodd, Statute Law and the Law School, 1 N.C. L. Rev. 1 (1922).Available at: http://scholarship.law.unc.edu/nclr/vol1/iss1/2North CarolinaLaw ReviewVolume One JUNE, 1922 Number OneSTATUTE LAW AND THE LAW SCHOOLWALTER F. DODDMEMBER OF THE CHICAGO BARTHE LAW is a constantly changing and developing body of rules. The develop-ment of law takes place through statutory enactments and judicial decisions. Therelative importance of these factors varies from one field to another of the law,and to some extent from one jurisdiction to another. The law of the UnitedStates government is primarily statutory. The law of the states, and the lawadministered by federal courts in controversies between citizens of differentstates, is a combination of common law and statute.Constitutional law is theoretically a body of enacted law, though of coursesuperior in authority to acts of legislative bodies. Yet in the constitution of theUnited States, judicial construction overweighs the enacted text; and the consti-tutional law of the United States -can therefore be taught almost exclusively fromcases. State constitutions are more detailed documents, but as to them alsothere is a vast mass of judicial construction covering substantially all subjects.Little effort has been made to use this body of decisions in law school teaching.Much the greater part of the public law of states and nation not found inconstitutions, is embodied in the form of statutes. The organization and dutiesof public officers are statutory, though of course remedies against these officersare still to a large extent found in the common law. Law school courses on con-stitutional law deal almost entirely with problems presented by the constitutionof the United States. Courses on administrative law, municipal corporations, andsimilar subjects are based primarily upon judicial decisions, though necessarilydealing to some extent with statutory enactments. Criminal law is chiefly stat-utory, though its common law basis is so important that courses on criminal lawdo not emphasize the statutory character of the subject.Turning now to fields other than the distinctly public law, we find the rel-ative importance of statutes less as compared with the public law. Yet the cor-poration law of the states is largely statutory. Statutes play an increasing shareTHE NORTH CAROLINA LAW REVIEWin the development of private law. During the past fifteen years there has beena complete reconstruction by statute of the relationship between employer andemployee in case of accident; and this field of the law has been transferred to alarge extent into one of public administration. There was a similar and earlierreconstruction by statute.as to married women's property rights. Within a shortperiod we have to a large extent transferred from a common law to a statutorybasis the subjects of negotiable instruments, sales and partnership. Upon theconduct of business, we have at the same time built up in the public interest awhole body of statutory restrictions.What is the relationship 'between the common law and this growing bodyof statute law? The relationship is summed up in the often-repeated maxim thatstatutes in derogation of the common law shall be strictly construed-that theexpression of legislative will shall so far as possible be subordinated to pre-existing rules.' A master of the law has shown the fallacy of this rule andpointed out the danger of its continued application:"We recognize that legislation is the most truly democratic form of law-making. We see in legislation the more direct and accurate expression of thegeneral will . . . . The public cannot be relied upon permanently to toleratejudicial obstruction or nullification of the social policies to which more and moreit is compelled to be committed." 2But to what extent can we adopt a broad view as to the place of statutes inthe development of the law, when each succeeding generation of students istaught to get its law from cases and to ignore the statutes. The students oftoday are the judges and legal counsel of tomorrow. Judges rely and must con-tinue to rely primarily upon counsel who present briefs and argue cases; andjudicial decisions will reflect the attitude of counsel toward statute law. Witnessthe complaints for a number of years in the American Bar Association Reports,that courts continued to decide cases upon common law grounds without ref-erence to the statute, long after a state had enacted the uniform negotiable in-struments act.Questions as to the validity and construction of statutes present themselvesin increasing number to the courts; and for their consideration the law schoolgraduate has little preparation from his courses based upon case books. Thechief problems of criminal law and judicial administration are today occasioned bythe great mass of new statutory offenses, 8 but to what extent is the law schoolgraduate aware of this fact?The things which a lawyer may be expected to need with respect to statutelaw are the following: (a) a knowledge of the part statutes play in the develop-ment of the law, and of their relation to the common law; .(b) the more com-mon limitations found in constitutions upon procedure in enacting legislationI For a wise rejection of this rule see Commercial National Bank v. Canal-Louisiana Barl and Trust Co.,239 U. S. 520 (1915).2 Roscoe Pound, Common Law and Legislation, 21 Harv. Law Rev. 383.'See Edwin R. Keedy, Administration of the Criminal Law, 31 Yale L. J. 240.THE NORTH CAROLINA LAW REVIEWand upon the substance of legislation itself; (c) a, general view of the prob-lems involved in the drafting and interpretation of statutes; (d) the legislativeorganization for the enactment of statutes; and (e) the statutory basis of thelaw in the jurisdiction in which he practices. To what extent does the studentobtain this knowledge from the law school course as now organized?It may be urged that the student does or should obtain a sufficient knowledgeof statutes from the courses now commonly given in the law school. When astatute has been in force long enough, its consideration becomes an incident tocase discussion. This is true of the statute of frauds. It may become true ofsuch phrases as "accidents arising out of and in the course of the employment,"commonly found in workmen's compensation laws. As more and more