They would not
in such a case be ordinary directors chosen by the stockholders in
proportion to their stock, but they would be public officers, appointed
to guard the public interest, and their duties must conform to their
office. They are not the duties of an ordinary director chosen by a
stockholder, but they are the peculiar duties of a public officer who
is bound on all occasions to protect to the utmost of his lawful means
the public interests, and, where his own authority is not sufficient
to prevent injury, to inform those to whom the law has confided the
necessary power. Such, then, is the character and such are the duties
of the directors appointed by the United States, whether the public be
stockholders or not. They are officers of the United States, and not
the mere representatives of a stockholder.
The mode of their appointment and their tenure of office confirm this
position. They are appointed like other officers of the Government and
by the same authority. They do not hold their offices irrevocably a year
after their appointment; on the contrary, by the express terms of the
law, they are liable to be removed from office at any time by the
President when in his judgment the public interest shall require it.
Pages:
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110