Collected Works of Abraham Lincoln. Volume 1.

About this Item

Title
Collected Works of Abraham Lincoln. Volume 1.
Author
Lincoln, Abraham, 1809-1865.
Publication
New Brunswick, N.J.: Rutgers University Press
1953.
Rights/Permissions

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"Collected Works of Abraham Lincoln. Volume 1." In the digital collection Collected Works of Abraham Lincoln. https://name.umdl.umich.edu/l/lincoln/lincoln1. University of Michigan Library Digital Collections. Accessed March 19, 2024.

Pages

Bill Introduced in Illinois Legislature
in Relation to the State Bank of Illinois1Jump to section

[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incorporate the subscribers to the Bank of the state of Illinois Approved February 12th. 1835 be and the same is hereby repealed; and any and all forfeiture or forfeitures, which may have accrued under said section, hereby set aside.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 241

SEC: 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.

Amend2Jump to section 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.''

Annotation

[1]   AD, I-Ar. Lincoln wrote the bill, but it was introduced by Peter Green, representative from Clay County. The bill was so completely changed by amendments of both House and Senate that Lincoln voted against its passage. Under the title ``An act concerning the State Bank of Illinois,'' the revised bill may be found in Laws of Illinois, 1841, pp. 40-42. See discussion, February 24, 1841, infra.

[2]   This amendment in Lincoln's hand is part of the original document.

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