Tompkins v. Little Rock & Ft. S. Ry.
District Court, E.D. Arkansas
In Equity. On the twenty-first of July, 1868, the general assembly of the state of Arkansas passed an aet to aid in the construction of railroads by a loan of the state’s credit.
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In Equity. On the twenty-first of July, 1868, the general assembly of the state of Arkansas passed an aet to aid in the construction of railroads by a loan of the state’s credit. The provisions of the act upon which the material questions in the case arise are as follows: “ Section 1. Por the purpose of securing such linos of railroad in this state as the interests of the people may from time to time require, the faith and credit of the state of Arkansas are hereby irrevocably pledged, and the proper authorities of the state will and shall issue to each railroad company or corporation, which…
1Opinion of the CourtCaldwell, J.
We are confronted at the threshold of this case with the question, whether the acts of the legislature, under which the bonds were issued to the railroad company, created a statutory mortgage or lien upon the railroad, or an equitable lien or charge on its earnings and income, to secure the payment of the principal and interest of the state bonds.
Before discussing the provisions of tiie act relating to this question, it will be well to have an accurate understanding of the relation the state and company sustained to each other in the matter of the bonds. It was contemplated that the company…
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