Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-08

Il
only room for summary Of its provisions, which W,
copy from the Journal.
Section first provides that whenever the holders O
any bond or bonds of this State Excerpt the Banl
bonds shall surrender them, certificates Of stocl
shall be issued therefor redsemable at the pleasure
the State, the principal and back interest being spec
fed in such certificate, the interest from LIST Januar,
lS4l to LIST January lS47 be estimated at two per
centum per annum and which certificates the State
TO pay interest as follows, viz:
On the principal in such certificate, the State 10
pay two per cent per annum from the LIST January
lS47, up TO and inclusive Of LIST January 1853 al
that time, the interest specified in such certificate
and the one half OF one per cent per annum said
principal from the LIST of January 1S47 TO the LIST OF
January 1853, to be added to the principal and from
lSo5 the State to pay on the sum thus created, two
and one half per centum per annum: provided that
such certificates shall only be issued in lieu of bonds
having the coupons falling due and after the 1st of Ju-
y lS47 attached; and provided further that if the
revenue up to the LIST day of January 1853 to be de-
rived from property tax of 25cts on every slOO,
and poll tax of 75cts shall not be sufficient (bs rea-
son of being received in scrip after deductng State
expenses, to pay two per cent the State shall only be
required TO pay, up to said LIST day of January 1853
such of interest the par funds shall enable her
to do TO be paid pro rata on the principal specified in
such certificate, and the deficit, with per inter-
est from the time it became due, the State pay by
the LIST of January, 1853
SEC 2. Provides the manner of issuing the new
certificates the entries to be made in books kept for
the purpose, &c.
SEC. 8. Coupons due on and after July Ist Is4I up
to LIST January 1871 that may have been clipped from
the bonds may be surrendered and certificates issued
therefor, which shall not bear interest until after 1853
SIC. A. Stock created by this be transferable
only in New York books to be kept BY the State in
that city, for the PURPOSE
SEC. 5. That the interest on such stocks to be paid
half yearly in New York, LIST of January and July,
commencing LIST July, 1S47-but to be paid at the
State Treasury should demand not be made before
the expiration Of thirteen months after it becomes due.
SEC. g. Gives to the bondholoers the privilege of
subscribing sufficient sum, not less than two and
half millions Of dollars before the LIST of next Novem-
Der, for the purpose of completing the Wabash and
Erie Canal to Evansville, and upon the payment of
such sum may become necessary and required, to
complete said canal within four years. Ito trustees
be appointed for that purpose) the canal lands, and
tolls and revenues of said canal be set apart and
veyed to said trustees, in trust reimburse said
bondholders the thus advanced, and to pay the
remaining interest their said bonds, in the manner
hereafter specified.
SIC. T. Prescribes for the choice of three trustees
two BY the bondholders, and by joint ballot of the
Legislature.
Sec. g. Make it the duty, and empower the Governor
to transfer to said trustees, the canal from the Ohio
line to Evansville, tolls rents, and all appurenances
and all the lands granted Cor its completion, by them
to be held in trust for the uses and purposes follow
ing: 1. The proceeds of land, sold and unsold, to
the payment of all that may have been advanced
for the completion of the canal and to the payment
of work, labor, materials to be done and furnished in
the completion of the canal. g The balance of such
proceeds the of said canal up to LIST January
1853, after paying repairs and expenses, TO be ap
piled as Follows to-wit 1s To pay interest at the
rate of six per cent. per on the amount ad-
vanced under this act for the completion Of said canal
or upon so much thereof may remain unpaid and,
the remainder, Off any) to be applied TO the payment
of principal (if any, of the sum thus advanced. g
To pay in full to the subscribers making such advan-
ces, two and half per cent per annum on the
principal of the bonds they may have surrendered as
aforesaid. 3. To pay in full the interest at per
cent on the special stock hereafter named and to pay
the principal of said stock in full first paying the in
and principal to such holders of such special
stock as shall have subscribed to the advance afore
said. 4. To pay in full to any other holders Of any
certificate of stock authorized by this act interest
the rate of two and one half per centum per annum
on the amount thereof To pay the Treasurer of
State any balance on hand which shall be applied to
The redemption of any outstanding stock, created by
his act, at the pleasure of the State provided that
the State becomes the holder of any such stock she
may either deem them extnguished, or outstanding,
md may receive thereon whatever interest the
les of said canal may pay prorided further, that
Ill the aforesaid purposes, then they shall be applied
pro rata among those entitled thereto first paying in
full those entitled, and on totes QUOTES. After LIST
of January, 1858, an account of the tolls, revenues
and expenditures such portion of the canal lies
between Lafayette and the Ohio State line, shall be
Kept separate from like account of the tolls and
Denditures between Lafayette and Evansville; and,
from that time such revenues as may arise from the
first named portion (after paying expenses, &C., ,
shall be first applied to make up the full interest of
i've per cent. per annum the certificate of stock
hat may be issued for the bonds how outstanding and
known as the Wabash end Erie canal bonds. If in
sufficient for that purpose it shall be apportoned and
paid pro rata to the amount of said certificates and
f more than sufficient, the excess shall be added to
he tolls, &C., derived from that portion between La
ayete and Evansville, and the sum thereof shall be
,ad as before provided-but, for the siifciency of
aid lands tolls, revenues of said Canal to pay the
dvanees aforesaid, to discharge the interest and
o redeem the special stock aforesaid, or for the faith
ul application of the same by said trustees to said
purposes the faith of the State is and shall DO in no
wise pledged.
Sec g. Previous the making OF said deed in trust the
ubcribers said advance pay to said Trustees
per eenum Of the amount subscribed and thereafter
time to time the money be needed 10 prosecute
he work, they SHALL requson of said trustees any
not exceeding five per cent at one time and upon
allure do within 80 days after such IeQuisition then
forfeit all previously made, and all priority Of pay
nent given by this and further If by of such
allure advance the canal cannot be completed within the
erod of four years. all the lands and property hereby giant
ID to said trustees shall revert to the State.
SEC TO- Relates 10 the duties Of the trustees they shall
axe oath, give security take charge Of lands, canal with
sppurtenances &c., make contracts for completion of the
anal repairs, keep Of receipts and expenditures
make report the Legislature, exercise general uperin
cndc nee the canal, sc.
H. Accepts giants OF lands made by the General
government by the OF the last Congress- and Classics
hem into three classes Fist class TO be sold at rate not
exceeding 50 90 per Second class exceeding So
Third Glass; exceeding 81 % and in