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The Supreme Court holding

In this Supreme Court case Minneapolis & St. Louis Railway Company v. Beckwith, Justice Field, writing for the Court, thus took this point as established Constitutional law. In the decades that followed, the Supreme Court often continued to cite and to rely on Santa Clara v. Southern Pacific Railroad as established precedent that the Fourteenth Amendment guaranteed equal protection of the law and due process rights for corporations, even though in the Santa Clara case the Supreme Court held or stated no such thing. In the late 19th and early 20th centuries, the clause was used to strike down numerous statutes applying to corporations. Since the New Deal, however, such invalidations have been rare.