by John Marshall Harlan

“ The only remaining objection to the judgment is that the bonds were delivered to the consolidated company, when they were not voted to that company. We concur with the court below in holding that the aid voted must be deemed to have been given in view of the then existing statute, authorizing two or more railroad companies forming a continuous or connected line to consolidate and form one corporation, and investing the consolidated company with the powers, rights, property, and franchises of the constituent companies. ”

“ Equally untenable is the proposition that the rights and obligations of the parties are to be determined by the law, as expounded by the Supreme Court of the State, at the time the defendant in error, in fact, received the bonds. ”

“ The defendant in error is a holder for value. Railroad Company v. National Bank, 102 U.S. 14. But if not, it is still entitled to whatever rights the railroad company had by virtue of its contract with the township. ”