MR. CHIEF JUSTICE WAITE delivered the opinion of the court.
Upon the additional fact found in this case it is insisted:
1. That if the registration act was applicable to the bonds now in question, it impaired the obligation of the contract of subscription, and is therefore, so far as such application is concerned, in contravention of art. I., sec. 10, clause 1, of the Constitution of the United States; and,
2. That it was retrospective in its operation...
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