Page:Federal Reporter, 1st Series, Volume 2.djvu/525

 618 ÏEDElBAZi B&POBTBB. �Alfred C. Coxe, for plaintiff. �H. L. Comstock, for defendant. �Blatchford, c. J. Tins suit was tried before the court without a jury. It is brought to recover the amount payable by 218 coupons' on bonds issued by the town of Potter, in Yates county, New York, a municipal corporation of the state of New York, in aid of the construction of the Geneva & Southwestern Eailway Company. Of these coupons 109 fell due March 1, 1879, and 109 September 1, 1879. Of each set of 109, 90 belonged to bonds of $100 each, and were for $3.50, and 19 belonged to bonds of $1,000 each, and were for $35 each. The total amount of the 218 coupons is $1,960. The total amount of bonds issued by the town in aid of the railroad was $30,000. The commissioners who issued the bonds delivered them to the railroad company in payment of a subscription by the town for $30,000 of the capital stock of the company, and the town received a certifi- cate for that amount of such stock, and bas retained it ever since. The bonds were dated September 1, 1873, and were issued shortly after November 6, 1872, and were payable in 30 years from date, and had on them when issued coupons payable every six months from and including March 1, 1873, to and including September 1, 1902. The town paid the coupons which fell due before March 1, 1879. The plaintif! is a bona Jcde holder for value of the coupons sued on. The bonds are in this form : �"United States of America, State of New York. No. 3. $100. Town of Potter, county of Yates. The town of Potter, in the county of Yates and state of New York, acknowledges itself indebted to the bearer in the sum of one hundred dollars, which sum said town promises to pay to the holder hereof at the county treasurer's office of Yates county, in Penn Yan, N. Y., thirty years after the date hereof, and also interest at the rate of seven per cent, per annum thereon, payable semi- annually on the first days of March and September, in each year, until the said principal sum shall be paid, on the pres- entation of the annexed intca-est warrants at the county treas- urer's office of Yates county, in Peim Yan, N. Y. ����