Note 1632 — ARTICLE I (continued 6)

Faitoute Iron & Steel Co. v. Asbury Park, 316 U.S. 502 (1942). In this case the contracts involved were municipal bonds, and hence "private" contracts; but the overruling power of the State in relation to its municipalities was one of the grounds invoked by the Court in sustaining the legislation. See Ibid. 509. "'A municipal corporation * * * is a representative not only of the State, but is a portion of its governmental power. * * * The State may withdraw these local powers of government at pleasure, and may, through its legislature or other appointed channels, govern the local territory as it governs the State at large. It may enlarge or contract its powers or destroy its existence.'" United States v. Baltimore & O.R. Co., 17 Wall. 322, 329 (1873); and see Hunter v. Pittsburgh, 207 U.S. 161 (1907).