Be it enacted by the People of the state of Illinois represented in the General assembly That the Fund Commissioners2 be and they are hereby directed and required not to make the loans provided for in the 2nd section of an act entitled “an act to increase the Capital stock of certain Banks, and to provide means to pay the interest on a loan authorised by an act entitled “an act to establish and maintain a general system of Internal Improvement” approved march 4th 1837, until further directed by that an act of the General assembly. Provided said loans have not already been effected.3
2 The Banks mentioned in said act shall not be required to perform the duties therein mentioned, nor shall the Directors therein named be elected by the General assembly until the repeal of this law, and the full acceptance of the provisions of said act by said Banks4
A Bill for an act to suspend the operation of a certain law
read 1st time laid on table
1John J. Hardin introduced HB 42 in the House of Representatives on July 15, 1837. The House tabled the bill the same day.
Illinois House Journal. 1837. 10th G. A., special sess., 77.
2Section one of the internal improvement act created a three-person board of fund commissioners to negotiate loans, buy and sell bonds, deposit and withdraw money, and administer the various fiscal aspects of the internal improvement system.
3Section two of the act authorized the fund commissioners to negotiate a loan not exceeding $3,000,000.
4The State Bank of Illinois and the Bank of Illinois were the two banks mentioned in the act. On July 11, the House of Representatives had adopted a resolution asking Governor Joseph Duncan to convey if the directors of either bank had agreed to the provisions of the act. Duncan reported that the State Bank of Illinois on July 7 had entered on its books the acceptance of its board of directors to the increase in stock. No communication had yet come from the Bank of Illinois as to its course of action. The Bank of Illinois accepted later in 1837.
Illinois House Journal. 1837. 10th G. A., special sess., 23-24; Krenkel, Illinois Internal Improvements 1818-1848, 127-28.
Handwritten Document, 2 page(s), Folder 38, HB 42, GA Session 10-S, Illinois State Archives (Springfield, IL) ,