Papers Of Abraham Lincoln

In force, Feb.[February] 26, 1841.

An ACT to provide for the payment of certain debts due from the State to the Banks.
1

State officers to make settlement with bank.

Sec.[Section] 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That it shall be the duty of the Auditor, Treasurer, and Secretary of State, to make settlement with the Bank of Illinois, in relation to claims and demands which said bank may have against the State, for advances heretofore made by the said bank, to the use of the State on account of the State House, Fund Commissioners’ drafts on account of Internal Improvements, and other liabilities.

Auditor to issue warrant to banks.

Redemption of warrants.

Sec.. 2. After the settlement herein provided for, and after the settlement provided for (by) law with the State Bank, it shall be the duty of the Auditor to issue his warrant on the treasurer of this State, for the payment of whatever balance may be found due to the Bank of Illinois, and the State Bank of Illinois, which warrants shall bear interest at the rate of six per centum per annum, payable semi-annually, and reimburseable at the pleasure of the State after the year eighteen hundred and fifty.

Warrants not less than $10,000.

Faith of State pledged

Sec.. 3. The warrants hereby authorized to be issued, may be made in such sums as may be required by the said banks, or either of them, not less than ten thousand dollars; said warrants shall be countersigned by the Secretary of State and shall have the seal of State affixed thereto, the performance of which requisite shall be deemed a good and valid execution of the powers herein granted, and by which the faith of the State of Illinois hereby is declared to be pledged for the reimbursement of the principal and interest due on said warrants.

Interest account.

Sec. 4. It may be lawful for the said banks respectively upon the sale of said warrants, to guaranty[guarantee] the payment of the interest upon the same, and keep an interest account against the State, for such interest advanced as aforesaid, and the faith of the State is hereby pledged irrevocably for the reimbursement of the principal and interest of the liabilities hereby authorized to be created.

Approved, February 26, 1841.

1William J. Gatewood introduced SB 93 in the Senate on January 8, 1841. The Senate referred the bill to the Committee on Finance. The Committee on Finance reported back the bill on January 11 with an amendment, and the Senate tabled the bill and proposed amendment. On January 13, the Senate took up the bill, concurring in the proposed amendment. On January 14, the Senate passed the bill as amended by a vote of 23 yeas to 11 nays. On February 24, the House of Representatives refused to table the bill by a vote of 30 yeas to 34 nays, with Abraham Lincoln voting nay. The House subsequently tabled the bill. On February 25, the House took up the bill, rejecting four amendments by a vote of 31 yeas to 34 nays, with Lincoln voting yea. The House passed the bill by a vote of 41 yeas to 27 nays, with Lincoln voting yea. On February 26, the Council of Revision approved the bill and the act became law.
Journal of the House of Representatives, of the Twelfth General Assembly of the State of Illinois, At Their Second Session, At Their Second Session, Begun and Held in the City of Springfield, December 7, 1840 (Springfield, IL: William Walters, 1840), 229, 255, 407, 470, 500-01, 509-10; Journal of the Senate of the Twelfth General Assembly of the State of Illinois, At Their Second Session, At Their Second Session, Begun and Held in the City of Springfield, December 7, 1840 (Springfield, IL: William Walters, 1840), 146, 152, 159, 162-163, 406, 412-13.