The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1838-07-11

purpose, under the authority of the Legis-
lature Of the said Territory, or of the State
which may be erected out of the same, after
the admission of such State, shall have
power 10 sell or convey the whole, or any
part OF said land, AT price not less than
two dollars and fifty cents per acre, and to
give title in fec simple therefore, to
whomsoever, shall purchase the whole or
any part thereof.
SEC 3. And be IL further enacted, That
the alternate sections and fractional sections
which shall remain to the United States,
agreenbly TO the first section Of this act,
shall not be sold for less sum than two
dollars and fifty cents per acre, nor be sub
ject to pre-emption.
SEC. 4. And be IL further enacted, That
in reference to the provisions of the first
section of this act, where section shall
be divided by the route of the main canal,
such section shall be counted lin fixing the
lateral limits of said grant) as being on or
towards that side of the line next the larger
portion of said section, ascertained by refer
ence TO the mlle-lines and corners of the
sections, and the land and water thereby i'll
cluded.
|
whenever the Territory of Wisconsin shall
be admitted into the Union as State, the
lands hereby granted for tho construction
of the said canal, or such part thereof as
may not have been already sold and ap-
! piled to that object, under the direction of
the Territorial Government, shall vest in
the State of Wisconsin, to be disposed of
under such regulations as the Legislature
thereof may provide, the proceeds Of sale
to be applied 20 the construction of the said
canal, or of such part thereof as may not
have been completed and the State of
Wisconsin shall be entitled to hold, in vir-
tue of The grant hereby made, as many
shares of the stock of the said canal as
shall be equivalent to the aggregate Of all
the sums of money arising from the nett
proceeds Of the sales of the said lands, and
applied to the construction of the canal,
any thing in the charter of the Milwaukee
and Rock river Canal Company to The con-
trary Notwithstanding, and shall be entitled
to the same dividends or said stock as any
other stockholder; and in The event that the
said State shall make no other adequate
lproyison for purchasing out the residue of
the stock Of the said canal, the dividends
of the State stock hereby acquired, and
oil other proceeds of the sales of the lands
hereby granted, shall constitute fund, and
be applied TO the extinguishment Of the
claims of all other stockholders, until the
entire stock vested in the canal shall have
been acquired by the State: after which,
and after the said State shall have been re-
imbursed for all expenses incurred out of
her own proper funds in the construction
and repairs of said canal, no other tolls or
charge whatever, for the use or navigation
of the said canal shall be levied, except to
such amount as may be required to keep
the said canal and the works appurtenant
, thereto IN good repair, and provide for the
collection of the tolls and the superinten-
e dance of said canal: Provided, moreouer
f That no par. of the said lands shall be
E sold for less than two dollars and half PEI
, acre, nor any sale made until after thre,
| months public notice thereof, and to tht
, highest bidder but in case such price can
f not be obtained therefor, within five year.
from the first sale attempted to be made
, it shall and may be lawful for the Terrtor
, ial or State Legislature Of Wisconsin 10 re-
duce the minimum price of the snid lands
SEC. 6. And be ii further enacted, Tha
the said State of Wisconsin shall be held
, responsible to the United States, and foI
, the payment into the Treasury thereof, Of
, the amount of all moneys received upon the
sale of the whole or any part of said land,
at the price at which the same shall be sold
not less than two dollars and fifty cents per
acre, If the said main canal shall not be
commenced within three years, and com
ple,ed within ten years, pursuant to the
provisions of the act creating said canal
corporation.
SRc. Z. And be ii further enacted, That
in order to render effectual the provisions
Of this act, the Legislature Of the State to
be erected or admitted out of the territory
T now comprised in Wisconsin Territory,
, east Of the Mississippi, shall give their as
: sent to the same by act TO be duly passed.
. SEC. &. And be it further enacted, That,
, for the purpose of securing better price
for the lands hereby granted, and expedi-
tIng the construction of the said canal, the
Territorial Legislature Of Wisconsin may
. borrow, upon pledge Of the said lands,
such sum or sums of money as they may
think expedIent, and defer the sale of SAID
lands, or any part thereof, until such tune
or times, not exceeding two years beyond
the period Of completion Of said canal, O.
they may deem expedient: and for such
sum or sums as may be so borrowed, aud
|, applied to the construction Of said canal,
the State Of Wisconsin, shall be entitled to
such interest in the stock Of said canal as
shall be equivalent thereto in amount, and
the interest 50 acquired shall be subject to
ell the obligations and restrictions provided
, in .he last section Of this act.
! SEC. 9. And be 1t further enacted, That
the assent Of Congress is hereby given to
Q the act Of the Territorial Legislature Of