commonlaw principles come into statutes, each law school course may perhaps be ex-pected to devote more attention to legislative enactments, and problems involvedin their construction. In the application of the case method to each subject, thestudent may be given a notion of the importance of statutes; and this plan em-ployed throughout the law school curriculum would emphasize the importanceof statutes, equally with judicial decisions, as a factor in the growth even of theprivate law. Such a plan is highly desirable, but it yet leaves an importantresidue of legal knowledge nowhere covered in the law school course.Why have courses in statute law not become popular in American lawschools? The reasons are three: (a) the fact that the case method is an effectivemethod of teaching, and has not been regarded as applicable to courses on statutelaw; (,b) the unsatisfactory character of some of the courses which have beengiven in the field of statute law; and the uncertainty of those advocating suchcourses as to what should be the purpose and content of the course; (c) thedifficulty in expanding the law school curriculum.It would be impracticable and unnecessary to attempt to teach the wholesubstance of the law through statutes. Statutes are in their form not as teach-able as cases; and a student is likely to gain little from a course which merelyanalyzes statutes picked from the whole legal field. A law school drawing itsstudents from a number of states has an added difficulty. Statutes vary fromstate to state; and even where their language may 'be the same, judicial con-structions vary. Not only this, but the statutory language is in most states sub-ject to change each two years, and in others more frequently. To the law schoolteacher, inexperienced as he usually is in the field of statutes, legislation appearsto be merely a headless and systemless mass of unrelated rules, meriting littleconsideration and receiving less. To some extent this is true; just as it is truethat case law has much the same characteristics, except as it is systematized andgiven an appearance of uniformity in the case books. What is usually taught inthe law schools is not the law as anywhere in force, but a generalized body ofmore fundamental principles underlying the law in all jurisdictions. There ismuch to be said for this method of teaching, especially in schools not drawingstudents primarily from one jurisdiction, but the argument even here is notTHE NORTH CAROLINA LAW REVIEWentirely one-sided; and an effective plea has been made for case-books of locallaw.What of value can be taught in a course on statute law, and how can sucha course be taught? It must of course be assumed that such a course will notduplicate subjects adequately covered in other courses. The technical task ofdrafting statutes is one which may be taught in a few highly specialized courses;but a course aiming at such a result would be out of place as one for all students.Some exercise in drafting proposed legislation is desirable, but the technical basisfor drafting bills cannot be taught in and of itself. In the first place such a basisrequires as a preliminary a thorough knowledge of the constitutional law of theparticular jurisdiction; of its governmental organization; its legislative practices;the statutory basis of its law; and the statutory and common law of the stateupon the subject within whose field the drafting is to be done. In the secondplace a course upon statutes must give students something they are likely to need,and the drafting of proposed statutes will not appeal to them or to law schooladministrators as sufficiently meeting a general need. A satisfactory course instatute law should however give a lawyer the basis for drawing statutes, shouldthis task come his way. For this purpose, a technical course in drafting islikely to prove unsatisfactory; though efforts may now be made to give such acourse upon the basis of the outline presented in the final report of the AmericanBar Association's special committee on legislative drafting, presented in 1921.This report, while excellent for its intended purpose, does not present a satis-factory outline of a course. Much better results would probably be obtainedfrom a course emphasizing the fundamental knowledge necessary for statutorydrafting. Such a course is given to advanced college students by ProfessorArnold B. Hall of the University of Wisconsin; and under such a plan manypoints can be taught by the use of cases.Nor does it seem practicable to the present writer to teach statute law,upon the assumption that such a course shall deal primarily with the theoreticalor historical relations between common law and statutes. It appears equallyundesirable to devote such a course to the analysis of specific statutes, for thepurpose of bringing out the chief problems of draftsmanship. The subjects herereferred to should be covered in any course, and knowledge as to them shouldbe the necessary result of a course, but not the basis. No subject taught theoret-ically or abstractly will or should commend itself to those who are students ofthe law, if it can be taught concretely. Theory and history are important, butcan be tied up with problems of the present law.The need for courses in statute law cannot be met by courses in contempo-rary legislation, valuable as they are. There will always be new social, economicand industrial problems to be met by legislation; and as a citizen each lawyershould have some training in these subjects. A valuable outline of a course incontemporary legislation has been prepared by Dean John H. Wigmore. 4 The'Recent Phases of Contemporary Legislative Proposals, 15 Ill. Law Rev. 141.THE NORTH CAROLINA LAW REVIEWstudy of broad policies of legislation is important, but is not the purpose of acourse on statute law. Some elements of a course in statute law are providedseparately at the Northwestern University Law School. At that school a courseon legal sources is now being given, with practical exercises in finding the statutelaw and in determining the relation between statutes and judicial decisions in par-ticular jurisdictions.5What practical and theoretical needs can be united in a course on statutelaw? State constitutional law is primarily a body of law dealing with limitationson the powers and procedure of state legislatures. These limitations vary fromstate to state, and their judicial construction varies; but the rules and theirconstruction are largely the same, and can be generalized for all but a few ofthe states. The constitutional law of the United States is taught in all lawschools; but state constitutional law is taught in substantially none, though inthe life of the practicing lawyer issues of state constitutional law are likely tobe ten times as numerous. 