Collected Works of Abraham Lincoln. Volume 1.
Lincoln, Abraham, 1809-1865.

Amendment to an Act to Incorporate the Beardstown and Sangamon Canal Company [1]

[December 12, 1835]

SEC 13. The State, or the counties through which the said canal shall pass, shall, at any time, after ten years shall have elapsed, from the completion of said canal, have the previlege of purchasing the same, by paying said company the original cost, together with any deficiency which may have accrued by a failure of said canal to produce twelve per cent per annum from the time of it's completion, upon the original cost

Annotation

[1]   AD, I-Ar. Although Lincoln reported the bill from the select committee, which had been appointed to inquire into the expediency of constructing a canal in the valley of Sangamon River, there is no evidence that he composed any part of it except this amended section 13. Presumably Lincoln's amendment was adopted in the committee, for he did not present it from the floor of the House. The original section 13, for which the amendment was substituted, read as follows: ``The stock of said company shall be personal property, and shall be liable to be sold on execution,---said stock shall also be transferable & assignable in such manner as the Directors of said company shall prescribe.'' Although the bill became law, the canal never materialized (see Laws of Illinois, 1836, pp. 97-101).