Baird

— On April 21, 1875, plaintiff and defendant's assignors entered into an agreement by the terms of which the former leased unto the parties of the second part certain lands for general lumbering purposes. The contract provides: “ Said parties of the second part hereby agree and bind themselves to cut and remove from said land all of the merchantable timber fit for saw-logs on said land, as follows: The first year, at least fifteen hundred thousand feet, board measure, and each and every year thereafter, two million feet, *554 board measure, and as much more as they may think proper, and pay said party of the first part therefor one dollar in United States gold coin for each and every thousand feet, board measure, of merchantable lumber so as aforesaid to be by them taken from said land; such payments to be made in equal installments, quarterly, each year; provided, however, that if said parties of the second part do not remove the amount of timber above specified to be taken in any one year, they shall, nevertheless, pay therefor; and they may remove the same in any subsequent year, without further charge or pay..... The term of this lease and the rights hereby granted shall be…