[December 7, 1840]
Sec: 1st. Be it enacted by the People of the state of Illinois represented in the General Assembly: That hereafter, in addition to the revenue now raised by taxation, there shall be levied and collected,
Collected Works of Abraham Lincoln. Volume 1 [1824-Aug. 28, 1848].
About this Item
- Title
- Collected Works of Abraham Lincoln. Volume 1 [1824-Aug. 28, 1848].
- Author
- Lincoln, Abraham, 1809-1865.
- Publication
- New Brunswick, N.J.: Rutgers University Press
- 1953.
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- Link to this Item
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http://name.umdl.umich.edu/lincoln1
- Cite this Item
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"Collected Works of Abraham Lincoln. Volume 1 [1824-Aug. 28, 1848]." In the digital collection Collected Works of Abraham Lincoln. https://name.umdl.umich.edu/lincoln1. University of Michigan Library Digital Collections. Accessed June 3, 2024.
Pages
Page 218
for state purposes, a tax at the rate of ten cents on each one hundred dollars worth of all property.
Sec: 2nd. Said additional revenue, so raised, shall be set apart exclusively for the payment of interest on the state indebtednes---and be called the ``Interest Fund''
Sec: 3rd. That the minimum valuation of all lands for the purpose of taxation, shall be four dollars per acre. And each assessor, shall, in addition to the oath now required by law, be required to swear particularly, that he will, in no instance, value any land at four dollars per acre, that he, in his conscience, believes to be worth more.
Sec: 4th. The Governor shall from time to time issue such an amount of state bonds, to be called the ``Illinois Interest Bonds'' as may be absolutely necessary to raise funds for the payment of interest on the state debts, that there is no other means of paying---and also sufficient to redeem all state bonds now hypothecated.
Sec: 5th. Said Interest Bonds shall be sold by the Fund Commissioner, for the best price they will command, and the proceeds by him faithfully applied to the foregoing objects
Sec: 6th. Said Bonds shall be reimbursable after the year 1865, and bear interest at the rate of six per cent per annum, payable half yearly.
Sec: 7th. A sufficiency of the said ``Interest Fund'' is hereby irrevocably pledged, for the payment of interest upon the said ``Illinois Interest Bonds'' and the same shall be applied to that object in preference to all other objects.