by John Marshall Harlan

“ The provision in the act of 1867 that the money should be paid as soon as the road was located and constructed through the city, town, or township voting the appropriation, is inconsistent with the idea that such appropriation could be met, in the first instance, by negotiable bonds which might pass into the hands of bona fide holders for value, and become binding, whether the road was or not so located or constructed. ”

“ This is an action upon negotiable coupon bonds signed by the supervisor and clerk of the town of Concord, a municipal corporation existing under the township organization law of Illinois. They were executed in 1871. Each bond purports upon its face to have been 'issued under and by virtue of the law of the state of Illinois to authorize cities, towns, or townships within certain limits to appropriate moneys and levy a tax to aid the construction of the Chicago, Danville & Vincennes Railroad,' and pledges the faith of the township for the payment of the principal and interest. ”

“ There is no saving of the right of such corporation to loan their credit to railroad corporations, where such loan of credit was not embraced in a vote previously taken, under existing laws, and which was favorable to a subscription of stock or a donation. The township of Concord voted a donation merely, to be met by taxation within the period of two years, and to be paid if the railroad was constructed through the villages of Concord and Sheldon, and not a donation to be met by interest-bearing bonds covering a period of ten years. ”