Horace Gray

“ The object of the bond is to secure the obligee's discharge from a large number of claims against him held by certain third persons severally, amounting in all to something like $39,000, and varying from more than $8,000 to less than $10 each. A failure of either of those persons to release any one of those claims would be a breach of the bond; and for any such breach a just compensation might be estimated in damages. The sum of $10,000 must therefore be regarded as simply a penalty to secure the payment of such damages as the obligee may suffer from any breach of the bond. ”

“ S.C.. 6 Sup. Ct. Rep. 91; Boys v. Ancell, 5 Bing. N. C. 390; S.C.. 7 Scott, 364; Thompson v. Hudson, L. R. 4 H. L. 1, 30; Fisk v. Gray, 11 Allen, 132.
Upon the evidence introduced and the admissions made by the plaintiff at the trial, it does not appear that he suffered any damage whatever. ”