United States Supreme Court Cases & Opinions

U.S. Supreme Court

Illinois Grand Trunk Railway Co. v. Wade, 140 U.S. 65 (1891)

Illinois Grand Trunk Railway Company v. Wade

No. 251

Submitted March 24, 1891

Decided April 27, 1891

140 U.S. 65

APPEAL FROM THE CIRCUIT COURT OF THE UNITED

STATES FOR THE NORTHERN DISTRICT OF ILLINOIS

Syllabus

June 25, 1870, the Town of Lamoille voted to subscribe $30,000 to the stock of appellant, and August 6, 1870, voted to subscribe $10,000 additional thereto. February 1, 1871, the town subscribed $40,000 thereto, issued 40 bonds of $1000 each in payment thereof, and received $40,000 in stock. The company parted with the bonds, and the same were sold for 90 cents on the dollar, and the majority of them came into possession of the appellee. The $10,000 additional subscription was held void as violating the provisions of the Constitution of Illinois adopted July 2, 1870. Thereupon the appellee filed this bill against the town and the railway company, tendering the bonds for surrender and cancellation, and praying that $10,000 of the stock held by the company should be transferred to him. A decree was entered in accordance with the prayer of the bill, from which the railway company only appealed.

Held: