Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-02-04


certificates, by way Of deposit thereon, and shall after
wards duly and pay any calls which may be there
after made IN respect OF such subscriptions under and BY
Of the ninth clause OF the said act, shall have
be entitled to, oil the benefit Of the pnores given,
intended be given by the said act as amended by h:
aeD parties subscribing towards the comPleo of the
said canal and works
Aud il is hereby expressly declared that from and after
the said first day Of Nosember 1547 party whatsoever
whether bondhOder not shall have any right or claim
subscribe the advance aforesaid pay up his pro
rata any share of the said advance, NOR otherwise to
be placed the footing 1T he had originally sub
scrbed hereo anything in the fourteenth section any
other section vi the said TO the contrary notwhsand-
Nevertheless time shall be allowed to all parties sub
srrbng and paying the aforesaid per eenlage deposit
their respective subscription IN manner, and within
the period herenbeiore limited and appointed for that
purpose deposit their bonds In exchange tor certificates
until the first day of December 547: Pr0rided, That
nothing herein contained shall prevent be deemed
taken prevent any bOndhOder from ayaIlng himself
after The said first day of November I647 of the benefit
of the said modified by this relates only
the surrender and exchange Of his bonds tor certificates
therein mentioned, but without any right of subscription,
any right the prIores given by the said act, by
This act subscribers PrOUided further, That the Stale
will make provision whatever hereafter TO pay either
principal OF interest any internal improvement bond
bonds until the holder holders thereof shall have
FIRST surrendered SAID bonds the Agent Of State, and
shall have received in lieu thereof certificates Of stock
provided in the first section of tins act anything in this
act to the contrary Notwithstanding
SEC. O. TINS act shall be in force from and after its
passage nnd the said original act hereby declared to be
iuil force except far The Is hereby modhed
and amount of bonds of not less than four
millions oi dollars exclusive OF interest," shall have been
provided this act notice thereof
given 10 the Agent of State IN New York, 10 tie Gov
Of the State of Indiana then it shall be lawful for
such subscribers elect in the
provided for the eleventh section of this act, and said
subscribers shall thereup0n pay to the said trustees
five per upon the Of bonds subscribed ty
them severaly Audit is hereby expressly declared that
prafza s1alf he ed
upon proper evidence be submitted 10 him. that bonds
the of five millions five hundred and forty Eve
thousand dollars, exclusive OF Interest, have been surren
deed for exchange and canceaion and IN the hands
of tire Agent of State for that purpose and that the said
five per has been paid lac shall convey 10y deed
the Wabash and Erie Canal and the lands aud los and
all other the premises mentioned IN the eighth section OF
the said act TO the said trustees therein provided aud
not before PTOCded HcUeTtketcSS, That upon the sub
scrpon and payment as heeinbeiore mentioned being
made and satisfactory evidence thereof given to the Gov
take charge of said canal and IL apPurtenances, with
full authority and direct all operations there
on, any wise connected herewith, contemplated
by this and The former this subject.
PT0Uided further, And il is hereby enacted, that unless
holders of bonds the amount of four millions Of dollars
shall bona de subscribe per that amoaDt, and
pay such last mentioned per cenlage 10 the trustees
aforesaid before the SAID LIST day OF june lc4 and
unless bonds to the amount OF four millions of dollars
exclusive OF INTEREST," shall be surrendered for cancellation
provided in said original modified by this,
before the LIST dax Ot July next then and that the
said former act, and this and every clause proviso,
matter aud thing therein and herein respectively contain
ed, shall cease determine and be utterly void.
SEQ. TO- That in lieu and stead of the scale Of dis
tTlbutiOn aud application, IN the eighth and thirteenth
sections of the said act directed the tolls and
Of said canal after deiraying all needu aud proper
pendures for repairs, attendance, and other necessary
things appertaining thereto, which shall be FIRST paid any
thing the said former this the contrary
aud of the produce OF the said canal lands
(sold and unsold the shall be held and applied by
said in trust and security for the and PurPo
ses following, that is to saw
First, In payment of the work, labor and materials
contracts, for the supply Of work. labor materials,
be done and furnished and about the further prosecu
lion and construction of The said canal and works, until
the shall have been fully completed Evansville
the moneys be paid for the shall, from
lime, become due and payable; but by way Of anlici
patton, and of all needu and proper expenditure for
pairs attendance, and other causes, and except
regards the cIistng tolls and of the said
,ana which hereinafter declared be expressly APP
propriaed for and towards payment of
cent per annum, the be subscribed, for The
completion of The said canal aud works. and which exist
ing tolls and hereby declared be expected
from the operation Of this clause to that
Secondly, In payment of interest, after the rate OF SIX
per annum, the 10 be respectively adj
RANGED by the holders of certificates the said trustees,
rom time tme aid of the completion Of the said
ANAL and works. aud to be computed from the respective
lines of advancing and paying such principal sums
such be payable the ciy of New
ok by equal half yearly payments the first day of
January and the first day Of july in and every year
he first half yearly payment to be made the first day
IF January, lS4S
Thirdly, In payment in full Of the principal sums ad-
Ganced, be advanced by the holders OF certificates
subscribing aforesaid for and towards the completion
If the said canal and works, and from time to time re-
naming due:
FOurthly In payment in full TO the subscribers making
he sand advances TO their assgnees, Of interest," at aud
lfter the rate of cent the moety of
he principal Of the bonds which they may have
Tered and exchanged for certificates aforesaid, such ia
being TO be computed from the lst day Of January
l547:
Filthy, In payment in full to the subscribers making
such advances or their assigns Of the principal of the spe
:al stock 10 be issued the of interest due
md acerung from the LIST day of January 1884, the
Isl day Of January, lo47 fast the be done
With the same, and after the rate Of per
cent per annum, to be computed from the LIST day of
January, 1888:
Sirlky, In payment in full to the subscribers making
he said advances To their assigns Of the princip
moneys secured by each such Certificate charged
ganst The canal lands and the tolls and revenues of the
'aid canal
SsceAthly, In payment in full to the other holders of
my certificates of stock by the said directed TO be is
ued and charged aforesaid such holder being sub
crlbcr to the said advance their assigns, nlerest at
md after the rate Of per cent per annum, the amount
IF the principal thereof:
Eightfy, La payment in full 10 the holders or cert6
ates Of special stock to be Issued and charged aore
aid (such holders not being subscribers the said adj
ance their assigns of the principal of such special
ck, WIN heIest on tue same, AT ana AFTER tue rae OF
per cent per annum 10 be computed from the said LIST
lay of January, 1858:
Ninfhy, In payment full to the FOLDERS of such last
mentioned certificates Eoi bsing subssrIbers their
gns ofhe amount of the principal thereof respectively
IeRfhiy, To pay into the Treasury of the State any
urpus or balance which may remain the hands of the
ad trustees, alter making The several payments in the
preceding classes mentioned and il is hereby declared
hat such shall from time time be paid and appli-
d conyenty may be after the receipt threof
aving the just rights Of the holders of bonds now out
landing and known the Wabash and Erie canal bonds
provided for IN the eighth section Of said act Pro-
lded Ihat alter the naYmeni full of said