United States v. Council of Keokuk

stated the, case and delivered the opinion of the court.

Tire General Assembly of the State of Iowa, by a law passed January 29th, 1857, authorized the corporation defendants to levy a direct tax of one hundred and fifty thousand dollars for the benefit of the Keokuk, Mount Pleasant, and Muscatine Railroad Company, and to issue the bonds of the city for the amount, payable in one, two, and three years, with interest coupons annexed, at the rate not exceeding ten per cent.' per annum. * They voted the tax and issued the bonds, and the relator became the bond fide holder for value' of…