Page:Federal Reporter, 1st Series, Volume 5.djvu/892

 880 FEDEBAIi BEPOBTEB. �repadiate the city's debts, or do what is, in principle, no bet- ter: force a settlement under the name of a compromise, at say 25 per cent, of the whole debt. �If legislation can thus strike down municipal securities, the value of the $1,000,000,000 of county, township, eity, and other municipal obligations, now outstanding, in the hands of bona fide holders for value, depends, not on constitutional guaranties, as the American people have heretofore supposed, but on the enactments of legislatures, to be elected in large measure by the debtor eommunities, Then we will realize what Judge Story's prophetie vision saw many years sinoe, that the legislative interference in this instance, which gives immunity to Memphis, is "but the first link in a long chain of repetitions, every subsequent interference being natûrally provoked by the effects of the preeeding one," -by whioh injustice will be done, and the standard of integrity lowered, to be followed by other evils, that will demoralize and plague the country. �These are my views. But a decree will be entered dis- missing complainants' bills and distributing the fund in the hands of the receiver in accordance with the mandate from the supreme court. ���Oqdensbubgh & Lakb Champlain E. Co. v. Thb Nobthebn E. Co. OF New Hampshibe and others. �(Cireuit Court, D. Ifew Hampshire. February 24, 1881.) �1. Bill pok Account— Sbvbbal and Distinct Accounts— Parties. �In Equity. Demurrer to Amended Bill. �Sid.ney Bartlett and Wallace Hachett, for complainant. �Mr. Wilson and J. H. Benton, Jr., for defendants. �LowELL, C. J. This bill is brought upon the same contract which was under consideration by this court in the district of Massachusetts in a case heard by Mr. Justice Clifford and myself, — Ogdenshurgh & Lake Champlain R. Co, v. Boston e ����