Loudon v. Taxing District
Supreme Court of the United States
Appeal from tbe Circuit Court of tbe United States for the Western District of Tennessee.', Tbe firm of J. & M. Loudon, of which James'A. Loudon, tbe appellant, is the-surviving partner, entered in'the year 1867 into several contracts with the city of Memphis to pave certain streets and alleys and part of the wharf and public landing. The city was directly liable for a portion of the woik, and gave its negotiable notes therefor.
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Appeal from tbe Circuit Court of tbe United States for the Western District of Tennessee.', Tbe firm of J. & M. Loudon, of which James'A. Loudon, tbe appellant, is the-surviving partner, entered in'the year 1867 into several contracts with the city of Memphis to pave certain streets and alleys and part of the wharf and public landing. The city was directly liable for a portion of the woik, and gave its negotiable notes therefor. It failed to meet them at maturity, and the firm recovered four judgments thereon, Nov. 4, 1871, aggregating $64,613.18. These judgments were, as the notes had been,…
1Opinion of the CourtChief Justice Waite
The questions in this case are, —
1. Whether, because the city of Memphis neglected to pay the debts it owed the appellant when they fell due, it must make 1 good to him the losses he sustained on that account through exactions.of extraordinary interest and discounts on sales of securities to raise money to meet his own obligations ; and,
2. Whether, upon the facts as shown, a decree should be passed rescinding the contract undér which the appellant received bonds of the city in settlement, of what was due him on certain of his claims.
As -to the first of these questions, it is sufficient to say…
2Cases cited3 opinions
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