The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-01-13
NIr. RrnInon,a snmnl zsill.


! Mr.. Prarson's snmnl EsiIi.
! This bill was introduced in the senate on the
! 3Oth ult., read second time by its title, laid on
the table, and 500 copies ordered to be printed.
I, is very long--containing % sections. The fol-
lowing is a synopsis of it:
The vii Incorporates company to be styled the
"Illinois and Michigan Canal Company with
a capital Of $500 00) which shall be subscribed
for in shares Of $50 each, two-thirls to be paid ill.,
! in canal bonds or canal state Indebtedness. and
five per cent in cash, before the company COM
mcncc business; and every three months thereat-
ter per cent. in cash shall be paid in, until the
remaining third is fully paid, the stakeholder for
iciting, for failure to pay his lnstalment OF per
cent. an equal amount of the stock paid in. The
company thus formed shall commence and com
picte the canal within three years from It's organ
izaon; having tho entire control of the can
al in finishing it, in the employment of officers
&c, (cxcept the chief engineer, who, though APP
pointed by the company, shall give security to the
governor in the sum of $1,000. and is made re-
having the right Of way over or upon all lands
or water power, sold or leased, in the same man
nsr as the state would have in the management
| of it, The company shall estimate the work 70
be done at the fair cash value, and the contractors
shall be paid two thirds of their estimates in cash
and one third in land certificates without interest
bat receivable in payment for all canal property
sold Books shall be provided by the company In
which shall I've kept an account OF all moneys re-
ceivod from the canal as tolls, &c, and of all mo-
news paid out in the construction of the canal and
for repairs after its completion, an account current
of which shall be furnished the governor sem-an-
nualy. After it is finished the company shall
retain full control and passion of it, receiving all
the tolls towards the payment Of interest on its
stock, &c, until the state shall pay the company
all money expended oni it, with per cent. per an
nun interest on the canal bonds and per cent.
on the cash paid in as stock, when the canal and
all the propcrtv connected Herewith shall be sur
rendered to the state
The bill provides for the appointment BY the
commissioner, with salary of 500, who shall
settle all accounts and claims unadjusted by the
former commissioners, and receive all money due
for canal property sold and to be sold, and pay il
over, frequirej, to the proper officer Of the com
pany, to be applied, in the first place, to the pay
mcnt of interest on the stock of the company, aud
if there be balance, it shall be paid on the cana
bonds outstanding pro rata. He may appoint
state agents, with pay not exceeding 50 per day
to perform the duties now required of canal land
agents he shall see tina, the work on the canal is
well and faithfully done; shall supcrintcnd tn,
sale of canal lands and property, and shall repor
r his dcings scmi-aunually to the governor liz
may sue and be sued in the name of his Office
and if judgment be g ven against him he may ap
D peal to the superior court: he may, by order o
the governor be prosecuted on his bond, and, il
l.. addition, he is iudictable in any county in th'
state for malfeasancc in Office; and, for good rea
4 sou satisfactory to the governor, he may be reno
/ we'd from Office.
: Three appraisers shall be appointed by the go
vernon, to receive 50 per day, who shall be sworr
to appraisc the canal land and water power; which
after having been four weeks advertised, may b,
publicly sold to the highest bidder, but for no les
' than the apprlisement; and land not thus sol'
/, shall remain subject to private entry, at its ap
praised value, payable in canal Indebtedness, &c
+ Settlers having improvements on canal land, arr
i permitted to enter the at the appraised valu
befure the sale hut if any land with such improve
0 mcnts is sold, the settler shall be paid for his i'm
J, provcmcn's.
r The canal, when completed, shall be equal
open to all persons, and the rate of tolls is to
fixed by the legislature, having regard to the into
c reefs of the company in the payment of the int
n rest and the cx,inguishmcnt of the debt.