Oliver Wendell Holmes, Jr.

“ The court of appeals states that the remedy has been found in practice an uncertain one, less efficacious than that which is substituted. There is nothing to contradict their statement as to what experience has taught. With that fact before us and also the absolute dependence of the creditor upon the will of the stockholder, we cannot go into nice speculation as to the probable result of this particular case, or say that the decision was wrong. ”

“ Of course the objection is that the law impairs the obligation of the plaintiff's contract. If the stockholder's liability were purely local, and no more than matter of remedy for the collection of the principal debt, still this objection would have to be considered. See Hawthorne v. Calef, 2 Wall. 10, 17 L. ed. 776; Brown v. Eastern Slate Co. 134 Mass. 590, 592. But the case was argued on the footing of a contract between the creditor and the stockholder ”

“ This provision was made operative as of July 1, 1907, and was to cause all actions at law of this kind brought since then to abate, saving the right to become party to a bill. On this statute the defendant moved to dismiss the suit. The motion was granted and the judgment was affirmed by the court of appeals, which sustained the constitutionality of the act as so applied. ”