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Resolved, That the Fund Commissioners be requested to inform this House, whether the three millions of dollars authorised to be borrowed by an act, entitled “An act to increase the Capital Stock of certain State banks,” &c.[etc.], and which is provided in said bill for the purpose of increasing the capital of
the State Bank of Illinois, and of the Bank of Illinois, have been borrowed; and if so, whether any premium has been obtained on the sale
of the State Bonds for the same: also, what amount of “Certificates of Illinois Internal
Improvement Stock,” have been sold by them, in what sums, at what premiums, if any,
and whether for cash or any other thing: also, what sums have been drawn for by the
Board of Public Works, and by each one of the Commissioners of Public Works; 2and that they specify, as far as practicable, the amount drawn for each one of the
several works of internal improvement: also, what is the amount of compensation received
by each one of the Board, for their services since their appointment to office, including
all contingent expenses, if any: also, what is the amount of clerks or other persons
in the employ of the Board, and the compensation paid them.3
1On December 5, 1838, John J. Hardin introduced the resolution in the House of Representatives. On December 8, the House amended the resolution by adding text, then adopted the
resolution as amended. The House received a report from the Fund Commissioners on
December 26. The House voted to lay the report on the table and print 5,000 copies
of it.
Journal of the House of Representatives of the Eleventh General Assembly of the State
of Illinois, at Their First Session, (Vandalia, IL: William Walters, 1838), 20, 49-50, 141-42.
2The Internal Improvement Act provided for the establishment of a three-member board made up of professional financiers
to oversee the finances of the state’s public works projects. The commissioners reported
that they had, indeed, sold $3 million of state stock in order to increase the capital
of the state banks. They also reported that they had issued $2,204,000 in internal
improvement stock and had expended $1,142,027 for all railroad, road, and water navigation
projects.
Sangamo Journal (Springfield, IL), 12 January 1839, 2:1.
3On December 8, 1838, the House of Representatives amended the resolution by adding the following text to the end of the resolution:
“And also that the Fund Commissioners be required to report to this House the amount
of moneys paid to those counties through which no railroad or canal passes, specifying
particularly the amount paid, if any, to each county. And also that the Fund Commissioners
report in what manner the unexpended balance of the money borrowed for the purpose
of internal improvements is employed—whether placed in Bank upon special deposite, or used as a fund for Bank issues and loans.”
Printed Transcription, 1 page(s), Journal of the House of Representatives of the Eleventh General Assembly of the State of Illinois at their First Session (Vandalia, IL: William Walters, 1838), 20