Stanley Matthews

“ Indeed, if the argument be good for anything at all, it results that, under the operation of this reservation, the naked power to subscribe for stock remains in the counties, without any authority, and therefore without any obligation, to pay for it; for, if the power to issue bonds is taken away, so also is the power to pledge the faith of the county for the annual payment of the interest and the ultimate redemption of the principal,-a pledge which means, of course, that payment shall be made out of the revenues of the county derived from taxation. ”

“ The bonds were sealed with the county seal, signed by the chairman of the board of supervisors, and countersigned by the clerk of the county court, under the order of the board of supervisors of the county, September 20, 1870.
The defendant in error is a bona fide holder for value, having purchased before due in the open market, and without notice of any defense. ”