This is a suit at law brought by J. Addison Hayes, in the district court of the United States for the Northern district of Mississippi, against the mayor and aldermen of the city of Holly Springs, to recover the sum of $8,560, as due on 568 coupons, cut from 43 bonds, for the payment of $16,250, purporting to be issued by the city of Holly Springs, in the state of Mississippi, the bonds and coupons being owned by the plaintiff. Each bond is in the following form:
'State of Mississippi, City of Holly Springs. Bond. Issued in payment of stock of the Selma, Marion & Memphis Railroad Co. No. ___, $ _. Fifteen years.
'Know all men by these presents that the city of Holly Springs, Marshall county, in the state of Mississippi, acknowledges itself indebted and firmly bound to the Selma, Marion & Memphis Railroad Company, in the sum of _ dollars, which sum the city of Holly Springs promises to pay to the Selma, Marion & Memphis Railroad Company, or bearer, at the Holly Springs Savings & Insurance Company, Holly Springs, Mississippi, on the first day of January, A. D. one thousand eight hundred and eighty-seven, together with the interest thereon from the first day of January, A. D. one thousand eight hundred and seventy-two, at the rate of eight per cent. per annum, which interest shall be payable semi-annually, on the presentation and delivery of the attached interest coupons, at the office of the said Holly Springs Savings & Insurance Company.
This bond is issued under and in pursuance to an order of the board of mayor and aldermen of the city of Holly Springs, Marshall county, state of Mississippi, made under authority of the constitution of the state of Mississippi and the laws of the legislature of the state of Mississippi, and authorized by a vote of the people of the said city of Holly Springs at a special election held for the purpose.
[Corporate seal.] 'In testimony whereof, the said city of Holly Springs has executed this bond by the mayor of said city, under the order of said city's board of mayor and aldermen, signing his name thereto, and by the treasurer of said city, under the order thereof, attesting the same, and affixing thereto the said seal of the said city of Holly Springs.
'This done at the city of Holly Springs, Marshall county, state of Mississippi, this first day of January, A. D. 1872.
'HENRY A. COOPER, Mayor of the City of Holly Springs.
'LEWIS BEEHLER, Treasurer of the City of Holly Springs.'
The questions in the case arise on a demurrer to the declaration, the facts alleged in which are as follows: