The Forrest City times., 1897-09-24
 THAT BOND EXCHANGE.
Copy of the Complaint Upon Which a Temporary Injunction Was Granted.
The Trustees of the Arkansas Industrial University Ask That at the Final Hesr- ing of the Cause the Injunction
 Be Made Permanent.

The complaint filed before Judge Williams, of the United States court, by the trustees of the Arkansas Indus trial University, upon which tempor- ary injunction was granted restraining State Treasurer Gulley from carrying out the provisions of the act providing for an exchange of state and Washing ton county bonds, alleges that by act of congress of July, 1862, the United States of America, for the purpose of estab- fishing and maintaining in Arkansas college for the benefit of agriculture and the mechanic arts, appropriated, granted and set apart $50, 900 in United States land scrip; that after the state of Arkansas had complied with the con- ditions of said act, the United States delivered to the state, to be held in trust forever, the said Sl50, 900 in United States land script, clothed with the trust mentioned in the act of congress and the amendments thereto; that said land scrip was to be sold by the state and the proceeds invested in some per- manent interest-bearing stocks, bearing not less than 5 per cent interest, the principal never to be diminished; that the said interest be used in esta abiishing and maintaining at least one college for the benefit of agriculture and the mechanic arts.
 The complaint further sets forth that on March P, 1871, the state of Arkan- sas by legislative enactment, accepted the said scrip in trust forever upon the conditions and terms imposed by the United States, and created and incor- porated the Arkansas Industrial Uni versity, as required by the act of con- gress; that the board of trustees of said university was vested with full author ity to receive, invest and manage the proceeds of said sale of land scrip, and keep the principal forever invested and undiminished. In 1871 the said United States land scrip was delivered to the board of trustees and by them sold, s100,000 of the proceeds being invested in 134 thirty-year Washington county bonds, bearing 8 per cent. interest, due and payable December 1, 1901. These bonds were delivered to the state treas urer, to be held in trust for the board, the interest on which is paid promptly when uuc, ana IS used toward nam taining the said college. The trustees contend that the state bonds offered in exchange for the Washington county bonds will not exceed 1000 in value, and that there is no state law provid- ing for the payment of either the prin- cipal or interest of said state bonds; that the exchange would do irrepara- ble injury to the university, damaging it in the loss of $34, ,000 of the principal of the trust fund, and $32, GOO in interest.
 In view of tie above facts, the com plaint asks that at the final hearing of the cause the court order and decree that the temporary injunction be made permanent, contending that the act authorizing the exchange is void and of of no effect, for the following reasons:
 l. The act is contrary to the consti- tuition of the United States.
 ?. It impairs the obligations of con- tracts.
 B. It diminishes the trust fund above subscribed.
 f. It seeks to invest the said trust funds in non-interest bearing stocks.
 5. It destroys the endowment of the plaintiff
 G. It defeats the object and purpose of the trust above described.
 ,. Itdeprives the plaintiff of its prop erty without due process of law