by John Marshall Harlan

“ It is, however, suggested that the Southern Inland Navigation & Improvement Company was not a party to the Vose suit, and consequently was not bound by that part of the decree of December 4, 1873, adjudging that the contracts or agreements entered into by the trustees with that company 'be rescinded, and the same are declared null and void, and the lands undertaken to be conveyed, or contracted to be conveyed, shall be restored to the said internal improvement fund, and be subjected to sale by the agents appointed by the court.' To this suggestion there are two answers. ”

“ Its object is to obtain a decree adjudging that the said trustees have no right, title, or interest in the lands embraced in the mortgage of February 10, 1871; that the same are subject to said mortgage; and that the property so mortgaged be sold to pay the amount found to be due upon any outstanding bonds secured by that mortgage. The principal defense rests upon the above proceedings, orders, and decrees in the Vose suit. The bill was dismissed, with costs, and from the decree of dismissal the present appeal was prosecuted. ”

“ The companies, after completing their roads, were to pay, besides interest on their bonds, 1 per cent. per annum on the amount thereof, to form a sinking fund for the ultimate payment of the principal. The act declared that the bonds should constitute a first lien or mortgage on the roads, their equipment and franchises ”