Papers Of Abraham Lincoln

In force March 2, 1837.

AN ACT authorizing a subscription to the Capital Stock of the State Bank of Illinois.
1

Governor required to subscribe for $100,000 of State Bank.

Order on Treasurer to said bank.

Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the Governor of the State is hereby authorized and required for and in the name and behalf of the State of Illinois to subscribe for the one hundred thousand dollars of the capital stock of the State Bank of Illinois, reserved for the State by the act entitled an act to incorporate the subscribers to the Bank of the State of Illinois, approved on the twelfth day of February one thousand eight hundred and thirty-five, and he is hereby authorized and required to make orders upon the Treasurer, payable to said Bank for the whole amount of said stock, which orders the Treasurer is required to pay out of any money in the Treasury not otherwise appropriated.2

Approved March 2d, 1837.

1On December 31, 1836, William Thomas introduced SB 36 in the Senate. On January 2, 1837, the Senate tabled the bill. On February 20, the Senate took up the bill and ordered the bill engrossed for a third reading by a vote of 23 yeas to 16 nays. On February 21, the Senate passed the bill. On February 27, the House of Representatives referred the bill to the Committee on Finance, of which Abraham Lincoln was a member. The Committee on Finance reported back the bill on March 1 without amendment, and the House passed the bill by a vote of 46 yeas to 23 nays, with Lincoln voting yea. On March 2, the Council of Revision approved the bill, and the act became law.
Illinois House Journal. 1836. 10th G. A., 1st sess., 667, 736-37, 773-74, 793, 807; Illinois Senate Journal. 1836. 10th G. A., 1st sess., 131, 140-41, 462, 476-77, 566, 590.

2Section one of the incorporation act reserved $100,000 of the capital stock for the State of Illinois. Section twenty-eight stipulated that whenever the state subscribed for the stock and paid in the amount thereof, the governor would have the right to appoint, with the advice and consent of the Senate , two directors to represent the state’s interests.