David Josiah Brewer

“ Until a general power granted to corporations has been exercised, the terms and conditions under which it may be exercised are subject to legislative control. It may change or modify them as it sees fit, and the law in force at the time the mortgage is executed, with all the conditions and limitations it imposes, is the law which determines the force and effect of the mortgage. That law, in this case, was the law of 1877, which subordinated the mortgage to the lien of subsequent judgments for claims of the nature of those held by appellees. ”

“ Whatever special rights of mortgage were given by the act of 1847 were exhausted. That special right was to increase its capital by the issue of bonds secured by mortgage to a sum sufficient to complete its road, and stock it with everything to give it full operation. It appears that the road authorized by this charter was completed, equipped, and in full operation more than 25 years before the mortgage of 1881, and long before the consolidation of 1869. Of course, when a charter power is once exhausted, it is, in respect to further contracts and rights, as though it had never been granted. ”

“ Recognizing the fact that thereby a federal question is presented, it seems so obvious that it was not the bone of contention,-the principal matter litigated,-but only put into the record for the purpose of an appeal, that it must be adjudged there was color for the motion to dismiss. ”