Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-01-23

the SAID INSTITUTION snail llot Dt hioo'AfS~
until the notes, bliis, ana undertakings
ON It's part shall be finally and faithfully
settled Provided, That after the ex-
piralon OF the term for which 1t snail
have been created, ii shall not transact
any other business further than 10 settle
and close its contracts as above pre-
scribed.
Sec. 81. Be ii further enacted, That
the president and cashier shall also &c
required to visit each and every county
accommodated as aforesaid, annually,
for the purpose of renewing notes, taking
additional security or mortgages, ara re"
ceiving the annual instameEt, having
first given previous notice Of their inch
ton i'll the different newspapers as aiore.
said, expressing their object, &c. And
it shall be the duty of the said acting
agents, in their respective counties, Is
meet the said president on the first day
OF his attendance, (agreeably to nolice)
at their respective court houses, or seats
Of Justice; and shall, then and there
faithfully represent to the said president,
the situation of the debts in heir respec-
sident shall proceed to adopt such mca~
sures as the safety of the institution may
require.
Sec. %. Be WJnrther enacted, Thai
if any person, who Shall have been &C.
commodated with loan from thu SAID
bank, shall fail, neglect, or refuse to pay
the regular annual instalment, it shall be
the duty Of the board of directors or pre-
sident, TO have the note (if note) pro-
tested; If SAID loan be secured by mort
gage, to have said mortgage foreclosed,
and to proceed to the collection of said
debt without delay; and all judgments
in favor of said bank against individuals,
shall carry costs as in other cases.
Sec. %. 8e ii .fUrther enacted, That
it shall be the duty OF the board al drec-
tors of the said bank. so to regulate the
call or instalment on all loans made un-
der the authority of this act, that tbs
whole Of the said loan shall be drawn in
on or before the expiration of thi, char
ter: Propided, That all such instal-
ments shall be SO regulated as TO become
due aid PAYABLE annually.
Sec. so. BE il farther enacted, That
the said bank shall be required to with
draw annually, the one tenth part OF re
whole amount of notes and bills issoed
by virtue ofthis act; which tenth part, so
Withdrawn, shall never again, by any
means whatever, be thrown into circuia-
ton.
Sec. 81. Be il further eaacted, That
in all cases where payments shall be
made before the expiration OF the tiine
limited by this act, or whenever any SUM
or sums of money shall, by any means
whatever, be collected orrcmain on hand
as surplus fund in said bank undispos-
ed OF or unreserved, the board Of tlirec-
tors in all cases, shall be authorized aud
required to loan out the same, if applied
for, observing the foregoing rules and
regulations.
Sec. 50. Be ii further enacted, That
It shall be the duty of the treasurer oflhe
state Of Illinois, to deposit all such gold
and silver coins, bills and notes, rs shall,
from time to time, come into the trea-
sury on account of the said state, in said
bank and it shall be the duty Of the
cashier thereof, to credit said treasurer
IN book furnished tor that purpose,
with all such monies, notes or bills, SO
deposited, and to keeo AN account cur
rent with The treasury.
Sec. So. Be ii farther enacted, That
ter all sums allowed by law, which the
treasurer shall, from time to time he re-
CURED to pay, he shall draw his cheek
on said bank in favor Of the person ell
titled; and it shall be the duty Of said
bank to honor and pay all such checks
in the notes or bills of said bank Pro-
vided, That the said treasurer shall, at
no time check for any greater sums than
he shall have SO deposited.
Sec. "a. BE it ,further enacted, That
all the lands, town lots, and other pro-
perry, belonging to the state, and all the
funds, and all the revenue which now is,
or hereafter may become PAYABLE to the
state, shall be, and the same are hereby
pledged for the redemption OF the notes
and bills which may be issued by virtue
OF tins act; and the people OF the state OF
ILLINOIS, by their representatives in lhc
general assembly convened, do hereby
pledge themselves, at or before the cx-
pralion of the said ten years, reciled in
the second section, and before the final
dissolution OF this institution, to redeem
all such notes and bills as may be pre-
scented to them in gold or silver coins.
Sec. IS. Be it .fnrther enacted, That
the members OF the senate and the men,
bers of the house Of Representatives of
q !, I