Legal Essays

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The bonds were issued in 1857, in aid of a railroad com- pany, and were payable to bearer, in New York, with a series of half-yearly coupons. The city was authorized to lay special taxes to pay the interest. For several years before they were issued, the Supreme Court of Iowa, in deciding other litigated cases like the present one, had up- held the constitutionality of similar issues of bonds. There were other statutes and other decisions of a similar char- acter during several years after the
...bonds now in question were issued. At the time of bringing the present action, and long after the issue and negotiation of these bonds, namely, in 1862, the Supreme Court of Iowa had reversed its previous course of decision, and had held that the bonds were invalid, as being forbidden by the State constitution.
In 1863 the present case came up to the Supreme Court of the United States, on error, and the judgment of the Dis- trict Court overruling the plaintiff's demurrer and holding for the defendant was reversed, Mr.


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