Page:Federal Reporter, 1st Series, Volume 10.djvu/272

 260 FEDERAL REfOBTER. �obligation for each one of these instalments of irtterest, — a kind of obli- gation which our court bas held, and which all courts now hold, is capable of a distinct suit, andis so far a separate obligation, — ^that the statute of limitations applicable to the bond is not applicable to the coupon, but begins to run against the coupon, according to its nature, from the time it falls due, and not against the bond. I say that when the governor of the state of Missouri had out so many of these pieces of paper, they were each an item of debt owing at the time this transaction occurred. They need not resort to the word "liabili- ties;" but, perhaps, to make that which might have been clear a little clearer, and to prevent any mistake whatever, they use a word that covers everything. Whatever the state had become liable for under her issue of those bonds was to be paid by a sum of money eqtial to it, if paid in money, before the right to the assignment of the statu- tory lien accrued ; and this has not been done. �This view of the matter receives illustration from another clause. By the third section of the act of 1865, the complainants can entitle themselves to recoive this assignment without paying a dollar in money to the governor or into the state treasury. That was an obli- gation which had its condition, and it throws light upon what the other was, when a sum of money equal to so and so was to be paid. And what is that obligation? "The treasurer of the state is hereby authorized and directed to i-eceive of the trustees aforesaid, in pay- ment of the $3,000,000 and interest" — that bas to be paid — "as provided in the second section of this act;" that is as much as to say : "By section 2 of this act we did provide that for the payment of $3,000,000 and interest the treasurer might receive any of the out- standing bonds of the state bearing not less than 6 per cent, interest, or of the unpaid coupons thereof at their par value." He not only could receive the bonds, but you might go round, if it would do you any good, and buy up these coupons and pay the debt in that way. At all events, it is quite clear, taking those two sections together, that the legislature intended that the coupons to the bonds were to be pro- vided for as well as the bonds themselves. That view of it is con- firmed also by the original act of 1851. The fifth section of that act is: "The said bonds thus issued to the Pacific Bailroad Company shall be denominated 'Pacific Eailroad state bonds,' and the said bonds thus issued to the Hannibal & St. Joseph Eailroad Company shall be denominated ' The Hannibal & St. Joseph Eailroad state bonds;' and the faith and credit of this state are hereby pledged for ��� �