Louisiana v. Wood
Supreme Court of the United States
Error to the Circuit Court of the United States for the Eastern District of Missouri. Upon the facts found by the court below this case is as follows: — The city of Louisiana, Missouri, had authórity in law to borrow mohey, at any rate of interest not exceeding ten per cent per annum, and to provide for the payment of its debts. On the 8th of January, 1867, an ordinance was passed by the city council creating the. office of “ city fund -commissioner.”
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Error to the Circuit Court of the United States for the Eastern District of Missouri. Upon the facts found by the court below this case is as follows: — The city of Louisiana, Missouri, had authórity in law to borrow mohey, at any rate of interest not exceeding ten per cent per annum, and to provide for the payment of its debts. On the 8th of January, 1867, an ordinance was passed by the city council creating the. office of “ city fund -commissioner.” It was made the duty of this officer to sell the bonds of the city for the purpose of funding or paying the indebtedness of the city, and apply…
1Opinion of the CourtChief Justice Waite
That the-bonds in question are invalid, is conceded.. Such is the' effect of Anthony v. County of Jasper (101 U. S. 693), decided at the last term. It is equally true that the legal .effect of the transactions by which the plaintiff and his assignors got possession of the bonds was a borrowing by the city of the money paid for what was supposed to-be a purchase of the. bonds. As the broker through whom the business was • done was the agent of the city .and acting as such, the case, so far as the city is concerned, is the sanie as though the money had been paid directly into. the city treasury…
2Cases cited2 opinions
- Marsh v. Fulton CountySupreme Court of the United States · 1871
- Anthony v. County of JasperSupreme Court of the United States · 1880
3Cited by136 opinions
- Central Transportation Co. v. Pullman's Palace Car Co.Supreme Court of the United States · 1891
- Ward v. Board of Commr's of Love Cty.Supreme Court of the United States · 1920
- Hedges v. Dixon CountySupreme Court of the United States · 1893
- Aetna Life Ins. Co. v. MiddleportSupreme Court of the United States · 1888
- Chapman v. County of DouglasSupreme Court of the United States · 1883
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