, 1859-02-24

Etis ehac,td Iy the People Of tie State Of I1inoi
:, Ttprttenfett IN General Asstmtty:
SKcrioS !. That the bonds Of the State Of Il
lnois. numbered from 800 to 902 inclusive, anG
one bali OF 393 Of illinois and Michigan cana
bonds, now deposited with the Auditor as secn
rlty for tho redemption OF the bills or notes and
payment Of other liabilities Of the Gtate Bank ot
!l,nois ut Shawneetown shall remain With said
Auditor: and when the security hereinafter
mentioned shall hare beeu given, aaid bonds
| which they we're deposlsd With him, md be dis
/ posed Of BY him in The saMe manner as is now
| by law provided for the disposition of bonds in
similar cssesf pTorided, there shall be, within
sixty five days from the passage Of this act or
within such further time ~ the Governor, Au.
ditor and Treasurer Of the stase may deem it
proper to designate, furnished by Joel L. Nat
teson, to said Governor. Auditor aud Treasurer
Tor the use Of the people Of the State Of Illinois,
security satisfactory to them, to indemnify and
save harmless the State Of Illinois from ssI liza.
blisy on account OF said bonds; and also in
bonds ofssd State numhered.8Sd to 888 inclusive,
and three hundred dollars in bond number 500,
the same being bonds desigasted IS Illinois and
Michigan canal bonds and now outstanding. and
tor all moneys that may be paid BY the State
thereon; and from liability upon any certifcates,
interest bonds or other evidence of indebtedness
that mRy have been iasued On account Of any Of
the bonds aforesaid. the caual checks scrip FOR
"0i+A I1AA7 "ClE AaSAEd ; dAH 1u EOuptuS uUm
or heretofore attached to sad bond5 Or any Of
them; and IRON MI costs expenses and1amages that
may uccrue against said S 1fc BY reason OF the
aaid bonds, certificates, interest bonds coupons or
other evidences Of indebtedness and als0 for the
repayment to tic State Of Illinois within fire years
ilom the passage Of this act, Of any money that
may heretofore haye been paid by the Suite on
account Of any Of said bonds certificates, interest
bonds, coupons or other evidences + iudcoted
ness or Tor interest on the canal checks Or scrip
upon which said bouds were issued or in the pur-
cl'ase hy the State Of any OF said bonds, certif-
Gates. interest bonds. coupons or OF Ter crtdenc:s
Of Indebtedness. arising out Of tho said canal
checks or scrip, upon which said bonds were is
sued, together with six per cent per annum ter
est on each and every sum OF money paid by tue
State upon such bonu@, certificates, Interest bonJs,
coupons or other evidences Of Indebtedness; or
tor said Interest; III the purchase Of any Of raid
bonds, certificates, interest bonds or other eyi-
deuces Of Indebtedness, to bc computed from the
time when my tuch Sums Of money shall have
been paid. 1t shall be lawful for tie Cover.
they shall believe the security to be given
las deprcclated, and that the same as
become inadequate, to require Of the said Joel
4. Matteson to give additional security; and in
case said Nstteson ahs!l not give such sddi.
tional security within sixty days after notice
Governor, Auditor and Treasurer so to do, then
the eum Of money secured to be paid to the
State az atore said, shall Immediately become,
and be deemed due and payable, from the time
OF such default; and the State shAll pay no in-
terest upon a1Y Of the aforesaid bonds until
otherwise provided by Law, bn. tbs amount Of
interest which il retained hall not Be required
to b paid BY said Mstteson, aud the State shall
pay neithes principal nor Interest hereafter upon
any Of the last mentioned bonds now On deposit
with the Auditor unleas otherwise proved BY
law.
Sec. 9. Until the expiration Of tho time here
in limited for the furnishing Of said security, it
shnll not be lawful for the Bank Commissioners
to require the State Bank Or .he stockholders
thereof to furnish apy other Or additional Sc
curity fot tie protection Of the circulation OF
payment Of the liabilities Of said Bank, On &C.
count Of my dedo'snoy that may arise from the
alleged inva!idtty Of said bonds now on deposit
with the Auditor: and when such security as in
the frat section hereof provided shall have been
given. no such fequisition shall be made OF n
forced bJ reason Of the alleged inValidity Of said
bonds.
SEQ. 8. Other securities, Of the description
now prescribed BY the laws Of this State, shall
rom sime to time be depositad With the auditor
~ Heu Of any Of the bonds in the frat section
heteot mentioned, and shall be BY him sahsti-
suen ne" bonds shall be deposited with the aa-
eAof, 70 many Of tha bonds mentioned in said
nfet section ~ shall equal in auoupt the bond
Or bonds 80 substituted. shall By the auditor be
1eu 70 tne governor. and BY him be can
ce!ea. and Whenever any of the circulation Of
SAG bank shall be returned for the purpose Of
tak'ng up the esid bonds or either Of them, the
bonds 80 taken up shall be cancelled hT tho
governor.
SEQ 4. The securities to BE- dspoaited by thu
said State Bank Of Illinoia 1t ShawneetoHn In
conformity with the preceding section, in lien
Of the bonds mentioned in the first section Of
this act, shall be deposited within I've yearn
after the passage Of this act, on fixture Of which.
the bank commissioners or other proper autho.
ritJ shall make = requisition on the said bank.
or the stockholders tnererl. to supply the place
Of the said bonds, or Of 80 many Of them - are
stlsi uncspcesed, with such other securities es
the Isv may require in case Of reqpisision un.
der the general banking law. And the said
bonds, or such Of them ~ remain uncaucelled. |
shall therefore be cancelled ~ provided 70. in |
the preceding section.
See. Untl the security Aforesaid il given.
nothing in this set shall be construed to impose
any liability On the State on account Of sad
nonds, and nothing in this sct shall be con |
snaea 70 apply to affect any o,her bonds than |
taneo especially named thereiu.
SEC O. IhiR acs ahsll be in force from and altar
70 BY 1ato passed By both houses Frid.y, February