Now. what are the facts about this case? Prior to 1880 the people of New Mexico were living in small cities and towns scattered through the Territory. They had not the means of communication between their little inland cities or towns. the business men of the Territory met together and discussed the best methods to be employed to improve and develop the country. and to invite immigration. They decided that it was advisable. if possible. to secure the building of a railroad. so they conferred with the officials of the Atchison and Topeka Railroad Company. who informed them that if they would issue bonds under the authority of the legislature. the company would take the bonds and build the railroad. That proposition was finally carried out. Upon the application of leading citizens the legislature gave the county authority to issue bonds for the specific purpose of building this railroad through that county. The railroad company accepted the bonds and built the road. which is running through that country today. That railroad has developed the country. it has attracted immigrants. and the people there are enjoying all the prosperity thus resulting. but the railroad company could not pay its employees or its obligations with bonds. hence the officials of the company went to New York City in order to float the bonds. and called on Coler & Co.. one of the largest bondbrokerage establishments in the country. When those bonds were offered to them by the railroad officials the brokers looked the question over and said they would investigate it. They called in the best legal talent in the city. who examined the enactments and everything bearing upon the question and finally said to the members of the firm: "Those bonds are legally issued." Not satisfied. however.
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