Page:Federal Reporter, 1st Series, Volume 2.djvu/557

 550 7SDEBaL BEFOBTSB. �The complainant's debt against the county remained the same debt nctwithstanding the substitution of the new bonda for the old. It was, therefore, perfectly competent for the county to agree to the conditions to which I have adverted, and which are plainly stated in the writing set eut with the bill. Whether, under the decision of the supreme court of the state, it is now within the power of the county court to levy and collect the taxes necessary to meet the interest on the compromise bonds, is immaterial. The contract in effect was that a failure on the part of the county, from any cause, to meet the interest or principal of said bonds, should render the compromise void, and leave the parties in the enjoyment of their rights under the original contract. A court of equity can never hold that the contract of compromise was effectuai for the purpose of taking away the remedies exist- ing under the original contracta, and not effectuai for the purpose of securing the payment, in the manner provided, of the reduced amount represented by the new bonds. �From whatit has been said it will be seen that in my judg- ment the complainant has an adequate remedy at law. If payment of the past-due interest on the compromise bonds shall be refused on demand, the complainant can declare in an action at law upon the original bonds. No discovery is neces- sary, for the bill shows that the complainant can describe the bonds and other evidences of debt with sufficient particularity to enable it to prove the sum due thereon, and it can aver that they are in the possession of the county, or have been by it lost or destroyed. �If, in such a suit, the county shall fail to produce said bonds upon being notified to do so, it will be competent for com- plainant to prove thoir contents by secondary evidence. The fact that the bonds surrendered to the county at the time of the compromise may appear to have been by it cancelled, will not defeat the complainant's right of action. Proof may be offered, and will be admissible, to prove that the cancella- tion was in pursuance of the contract of compromise and is of no force or effect. �As to the second class, to-wit, bonds issued under the act ����