David Josiah Brewer

Name: City of Cairo v. Zane — Opinion of the Court
Author: David Josiah Brewer

City of Cairo v. Zane — Opinion of the Court

Summary

“City of Cairo v. Zane — Opinion of the Court”, is a work by David Josiah Brewer. It explores elements such as bonds, Cairo and Vincennes Railroad Company.

Quotes from City of Cairo v. Zane — Opinion of the Court (David Josiah Brewer)

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ It is not a vital matter whether the bonds should be of $500 or $1,000 each; and, as the charter of the railroad company expressly authorized the issue of bonds payable in the city of New York, we see no reason why such stipulation could not be incorporated into a bond of the denomination of $1,000, and the certificate of the mayor to the auditor is that the bonds were issued under the authority of both acts. ”

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Source: Wikisource

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ On May 28, 1867, a resolution passed the city council of the city of Cairo, ordering a special election 'for the purpose of voting upon the question of the city issuing $100,000 in twenty-year bonds, drawing eight per cent. interest, as a subscription to the capital stock of the Cairo and Vincennes Railroad.' An election was duly had, at which 695 votes were cast in favor of the subscription and 1 vote against. ”

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Source: Wikisource

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ No contract was signed by the company. All we have are the recitals of the record of the city. Of course. such recitals do not bind the company. Thus, on November 5, 1867, it is said that a proposition was received from the company to purchase the stock. What that proposition was is not disclosed. It is stated that it is accompanied by a contract, tendered to the city for consideration, which contract also recites that the company proposes to purchase. That contract nowhere binds the company to purchase, but does bind the city to sell on payment of $5,000 in Cairo city bonds. ”

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Source: Wikisource

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ It is insisted that these bonds were void because issued after the restrictive provisions of the constitution of 1870 had come into effect, and that they were in fact a mere donation, and the only authority given by the people prior to the constitution of 1870 was to issue bonds in payment of a subscription. This ontention cannot be sustained. There was a vote authorizing a subscription. The bonds were issued by the city, and received by the company in payment of a subscription, and stock for an equal amount was issued by the company to the city. ”

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Source: Wikisource

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ Article 9, Section 12.
'No county, city, township, school district, or other municipal corporation shall be allowed to become indebted in any manner, or for any purpose, to an amount, including existing indebtedness, in the aggregate exceeding five per centum on the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the incurring of such indebtedness. ”

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Source: Wikisource

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ Art. 2. The party of the second part agrees that, instead of the city of Cairo issuing bonds in payment for stock upon assessments made from time to time by said railroad company, the city of Cairo shall issue fifty thousand dollars of bonds, and deliver the same to said company in payment for stock, when the track of said road shall have been laid to the boundary line between the counties of Alexander and Pulaski, and cars shall have run thereon ”

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Source: Wikisource

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ That all laws in force at the adoption of this constitution, not inconsistent therewith, and all rights, actions, prosecutions, claims, and contracts of this state, individuals, or bodies corporate, shall continue to be as valid as if this constitution had not been adopted.' 1 Starr & C. St. ”

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Source: Wikisource

David Josiah Brewer, City of Cairo v. Zane — Opinion of the Court

“ It surely is not intended to be insisted that because the county has, by any means, lost the consideration it received for the bonds, innocent holders, who had nothing whatever to do with the sale of the certificate, must lose their bonds.'
It is said that a different rule has since been established in Illinois, and the cases of Choisser v. People, 140 Ill. ”

David Josiah Brewer

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