Summary

Portrait of George Shiras, Jr. George Shiras, Jr. Barnum v. Okolona — Opinion of the Court

It is, however, contended on behalf of the plaintiff in error that no such limitation was put, by the enabling act, on bonds issued by towns; that the restriction to a limit of 10 years, contained in the fourth section of the act of March 25, 1871, was applicable only to the case of bonds issued by counties. It is true that in the fifth section of the act, which conferred the power on towns and cities to subscribe for railroad stock and pay therefor in bonds, no express provision is found as to the length of time during which the bonds should run.
Source: Wikisource

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