Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-22

Of six per per snnum advanced
for the complexion Of said canal Evansville
Of said may any time remain unpad and
the remainder any TO be applied 10 the balance OF the
principal any) Of the sums advanced far the com.
Second To pay in full the subscribers making said
their asgnees interest at and afeT the rate Of
and half per per the principal Of
bonds they may have surrendered aforesaid
the purpose Of always knowing by whm bond bonds
surrendered il shall be the duty Of the Agent OF Stale
the of the surrender him of bonds
aforesaid take full OF the plumbers thereof and
by whom the surrendered which sha.l be fur
nished to said board Of trustees whenever the shall be
organized
Third To pay in full the interest the Of FIVE pr
cent. per annum the special stock hereinafter named
beng stock created for that porin Of and
crung interest against the canal and for which
provision Is made by the Stale and TO pay the principal
Of said stock In full as fast the be done first
paving the interest and principal in full uch holders of
said special stock their assgnees shall have subscribed
10 the advance aforesaid
Fourth To pay full to any other holder of any certi-
tfcse Of stock by this authorized to be ssued Interest
and after the rate Of two and half per centum per
annum on the amount Of the principal thereof
Fifth To pay into the OF the State any balance
which may remain hand which balance shall be applied
by the State the redemption and retirement Of any Of the
stocks created by this act at the pie Of the
States Pr0uded That II the State any tire hees be-
the holder Of any Of said stock she may her cleo
ton deem exnguished she may regard still
andng and entitled receive and daw upon
whatever Of interest the tolls and Of said canal
may pay upon And prOrded further, That if the tolls
and Of said canal shall be insufficient for all the
the respective parties entitled thereto First paying 10 full
those first entitled and totes QUOTES From and after
the hst day OF January 1888 account of the tolls and
Of and expenditures that portion Of the canal
between lafayette nolusive and the Ohio State line shall
be kept separate and distinct from like Of that
portion between lafayette (excusive and Evansville; and
from and after period the tolls aud derived
from the fist named portion after defrayng
penses, repairs and OUTLAWS shall first be applied TO make
the full interest Of per cenum per the certh
Of stock that may be issued for the bonds
standing and known the Wabash aud Eric canal bonds
and il insufficient for that purpose the shall be sppor
toned and paid the Of said certificates,
and if than sufficient the shall be added to the
tolls aud derived fom that portion between La
fayette exclusive) and Evansville and the thereof
shall be paid herein before in this section is provided
But for the suciency Of said lands tolls and Of
said canal to pay the advances aforesaid for the faithful
application Of the by said trustees said purposes the
faith the State is and shall be in no wise pledged
SECT 9. Before the deed Of trust herein provided to be
given shall be delivered to said trustees said subscribers TO
said advance shall said trustees, ten centum
Of the of their said subscription and thereafter
from time 10 time further shall be needed for the
prosecution Of said Canal They shall on the equiSi'ion Of
said tustees pay to them such they
may call for not exceeding however at time per
cent on the entire subscription. And If said subscribers,
for the Of ninety ys after such call by said
tees shall fail TO the sum or sums required they shall
forfeit all sums previously advanced ard also all the prior
y and preference which by this act Is given them Aud it
Of such subscribers shall fail
cned 10 this section it shall be lawful for
OF the other subscribers to said advance Others 10 pay
the payment shall give the person per-
paying the like lien said canal its land and
nues for the amount at time paid the original sub
scrbers might have paid by them; and the trustees APP
pointed under the provisions Of this act shall to him.
her, hem his, her, their proper share OF the avss
thereof Aud if by Of the failure of said subscT
ber 10 make said advances said trustees shall not be able
10 effect the completion of said canal within the period here
n-before mentioned then, and that case, the lands and
property hereby granted said trustees shall revert back to-
and become again the property OF the Stale And such
failure any OMISSION consequence of such fail
act omission the part Of the said subscribers to
said advance shall at time in any operate
Dla 0f haroh
provided TO be paid out Of the lands Of said
nal but the execution Of the deed specified in section
eight OF this shall Of itself operate release of the
faith OF the State from the payment of part of such
and all other and interest except the principal of the
stock and the interest Of two and half per per
mum, provided in the first secti of this act For the
amount of such CALL said trustees shall give said SUBJ
scrbers the certificate under their corporate SEAL aud
from only shall interest computed
vance But for the principal of such advance the
interest on The same the faith OF the State or shall be IN
no wise pledged.
SECT TO- The said board Of shall be corpora
on and shall have corporate SEAL and conveyances OF
of the lands lots graned to them aforesaid, shall
in the name Of The board Of trustees of the Wabash
and Ee CANAL and shall be under their corporate SEAL Be-
fore entering their duties they shall take oath or az
rmatin faithfully ard impaI tally to discharge the
and shall give bond to the State with surety
approved OF by the Governor in the penal SUN Of 5000
for the proper discharge of their duties and the faithful
plicaon Of and accounting for all which shall
TO their hands by of said trust 1t shall be fhe duty
oil said trustees TO take charge of said canal with all its
purenances and canal lands and property and adopt and
execution such plans and they shall deem
most expedent for the prosecution and completion of said
canal with its necessary side and feeders Evansville
within the period prescrbed and for this
pose they shall appoint and employ all needul officers and
agents; and may require them give security and take
oath for The faithful performance of their duties and either
of said shall be empowered to administer such
They shall make all for work and labor said
canal and for the materials be furnished therefor. They
shall call in said subscription sufficient insure
the completion Of said Canal within the period herein speci
fed and not less than six hundred thousand dollars nclu
ding said payment of cent? TO be paid within two
years. from the time said trust takes effect They shall re-
ceive the moneys advanced by subscribers aforesaid for
the completion Of said canal and shall dburse the
They shall attend the sales of the canal lands embraced
IN the aforesaid decd Of tust which they in their dis
erection ublec The limitations heI specified sell
for ready money credit They shall from time to lime
establish tariff of tolls on said canal receive all the tolls
and Of said canal and all the other moneys arising
under the in this created. aud shall pay the same
in faithful execution Of their said ust, keeping record
OF all their dongs and proceedings, which shall at all times
be open to the inspection Of the public authorities OF this
Sae They shall keep full just and true account Of all
trust and OF their disbursements of the and shall
nuay report to the Legislature The general condition oil said
canal and canal lands and exhibit full account of their
ceipts and disbursements and shall d. all the needful
and proper and about the sale of said canal lands and the
completion of said canal to Evansville with necessary side
cuts and feeders particularly the side cuts and locks to the
Wabash river sections 1876 1877, between Coal creek
and Tee Haute and sections 80 "a and 40 as hereto
fore surveyed between Coal and lafayette heretofore
contemplated and the side and BASIN from station SIS
to the bank of Eel river, opposite Point Commerce,
ed and reported by R. H. Faunefay and in and about
the and OF said canal side cuts aud feed
eS after the shall been FINISHED and in and
about the police general government and Ieguaonof the
The shall have power from time to time 10
make oIdain and establish such reasonable rules bylaws
and regulations in relation to the collection of the TOLLS
transportation said canal the conduct Of boats and rats,
general police Of said canal usual,
be found aud enforce the observat of the
same.
SECT. H. The State hereby accepts the grant made by
the General Government by the act entitled An act TO
grant certain lands to the State Of Indiana the better 10 en-
lab he to wabash
the Ohio Iiver,'' approved
and fho lande nv ~