by John Marshall Harlan

“ The constitution of Iowa declares that 'no county, or other political or municipal corporation, shall be allowed to become indebted in any manner, or for any purpose, to an amount in the aggregate exceeding 5 per centum on the value of the taxable property within such county or corporation, to be ascertained by the last state and county tax lists, previous to the incurring of such indebtedness.' The largest indebtedness, therefore, which the plaintiff in error, consistently with the fundamental law of the state, could have had, when these bonds were issued, was 5 per cent. ”

“ But in all such cases, as a careful examination will show, the recitals fairly imported a compliance, in all substantial respects, with the statute giving authority to issue the bonds. We are unwilling to enlarge or extend the rule, now established by a long line of decisions. Sound public policy forbids that we should do so. Where the holder relies for protection upon mere recitals, they should, at least, be clear and unambiguous, in order to estop a municipal corporation, in whose name such bonds have been made, from showing that they were issued in violation, or without authority, of law. ”