Thornton v. Hooper

Citations

• 14 Cal. 9
• 1859 Cal. LEXIS 226

Syllabus

<p>The Act of 1858, amendatory of the Act of May 1st, 1851, authorizing the “ Funding of the Floating Debt of the City of San Francisco, and to provide for the payment of the same,” is constitutional. The amendment, that the Commissioners may purchase stock at five per cent, above par, does not affect injuriously the creditors under the Act of 1851.</p> <p>The Act of 1851 is a law as well as a contract. And those provisions, which are mere modes of giving effect to the substantial purposes of the Act, may be revised and altered. The Constitution forbids impairing the obligation of contracts, but does not inhibit legislation respecting them.</p> <p>If, under the Act, a large surplus accumulates, it may be applied to the purchase of bonds, even if no provision exist in the Act for payment before the bonds are due. ’</p>