, 1842-10-15

P'" w PioPooes
which think will supercede the ne
cesslty of a property law. and furn.
ish to the people Il sound and sufi-
Gent circulating medium for our own
State.
1t is known to the public that by
the 37th section of the Bank charter,
the "Rank was authorised TO receive
on deposit or borrow any sum not ex-
ceedIng five millions of dollars and
the same TO loan on bonds and mort
cages Of unencunbered real estate.
within this State, and that no loan in
any case should be made for more
than three fourths of the appraised
value thereof exclusive of perisha-
bic improvements for a term not ex-
ceeding five years and at no higher
rate Of interest than eight per cen,
per annum. Twenty per cent OF
the principle to be exringuished every
year so as to ex'inguish the whole a.
mount in five years the interest to
be paid seml-annuallv."
Now instead of borrowing the said
sum of five millions Of dollars as
proposed in TIE bank charter. | pro-
pose that The State shall lend her
credit I our State Bank, by issuing.
snv FIVE million of dollars of her
bonds, without interest, each bond to
be one hundred thousand dollars to
be deposited with The bank and upon
This deposite the bank is To issue the
same amount in trust fund notes of
the denomination of los. COS, sos
and 100 dollars each. The State Ia
he divided into convenient districts.
not exceeding SIX IN nu her. IN such
n manner rs 10 include the Bank ~
st. LOUIS. in IN" district, and one
Branch bank in each nf the other DIS
%'ric's. except The sig Il disrric'. m
which the bank shall establish III
agency. The amount of trust fund
notes agreed upon tn be issued. shall
then be divided and npp"rli"ned to
each county, IN tie State according
t" same equitable basis; and the
wh' |e amount ior each district Shall
be- deposited in Tie mother Bank, the
br ncIres. and The agency in the re.
SpcC'Ive dISIIc'S. specifying the Il
mount each count, Is entitled la.
which am"ut shall he placed to the
credit of each county, on the books
# the mother B nix, branch. or agen-
| cv, of the district IN which the coun-
" is situated. The whole OF the
business is To be done through the
Bank, lis branches and the agency.
The apportionment should be made
according 10 population or represen.
iatIon in the lower branch of the
Legislature. SO that If FIVE millions
he the whole amount issued for the
state. the portion 10 Il county hav-
ing but one representative would be
fifty thousand dollars. ard other u
ties IN ir"p"rrion. The amour, ap-
porti"ned TO each county shall be
loaned 10 The citizens Of such county,
and no other for the term of five
years ii an interest of SIX per cent.
per annum, the interest To be paid
halt yearly in advance, and ten per
cenlum of the original sum borrow
ed by said individual 10 he paid half
yearly, SD that the whole amount
borrowed shall be liquidatcd in five
years. The amount loaned to each
individual shall be secured by deeds
ot trust. on unIncuubered real estate.
OF double the value Of the sum loan.
ed. and the bounds or notes of indi.
viduals shall not be renewed, but the
half yearly payment shall be endors-
ed on each note until the whole is
paid off and discharged.
In order that the real estate NAV
be conveniently and fairly appraised.
and that ii may he known that the
title is clear and indispntable. with
Out ncumbrance. therein. There
should he constituted IN each county
a Board of Commissioners. TO consist
OF the judges of the county court of
each county ami two other respecta-
bic and discreet individuals, should
he appointed by the Legislature, and
he ass"cmied with the county court.
This Board of Cummissio, ers 10 be
sworn that they will faithfully dis
charge all their duties under the pro-
visions of tins act. and without favor
or PartiaI'ty appraise each applicants
real estate according TO the best of
their judgment. 1t should he the du.
~ of the clerk of the circuit court [,
certify that the title to such real es-
tate is clear and unencumbered by
Judgments, DEGREES, mortgages, or
deeds Of trust, Of any kind of record
il. his office. And the applicant for
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