Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-02-25

the State treasury This certificate upon the
der Of $1,000 bond, will be for $500, and is called
State deferred stock, more properly State sPecla'
STOCK 4. One certificate for the other half Of the
back interest for the same time and the rate,
and being for the amount (S300) bearing inte-
rest at the rate of per per after Janu-
airy l. 1853, payable in New York semi-annually, and
chargeable upon the canal lands and revenues. This
is called canal dsferred STOCK properly canal
special stock (Sec 2 s. One certificate to be issued
before the first day Of January, 1853, for the
interest at the rate Of per cent per annum from
January l. 1S47, to January 1, 1853 upon the prnci
pal Of State stock, bearing interest at the rate Of p
cent per annum after January L. 1853, payable semi
annually in New York, and chargeabe upon the State
treasury. This set of certificates when issued for
the surrender of $4,000 bond will each amount to
say $780, and is also called State special STOCK This
may be included in the other certificates of Slate sPe-
eal stock-CSec. 81 5. The State also undertakes to
issue at the time of aech semi-annua payments to the
holders of certificates of State stock, certificates for
such portion of the interest the State shall
fail to pay, bearing per cent. interest per annum,
payable out of the State treasury semi-annually in
New York. This is funding the unpaid interest at
the time of each payment at 6 per cent. interest.
These certificates will probably be numerous II
there should continue to be deficit in the treasury
until January l. 1883 there will be t,cepe issues
this set Of certificates. Sec. 81 T. Certificates shall
be issued semi-annually from January 1, 1877, tc
January l. 1883 for such interest upon the canal pre-
ferred STOCK as the canal lands and canal
shall fail to pay. This is to be converted into per
cent canal special stock, January /, 1853 These cer
Gates must be there will probably be twelve
issues of them. This is funding the unpaid interes
on the canal stock. [Sec. a.. There is provso in
the 10th section that interest shall at any tim,
be charged upon any semi-annual deficit which tht
revenues of the canal shall fail to pay" But THU
provso is rcpugnant to the 4th section, and void.
Bondholders who do subscribe before the first day
of November, 1877, may still subscribe their bonds
and receive certificates of stock and although the,
will be entitled receive any of the canal reve
nues in payment Of interest upon their canal stock
yet they will be entitled to receive certificates for suc
interest in full which in 1853 will become per cent
special canal stock This SET Of certificates is simila
to the set last specified; but this is for the who'll
of the interest," and that only for the deficit Sec s.
The canal special stock upon this portion of the
stock will be 60 per cent. upon the principal in 1853
9. The board Of trustees are required to issue t.
the $500 900 subscribers certificates for loans mad
by them from time to time for the completion of tn
canal. This amount is paid in five per cent. advan
ces, which will require four issues of this set of Ger
ti6cates. They bear six per cent interest, and the
subscribers will take good to have them paid on
of the first proceeds of the sale of lands see the las
proviso in sec. l0) These certificates arc chargeabI
upon the canal lands and canal revenues, (sect O O
the old bin and sect. 10 of the new bill.) TO- Tn
board Of trustees required to issue TO the $780,
600 subscribers certificates for advances bearing six De
cent. interest from date, payable to bearer, an,
chargeable only upon the canal lands granted by tn
u s. to this State by an act approved March, 1545
There will also he number of issues of this set @
certificates, (sect. 21)
Redppraisement Of canal lands. The lands selecte,
for the completion of the Wabash and Erie canal
of Tippecanoe river, and the lands selected for tn
completion Of the canal east of Tippecanoe, whic
classified before the were offered for sale
are to be reappraised This includes both the unsol
lands and the lands which have been sold and no
fully paid for The unsold lands will be subject L
entry at the appraised value, and for the lands aead
sold but not fully paid for, the purchasers will be
quired to pay at the rate of the reappraisement bu
probably not to exceed the contract price (sects %
24)