John McLean, Vincennes University v. Indiana…
“ Chief Justice Marshall says: 'If the act of incorporation be a grant of political power, if it create a civil institution to be employed in the administration of the government, or if the funds of the college be public property, or if the State of New Hampshire, as a government, be alone interested in its transactions, the subject is one in which the legislature of the State may act, according to its own judgment, unrestrained by any limitation of its power, imposed by the Constitution of the United States.' Again, he says, (634,) 'So far as respects its funds, it is a private corporation. ”
