The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-07-19

as she certificate will be substantially
framed in the United States, there may
be some variation in the words OF tenor
of the document, but there will be no de-
Walton from the effect of the engagement
or obligation on either side.
i! will be seen that this certificate pro-
poses to secure to each subscriber, the
payment of the sum subscribed, and
years interest at six per cent, added to
the principal, with interest thereon after
the rate of six per cent. per annum, from
one year after the date of the ins,alment,
whether that subscriber be holder of
Canal bonds or not; and that, as il is 10
be transferable to bearer, it will, subse-
quently, be available for the registration
OF any Canal bond, in order to secure to
such bond the priority established in Sec
ton sixteen of the law of lS43.
AS in order 10 carry out the proposed
arrangement it will be necessary that
| contract with The governor of the State Of
Illinois should be entered into, deed Of
trust, conveying the Canal and Canal
property to trustees executed, two trus-
tees elected by the subscribers, and per-
haps sanction for such changes in the
act of 1913, not interfering with the secu-
rity of rights of the subscribers, as may
be deemed on all sides desirable, and may
be adopted in the next session Of the
Legislature of Illinois and as great and
injurious delay would occur in the accom-
pllshment of these necessary measures, if
the form or choice Of each were to be
submitted from the United States to the
approval of the individual subscribers on
this side the Atlantic. we have embodied
in the form of application annexed, a
power and authority, with power of sub
sttutlon, TO an agent or agents in Ameri-
ca, for the signature of contract with
the governor, on behalf of the European
subscribers, as may be deemed requisite.
for the appointment of trustees, and for
the sanction and approval of such amend
ments of the law of February lS43, as
may be judged either necessary or advi-
sable. In submitting this scheme TO the
Illinois bond holders, we beg to state,
most distinctly, that whilst we shall feel
ourselves bound to act for the subscribers
as we shall feel for ourselves, 10 the best
OF our Judgment, and with all the atten-
ton and zeal which we can devote 10
their interests, we expressly disclaim any
legal liability of any kind towards them;
and we are, therefore, perfectly ready and
prepared TO make any alteration in this
respect which may be agreeable to the
subscribers; but we feel tina, il is incum-
bent upon them, for the due completion
and success Of the scheme, TO vest, in
some quarter or other, the proposed pow
ct and authority.
Each application must be accompanied
by the payment of one hundred and twen-
ty-fve dollars, or at the proposed ex-
change of four shilling and three.pence,
E TO Messrs. Mag
MAC, Jardne, and Co., on or before
such application and payment
TO be acknowledged by the said Firm,
with an engagement to deliver the cores
ponding certificate or certificates, as soon
as they shall be received, duly executed.
The money thus received is 10 be return
ed, if on or before the
the total sum subscribed and paid in do
not amount TO z or
dollars.