by John Marshall Harlan

“ That they are so regarded by the commercial world cannot be doubted. Manuf'g Co. v. Bradley, 105 U.S. 180. But it is contended that the word 'negotiable,' in the Iowa statute, is qualified by that clause, in the same enactment, which provides that bonds issued under it shall be 'payable at the pleasure of the district at any time before due.' These words were not incorporated into the bond. ”

“ Applying that decision to the present case, counsel for the district insists that, as these bonds may be open to such a defense as was made in School-district v. Stone, they cannot be deemed negotiable by the law-merchant; in other words, that the negotiability of the instrument ceases whenever the maker is permitted, as against a bona fide holder for value, to establish a defense based upon equities between the original parties. But such is not the test prescribed by the statute defining the jurisdiction of the circuit courts of the United States. ”

“ But if any subject shall be embraced in an act which shall not be expressed in the title, such act shall be void only as to so much thereof as shall not be expressed in the title.' The title of the statute under which those bonds were issued is, 'An act to authorize independent school-districts to borrow money and issue bonds therefor for the purpose of erecting and completing school-houses, legalizing bonds heretofore issued, and making school-orders draw six per cent. ”