Merchants' Nat. Bank v. Little Rock

DILLON, Circuit Judge (orally).

This action is brought to recover on certain bonds of the city, numbered from 1 to 156, issued in 1874, under the power conferred by section 3294, Gantt’s Dig. There is also a common count, based upon the same cause of action; an<J then another claim for an account known as the “ledger” account, which is in' the nature of an acknowledgment of the liability of the city under the ordinance of October 30th, 1874.

It seems that the city, being indebted, and wanting to borrow money to pay such indebtedness and defray the necessary current expenses of the city…