Dickens reports that whenever Mr. Micawber renewed a note, he cheerfully remarked, "That's another debt paid." The world is full of Micawbers and of their creditors who are beguiled by their debtors' optimism. The courts are sometimes more cynical. Here, however, the bonds held by the taxpayers expressly provided that interest thereon might be "paid" in the debtor's "securities"; and the taxpayers, in...
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