The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-02-01


and one bali e, cent per srnum unsl The same shall
Prerinos.-i No certificates to be issued for bon
which have not attached to them the coupons falling a
and after July l, le47. ,. II the revenues Of b
State up TO January 1885, to be derived from prop
ty tax OF % cents the $780, and poll Of rs
shall not by reason Of the taxes being paid in six
cent Treasury notes, from other causes be sufRci
after defrsy ing the current expenses Of the govsrnms
70 pay said rate Of interest OF two per G Mt, then
lsss . ,ns only o. required to pay up 10
~ derived from the taxation aforesaid shall enable
to do which shall be paid and distributed pro rata
from the time II became due the State shall pay to Il
holders Of csrncates on or By the first day Of Janua
SEES Coupons due from july. ls4l. 10 January lsl
that have been cut from the bonds may be
and certificates gwen therefor in the same manner
be paid said certificates till after Jan. l. 1889
SIC. Interest payable July and January /, in Il
city OF New York II interest for any half year 10 d
demanded 4:hirteen months amer the same beca1
due. it shall only be demandabls Afterwards at d
Treasury of the State The faith Of the State plede
for the payment Of interest and redemption of prin(
SEC. 9 Allows the bondholders to raise among the
selves by pro rata the amount Of
held oy hem respectively, at any time before the 81
day Of January next. not less than 81 as 600
complete the Wabash aud Erie Canal to EvsnsyillJ
upon the requisite measures being taken ensure q
completion within four years from the taking Of sc
the ac the canal lands and tolls and o, SAID
nal shall be specifically set apart and TO
tees to reimburse to subscribers their advances and
pay the remaining interest on the bonds, in the
hereafter specified.
skc I. The bond holders to select two citizens Of q
United States of them resident Of the State to
az trustees with third TO be elected by the hou
Of tho Indiana Legislature in joint ballot sppointJ
oy the Governor II in the recess of the Legislatu}
Thi. board Of trustees to hold office for three
until Others are elected or appointed in their place.
SEC g. On the organization Of the board Of trusted
the Governor is to deliver to them conveyance OF
apart its construction, all debts due the State for 4
portions Of said land which have been disposed Of or
leases Of water powell &C., subject to all existing rig
any part thereof liabilities of the stare growing 3
ofor in relation thereto the 10 be held by said
tees in trust and security for the and purposes
lowing.
First The proceeds OF said lands be applied to the
payment Of the principal advanced for the completion
Second The balance OF the proceeds Of said lands
any, and the tolls and revenues Of said canal up
uary 1852 after delaying REPAIRS attendants, kc
be applied in the following order:
l. TO pay in full the interest at the rate Of Der Cd
on the sum advanced for the completion Of the canal
Evansville the rsmainder any, to be applied tow
o To pay in Ill to tae Subscribers making said adv
their assgnees interest at the rate Of u per
per annum on the principal Of the bonds they may
To psm6 per cent int crest on q special stock crea
for arreaV and interest charged against the canal
pay the pr ncipal thero as fast as It can be done Civ
preference to such holders Of said special stock hi
subscribed to the advance for the completion Of !
canal.
A. To pay the 81 per cent on the certificates taksr
lieu Of the bonds surrendered.
The balance to be paid to the State for the rede
ton Of any outstanding stosk created BY this act
Provisos-l. The State, becoming holder Of any
the stock may decide it, election, whether It will
tire said stock or draw the interest to which It d
be entitled from the canal revenue.
3 II the revenue of the canal 10 insufficient for all
purposes above set FORTH it 10 to be applied pro
among the respective parties entitled thereto First
ing in full those arst entitled and 80 on 'oties quo
commencing with JAN !, 1853 Separate accounts are
be kept of the and expenditures that port
of the canal between Lafayette (nclusvs) and the O
and Evansville The net revenue Of the arst nam
portion shall first be applied to make the full ptsrss
per cent per annum on the certificates Of st OK iss
for that purpose the shall be apportioned pro
on the amount, and If more than sufficient, the
shall be added to the revenues derived from that port
between Lafayette and Evansville and the sum Their
shall be paid herein before in this section is provi
But for the sucency Of said lands tolls and
Of said canal to pay the advances, or for the faithful
pcaton OF the same by said trustees, the faith of
State Ii in no wise pledged
SEC. 9. Ten per cent Of the subscription to be
to the trustees before the deed Of trust Is
by the State. The trustees to call for instruments
exceeding per cent each, as they may be needed.
payment OF an instalment for 30 days TO result in
fixture Of all previous payments. Any ether subscr
to have the privilege OF making the payments for
faultng subscriber and acquiring the rights forfeited
him TIE canal if not finished within four years, 70
conveyed by the deed of trust.
src. 10. Declares tAe board of trustees body CO
as auss rns T.y sse to
oath OF Office and to give bond and surety to be app
ed oy the Governor. in the sum Of $4,000. They ar
call for instruments Of subscriptions a. they may
wanting but not to call in less than 5000 900 du
the first two years ofths trust.
SEC. IL. Accepts the donation Of lands made by
general government, by act OF March s. ls45 toward
completion ofthe Wabash and Erie Canal, aud div
said laads into three classes to bo sold at not exceed
50 90 So, and 81 % per acre.
SEe. ~. The trust to cease when the moneys
vanced for the completion Of the canal with int
and the special stock above mentioned, shall be ref
ed and the State shall have retired onehslfof the s
issued by virtue OF the first section Of this act and
assume tho payment Of interest at the rate of i've
cent the balance; which the State reserves the
sEc is The toll and revenue Of the canal to be
piled exclusively to repairs and expenses till Jag
ls47, from that time till jan L. 1888, to the paymen
the per cent interest on the principal OF the sur
SEC. "a. Other parties than bondholdsrs may subsc
to the new loan.
canal lands and revenues, by the trustees In the Cit
New York. on the LIST Of July and Of January, comb
cling July l, ls47.
veying, &c. to be paid by the trustees, out Of the
in their charge
SIC. IS Extends the time Of nnal paymsn, or
sales OF canal lands heretofore made the IeQues
the holder for i've ears from the them when the
shall fall due. provided that the interest shall be
annually III ADVANCE, az now required oy law.
SEC 20. Said canal finished. aud to be finished,
be deemed public highway. and shall be free to
persons whomsoever to pass with their own boats
quired.
SEC. 80. Trustees to establish land Office for sal
lands.
SEC. 81. Trustees to furnish State Auditor annually
the LIST Of November, q list Of all lands sold
SEc 81 The state shall have the option Of calm
the stock issued under the FIRST section of this &C
giving new certificate for half the principal bea
per cent interest, payat pIincipsl and interest
the ordinary revenues Of the state and another ordi
certificate Tor the other half Of the principal Of such 81
| to bear like interest Of 1--WE per cent to be paid
redeemed, only out Of the canal lands and in case
measure IL adopted the faith and re senues Of the
Is only pledged for the certificates 6rst mentioned
the other the holders TO look the canal lands and
venues only.
Prosisos l. The State shall have the option o.
deeming the canal certificates out of the State revsr
That the excess Of the revenues Of said canal
and tolls after paying interest Of Ave per cent
stock, III any, shall be applied the redemption and
solute retirement Of sad csnal stocks
SIC. 80. The act to take effect when the subscrid
ment oned in section shall be made, AID the ten
cent paid thereon.
Prortsos-.l. The trust deed not to be convey ed
an amount equal TO one half of the outstanding b
shall be sure ndered and cancelled q That the &C
lance Of the grants Of land made by the general gov
moi Ia al 10 4,