Coghlan v. South Carolina R. Co.Annotate this Case
142 U.S. 101 (1891)
U.S. Supreme Court
Coghlan v. South Carolina R. Co., 142 U.S. 101 (1891)
Coghlan v. South Carolina Railroad Company
Argued October 21-22, 1891
Decided December 7, 1891
142 U.S. 101
When a contract for the payment of money at a future day, with interest meanwhile payable semiannually, is made in one place and is to be performed in another both as to interest and principal, and the interest before maturity is payable according to the legal rate in the place of performance, the presumption is, in the absence of attendant circumstances to show the contrary, that the principal bears interest after maturity at the same rate.
The report of the master in a suit in equity to foreclose a railroad mortgage, to whom it had been referred to take proof of the claims, found as to a bondholder that his bonds were due and unpaid, that certain coupons had been paid, and that certain other subsequent coupons had been paid, but made no mention of the intervening coupons. No exception was taken to this report. Held that it was a reasonable inference that the claimant did not offer these coupons in proof, and that the failure to find as to them could not be urged as an objection to the final decree.
The Court stated the case as follows:
By an Act of the general assembly of South Carolina of December 19, 1835, the Cincinnati and Charleston Railroad Company was incorporated with power to construct a railroad from Charleston, South Carolina, to Cincinnati, Ohio. 8 Stats.S.C. 409. See also 8 Stats.S.C. 354, 355, 380, 384, 406. Subsequently, December 21, 1836, the name of that company was changed to that of the Louisville, Cincinnati and Charleston Railroad Company. 8 Stats.S.C. 96. By a later act, passed December 19, 1843, the name of the latter company was changed to that of the South Carolina Railroad Company, which acquired, subject to certain conditions, the rights, privileges, and property of the South Carolina Canal and Railroad Company, incorporated December 19, 1827, 11 Stats.S.C. 273.
The Louisville, Cincinnati and Charleston Railroad Company, before its change of name and by virtue of an Act of December 20, 1837, and an act amendatory thereof, passed December 19, 1838, 6 Stats.S.C. 571, 604, issued its bonds for the sum of about
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