1'he Green Bag. Threats, expostulations and explanations were alike unavailing. Mike moved the barn where he wanted it, and paid off his men. Next day the constable arrested him and brought him before the judge. Mike cited his authority for his action from the "dickshunary. He construed "toomperairy" literally, and insisted he had shown no disrespect to the Court. "Have you got $50 to pay your fine, Mr. Brennan? asked the judge. "Nary a red, your Grace," said Mike.
"Then I'm afraid I'll have to send you to jail—temporarily." "If yer Grace's toomperarily ain't any longer than my toomperarily I'll not be afther coomplainin," said Mike. The Court smiled. "I guess we'll use your dictionary on 'temporary,' Alike, as far as the jail sentence is concerned," he said. The syndicate withdrew proceedings be fore the term came on, and Mike was al lowed undisturbed possession of his old barn.
THE ADVISABILITY OF REGISTERING NEGOTIABLE COUPON BONDS. BY JOHN PHILIP HILL, Of the Boston Bar. The power to borrow money with which to carry out the purposes of its creation is generally held one of the inherent 'rights of a corporation. Where this power is pres ent it is well settled that the corporation may issue its promise to pay in the form of a bond.1 Cook, in his treatise on the law of Corportions, defines a corporation bond as "an in strument executed under the seal of the cor poration, acknowledging the loan and agree ing to repay the same upon terms set forth therein." (i Cook on Corporations, sec. 14.) The most usual form is the bond that has promissory notes of the corporation at tached in the shape of coupons, each of which is equal to the annual, semi-annual, or quarterly interest on the bond. Coupon bonds form a convenient mode of investment and of securing corporate loans, and are is sued alike by municipal and private corpora tions; by the Federal, State and city govern ments, as well as by railroads, manufactur1 МШег?'. R. R., 8 Abb. Pr. (N. Y.), 431.
ing, mining and nearly all other forms of incorporated enterprise. Bonds issued by corporations in proper form are held to be negotiable, both by mer cantile usage and judicial determination, in all respects with the exception of not being entitled to days of grace.2 The object of making bonds negotiable, is to secure convenience and freedom in circu lation, and to secure for the bona tide holder a perfect title, protected from all claims in equities against his transferror. It is to the negotiable quality of coupon bonds that their prominence in the money market is largely to be ascribed. Coupons cut from bonds of corporations whose stability is assured are an immediately convertible asset, and the bonds themselves are of nearly equal transferability. So readily may they be transferred that the greatest care is requisite in their keeping, and they rank with bank notes in the esteem of the usual safe-breaker. 2 Haven v. Grand Junction Company, 109 Mass. 88; 5 Thompson on Corporations, sec. 6064.
