10 .,, V,, Lrrznmnar. nnromsn. _
and, as between the state and theacompany, the company was the
principal debtor and the state only a surety.
The company was bound to save the state harmless by paying the
interest on the state bonds as it fell due, and the principal of the
bonds at maturity, or provide the state with funds for that purpose.
It was not necessary that this obligation of the company should be
expressed; the law would imply it from the transaction itself. And
if the loan was to constitutes. debt at large againstthe company,
without lien or security, there was no occasion for the act to have
said more than that the bonds were loaned to the company for its
accommodation. From such a contract thelaw would imply an ob-
ligation on the company to provide funds to pay the bonds. If more
was said, it was probably said for alpurpose, and with a view to secure
· performance of this duty on the part of the company. ` _ y
_ In determining the question under consideration, the acts of 1868
and 1869 are to be construed, together as one act, and considered in
all their parts, By the terms of the act of 1869, the company was
to provide the state with funds to pay the semi-annual interest on
the state bonds three months before it fell due, and after Eve years
was to pay 2g per cent. on the principal of the bonds annually, to
· raise a sinking fund with which the bonds might be anticipated, or
liquidated `at maturity. 3 .   W
The interest onthe bonds fell due on the first dayrof October and
April inleach year.  The treasurer of state was required to make`req·
uisition on the company for fundsito pay the Octoberiinterest on or
before the first day of the preceding June,and a. requisition to pay
the April interest on or before the nrst day of the preceding Decem-
ber, andthepcompany was to make payment within 30 days from the
date of the requisitions, respectively, and if payment was not made
within that time sequestration of the income and revenues of the
company was to follow. It was not contemplated that the state
should at any timepay the interest on these bonds out of her general
revenues, andhence the provision giving the state power to sequester
the income and revenues of the company to provide funds to pay the
interest 30 days in advance ofthe time it fell due. _ i `
The stipulations and provisionsof the actsconstitute a contract
between the state and the company,_and that contract, like all con-,
tracts, is the law  which the parties to it are bound and are to be
governed. Ordinarily`,"_  legislativepexpressioni of the sovereign will
binds all the citizens, wrara they desire  be boundthereby or not.
These acts are to be viewed inthe double aspectof publicietatutes