Papers Of Abraham Lincoln

In force Feb.[February] 28, 1837.

AN ACT supplemental to an act entitled an act to incorporate the President Directors and company of the Bank of Illinois at Shawneetown 1.
2

Bank at Shawneetown, power to borrow any sum not exceeding $250,000.

No higher interest than ten per cent.

Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the Bank of Illinois at Shawneetown, shall have power to borrow at such rate of interest as may be agreed upon, any sum of money not exceeding two hundred and fifty thousand dollars,3 and the same to loan on bond and mortgage of unincumbered real estate within this State; but no loan on such real estate shall be made in any case for more than one half of the appraised value thereof, for a term not less than one year,4 nor exceeding five years, and at no higher rate of interest than ten per centum per annum.5

Approved Feb. 28, 1837.

1“An Act to Incorporate the President, Directors and Company of the Bank of Illinois,” 28 December 1816, Laws Passed by the Legislative Council and House of Representatives of Illinois Territory (1817), 11-19.

2From the Committee on Finance, of which Abraham Lincoln was a member, Francis Voris introduced HB 178 in the House of Representatives on February 6, 1837. With a vote of 28 yeas to 16 nays, Lincoln voting nay, the House agreed to adjourn before taking up amendments for the bill. After passing several amendments the following day, the House voted to engross the bill for a third reading with a vote of 49 yeas to 29 nays, Lincoln voting yea. On February 8, the House passed the bill as amended with a vote of 43 yeas to 29 nays, Lincoln voting yea. On February 27, the Senate passed the bill, 23 yeas to 11 nays. On February 28, the Council of Revision approved the bill and the act became law.
Illinois House Journal. 1836. 10th G. A., 1st sess., 485-86, 490-94, 524-25, 731, 752, 766; Illinois Senate Journal. 1836. 10th G. A., 1st sess., 377, 482, 518-519, 531-532, 551-552.

3On February 7, the House amended the original bill by striking $500,000 with a vote of 48 yeas to 29 nays, Lincoln voting nay, and further amended the bill by adding “$250,000” to the text in place of “$500,000.”
Illinois House Journal. 1836. 10th G. A., 1st sess., 493.

4On February 7, the House amended the bill by adding “less than one year, nor” after the word “not” in the original text.
Illinois House Journal. 1836. 10th G. A., 1st sess., 492-93.

5A vote to change “ten” to “seven” percent failed on February 7 with a vote of 22 yeas to 45 nays, Lincoln voting nay. A subsequent amendment to change “ten” to “six” also failed, 39 yeas to 41 nays, Lincoln voting nay.
Illinois House Journal. 1836. 10th G. A., 1st sess., 491-92.