6 State constitutional law is the fundamental basisfor a knowledge of what may be accomplished through legislation; and is atthe same time of value to the practitioner. Its usefulness is not weakened bythe fact that a knowledge of it is necessary to the drafting of state statutes.State constitutional law can be most effectively taught through cases from asingle jurisdiction; but a large body of its rules may be generalized, and taughtto groups who come from different states. It forms a large part of the necessarysubject-matter of an effective course dealing with statute law.Another fundamental element in a course on statute law is that of investi-gating the statutory material of the jurisdiction in which the student is to prac-tice. This investigation may well precede the study of state constitutional law,and should take into account the extent to which common law principles havebeen replaced by statute, and the attitude of the state courts in the constructionof statutes. Though this study may be most effective if localized to a particularstate, yet much of this material may be generalized. For example, the case ofThompson v. Thompson7 forms the basis for a discussion of judicial constructionand application of statutes. Perhaps no better place than such a course presentsitself in the law school for a discussion of the respective functions of judicialand statutory law-making. For this discussion, such a case as Meeker v. EastOrange8 will be of value; and aid may be obtained from Dicey's Law and PublicOpinion in England in the Nineteenth Century.A third element which may go to make up a course on statute law is a seriesof topical assignments upon specific subjects each in a single jurisdiction, inmuch the form outlined by Dean Wigmore in 1922. In such topical exercisesdetailed principles of statutory construction may be emphasized. Such practicalIJohn H. Wigmore, The Job Analysis Method of Teaching the Use of Law Sources, 16 Ill. LawRev. 499.0 For a discussion of the value of state constitutional law, see Horace A. Davis, Instruction inStatute Law, 6 Ill. Law Rev. 126.'218 U. S. 611 (1910). Fits-water v. Warren, 206 N. Y. 355, 99 N. E. 1012 (1912), well illustratesanother aspect of judicial application.'77 N. J. Law 623, 74 AtL. 379 (1909).THE NORTH CAROLINA LAW REVIEWexercises may be supplemented by carefully planned exercises in bill-drafting.Such exercises belong at the end of a course.The content of a course may be worked out in more concrete fashion fora single jurisdiction; but much the same plan may be employed in a generalizedcourse. The suggestions made above may be grouped into the form.of an out-line:(1) Statutory basis of the law.(a) Extent to which the law is found in statutes.(b) Cases illustrating in a general way the judicial construction ofstatutes.(c) Cases illustrating manner in which the courts establish new legalprinciples.(2) State constitutional law, studied from cases, but with discussion oflegislative organization and practical problems of legislation.(a) Definite and indefinite constitutional provisions o(b) Procedural and formal limitations upon legislative bodies.(c) Substantive limitations on legislative power.(3) Topical analysis of relation between common law and statutes; and,if it is desired, exercises in bill-drafting. 10The law school course is largely fixed, both as to its length iand its sub-ject-matter. It must give precedence to the subjects of more immediate need;and must decline ready admittance to a new subject (at least as a requiredcourse), until that subject has overcome the presumption against it. But to denyadmittance to new subjects, at least as electives, and to refuse any readjustmentof required courses, is to stagnate. The importance of teaching statute law hasbeen ably presented to the Association of American Law Schools;11 but rapidprogress in the introduction of such a course has not been made.To what extent is this the fault of the law school, and to what extent thefault of the course? Of the courses given upon this subject in American lawschools, each appears to have been given upon a different plan; and each appearsto have had a different purpose, so far as it has had any specific purpose. Experi-mentation is desirable in a new subject, but some agreement as to the purposeof the course is also desirable. This article is merely an attempt to analyzethe problem, as a basis for possible agreement.From the standpoint of the needs of its students, the American law schoolmust give more attention to statutes. Much may be accomplished by an inde-pendent course on the subject; but all courses in the law school should at thesame time devote some attention to the statutory basis of the law. Statute lawUpon this see an article by the writer in 20 Col. Law Rev. 635.10The class in Statutes in the University of North Carolina School of Law uses an outline in somerespects similar to that above indicated.UBy Professor Ernst Freund of the University of Chicago Law School and Dean John H. Wlgqmoreof the Northwestern University Law School.

Statute Law and the Law School

NORTH CAROLINA LAW REVIEWVolume 1 | Number 1 Article 11922Title PageNorth Carolina Law ReviewFollow this and additional works at: http://scholarship.law.unc.edu/nclrPart of the Law CommonsThis Front Matter is brought to you for free and open access by Carolina Law Scholarship Repository. It has been accepted for inclusion in NorthCarolina Law Review by an authorized editor of Carolina Law Scholarship Repository. For more information, please contact law_repository@unc.edu.Recommended CitationNorth Carolina Law Review, Title Page, 1 N.C. L. Rev. (1922).Available at: http://scholarship.law.unc.edu/nclr/vol1/iss1/1North CarolinaLaw ReviewVolume I1922-1923For THE SCHOOL OF LAW byThe University of North Carolina PressChapel Hill1923

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