Samuel Blatchford

“ Be it further enacted, that stock which has been subscribed, or may hereafter be subscribed, by any county, city, or incorporation, to said railroad companies may be payable in six annual payments; and it shall be lawful for county courts, and the corporate authorities of any city or town making such subscription, to issue short bonds, bearing interest at the rate of six per cent. ”

“ The only possible effect it could have as to that town was to modify section 20 of the act of 1869 so as to make the subscription to stock payable in six annual payments, instead of four annual payments, and to authorize the issue of bonds in anticipation of the collection of the annual tax levies, the bonds to be payable in not exceeding six annual installments, instead of four; but each set of bonds to be still payable by an annual tax levy, and to fall due annually for six years, at the time of the maturity of the levy for each year. ”

“ The cases cited in Tennessee, Bank v. Jacobs, 6 Humph. 515; Nichol v. Mayor, 9 Humph. 252; Adams v. Railroad Co., 2 Cold. 645; Moss v. Academy, 7 Heisk. 283; State v. Anderson Co., 8 Baxt. 249; and Williams v. Railroad Co., 9 Baxt. 488,-do not maintain the doctrine contended for. In the case in 6 Humph. it was held that a railroad company, a private corporation, could contract a debt for a corporate purpose, and give a negotiable promissory note therefor. In the case in 9 Humph. there was express legislative authority to subscribe for stock and issue bonds ”