Morgan v. Beloit, City and Town
Supreme Court of the United States
Appeal from the Circuit Court for 'Wisconsin. In 1853, the legislature of Wisconsin authorized the town of Beloit to- subscribe to the' stock of a railroad company, and to pay therefor in bonds of the town. The town subscribed and issued its bonds, a portion of which came to the -hands of one Morgan, a bond fide purchaser. In 1856, the legislature created the city of Beloit, this city being carved out of a portion of the territory which had constituted the town of Beloit.
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Appeal from the Circuit Court for 'Wisconsin. In 1853, the legislature of Wisconsin authorized the town of Beloit to- subscribe to the' stock of a railroad company, and to pay therefor in bonds of the town. The town subscribed and issued its bonds, a portion of which came to the -hands of one Morgan, a bond fide purchaser. In 1856, the legislature created the city of Beloit, this city being carved out of a portion of the territory which had constituted the town of Beloit. The charter of the new city thus provided': “ All -principal and interest upon all bonds which have heretofore been issued…
1Opinion of the CourtJustice S Wayne
The bill of the appellant presents the following case: In the year 1853, tlie legislature of Wisconsin, by an act duly passed, authorized the town of Beloit to subscribe for $100,000 of the stock of a railroad company authorized to construct a railroad from the city of Hacine to the village of Beloit, and to make payment in its bonds to be issued for that purpose. The bonds were accordingly issued. A portion of them came into the hands of the appellant, and he recovered upon them the several judgments at law described in the bill. These judgments are all in full force and unsatisfied. By an…
2Cases cited2 opinions
- Boyce's Executors v. GrundySupreme Court of the United States · 1830
- Quick v. StuyvesantNew York Court of Chancery · 1830
3Cited by34 opinions
- Mount Pleasant v. BeckwithSupreme Court of the United States · 1880
- Schwan v. KellySupreme Court of Pennsylvania · 1896
- People ex rel. Dougherty v. City of Rock IslandIllinois Supreme Court · 1915
- Schriber v. Town of LangladeWisconsin Supreme Court · 1886
- Litch v. ClinchIllinois Supreme Court · 1891
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