Papers Of Abraham Lincoln

In force 21st July, 1837.

AN ACT supplementary to an act to increase the Capital Stock of Certain Banks, and to furnish means to pay the interest on a loan authorized by an act entitled “An act to establish and maintain a General System of Internal Improvements, approved March 4th, 1837.”
1

Stock of banks pledged to redeem any loan made for Internal Improvements.

Proviso.

State may sell stock to pay bonds when the same becomes due.

Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That the stock authorized to be subscribed to certain banks, by the act to which this is a supplement, shall not be alienated before the complete redemption of the bonds or certificates of stock authorized to be sold by said act: Provided, That if upon the falling due of any of the principal of said bonds or certificates, that it shall be lawful for the State to sell a sufficient portion of said stock for the payment of said bonds or certificates.

Approved 21st July, 1837.

1William J. Gatewood introduced the bill in the Senate on July 15, 1837. The Senate referred the bill to a select committee. The select committee reported back the bill on July 19 with an amendment, in which the Senate concurred. On July 20, the Senate passed the bill as amended by a vote of 2o ayes to 9 nays. On July 21, the House of Representatives passed the bill by a vote of 36 yeas to 24 nays, with Abraham Lincoln not voting. On July 21, the Council of Revision approved the bill and the act became law.
Journal of the House of Representatives of the Tenth General Assembly of the State of Illinois, at a Special Session of the General Assembly, Begun and Held in the Town of Vandalia, July 10, 1837 (Vandalia, IL: William Walters, 1837), 137, 160; Journal of the Senate of the Tenth General Assembly of the State of Illinois, at a Special Session, Begun and Held in Vandalia, July 10, 1837 (Vandalia, IL: William Walters, 1837), 68-69, 97, 112, 137, 142-43.