Papers Of Abraham Lincoln

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sec.[section] 1. Be it enacted by the People of the state of Illinois, represented in the General Assembly, That hereafter judgments upon contracts stipulating for the payment of a specific rate of interest, shall bear the rate of interest stipulated for in such contracts, and in entering up judgments in executions upon Bonds, notes, Bills[,] or other instruments in writing: in Assessment of damages, shall be had or made, when those damages consist ^alone^ of Interest for the detention of the money sought to be recovered; but the Judgment shall be, for the sum specified in the Instrument sued on, or the ballance due thereon, to bear Interest from the time payment should have been made, at the rate specified in such Instrument until paid, and executions shall be issued so as to authorize the collection of the Interest at the rate fixed in the Judgment, and execute the contract of the parties,—Provided that the rate of Interest shall not exceed that allowed by Law.

This act shall take effect on the first day of June next.

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02/12/1839
Bond, Benjamin

Passed the senate
Feby 12^th 1839
Ben: Bond secy[secretary] senate

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Senate N^o 146
A Bill for “An act to provide for the Specific Execution of contracts in relation to the payment of Interest.”

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[02]/[07]/[1839]
2

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[02]/[12]/[1839]
3

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[02]/[07]/[1839]
Engrossed

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02/25/1839
Rejected H R 25 Feby[February].

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02/12/1839
passed

1On January 22, 1839, Samuel Hackelton in the Senate presented the petition of citizens of Fulton County, requesting passage of a bill explanatory of the law regulating interest. The Senate referred the petition to the Committee on the Judiciary. In response to this petition, William H. Davidson from the Committee on the Judiciary introduced HB 192 in the Senate on February 7. The Senate referred the bill to a select committee. The select committee reported back the bill on February 9 with an amendment, in which the Senate concurred. The Senate passed the bill as amended on February 12. On February 25, the House of Representatives rejected the bill by a vote of 30 yeas to 49 nays, with Abraham Lincoln voting nay.
Journal of the House of Representatives of the Eleventh General Assembly of the State of Illinois, at Their First Session, Begun and Held in the Town of Vandalia, December 3, 1838 (Vandalia,IL: William Walters, 1838), 393, 463, 514; Journal of the Senate of the Eleventh General Assembly of the State of Illinois, at Their First Session, Begun and Held in the Town of Vandalia, December 3, 1838 (Vandalia, IL; William Walters, 1838), 202, 289, 302, 317, 419.