Page:Federal Reporter, 1st Series, Volume 5.djvu/580

 568 ���FKDERAL REPOjRTEE. ���NOKTHEBN NaT. BaNK OP ToLEDO, 0., V. TRUSTEES OF PoRTEB �TowNBHip, Delawaee Co., 0. �(Circuit Cmrt, N. D. Ohio, W. D. December, 1880.) �1. MuNiciPAi, Bonds— TowNSHiP—PowBB to Issue — Laws of Ohio. A townsliip was authorized to subscribe to the stock of a railroad, provided the county commissioners should not be authorized by a vote of the electors of the county to make such subsoription. Held, in View of the decisions of the supreme court of the state, that bonds issued by the township in payment of such subscription were void in the hands of a bona flde purchaser, where the electors of the county had previously voted to subscribe such stock, and it was the duty of the county commissioners to ascortain and declare the resuit of such vote.— [Ed. �Stalh e Kittredge and Healy e Brannan, for plaintiff. �Gooper & Van Deman and Matthews, Ramsey & Matthews, for defendants. �Trial to a jury, before Hon. John Baxter, circuit judge, and Hon. Martin Wblkeb, district judge. �This -was an action upon eight bonds of $1,000 eacb, and coupons for the annual payment of interest from January 1, 18(53, issued by the defendants on May 6, 1853, to the Spring- field, Mt. Vernon & Pittsburgh Eailroad Company, in payment for a subscription made by the township to the stock of the railroad company. The township had paid the interest up to January, 1863, and then refused or failed to pay any fur- ther interest, and the coupons since that time, as well as the bonds, which fell due October 1, 1871, remain unpaid. �These bonds and coupons were indorsed by the railroad company, and sold or pledged, and came through various bona fde holders for value to the plaintiff, who was the owuer and holder of them at the date of this suit. The chief defence was that the aots of March 21, 1850, February 28, 1846, and March 25, 1851, which authorized subscriptions by eounties and townships to the stock of this railroad, provided the township should have authority to subscribe in case the county commissioners should not be authorized by a vote of the electors of the county to make a subscription ; and that ����