Stephen Johnson Field,
Sage v. Board of Liquidation of Louisiana…
“ The only question before the court below, and which was decided negatively, was whether the bonds were sold by the governor of the state within the authority vested in him by the law under which they were issued, by being exchanged for sugar, and were therefore valid obligations of the state, which could be funded under its statute. There is, in the consideration and determination of this question, no resort to any federal law. It is purely a question of the construction of a state statute, and of the power which was conferred by it upon her agents; nothing more not less. ”
