The Railroad Aid Bonds

I he decisión of the United States Supreme Court affirming the validity of cer tam bonds issued by the Township of Pino Grove, in this State, in aid of a railroad, places a number of Michigan townships in a very awkward position. Any township which has any railroad aid bonds outstanding is advised by this decisión that the bonds must eventually be paid ; for though they are still valueless in the hands of citizens of Michigan, it is safe to assert that, now at least, all such bonds are owned abroad. But, although thus advised, the townships. cannot provide by tax for the payment of their bonds, or even for the payment of the interest. Under the decisión of the Supreme Court of the State a tax levied for that purpose would be void, and its collection might be successfully íesisted. Only when a judguient has been rendered against the township either for principal or interest can a tax be lawfully lcvied; and as every judgment carnes -with it a mee little burden in the form of costs, the tax upon bonded townships will probably be very heavy before they are finally rehfived from their indebtedness. If it be possible in any given township to secure the assent of all the tax-payers to the levymg of a tax to meet the ir terest as it accrues, tlie costs may be saved ; otherwise it will be necessary that each inatallment of interest shall be put in judgment in one of the United States courts by every individual who owns a bond. The position is, as we have said, an awkward one, but there seems to be no escape from it. The bonds must be paid and the costs also. The former it will be easy to balance against benefits received in the form of railroad facilities, while the latter can only offset by the valuable experience gained as to " the glorious certainty ot the law."-