Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-01-07

dltion to former appropriations; for the
prosecution Of the Walhondtng Canal
the sum OF 10000, for the completion
of the Hooking Canal, the sum of 5000,
OOO."
By section third, they are further au
thorized "to borrow the sum Of $3.50,
900, for the purpose Of paying the sub
scripiion by The State to Turnpike Com
Panies," &c, and for the purposes spe-
cited in the section.
BY section fourth, they are further
"authorized TO borrow the sum Of $751;,
600 of the sums appropriated by this
act, for time moi exceeding three years
on the best terms practicable, the in
lerest payable semi annually, to make
immediate payment Of the several sums
now due contractors on the Canals oI
this State, the Western Reserve and
Manmee Road, and the Uurbana, Troy
! and Greenville Turnpike Road; and 10
effect such temporary loans. authorized
by this section, the said Commissioners
Of the Canal Fund hereby authorized to
hypothecate bonds or negotiable certif.
Gates Of stock therefor"
By section sixth, "the Commissioners
of the Canal Fund are hereby further
authorized TO borrow the balance Of ap-
preparation made by this, or former ap.
propriatlons, for the public works Of the
State for any convenient period Of time
not exceeding three years, at rate Of
interest not exceeding SIX per centum.
per annum, payable semi annually, if
said Commissioners consider it Tor the
interest Of the Stale, not to make per.
manent loans, said Commissioners are
authorized TO hypolhecate bonds, or ne
gotiabe certificates therefor, provided"
&c.
The remaining provisions and sec
tlOns Of the law are lmmalerial 10 an
explanation Of this matter.
Under these provisions Of the act 80
March 1871, tho Commissioners took
immediate measures to make a loan in
the city Of N, York, by sale Of Stocks
at par value and failing thereof, TO make
temporary loans in that city, in the
manner contemplated as above set forth,
but they were informed that no money
could be procured in that city on the
terms proposed either on permanent
loan without ruinous sacrifice, or on
temporary loans. Early in April the
Commissioners addressed a circular let
ter to several Banks Of this Stale, in
vlting them 10 make proposals either
for permanent loans or for temporary
loOnsj to this proposition affirmative ro-
plies were received from the Bank Of
Chlllicothe and from the Frank lin Bank
Of Columbus only, On tho 18th Of
April the proposition Of the ChllIicothe
Bank, TO loan to the State, the amount
OF 1881 900, as contemplated by the
4th section Of the act Of 29lh March,
lS4l, was accepted by the Commission
ers, and a written contract was executed
between the Bank aud the Commission.
ers,' under which contract the Bank
paid into The Stale Treasury the amount
S58 900, in It's own notes. BY the
terms OF this contract the Commission
ors agreed 10 pay the SAID Bark semi.
annually on the first days Of November
and May, at the State Treasury on inter
est of six per cent. per nnnum, payable
III current Bank notes, during the con-
tinuance Of the loan, and to repay The
principal in stated terms and at stated
times, in the city Of New York, at an
average period Of about l8 months.-
Under this contract tho last inslalment
Of S250,000 was made TO fall due on the
lst day Of April lS43, "ploylded that il
tho charter of the said Bank shall not be
renewed, OIL further time given for clio
sing up the affairs thereof, prior to the
first day Of April, A. d. 1912; then the
said lust mentioned irslalment to be paid
also on the lst day of December l842,"
The proposition of tho franklin Bank
Of Columbus TO loan the Safe S500000,
was also accepted, aud the words Of the
contract with that Bank, as TO The rate
Of interest and time and manner Of pay.
my the same, and as to The repayment Of
the principal, allowing for the necessary
variations. arc Identical with the words
aud terms Of the contract above sci
forth.
AS collateral security for tie repay
menl of these loans thore was given to
the Chilicohe Blnk, four special scrip
certificates, two for $I25 600 each, one
for $230,000 and another for 2OS,000
dollars; conditioned that tho stock should
be issued before the first day of Dtcem.
her, A. d. 1912, &c.--und that if the
Commissioners should pay the sums bor
rowed, the certificates above named
should bo void
There wero also issued to the FrOnk.
In Bank OF Columbus, tour special scrip
certificates, one loI 10000 dollars, two
for 10000 dollars each, aud one for