Papers Of Abraham Lincoln

A Bill for An Act for the further prosecution of the Illinois and Michigan Canal
1
Section 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, that for the further prosecution of the Illinois and Michigan Canal, it shall be lawful for the Board of Commissioners thereof to issue scrip, or certificates of indebtedness, in the form of promissory notes, to be signed by the President of the Board, countersigned by the acting Commissioner, endorsed by the Treasurer, and payable at such periods and in such amounts as in the opinion will best promote the interests of the state, any law to the contrary not withstanding.2

Section 2. All cirtificates of the denominations of Fifty Dollars and above shall bear an interest of six per centum per annum from the time of their being paid out, until redeemed, and all of less than Fifty Dollars shall be issued free of interest; but the Commissioners shall exchange those bearing interest for those which do not whenever such exchange shall be demanded in even sums of Fifty Dollars.

Section 3 It shall be the duty of the Commissioners to make, on the first day of every month or as soon thereafter as practicable, three descriptive lists of all certificates of indebtedness issued under the authority of this act, one of which lists shall be filled with the Treasurer, on with the Secretary of the Board, and the third with the Auditor of the State

Section 4 The certificates, being signed by the President and Acting Commissioner, shall be deposited with the Secretary under the direction of the Board, for which he shall give duplicate receipts to be held by the Commissioners.

Section 5. On the written requisition of either member of the Board the Secretary shall deliver to the

<Page 2>
Treasurer whatever amount the last named officer may require for making the usual payments, th taking his descriptive Receipt for the same; and in making payments the Treasurer shall take duplicate receipts describing in the margin the certificates paid out, one of which receipts shall be filed with the Secretary of the Board and the other retained by the Treasurer

Section 6. Any scrip or cirtificates of indebtedness herein authorised to be issued shall be received in payment of "Illinois and Michigan Canal Stock" created by an Act approved Feby[February] 23^d 1839, and for all dues to the Canal Fund on account of Lands, Town Lots, use of water power or any other matter or thing connected with said Canal

Section 7. It shall be lawful for the Governor of the State to execute or issue the Bonds or Illinois and Michigan Canal Stock, authorised by the Act above recited, in such manner as to make the interest thereon payable semi-annually instead of once a year as required by said act; but it shall not be lawful to sell said Bonds below their par value or for any less sum than will be required to redeem them.

Section 8. No increased prices, nor additional allowances of any kind whatever shall be made to contractors in consequence of their being no order to contractors paid by certificates in lieu of money; nor shall any ^said^ certificates be paid out by any agent of the State at less than their nominal value.

Section 9. When any certificate bearing an interest shall have been redeemed, it shall be cancelled and filed away by the commissioners with the date of redemption and the amount of interest written on the face of it

Section 10 Sales of Canal lands and Town Lots during the year 1840 shall be regulated by existing laws on the subject, except that the Commissioners, in order to pay interest on Loans, may sell

<Page 3>
any Land or lots whatever, and on such terms as in their judgment the [~~...~~?] ^conditions^ of the Canal Fund may require; but the terms shall be stated in the advertisements offering the lands and lots for sale

<Page 4>

[ docketing ]
A Bill For an Act for the further prosecution of the Illinois & Michigan Canal

[ docketing ]
[01]/[20]/[1840]
Lincoln 5
Starr
Happy
Naper
Walker of Ver.

[ docketing ]
2

[ docketing ]
[01]/[20]/[1840]
ref^d[referred] select com[committee] of 5.

[ docketing ]
01/24/[1840]
refusd[refused] to order to 3^rd
Jan.[January] 24^th

[ docketing ]
51

[ docketing ]
20

[ docketing ]
[01]/[13]/[1840]
20 refd to com on Jud

[ docketing ]
6

[ docketing ]
1

[ docketing ]
[01]/[08]/[1840]
read & ord 2
Jan 8^th '40

[ docketing ]
[01]/[24]/[1840]
Refused to ord the bill to be engrossed

1Newton Cloud introduced HB 108 in the House of Representatives on January 8, 1840. On January 13, the House referred the bill to the Committee on the Judiciary. The Committee on the Judiciary reported back the bill on January 18 with an amendment, in which the House concurred. The House refused to order the bill engrossed for a third reading by a vote of 35 yeas to 50 nays, with Abraham Lincoln voting yea. On January 20, the House re-considered this vote and, upon Lincoln’s motion, referred the bill to a five-person select committee that included Lincoln. Lincoln of the select committee reported back the bill on January 22 with an amendment. Representatives offered amendments, and the House informally tabled the bill and proposed amendments. On January 23, the House tabled the amendment to the select committee’s amendment and concurred with the select committee’s amendment. The House added language related to the issuance of scrip, but rejected further amendment related to the issue of scrip by a vote of 26 yeas to 55 nays, with Lincoln voting nay. Lincoln proposed an amendment, which the House adopted, to add a proviso to the first section. On January 24, the House tabled, on Lincoln’s motion, an amendment and an amendment to said amendment. The House refused to order the bill engrossed for a third reading by a vote of 36 yeas to 46 nays, with Lincoln voting yea.
Journal of the House of Representatives, of the Eleventh General Assembly of the State of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 136, 163, 201, 204, 232-33, 235, 236, 242-43.

2On January 23, 1840, the House of Representatives adopted an amendment from Abraham Lincoln adding a proviso to this section.
Journal of the House of Representatives, of the Eleventh General Assembly of the State of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 236.