Carroll County v. Smith
Supreme Court of the United States
IN EEROS TO THE CIRCUIT COURT OF THE UNITED STATES. FOR THE NORTHERN DISTRICT OF MISSISSIPPI. This was an action at law brought to recover the amount of certain overdue interest coupons, upon municipal bonds, alleged to be obligations of the plaintiff in error, delivered and payable.to the Greenville, Columbus and Birmingham Railroad Company or bearer, for $1,000 each.
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IN EEROS TO THE CIRCUIT COURT OF THE UNITED STATES. FOR THE NORTHERN DISTRICT OF MISSISSIPPI. This was an action at law brought to recover the amount of certain overdue interest coupons, upon municipal bonds, alleged to be obligations of the plaintiff in error, delivered and payable.to the Greenville, Columbus and Birmingham Railroad Company or bearer, for $1,000 each. Each bond contained the following recital: *■ “ The above mentioned sum being a part of a subscription to the capital stock of the Greenville, Columbus and Birmingham Railroad Company, authorized by the following styled acts of…
1Opinion of the CourtJustice Matthews
He stated the facts in the foregoing language, and continued:
The provision in. the charter of the railroad company authorizing the issue of bonds in payment of subscriptions by municipal bodies to its capital stock, is based upon article 12, section 14, of the Constitution of the State, which declares that—
“ The legislature shall not authorize any county, city or town to become a stockholder in, or to lend its credit to, any company, association or corporation, unless two:thirds of the qualified voters of such county, city or town, at a special election or regular election to be held therein,…
2Cases cited8 opinions
- Burgess v. SeligmanSupreme Court of the United States · 1883
- County of Cass v. JohnstonSupreme Court of the United States · 1877
- County of Warren v. MarcySupreme Court of the United States · 1878
- Northern Bank of Toledo v. Porter Township TrusteesSupreme Court of the United States · 1884
- St. Joseph Township v. RogersSupreme Court of the United States · 1873
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3Cited by136 opinions
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- Gunnison County Commissioners v. RollinsSupreme Court of the United States · 1899
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