HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.slavery/ussccases0351 and id is 1 raw text is: Dec. 1871.] DELMAS V. INSURANCE COMPANY. 661
Syllabus.
these debts were most of them, like the present one, liens
on the property of that company, and know-n to be so by all
who united in the transaction. And, finally, that neither
the stockholders of the La Crosse and Minnesota Company,
nor of the new corporation, have ever parted with or paid
any money or other thing of' value for the Key City, other-
wise than by this consolidation of the companies into one;
and it is not apparent, nor even a reasonable presumption,
that if the new company has to pay the libellant's debt in
this case they will be the losers, but it is nearly certain the
loss will fall where it should, on the stockholders coming in
through the Northwestern Company.
We do not see, under these circumstances, how the claim-
ants can avail themselves of the rule for the protection of
purchasers without notice.
DECREE REVERSED, with directions to enter a decree for
libellant for the amount due him for his wheat lost by the
Key City,
WITH INTEREST BY WAY Or DAMAGES.
DELMAS V. INSURANCE COMPANY.
t. On a writ of error to a State court, this court cannot revise a decision
founded on the ground that a contract is void on the general principles
of public policy or morality, when that is the only ground on which the
contract is held to be void.
2. But if the decision of a State court is based upon a constitutional or legis-
lative enactment, passed after the contract was made, this court has
jurisdiction to inquire whether such legislation does not impair the obli-
gation of the contract, and thereby violate the Federal Constitution.
8. In the prosecution of that inquiry, this court must decide for itself,
whether any valid contract existed where the legislation complained of
was had, and in making up its judgment on that question is not con-
cluded by the decisions of the State court.
i. This court is of opin;on that the notes of the Confederate States, In ordi-
nary use as money during the rebellion, might constitute a valid con-
sideration for a contract ; and that a provision in the constitution of a](ViewImageLocal?handle=hein.slavery/ussccases0351&div=1&collection=&method=preview&ext=.png&size=3)