Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-03-22
AN ACT

rary liabilities of the State, the inter-
est on the State Debt, and for other
purposes.
SEC. l. Be il enacted by theGeneral As.
sembly Of The State Of Ohio, That the
Commissioners Of the canal Fund shall be
and they are hereby authorized to issue
and sell on the best terms practicable, for
and on behalf of this State, stock of the
State, bearing an interest Of,six per cent.
per annum, payable semi annually in the
City Of New York, and redeemabls in sd
City at the pleasure Of the State after the
year 1870, 10 the amount, and for the
purpose following, that is to say: For
the purpose Of paying The temporary loans
contracted on behalf of this State by said
Commissioners in the City of New York,
aud in this State, and now remaining un-
paid. so much stock as will produce nett
sum moi exceeding FIVE hundred thousand
dollars: the avails thereof to be applied to
the payments aforesaid, at the places
where borrowed, end no more stock, re.
deemable at any place out Of the State
Of Ohio, or stock on which the interest
is payable out Of the State, shall be issu-
ed or sold.
SEC. 2. That the commissioners of
the canal fund be, and they are hereby
authorised and required, Immediately up.
on the passage Of this act, to borrow, on
the credit Of the state, sum or sums Of
money, not exceeding one million and
three hundred thousand dollars, for the
purpose of paying balances now due to
the contractors upon the public works
and for the completion Of the Wabash and
Erie canal, and the loans so made shall
bear rate Ofinterest, to be named upon
the face Of the bonds at the discretion of
the commissioners, not exceeding six per
cent. per annum, payable semi-annually
at the State Treasury, and the principal
shall be redeemable at the pleasure Of the
State, at the State Tle0sury: and for the
final redemption of said loans and the
punctual payment of the interest thereof
the faith of the State is hereby pledged,
provided, that no certificate Of canal stock
or evidence Of debt, issued BY the said
commissioners for the loans herein author.
lied to be made, shall be sold, or 9th
erwiss disposed Of at a rate less than par.
SEC. 3, That the further prosecution
Of all the public works Of this State, shall
be suspended from and after the passage
Of this act, until the close Of the next Gen.
ersl Assembly, except the said Wabash
and Erie canal, and such other work on
the canals a. is now under contract, and
on which the work has actually been com.
menced.
SEc.4. That for the purpose Of pro.
curing loans to make up the sum proVid.
ed ioT in the second section Of this act,
from the citizsns and inhabitants Of this
State, said commissioners, are hereby
authorized aud required, immediately up.
on the passage Of this act, to publish in
the newspapers printed in Columbus, and
in one other newspaper in each county
in This State, wherein a newspaper may
be published, notice that upon certain
days therein specified, the said commits.
sioners will receive u places therein to
Do epoCtA0oS PtVPVsatS ltSsA th0iN'NuN'S " !
companies TO loan money 10 the State,
under the authority Of the second section
Of this act. and It shall be the duty ofsaid
commissioners on the days speCiied,t TO al.
tend at the place or places specified, and
make any loan that may be proposed with.
in the limitations Of the second section
Of this act, and upon any loan being made
as afOrsaid, il shall be the duty Of the cd.
commissioners 10 issue to the person or
company making the same certificates Of
canal stock, with The rateof interest At
which the said lean was made specified
on the face ofsaid bond, in the usual size
and form Of such certificates heretofore
issued, provided that il shall not be lawful
in any case 10 borrow from any person or
company, asum less than one hundred
dollars, Or 10 issue any certificate for an
amount lees than ore hundred dollars OK.
Of the interest therein named. II