Collected Works of Abraham Lincoln. Volume 1.
Lincoln, Abraham, 1809-1865.
[February 22, 1841]

SEC. 1st. Be it enacted by the People of the state of Illinois: That the twentyfifth section of an act entitled an act to incorporate the subscribers to the Bank of the state of Illinois Approved February 12th. 1835 be and the same is hereby repealed; and any and all forfeiture or forfeitures, which may have accrued under said section, hereby set aside.

SEC: 2nd. That the said Bank be authorized to receive interest at the rate of eight per cent per annum, on all indebtedness hereafter created for shorter time than seven months, and on all other indebtedness, as now fixed by law.

Page  241SEC: 3rd. That said Bank be authorized to issue and circulate bills or notes of less denomination than five dollars.

SEC: 4th. If the said Bank shall avail itself of the foregoing provisions, it shall do so upon the condition, that it advance to the state the sum of two hundred thousand dollars before the next regular meeting of the General Assembly, for which advances it shall receive six per cent. state bonds at par---said advances to be made at such times, and in such sums not exceeding the whole, as may be necessary for the redemption of bonds hypothecated and for paying interest on the state indebtedness, other than that due said Bank; to which purposes, and no other said advances shall be faithfully applied.

SEC: 5th. To avail said Bank of the provisions of this act, the President and Directors thereof shall pass an order accepting the same at their first meeting after the passage of this act.

Amend [2] the bill by striking out the 3rd section and inserting in lieu thereof the following---

``The said Bank shall not be entitled to the benefits of this act, until it shall have entered into contract with the Governor, to purchase of the state six per cent bonds at par as follows viz: On the first day of July next the amount of fifty thousand dollars, on the first day of January 1842 fifty thousand dollars; on the first day of July 1842 fifty thousand dollars, and on the first day of January 1843 fifty thousand dollars. And the purchase money of such bonds shall be advanced, at the times named, by said Bank, and applied exclusively to the redemption of Bonds heretofore hypothecated by the Fund Commissioner, and to the payment of interest due on state indebtedness, other than to said Bank.''