Lucius Quintus Cincinnatus Lamar

“ A holder is not warranted to believe that such a person intended to extinguish the coupons when he hands over the sum called for by them and takes them into his possession. It is not in accordance with common experience for one man to pay the debt of another without receiving any benefit from his act. We cannot close our eyes to things that are of daily occurrence. It is within common knowledge that interest coupons, alike those that are not due and those that are due, are passed from hand to hand ”

“ Whatever might be the right of a holder of overdue coupons cut from a bond which is afterwards sold to a bona fide purchaser, as between such purchaser and the coupon-holder, that question does not arise here. The case before us is a peculiar one, and must be adjudged on its own facts. As we have already said, Starr was, from a business point of view, substantially the company. Not only was it his object to float the bonds, but to float the company as well. Hence, when he came to sell these bonds, he arranged with his brokers, Beasly & Co., in reference to the July coupons, (series No. 2.) ”

“ It is as difficult to see how there can be a payment and extinguishment thereby of a debt without any intention to pay it as it is to see how there can be a sale without an intention to sell. But that the coupons were either paid, or transferred to Duncan, Sherman & Co. unpaid, is plain enough. ”