680 FEDEEAL EEPORTEB, �important, and that if, under tlïe terms of the act, it sliall be held that the companies were to make payrnent to the bond holders, such payment was to be merely in relief of the state from the ultimate performance of its obligation, but ail the while the obligation of the state remained was to be in exoneration of the state, but did not modify its undertaking on the bond, and created no privity between the bond holders and the company ; that such an undertaking by the company would be to indemnify the state by payment of the bond in its stead, and that the obligation was to the state alone, and one in ■whieh no one else had, or was intended to have, any legal or equitable interest, much less any direct participation and right of intervention or control; that the relation be- tween the railroad company and the holder of state bonds was that merely of vendor and purchaser of negotiable securi- ties, passing by delivery and without indorsement, and there- fore created no relation between them of debtor and crediter. �Edward L, Andrews, George Iloadly, Charles O'Connor, Samuel Watson, and T. S. Webb, for complainants. �C. F. Southmayd, Stanley Matthews, Edward H. East, Ed- ward Baxter, Wm. Baxter, W. Y. G. Humes, B. M. Estes, J. B. Heiskell, R. McP. Smith, Smith d Allison, and Jas. T. à John K. Shields, for defendants. �WiTHEY, D. J. I cannot refrain from expressing person- ally and officially my acknowledgements for the complete and exhaustive arguments by learned and eminent counsel which distinguished the hearing and submission of these important cases. I approach their consideration with ail the aid which the most consummate and elaborate arguments can afford. The opinion will not extend over ail the debated ground. �Have the holders of internal-improvement bonds, loaned by the state of Tennessee to a railroad company, under the act in question, any enforceable right, by contract or other- wise, in the statutory lien that is reserved to the state of Ten- nessee for the payment of the principal and interest of the bonds as they matured? Section 3 provides "that so soon as the bonds of the state sball have been issued for the first section of the road as aforesaid, they shall constitute a lieu upon ����
