Indiana State Sentinel, Volume 6, Number 33, Indianapolis, Marion County, 4 February 1847 — Page 2

T1IK NEW BUTLER BILL

An Act "Act to provide fr the funded Supp'fM'nlary to un iLhl of the Hille liUima, and Jr tit cmpulion tif the Wabajh and Erie Cmal to EtunsnUe. Approve I Jji ury YJlh, 1316. Sectio I. D it enacted by the General Assembly of the State of Indiana. Aud ill hereby declared, in virtue and exercise of lit option reserved to the Siale by ihe Ji sec lion of Um said act, th.it the outstanding bonds ot the Stale shall be sunendered by the holders thereof, and a new issue made in exchange therefor, of two certificates to be respectively signed au 1 sealed, and otherwise verified by or on beliiif of the Sj ale. a pro ided for in lha second section of the said act. Luch such certificate to bo for an equal mjictyi f lha principal money secured by the bond or bonds, tor which the same shall be exchanged, and to bear interest at and afu-r the rate of live per centum per annum, as provided by the thirty-second section of said act ; such interest to be computed frotn the first day of January, 1317 ; that one of such certifi. ates, with interest - tliereuii, 4 aforesaid, ill. ill be paid by the dlate, out ol the tcschucs thereof as provided in the s.iid thirty-second section ol the Slid act, and shall be redeemable at the pleasure of the State, after twenty year, as provided in the lirst section of the same act, and Ihn other of such certificates with interest thereon as aforesaid, shall be paid out of the can. 1 1 lauds and the tolls and revenues of the aid canal, as also provided by the thirty-tiecorid section ( the said art ; and that such certificate, in the form mentioned in the schedule to this act, shall be issuable as provided ia tliu second scciiun ol said act, as modified by this. Sic. 2. That c rlificales f r interest in the form mentioned in the schedule to this acl, computed from the first day of January, Id II, to the first day of January, M47, on the respective moieties of the outstanding debt ol the tiiate hereinbelore niutiorifd or referred to, shall be issued at the same tune above in this acl mentioned, and shall constitute a special slock ; that the Amount of sucli of said certificates for interest as shall be chargeable on taxation . as hereinbefore mentioned, shall be landed as of the lirst of January, 1SÖ3, and shall bear interest from ihntday; but not bvlbre, at and after the rate of two at.il a halt per cent, per annum, parable semi-annually on Ihe li ret ilny of July and the lirst day of January in every year, and the first half yearly payment of s'ich interest shall become due and bo paid on the first day of July, 1533. That :lie amount Ol such ot the said certificates lor interest i n shi.ll De chargeable on the canal lands and the tolls and revenue of the said canal, shall likewise be funded as on mid from tho said first day of January, ldG3, and siiajl bear interest as oti and from that d.iy, but nut before, at and der the rate of five percent, per annum, which interest hall also be paid semi-annually on the lirsl day of July nnd the hist day of January in every year, and the firnt half yearly payment thereof shall become due and be J paid on the first day of Juiv. läöJ. and new certificate bearing interest niter the rate, and payable at the times lastly mentioned, shall be issued and delivered otil by the aid trustees, to the parlies respectively entitled thereto. when the certificates for the principal hall be smjliJ stij

delivered to such parlies, as specified i a the first section gcrjpijn,, and payment as hereiuUfore mentioned, being of this act. I made, and Satisfactory evidence thereof given to the (jovSec. 3. That the amount or interest to accrue from ( err Me j, hereby directed lo nuil.oriz the said trustees Ihe lir.it of January, 117, to the hsl of January, ISod, j i take thargn of said canal and i:j appurtenances, with inclusive, on thai moiety ol the principal sum secured by j fu am1Urity to commence and direct all operations thereeach bond surrendered and exchanged ur aforesaid, and ; on. or inanv wise connected therewith, as contemplated

which is to be paid out of the revenues ol the State alone and being at the rate of five percent, per annum on such moiety, shall be paid by the Slate in the manner provided in the first section of the said act, that is to say, on the principal specified in such last mentioned certificate, Ihe State shall and will pay interest at and after the rate of lour per cent, per annum from the firtt day of January, 1S47, which interest shall be paid semi-annually, namely, ; on the tirst (lay ol July and the lirsl oay or January in every year, the first payment of such, interest to be madn on lb: lirst day of July, ldl7, up to and inclusive of t ie first day of January, and the remaining one per cent, shall be added to and form pari of the special stock, so called; and be put upon the same footing; aud at the time of the said semi-annual payment ot the lour pel cent., and up to the first day of January, lo3, inclusive, - a separate certificate shall be given for the said one per ceuj;., (lo make up the five per cent, aforesaid), which efiiocate shall as iuar as may be, conform to lhat which hr the second section ot this act is required to be issued

U t the arrears ot interest accruing between hrst January, withstanding, and of ihe produce of the said canal lands, 1 Ml, and first January, 1517, and made payable in the ' (soj nuj usoj) th, same shall be held and applied by va.ne manner, and shall bear the same rale of interest, Mjj trustees in trust and security for the use and purpo-f.-o:n and after first January, ldö3; or, lhe aggregate ge9 following, that is M sav : amount of said one per cent. Irom 1347 lo ld53, may in First, In payment of the woik, labor and materials, or the first inslaoce bo added lo and included in the certifi- contracts, for the supply of work, labor, or materials, lo cate M be issued for the arrears f interest accruiti prior . utJ done anii furnished in and about the further prosecut first January, 117, as, and when the said certificates ,jn an(j construction of the said canal and works, until suill be issuable, according to the second section of this i ,a snme ,la iave üeel f,y co,ripIeted to Evansville, act: Provided, That it the revenues of the State to be I as tie ,oneys t be paid for the same shall, from lime to derived from the property tax and poll tax in the said first j ,jmCj become, due and payable; but not byway of nnticisection of the said act mentioned, shall not be sufficient ,,aIj0n,and of all needful und proper expenditure for reby reason of the causes in the same section mentioned, j pnt attendance, and oilier causes, save and except so t pa in full said interest of four per cent, per annum, tdr as reard the existing tolls and revenues of the said then and in t.iat case the State shall only be required to caat Vhii h are hereinafter declared to be expressly appsy ur to the said first day of January, 1-33, such rate of. nr..,.rio.i f.,r -nA towards nnvment of interest, nt six i.er

. . . - . .

interest as the par fun Is in her treasury, derived from lhelccnl per annu. on t,0 sum's lobe subscribed, lor ihe

paid and distributed pio tat on the principal specified in such last mentioned certificates of stock issued for the principal, and the deficit with G per cent, per annum from the time it became due, the Stute shall make up and pay to the holders of such last mentioned certificates on or by the first day of January, ld53; and from time to time, at . t . . -O-lll ... I. - each semi-annual payment up to 1353, shall give to the holders of said Cert.ficates a separate certificate for the amount of said deficit : Protided, That no money shall J be actually paid over to any holder of said certificate un-, til bonds to the amount of four millions of dollais, exclusivo of interest, shall be surrendered for cancelation, as provided in said original act, as modified by this. Sec. 4. That the amount of interest to accrue from the first of January, 1847, to the first of January, lc53, inclusive, on that moiety of the principal sum secured by ich bond surrendered and exchanged as aforesaid, and which i lo be paid by the trustees out of the canal lands and the tolls and revenues of the canal only, and being at the rate of five percent, per annum on such moiety, shall be paid by the aaid trustees in the same manner provided in the tenth section of this present net : Provided, That if the proceeds of the said canal lands and the tolls and revenues of the said canal shall not (after defraying all needful expenditures and outlays for repairs, attendance, and other necessary things appertaining thereto, as in the tliH-toemh section of the said act mentioned,) be sufficient to pay in full the said interest which shall accrue from the said brst day of January, 1217, lo the said first day of j January, ld53, inclusive, as provided in the said tenth j aection of this act, the deficiencies (if any) of aaid canal lands and tolls and revenues to discharge such interest as last aforesaid, shall on the said first day of January, 1Ö53, be also converted into a special stock, bearing interest at the rate of five per cent, pi r annum, b it shall only be payable out of the said c mal lands and tolls and revenues of the said canal, and fur which proper certificates of stock shall be issued from time lo tune as the deficiencies accrue. Sec. 5. That payment of interest upon certificates chargeable upon the State, whether original certificates, or special stock, shall be made from lime to time on such certificates only as shall have been registered with the Agent of the State at New York, (as directed by said act) dünn the halt year prior to such interest becoming due. Sec. C. That bondholders who shall not subscribe befoiethe first day of November, H47, to ihe completion of said canal as hereinafter mentioned, and shall not surrender iheir bonds in exchange lor certificates before the first day of December, 1817, and wh shall therefore be excluded from the right to become subscribers to the completion of said canal and works, shall nevertheless be en titled to receive a certificate for such amount of interest as s'ia!l have accrued, payable out of the State revenues du? to such bondholders under the provisions of said act ard of this act, Irom ihe lust day ol January, 1T47, to the half-yearly day of interest happening immediately before the day when they shall register their bonds as aforenaid, but not to any money payment in respect ihereor, and the amount of Interest represented by 'Jch last mentioned certificate, shall be funded together with ihe special stock vn the first January, lr53Sec. 7. That instead of the previous surrender and cancelation of the amount of bonds specified ii the thirtythird section of the said act, the bondholders shall be, aud they are hereby required to srneuder for cancelation, bonds tu the amount of not less than four millions of dollars of principal, exclusive of interest thereon; and that the subscription for the completion of the said canal, instead of lhat now required by the sixth section of the said acf, shall be twenty percent, on the amount so lo bo surrendered and canceled, uoless the aggregate amount of said per centage shall exceed eight hundred thousand dollars, in which case the said per rentage shall be proportionably reduced to the bondholders respectively, but so nevertheless that such last mentioned sum ot eight hundred thousand dollars bj fully subscribed, and further that the time limited by the sixth section of Said act for subscriptions, shall be extended from the firt January, 1547, to the first June, 1347, an 1 that the tune for such surrender and cancelation, and fsr the exchange of bonds for certificate, and for the registration thereof tn the city of New York by the Agent of State, as directed by the second section of the said act shall be, and the same is hereby extended from the first day of January, 1S47, to the first day of July, 1S47: And provided also, That any n;hr bin Ihol Jir shall have the right at any time prior to the first day of November next, but not thereafter to rhs'-ribe to the advance aforesaid upon the amounl of bands held by him, and on pnymentby him to the trustees, of Ins pro ran share of a lid subscription, together with interest frotn the first day of June, la47, at the rale of six p-r cent. pr annum, and on surrender and exchange of jiis boo J according to the provisions aforesaid, he shall thrncef irth he placed in the same footing in all respects as l!io previous subscribers. S:c. d. ''Til it every bondholder who shall surrender any annul of b mds in eichan4 for certificates, and chatl iS riht on such amount towards the completion of the said canal and storks as aforesaid, and Shall on or be-

fure tli o paid first day of November, 15-17, pay into ihe hands of ihe trustees for ihe time being, five per cent, on tl.o amounl t bontls so surrendered by such holders of certificates, ai, by way of deposit thereon, arid shall after-

warJs duly answer and pay any calls which may bo thereafter made in respect of such subscription, under and by virtuu r the nmili clause of the snid act, shall have, and be entitled to, all the benefit of the priorities given, or intended to b! glren, by the iiiJ act, (a amended by this act) to pirtin subscribing towards the completion of the aid canal and works: And it is hereby expressly declared, that from and after the said first day of Norem her, 1347, no patty whosoever, whether bondholder or not, shall have any right or claim to subscribe to the advance aforesaid, nor to pay up his pro rata, or any share of the said advance, tilir otherwise to j D(? . acrid on the came footing is it he had originally sub scribed 1 hereto ; anything in th fourteenth section or any other section ol the said acl la the contrary notwithstanding. Nevertheless, time shall be allowed to all parties subscribing and paying the aforesaid per rentage or deposit on their respective subscription in manner, anal within the period hereinbefore limited nnd appointed for that purpose, tu deposit their bonds in rxi hangn lor certificates until the first day of December, J d!7 : Prodded, That nothing herein contained shall prevent, or be deemed or l iken to prevent any bondholder from availing himself alter Ihe said first day id NovAuher, 1 f 47, of the bent fit of the said act as modified by this, so far as relates only to the ortender and exchange of his bonds tor certificates as therein mentioned, but without any right of subscription, or any right to the priorities given by the snid net, or by this act, to subscribers : Protided jurlher, That the State will make no provision whitever hereafter to pay either principal or interest on any internal improvement bond or bonds unit thu holder or holders thereof shall have first surrendered said bunds to the Agent of L.tale, and shall have received in lieu thereof certificates of slock as provided in the first section of this act, anything in this act to the cotnr.iry notwithstanding. Sr.c.D. This net shall be in force fron and after its paagr, end the said original art is liereby declared to be in lull foice except so far as the same is liereby modified; and so soon a an amount of bonds of not less than four millions of dollars, exclusive f interest, shall hate been subscribed for as protided in this act, and notice thereof gistn to the Agent of State in New York, or to the Governor of the tSuia of Indiana, then it shall be lawful for such eub-cribers to elect two trustees in the manner as proided for in the eleventh section of this act, and said subscribers shall thereupon pay over to the said trustees five per cent, upon the amounl of bonds so subscribed I y ilium severally. And il is hereby expressly declared that so soon as Ihe Governor or said State shall be satisfied upon proper evidence, to be submitted to him, that bonds to the amount of five millions five hundred and forty-five thousand dollars, exclusive of interest, have been surrendered for exchange and cancelation, and are in the hands of the Agent of Slate for that purpose, and that the said live per cent, has been paid over, lie ball convey liy deed ! (10 Yuba.di and Lrie Canal, and the lands aud toll., and all oilier (he premises mentioned in the eighth section of the saitl act to tho said trustees, as therein provided, aud I not bffiirH Provided nevertheless, That upon the subI by this and the former act on this su' ject. j Prodded further, And il is hereby eiurted, that unless , holders of bonds to the amount of four millions of dollars, j shall bona fide subscribe 5 per cent, on that amount, and ! piy such last mentioned per centage to the trustees as j aforesaid, on or before the said 1st day of June, 1347 ; and unless bonds tu the amount ol lour millions ot dollars, exclusive of interest, shall bd surrendered for cancelation as provided in said original act as modified by this, on or ( betöre the 1st day ol July nest, then and in that case the said lormcr act, aim tins aci, ana every clause, proviso, matter, and thing therein und herein respectively contained, hall cease, determine and be utterly void. j Sec. 10. That in lieu and stead of the scale of distribution and application, as in Ihe eighth and thirteenth sections of the said act directed, ol the tolls and revenues of said canal, alter defraying ail needful and proper ex- ; pendilures for repairs, attendance, and other necessary things appertaining thereto, w Ittels shall be first paid, any i thin? in the said lormeracl or this act to the contrary notn j .rnirlotinn of ihn u.iiil ninal and works, and which exist' I . . ii. ... i . . i. i... .i ...i i . . k .. . - ,i ing ions ariu revenues are iitreujr umiuu 10 uo vjllicu from the operation of this clause to lhat extent Secondly, In payment of interest, after tne rate of six per cent, per annum, on the sums to be respectively advanced by the holders td' certificates to the said trustees, from time to lime, in aid of the completion of the said canal and work, and to be computed from the respective times ol advancing and paying such principal sums renectivelv. such interest to be payable iu the ciiv ol New York, by equal half ) early payments, on the first day of January and the first day of July, in each and every year the tirst half yearly paymcut lo be made on the first day of January, 1c4t: Thirdly, In payment in full of the principal sums advanced, or to be advanced by the holders ol certificates subscribing as aforesaid, ir and towards the completion of the said cnnal and works, and from time to time remaining due : Fourthly, In payment in full, to the subscribers making the said advances, or to tlieii assignees, of interest, at and after the rate of 5 per cent, per annum, on the moiety of the principal of the bonds, which they may have surrendered and exchanged for certificates as aforesaid, such interest being, lo be computed from the 1st day of January, ld47: Fifthly, In payment in full to the subscribers making such advances or their assigns, of the principal of the special slock to he issued to cover the arrears of interest due nll(j accruing from the 1st day or January 1S41, to the isl (jav of January, 1647, as ftst as the same can be done with interest on the same, at and alter the rate of o per cent. per. annum, to be computed from the 1st day of January, I8Ö3: Sixthly, In pnyamentin full to the subscribers making the said advances, or In their assigns, of the principal moneys secured by each such ccrti.icate, so charged over against ihe canal lauds, and the lolls and revenues of the said canal : Seventhly, In payment in full to the other holders of any certificates of slock, by the said act directed to be is sued and charged as aforesaid (ouch holder not being a sub scriber t the said advance,) or their assigns, of interest at and after the rate of 5 per cent, per annum, on the amount ol the principal thereof : Eighthly, In payment in full to the holders or certificates of special stock to be issued and charged as nforesaid, (such holders not being subscribers to the said ad vance,) cr their assigns, of the principal of such special stock, with interest on the same, at and after the rate of 5 per cent, per annum to be computed from the said 1st day of January , 16Ö3 : .Vinthly, In payment in full to the t olders of such last mentioned certificates (not bsing subscribers,) or their assigns, of the amount ol the principal theieof respectively : Tcnthly, To pay into the Treasury of the Slate, any surplus or balance which may remain in the hands of the said trustees, alter making Ihe several payments in the 9 preceding classes mentioned ; and it is hereby declared, lhat such sums shall from time to time be paid nnd applied as soon as conviently may be after the receipt threof; saving the just rights of the holders of bonds now outstanding and known as the Wabash and Erie canal bonds as provided for in the eighth section of said acl : Protidtd. That alter the payment in full of said subscribers or their assignees, as aforesaid, the holder or holders ol any certificate whose, or whose assignor's bond or bonds were surrendered and canceled, as in the said original act and this supplement is provided, on or before the 1st day of May, 18Ö0, shall be entitled to the same pr Inrence and prioiiiy iu the payment thereof, and to be paid iu the same manner as is provided for the payment of snid subscribers to said advance, and their assigns according to Ihe time of such surrender and cancelation, anything in this or the said original acl to the contrary notwithstanding. And provided. That all payments of principal and interest to be made under or by virtue of this act, or the said recited act, amongst the said seveial classes of subscribers or holders of certificates (as the case may be) shall be made pro rata amongst the subscribers tnd holders of certificates in each such cIjs, in the order and priority of paymont given or intended to be given lo each such class respectively, ss aforesaid, first paying, in full, those first entitled, and so on, toties quoties ; and no interest shall at any lime be charged upon any semi-annual deficit of interest, which the revenues of the canal shall fail to pay Provided also, That the proceeds of sales of the lands in the Vinoennes land district, shall Le applied only to th construction of the canal from Terra Haute lo Evansville or to the repayment of the cash advances made by the bondholders for that pcrpose, until the said canal shall have been completed. The trust hereby created shall cease and determine upon the payment of the principal of said certificates, which are hereby authorized to be paid out of the proceeds of said canal at any time after twenty years from the passage of this act. and the State hereby reserves the right to redeem any of suchcertificates at any time after twenty years after Ihe passage of this act, and after ill if payment of stid advance, as horein provided, by paying the legal holder thereof the principal sum due thereon.

Stell. That so soon as conveniently mir be after the passing of the present et, twotruilee qualified by citizenship and residence as in the said seventh section of the said recited act is provided, hall be elected by a ma-

joruy in tivmoer ana taluc ol Wie suoscriuirs lowuru me completion of ihn said canal, who shall have given notice in writing ol their subscriptions tu the agenlol Hie Mate in the city yf New York, or if no such agent at New York, then to the Governor of Indiana, as mentioned in the ! iinth section of this act, such subscriber being present 'personally or by agent duly authorized by proxy at some i meeting to be convened and holden in New l ork for lint ! purpose, oy ana on tite part ol sucn suoscrioers, or which not lei-s than one calendar month's previous notice, staling the object, and timo, and place ot such meeting shall be thrice inserted in lite London Gazette, and "Tunes" newspapers, and in two of the principal New Y ork daily journals, and the resolutions lo be sianed by the chairman presiding at auch meeting of subscribers, shall be n suflicient warrant and authonty for the election ol the two pertous to be then and there elected as trustees, for and on beh. ill of Ihe said subscribers, and such election shall therefore be deemed, taken, and acknowledged lo be a good and valid election ol suth two trustees, and thai such election was duly made under and iu compliance with the provisions ol the said recited acl: And it is further enacted. That no such election to be made as lai aforesaid shall be or become void or voidable by reason of any technical informality in ihe proceedings, or of any verbal defects or cleric! errors, or by reason of the omission of notarial legalization, in or to any power or powers of attorney or other instrument or instruments ol substitutions to be made or executed by any subscriber or subscribers, bona fide to ennble his, her, or their representatives to vote on his, her, or their behalf at such election of trustees ns aforesaid, and produced at such election of trustees as atoresaid, and produced at such meeting for thai purpose, nor shall such election be or become voidable by reason of any omission to hold the proceedings herein enacted, in public or before any judge, magistrate, or other judicial othcer, or to record the same in any court ol law or equity, or other tribunal or place of joslice. (any law, usage or custom to the contrary ineivoi ia any wise notwithstanding:) Provitled, nevertheless. That each of the said trustees shall, after such their and his election as a foresaid, and before entering on his and their duties, take the oath or alhrmation for the faithful and impartial discharge thereof, and give the bund to ihe elate with security to be approved by the Gjvernor, lor ihe proper discharge of Ins and their duties as is mentioned and provided in the tenth section ol the said recited act: Protided also, That a duplicate of Kaid resolutions to be signed by said chairman, and by him duly acknowledged before the mayor and re corder of the city of New Yoik, or betöre uny lodge of any court ol record in said city, or any commissioner resident in said city duly authorized to take the acknowl edgement of deeds to be recorded in the State of Indians, shall bo by said chairman forwa arded by mail, addressed to the Governor of the Stale of Indiana, which khall be filed by him iu the office of the Secretary ol State: Provided further, 1 hat after said subscribers making saiJ advances khall be paid in full the principal money secured by such certificates, it shall be lawful for a majority in number and value of the other holders of any certificates of stock by this or the said original act authorized tube issued and charged upon said canal as aforesaid, to elect trustees in like manner, and subject lo the same conditions as is provided for the election of trustees by the said subscribers, and such trustees shall comply with and be governed by ail laws, rules, and regulations, and possess the same powers and pel form the same duties as suc h trustees elecltd by said subset ibers: And provided further, That if a majoiiiy in number and value ol the other holders of certificates neglect to so elect trustees as aloresaid, lor the space of six months after said subscribers shall be paid in full as aforesaid, that then and in lhat case it shall be lawful for, and it is hereby made the duty of the two Houses of the legislature, at its next session, to elect the same, in the same manner as judges of tbe circuit court are now authorized lo be elected, or in case said six months expire during the recess of the legislature, the Governor shall appoint the same, and the persons so appointed shall hold their offices until the close of the next session of ihe legislature, and until their successors are duly elected and qualified ; and such trustees shall comply with and be governed by all laws, rules, and regulations, and possess tbe same powers and peiform the name duties as if the said trustees were elected by the holders of said cetlificates : And protided further, That the trustees elected by said subscribers hall hold theirjsaid offices for six months after said subscribers or their assigns shall be paid in lull as provided for in the tenth section of this act, tiid until their successors are elected and qualified. Sec. 12. Aso whereas, It is enacted by the said 7th section of the said recited act, that such trustees shall "hold their offices for the term of three years from the time of their said election and appointment and until others are elected or appointed in their places :" AD whereas, liy the twelfth section of the said act, it is declared (amongst other thutgsj that "whenever any vacancy shall occur in the board of trustees by death, resignation, or other causes, such vacancies shall be filled up by the General Assembly, or by the subscribers aforesaid, or their assignees, to whom belonged the election of Ihe trustee, whose seat shall become vacant, as the case may be," but no provision is made in the said act, for the manner and form in which such vacancy shall be supplied : And whereas, Uy the twenty-seventh section ol said act it is (amongst other things) declared lhat "should either of the said trustees embezzle or fraudulently convert to his own use, or secrete with intent so to convert to his own u-e, any of the funds, choses in action, securities, or effects, which may come to his bands or possession, under or by virtue of the trusts created by the said recited act, the trustee so ofXending shall be deemed to have committed ihe crime of grand larceny, and upon conviction thereof, shall sutler the punishment prescribed for that olTence," as in the said recited act more particularly mentioned; but no provision is made in the said act for the discharge or removal ol such offender. Now therefore, he it enacted, that in case of the death, resignation, refusal to act, permanent absence, or buddy or mental infirmity, of any or either of the said trustees, whereby such trustee shall be rendered incapable ol fulfilling the duties ol the said trust, according lo the Irue intent and meaning of said act; or in case any or either of the said trustees shall embezzle, or fraudulently convert to his own use, or ?ecrete with that intention, any of the property which may come to his bands or possession, by virtue of the trusts aforesaid, whether such events shall happen during the first three years of the said trust, or al any time afterwards durin the continuance of the said trust; then, and in every such case, the place of the trustee so dying, resigning, refusing to act, becoming permanently absent, or incapacitated, or embezzling, or fraudulently converting to his own use, or secreting with that intention, any of the trust property as aforesaid, shall be deemed aid be taken lo have become and be absolutely vacated, and immediately thereupon such vacancy shall, as to the trustee to be named by the Slate, be filled up by the General Assembly, if it. session, or if in the recess, then by the Governor, as directed by the said twelfth section of the said act; and when so appointed, shall hold his office until the meeting of the next General Assembly; and such vacancy oi vacancies as to Ihe two trustees, or either of them, to be elected by the said subscribers, in the manner hereinbefore and in the said recited acl mentioned, shall be filled up in like manner by the subscribers; and such new trustee or trustees, when named by the State as aforesaid, or elected by the said subrcribers as aforesaid, as the case may be, shall immediately upon such election or appointment, and after taking the oath or affirmation, and giving the bond with security, as di rected in the said ten'.U section of the said act, stand and be possessed of and invested with the same powers and authorities in all respects as if they or he had been originally elected or appointed trustee or trustees for the purposes of the said act. Protided, also, And it is hereby expressly enacted and declared, that when either or both of the trustees to be elected by the subscribers towards the completion of the said car.al, and its works, as in the eleventh section of this present act mentioned, shall, at any time whatever, misconduct himself or themselves in his or their office, or shall become bankrupt or insolvent, or make or offer any compromise with his or their creditors, then and in every such case, it shall be lawful for a majority of auch subscribers in number and value present personally, or by agent duly authorized by proxy, at any meeting to be convened and holden in New York for that purpose, by and on Ihe part of s ich subscribers, of which one mouth's previous notice shall have been given, by or on the part of the said subscribers, in manner in the said eleventh section of this act provided, or as near thereto as circum stances will permit, and full power and authority is hereby given to the said subscribers forthat purpose forthwith to remove such trustee or trustees from his or their office of trustee, und at the same meeting to elect one or more trustee or trustees in the place and stead of such trustee or trustees to be so removed as aforesaid, as in the eleventh section of this act mentioned, and the resolutions to be eizned by the'ehairman presidium at sich meeting of subscribers, shall be a sufficient warrant and authority for the removal of such first mentioned trustee or trustees, and the election of one or more new trustee or trustees in his or their place or stead, for and on behalf ol said subscnbers, and such removal or removals, and election, or elections respectively, shall be deemed, taken and acknowledged, to be good at law and iu equity, (anything hereinbefore or in the said recited act to the contrary notwithstanding ) And it is hereby further declared, hat si ch new trustee or trustees when so elected as hereiubef ir mentioned, shall immediately upon such election and after taking the oath or affirmation, and giving bond and security as directed by the said tenth section of the said recited act, stand and be possessed of aud invested with the same powers and authorities in all cases as if he or they had been orgioally elected or appointed trustee or trustees, fur the purposes of the said act: Protided, also, That no person shall hold or be eligible to the office of trustee on the part of the State who is notoriously bankrupt or insolvent, and in cate such State trustee shall at any time whatever become bankrupt or insolvent, or make or offer any compromise with his creditors, or be guilty of any gross misconduct in olfice, then and in that case the office shall be deemed and taken to be absolutely vacated, and immediately thereupon said vacancy shall be filled by the General Assembly, if in cession, or other-

wise by the Governor, until och time uo elecuon is j nude by the General Assembly, as provided in the 12lh 'section of said acL I Provided, also, That the said trustees, and each and

i eery oi mem, anau De, ana iney are nereoy presiy prohibited from taking or being directly or indirectly in terested in any job, work or contract, let or to be let on staid canal, or being in any wise connected therewith during the time of his or their continuance in oflice. And provided further, That said trustees, and each and eveiy ol them, or any otler person or persons, by or on behalf of the subscribers to, or holder of any stock set of er on said canal, shall be, and they are liereby expressly prohibited Irom burin or selling any canal land scrip, or trout receiving the same in payment for any land, or on j any account, at any sum less than the face of such scrip aud interest thereon. And prodded futlher. That no trustee named in this j act, shall either directly or indirectly be engaged or interested in any transportation or boat company on saia canai. And upon violating anv of the above provisions, it shall work a forfeiture of Ins office, and render him fore'. er in capable of holding the office of trustee. brc. 13. That in oider to the greater security of the State and also of tbe subscnbers, and wi h Ihe view tj induce girater couf.dence in the Utter: Be it enacted. That all sums of money which shall berecenedby the trusters, or any of them, ur which shall come lo theii bands or pjsse?sion duiing the continuance, and in virtue of the said tiost, shall (after tetaiiiing so much tlieieof only as shall be required tot ihe payment of wuikmen and laboieif , and other current sod necessary expenses of the said trust) be foitbwith deposited by lliem.in some safe bank or banks in the ci'y of New Yoik aforesaid, to be there placed to an account to be cutitled the account of l be board of trustees of the Wabash and Eiie canal," aud all drafts and oideis for the payment of any sum or sums of money to be drawn by the said tiustees on the said bank or banks, shall be signed by a majoiiiy of the said trustees. Sec. 14. Am Wheiea, Hy the fourth section of the said lecited act, it is enacted " that tbe stock created pursuant to the said act, is tJ be transferable i nly in the city of New Yoik, iu books lo be provided foi that purpose by the State" in manner ia the said fourth section moie particularly mentioned ; and by Ihe lilt, tectini of siid act, it is enacted "lhat the inteiest ou Ihe stock thereby cieated shall be payable half rally at the city of New Yo.k,"on the days and times thin iu mentioned: Ao Whereas, It is ascertained that a very coi.sideiable portion of the bouds f the said State ate held by fuieigncrs, otherwise unconnected with Ihe United States, domicihd in other couctiies and subject toother laws: Aio Whebeas, Doubts have been suggested on the part of some such last mrutioiied persons in ie.-pct lo the matters heieiuafter mentioned or referred to, which doubts may opetatc prejudicially to the oteiatious contemplated by the said reci'eJ act, and it is therefore expedient that the sa:ne be removed : Now, to demonstrate the good f-ith of the State of Indiana, and for the removal of all such doub's a aforesaid, aud with a view lo create general confidence in the amusement made in the said teci'ed set, by tbe State for the liquidation of its debt i Be it enacted, 'lhat the tolls, levenue, and profits of said canal and its appurtenances, piesent and futuie, and the moneys to arise and be collected by ai d from the sales of the lauds and premises contiguous thereto, at d iu the said act moie pirticularly mentioned and desciibcd, and ihe peisonal taxes to be levied towaids the payment of the said debt, ss in the said acl also mentioned, and the receipt aud application thereof for that purpose, as in the same act is also provided, shall remain and be inviolate and in full force, and the payment of ihe principal moneys and interest ou the certificates aud lock intended to be created pursuant to the said act, and this act, aud all certificates and evidences of the title thereof respectively shall be snd continue elTectual and inviolate by tbe means afurestid, until tbe objects and purposes of the said set and tbis present act shall be fully accompli. bed. And for the reasons aforesaid : Be it further enacted. That if a foreigner be holder of any such cettiticates or stock, or otherwise beneficially entitled thereto, the same shall pass to his representatives on bis decease, of whatever nation be may be, in the order of succession established by the laws of the country of which such foreignei was a subject at the lime of bis decease, and shall not be liable lo tbe payment of any fees or charges on the put of any of ihe authorities of said Sta'e, by reason of such de cease, or by rea-oa of the transfer, desceut, or distiibutiou of any such stuck or certificates, thereby occasioned, and lor tbe reasons and with the view to induce such coufi lence as afoiesaid: Be it further enacted, That all slock lo be created, snJ all certificates and other instruments of title to be issued i i pursuance of the said act, aud all principal moneys and interest thereby respectively secured shall not be molested or impaired, snesteJ, or attached by the State of Indiana. Sec 15. And Whebeas By the eighth section of tbe said act, it is declared that if tbe State at any time there after becomes the bolder of any of the sail stock, she may at her election, deem it to be extinguished, or she may regatd it as still outstanding, and be tntitled to receive and dtaw upon il whatever of interest the tolls and revenues of the said caual may pay upon it: And Whereas, Any reissue of such slock or of the ceitificates to be issued in pursuance of the said recited act or this act, will prejudicially affect the value of the residue theieof which shall be outstanding in the bands of the public, and also deter holders from becumiug subscribeis to the sail intended advance on or before the lint day of Mar, 1347, as is provided iu the second section of this act: Be it enacted. That whenever the State shall become the bolder of any of the said bonds, ceitificates, or special stock, such bonds, certificates, or special stock, shall nut be reissued on any account whatever, and the particulars in writing of all such last mentioned stock, and the numbers, dates, and amounts of all such last mentioned bond', ceitificates, or special stock, shall from time to time be lendeied by some competent officer of the said State to the trustees, fur Ihe guidance and iofoimalion of the latter: Prodded, never thelest. That in other respects the same shall stand upon the same fooling as if held by individuals, and tbe State shall be entitled to receive and draw upon such of the said bonds or certificates, or special stock, as shall be chaigeable on the tolls and revenues of the sail canal, whatever the tol's and tevenues of the said canal may pay upon it or them Irom time to time, by way of interest or otiiei wise, as iu the said eighth section of tbe said act is mentioned. Sec. 16. A wo Whereas, By the ninth section of the said act, it is (amotii other things) enacted that "before Ihe deed cf trust therein ptoriJoJ to be given shall be delivered to the said lrutee, the said subsciibers to the said advance shall pay over t the said trustees certain per centime ou the amount of their said subscription, and theieaftet from lime to time is further sums shall be nerded for the prosecution of the said canal, they shall on the requisition of tbe said trustees, pay over to them such sum or sums as they may rail for, nut exceeding, how, ver, at any one time, five per cent, on the entire subsciip'ion, and if the said subvciiber for the space of ninety diys after any such call by the said trustees, shall fail to pay the sum or sums sj iequired, they thll forfeit all tbe sums previously advanced, and also all the priority sod preference which by the said act is given them." Abo Whereas Justice requires that all subscribers to the said advance shall have re rsonable notice of such calls in the said act mentioned, especially those who are not resident wilhiu the UuiteJ States, previously to in curring the foifeituies in the said act also mentioned t Aso WucacAS, Djubt may arise as to the legal eff.ct of such foifeituies, and it is expedient to remove the same: Now thereor be it enacted. That whenever any call or calls shall be inide by the said trustees in pursuance of the said act, the said trustees shall cause notice theieof to be thrice inserted ii the Londou Gazette and " Times" newspaper, aud in two of the piinciptl New York daily journals, stating ihe amounts of such call, and the tine aud place to be appointed for payment theieof; snd it is hereby declared that the said ninety days at the expiration of which such fjifcilure is to be incu red, in default of payment as in the said act mcniiwed, shall commence and be computed from, the date of the London Gazette in which the third of such advertisements shall be inserted, and not before, any thing in the said act to the contrary notwithstanling. And in oider to remove the doubts hereinbefore mentioned as to the effect of such calls, and any foleituie to accrue ia lespect thereof as aforesaid : Be it enae'ed. That in case of such call so lo be made and adveitised ss aforesaid, time shall be deemed to be of the essence of the contract, and the defaulting paity shall foifeit ali sums previously advanced by him as iu tbe said act mentioned, and also all the piiority and preference therein al-o mentioned ; and all conti act, claim, i iht, or demand (if any ) in lespect of the subscription iu the said ninth aeeiion of the said act mentioned shall, as between the said State of Indiana and such defaulting party, and as between the said trustees f.r the time being and the sai.l party, theteupon cease, be at an end, and absolutely determined. Sec 17. Aud Whebeas, By the sixth section of the said j recited act.il is (amon other things) requite J that such; sums of money shall be subscribed as shall ' insure the com-1 ptetion of the said canal to Lvajisnlle, and all necessary side-cuts, feeders, feeder-dams, reservoirs, and all side-cuts which may be hereafter, particularly mcuWoned, within four years from the taking effect of this act: Ajd Whekeas, By the said ninth section of the said recite! act, it is (among other thiugs) enacted, that "if oy reasou of the failuie of tbe said subscribeis to make said advances theteint.efore mentioned, the said trustees shall oit be able lo effect the completion of the said canal within the period thereinbcfoie mentioned, then a id ia that case the lands and propel ty thereby grauted to the said trustees, shall revert back to and become tbe property of the State: " And Whekeis, It may happen that the said trustees may not be able to effect the completion of the said canal wiihin tbe period so limited as aforesaid, without any default of the said subscribers, but by reason of naluiat or local causes or calamilies, beyond tbe control of the sail trustees, or the misfeasance, absence, or incapacity of any officer to be appointed by the State, it is expedient that just aud reasonable allowance should be made for tbe same as heieiuafter next mentioned r Nqw therefore be it enacted, That in case ths completion of the said canal, or any of the works belonging theiet or connected therewith, shall at any time be obstructed, retarded, injured, d imaged, or destioyeJ, by stirm, tempest, burticane, inundation, tire, civil or military commotion, foreign invasion, or othei unavoidable acci lent, or by ths misfeasance, illness, incapacity, absence, voluntary or involuntary negligence, or other acts of omission, ur co nmision, on the part of any officer to be named and appointed by the State in pursuance of the said act, then, and in eveiy such case, all just and due allowances s'.all be made for tbe same, aud the time daring wbicb such works shall be suiu'iid,d, or wbich shall be necessarily occupied ia the restoration or repair thereof from the causes aforesaid, or any of them, shall be omitted out of the computation of the said period of four years limited by the said act for the completiou of the said caual, anything in the said act to the contrary notwithstanding) sd Whekeas, By the act of Congress of the third of March, 1815, donating to the State tbe lands in the Vincenues land office district, in tbe said original act meutioned, it is provided that unless said cioal shall be completed to tbe Ohio liver within fifteen years fiom the passage of said act said State should fee com liable to ths United Slates for th amount for which the same may bve been soldi Ajß

Whiicii, It is desirable tht said canal should be completed to yansvilie afjreiaid at an eaily diy, thereby adding largely to the revenues thereof, tnerea-in Ihe ralue of the taxable propeity vt the State, sol alTirding increased facilities far trade aoJ commerce tbeieiat Therefore, Le it further enacted, Thit if the said truitee shiil.from soy cauve whatever, except as herein provided, fail to complete said caual in the maener and within the time herein specified, that theo and in that case the sail uberiters hall now any longer be entitled Ij receive any piiority or pieference which by the said original or this supplemental act is giveo or intended lit be given t then, but fiom tbencefntb the toils and tevenues of said canal shall be divided ro rata ainoug all owncis or Utl h ddei of cci tificates iucd by virtue of ih,s act, a thoagh uu j ruiity or preference had been given : Ad be it further enacted, That in cae the -aid trustees shall not have fully completed the siil canal to Evin-

ville within the priiod of tea years frvrn the passage of this j act, with the excepüou as to casualties, tie , mentioned in :" etmu, mcu uu m m case me uui uu yivtij j hereby, and iu the said recited act, provided U be granted, shall tevcit back to and become the property of the State, fiee f.otn all liens from any such certificates: Protided, That all deeds of conveyance and cootiacts for the a!e of any of said lands made in good faith prijr to such leversion. sba.l be valid aud effectual as though no such reveision bad occuired. Sec 18. Akd Whereas, By the tenth section of the said recited act, it is (among other things) enacted, that tbe said trustees M shall keep a iccord of all their doings and proceedings, which shall at all times be open to the inspection of the public authorities of the said State:" Asd Wucicai, It is enacted by the same section, " that.the said trustees shall keep a full, just, and true account of all moneys by them received for, ir by reasou of their said trust, anl of their dibuisemenls of the li ne, and shall annually repoit to the legislature the general condition of Ihe said canal and canal lands, and exhibit a full account of their receipts and disbursements," as in the rai l recited act is more particularly mentioned t Aso Whekeas, It is desirable that a mre paiticular supei vision should be kept by the State on the irccipis and disbursements of the said trustees, especially on account of tolls and payments of piincipal or inteiest on canal lands than is contemplated in the said tenth section of said recited act, by a general statement annual to the Leiisiatuie: Tberefoie, Be tt enacted, Firtt That each loll collector, in addition to any icpoi is be may make lo the tiutees, shall repoit to the Auditor of State au abstract of his b.ks once in three months or oftener, if said Audi or may leqnire, as is provided iu serti'io ihiee hundieed and two, chapter thiitecn, of Revised Code of 1S13: Second That said trustees shall report to said auditor semi-annually, vizi Vp to the first days of April and October annually, a minute and detailed statement of their receipts and expenditures, arranged under appropriate heads, accompanied in all cases, when practicable, by the proper voucheis; aud said auditor shall carefully examine said accouuts and make settlement thereof, aud enter the same in the proper books of his office, as is provided in section twenty-four, chapter thirteen, of Revised Code of 1843 r Third Said tiu-tees shall accompany said lepoits with an ab.-tract of all sales of canal lauds; also, an abstiactof all payments of interest and penalties; also, an abstract of paitial payments of piincipal on lands previously sold ; also, an abstiact of all final payments on canal lands, noting the names of tbe several assignees, (if any,) the date of such final payment, and date of patent issu d thereon, and to whom patented i all of which, if found correct, the auditor shall iccoid iu the proper books sf bis office, in the same manner that sales and payments for canal lands have heietofote been kept iu his office; and for the adlitional cleik hire hereby rendered necessary, the trustees shall cause to be paid on tbe pioper voucher of the clerk performing the labor, an amount not exceeding four hundred dollais per annum, payable as similar services ate paid when tendered for said tiutees; and Ihe auditor of SUte shall annually report the condition of said canal fund aud canal land to the legislature ; and it shall be tbe duty of the committee of ways and means to examine and repoit specially in lelalion to said fund. Alto Whereas, It is just aud light that the said subscribers should also be kept advised of tbe doings and proceedings of the said trustees, and of the general condition of tne said canal and canal lands, and of the sales of such lands, aud tbe general receipts aud disbursements of tbe said tiustees i Be it enacted, That the recoids so to be kept by them, the said trustees, as in the said tenth section of the said act mentioned, shall Le open to inspection also, at all convent eut times, of the subscribers and bondholders, snd their agents duly aulhoiized, and that, in addition to tbe annual report by tbe said tenth section of the said act diiected lo be made by the said trustees to the legislature, the said trustees shall at the end of each and every half year duiing the continuance of Ibe said trust, prepare and transmit to th subscribers for the time being, by circular letter, or otherwise, (so far as their respective names and places, of abode can be aseerUined from the tiansfer books to be provided by the Slate and kept in the city of New Yoik, as afoiesiid.) a full, just, and true account of all moneys received by them, for or by reason of their said trust, and of their disbuisements of the same moneys, together with the balances on band and places where deposited, aud of all sales of canal lands, and lulls and revenues received, and of all other receiuts and disburse ments during the half year then Ut past, with such further and other particulars relaive to the said trust and the operations thereof, aud to the said canal and canal lands, as shall enable the subscribers and bondholders for the time being, to understand ihe state aud prospects of tbe said uudeiUking. Sec. 19. And Whebeas, In further pursuance of the pjwer reserved by the said twentieth section cf the said rented act, and in order to enable the said trustees to carry into moie full effect tbe fair and obvious meaning of tbe said act, and the additions and modifications thereto introduced by this present actt Be it enacted, That the several additional amendments, contained in this act, and hereinafter next mentioned, shall be accepted and adopted as part of the said lecited act, and shall have the like full foice and effect in all respects as if the same had been oiiginally enacted by the said lecited act, and bad formed ptrt thereof, that is to say : Amendment A. That iu the ninth section of the saiJ recited act, between tbe woid ' execution " and the words M of the deed,"-there be introduced the words and deliveiy,' so that the said section as amended, shall stand " execution and delivery j " aod that the penalty required in the bond of the trustees, by the tenth section of the act to whic!) this is sup pleinentaiy, be and the same is hereby increased to the sum of one huudied thousand dollars. Amendment B. That in the twelfth section of the said recited act, after the words "and shall assume the payment of," and before the word " interest," tbcie shall be introduced the words " principal an I," so that the said section as amended miy stand thus: Mand shall assume the payment of principal and iotetest." Amendment C. That at the end of tbe fifteenth section of Ihe sa d recited act, and after the woids " alteied or amended by the said board." there be introduced the words, " pro vided that such rules or regulations, or any of them, be not at variance with, or lepugnant t the manner and form of electioa reserved to subsciibeis by the eleventh section of an act entitled" an act supplementary to an act to piovide tor tne lunded debt pi Indiana, and lor tbe completion ol the Wabb and Erie canal to Evansville" mcaaiog and thereby iatenJiug this piesent act Amendment D. That at the end of the eighteenth section of the said act, and after the words "the tat iff of tolls on similar wot ks," there be introduced the words "piovided that no such tolls be at any time reduced in amount by the Slate below the average tolls, from time to time paid or payable by the public on any other similar woiksio the Slates of Ohio, Illinois, and Pennsylvania. Amendment E. That in the twenty-second section of the said recited act, after the word " and shall be subject to he renuved by the Governor during the vacation of ihe Legislatme.or by the Geneial Assembly when, in session," and befire the words " the said engineer before entei ing on bis duties," iheie be introduced the words or in cae of the absence of the Govern ir, or ia case of urgent necessity, and to prevent i nmeliate d image to the said canal or woiks then by tbe trustees for the tune being, or a mjnity of them." Amendment F. That at the end of the twenty-fourth section of the said recited act, and after the words ' and applied accoid.ii'lv." there be introduced the words M aud the tius tees fir the time being m iy prosecute and sue accoidingty; and no plea or other technical obj -cti.in, iu bar or abatement. shall be taken or judicially allowed, so as to deleat such prusecutioa or action, or other proceeding, on the ground of any misnomer, misdescnption of the premises or parlies, or want of inteiest iu the prosecutor or plaiuliff, as tbe case mty be." Amendment G. That al the end of the twenty-seventh section of the said recited act, and after the words " of the Revised Statutes of lb43," there shall be introduced the fol lowing words: "And such offender shall immediately on reasonable evidence taken on oath, of such offence having been committed, and after due notice of the time and place of taking such proof, and a fair opportunity to rebut the same, and a judgment of guilty by the officer or court before whom such examination shll be had, and without waiting for any other legal or moie formal conviction, be, and be deemed and taken to be, absolutely dismissed and diplaceJ fto.n whatever situation he may then hold, and his situation declared vacant, without any particular foim or ceremony whatever, and another and competent person shall be elected in his place and stead, in the same manner io which such offender was originally elected, or as near thereto as circumstances will permit, and by the party or psities by whom he was sj originally elected, whether by the Governor, ihe Gcnersl Assembly, the trustees, or the subscribers." Aaxendme it li. That in the thirty-second section of the said bet, tft.-i the words in Ihe same manner as if this section were not adopted," and before the words "and provided further," there be intioduced the words notifying in wiitisg t the trustees for the subscribers for their guidance and infoimation, ihe nurtiSeis, dates, and amounts of ihe certificates so redeemed, in the same manner as in tbe fifteenth section of the said amended act (roeauing this present act) is provided." Amendment J. That the thiity-fifth section of the said set be snd is hereby amended in so far lhat the State shall Ox the salary of t'te trustee to be named by the State, and the subscribers, oi the maj nity in number and value, (whose cousent shall be ascetlaiued in 'the manner mentioned in the eleventh section of this act) shall fix the salaries of the two tiustees rept eventing the subscribers, u'jjct t the approval of tbe legislature of this State; Provided, however, The said legislature shall never reduce such salary for the resident tiustee, on the part of the subsciibers below twelve hundred dollars, or of ihe non-resident trustees below fifteen hundred dollais. - Amendment K. That instead of section four in tbe said act, ths following section be adopted in lieu thereof: Sec. 4. Tbe stock created pursuant to tbis act shall be transferable only In the city of New Yoik on books to be provided for that purpose by the State, by the holder or holders thereof, or bis, her, or their assignee, or daly constituted attorney, ia. pursuance of. such rules as may be adopted by the sgent of State, or ,may be, prescribed by law j but no transfer shall at aoy time be pefontted except on the sun en-

der and caaeelmeat tf tbe outstanding certificates t Pre vüied, however. That possession) of a ceitificaie of stock, with an endore:nent thereof on the bark, to tbe possessor, purporting to be by the bolder under his band, attested by the bolder under his bxai, attested by two witnesses, shall be deemed a sufficient power of attorney ia all cases to authorize snd warrant ibe agent of Slate to transfer oa tbe books, in the name of such holdsr, such stock to sucn possessor j and the agent of State shall at all times be deemed the agent of tbe parties for making the lraofeis, oder such ciicumstance, and no rule of transfers shall be aaopted by the agent of Stale as prescribed by law, incompatible betewitht Provided further, however. That the State shall ia no case be held responsible for tbe geouineness of such endorsement or attestation ; but the fact that ac endorsement is made on such certificate, attested as aforesaid, accompanied with actual possession of such certificate, shall be sufficient evidence of lUht, and shall be a sufficient warrant to said agent of State for and in tbe name of the bolder of such stock, to transfer the same to the possessor of such certificate, on the surrender and cancellation of tbe same. Amendment L. That the twenty-fifth section of said set be amended bv adding after the words "final payment," the

words ot any instalment oi puichase money," so as to ex- ! tend the time of payment of such instalment for ibe teim of five yeais. Amendment M. That in tbe thirtieth section of the said act, sf er the word ' State," and befoie tbe wotds " for the t.ansaction," there shall be introduced tbe words "and also an office." aad said thirtieth section is hereby further amended so that said trustees shall establish two or more land offices at convenient points in this State. Amendment X. At Ihe end of the thirty-fourth section of the said act, add the following: "And tbe said trustees shall further be required to constiuct and keep in repair such lock: or locks at the dam erected across the west foik of White River, as may be necessary to the unobstructed and sa! navigation of said river; aud keep in like good repair th steamboat lockst feeder dam number four, on the Wabash river; and should the tiustees of said canal require an increased supply of water, said tiustees, should they deem it necessary, may construct a navigable feeder from St. Msry'e riven Prodded, They fi;st pjy all damages accruing from the construction of said feeder." Amendment O. In ihe eighth section of the original act, after ihe word extensions ' and before the word finished," adl the words 44 by whatever other name the same may be now dt signaled." Amendment P. "Any actual settler and oecepant of any of ihe lauds hereby or by the said original act authorized to be conveyed, shall have ihe right and privilege by paying for the sune iu hand, to purchase such tiact of land at one dollar and twenty-five cents per acre." Sec. 20. That in oider to facilitate the sui render and exchange of bonds f r certificates, as regards bondholders lesident in Gieat Biitain or on the continent of Europe, and I avoid the risk of transmis-iou across the ocean, it is hereby enacted that the agent of State shall have power and be is heieby authorized to appoint so.ne suitable peisoo or persons iu London lo receive from subscribers and other bondholders such bonds as they may respectively desiie to exchange for certificates under the provisions of tbe said recited acl and of this act, and such person or persons when so appointed, shall be authorized lu receive all such bonds as nay be teudeied to him. or them in London, for sunender or exchange as aforesaid, and shall forthwith deposit the same ia the baDk of England for interim custody, and shall thereupon, transmit for account of Ihe holders of the said bonds, on such doposit being made as aforesaid, a certificate in writing to that effect to the agent of State afoiesaid, who shall immediately on the teceipt thereof, transmit to such person or persons so by him appointed as aforesaid in London, for the sse of such paityor parties by whom such bonds shall have been deposited, certificates, according to the form and effect prescribed by the said act and this act, in exchange for sach bonds so sui rendered and deposited as aforesaid, and such last mentioned bonds shall thereupon be cancelled in the presence of a notary public, and shall be foi warded, when so cancelled, to the agent of State i and such bonds shall thereupon be utteily void and of no effect: Provided, nevertheiea. That all paiiies availing themselves of tbe puvilege of making such deposit in London as hereinbefore mentioned, and who shill desire to become subscribers on tbe terms herein mentioned, shall, at the time of making such deposite afore said, pay luto the hands ol such peison or persons so appointed by Ihe said agent of State as aforesaid, in London, five per centum on tbe amount of such bonds so by the an sunendered respectively, in part of their subsci iplioos towaids the completion of the said canal; which moneys, when so paid, shall be forthwith remitted, at the expense and risk of such subscriber, by said person or persons ia London, to the said trustees in New Yoik, or tbeir bankers, aud be there placed to tbe credit of the said trust accounts And protided further. That the expense of such agency shall not exceed the sum of five hundred dollars, to be paid by the said trustees out of tbe canal fund. Sec. 21. Akd Whebeas, By the sixth and ninth section of the said recited act it is enacted that if by reason of tbe fiilure of ihe said subscribers to make tbe advances therein racntioued, the said trustees shall not be able o effect the completiou of the said canal within tbe period thereinbefore meutioned, namely, th period of four years from the taking effect of the said act, aud doubts may arise as to tbe construction of the said sixth and ninth sections of the said act by reason of the modifications and alterations as to the said iutended advances cootained in this act: Akd Whekeas, It may happen from unforeseen events that, notwithstanding the bona fide payment and expendilote of the said sum of eight hundred thousand dollars, accoiding to the provisions of this present act, the said canal aud its woiks and extensions mty not be completed within the said term of four years, and justice requites that the said subscribers shall bare reasonable opportunity to complete the same: Be it enacted, That if at the expiiation of four years, to be computed fiom tbe date al which tbe said deed of trust shilt be executed and delivered by the siid Governor to tbe said trustees as in this act mentioned, the said sum of eight hundred thousand dollars so to be subscribed as herein mentioned, shall have been expended by the said trustees io and towards the completion of the said canal and its works and! extensions, but the said canal shall tot, from any cause whatever, have been completed, then and in such case it shall be lawful for a majority of the subscribers for the time being in number and value, personally present, or by sgent duly authorized by proxy at any meeting to be eonveaed and. holden in New York forthat purpose witWin the last three mouths of the last year of the said term of fout years, to be computed as aforesaid, by and on tbe pait of such subscribers, of which one month's previous notice shall have been given by or on the part of the said subscribers in manner in tbe eleventh section of this act provided, or as near theieto as circumstances wilt permit, and full power tad authority is hereby given to the said subscribers for that puipo-e, to tai-e and levy a fuither sum not exceeding five hundred thousand dollars (over and above the said sum of eight hundred thousand dollars to be originally subscribed a neiein mentioned j to be payable at such tiroes and by such, instalments as shall be agreed on at such last mentioned meeting; and the resolutions to be siened by the chairman presiding at such meeting of subsciibers, shall be binding; and conclusive on all the subscribers for the time being whether present or not : And it is hereby further enacted, That on a copy of such resolutions signed by tbe ehaiiman being transmitted to tbe said Governor of Indiana, for the time being, aod ou a sub scripti n to the amount of five per centum on the sail sunt of five huudVed- thousand dollars, or so much as shall be agreed on at such meetiog to be subscribed a aforesaid being paid to the said trustees, the said term of four jear in the said recited act mentioned for the completion of the said canal, shall be, and tne same is hereby declared to be, extended to and fjr the ftither period of two years, to be Computed from the expiration of the said term of fjur years hereinbefore mentioned, making in all the term of six full years from the taking effect of the said actt and tbe trustee, for the time being, acting ia the execution of the said trust,, are required and it is heieby made imperative on them to, issue such and so many new certificates or debentures as. shall cover the said sum of five hundred thousand d "liars, or sj much thereof as it shall be agteed at said meeting to be held as aioiesaid to raise, for the puip se of completing thesaid canal and its woiks and extensions such new certificates. or debentures to be ma le payable to bearer, and to be signed, and verified by the agent of the State of In liam, in the manner meutioned ia ihe second stctiou of tbe said recited act, or as near theieto as circumstances will permit, and at any rate of interest not exceeding six per centum per annum on the principal u.U. sa to be latsed as afoiesaid; and it is hereby declared that such last mentioned sums, and the certificates or debentures representing the same, shall he chargeable only ou such of the canal lands ss are included in tbe grant made by the general government, by the act entitled "An act to graut certain lands to the State of Indiana, tbe better to enable the said Slate to extend and complete tbe Wabash and Erie canal from Terre Haute lo the Ohio river," approved March, 1S43, aud in ihe said recited act more paiticularly mentioned, or oo such pans of tbe said lands aa shall then be unsold and undisposed of, and on Ihe proceeds thereof, when sold, from time to time respectively: and lhs trustees are hereby expressly authorized and required to pay to the holders or prrprietors of such new certificates or debentures such amount of interest thereon, at such rates (not exceeding the rates aforesaid) and at such times as tbe same shall purport to bear and be payable, and also tbe principal moneys secured thereby at such time or times as the same shall by the said new certificates be made payable, but not by way of priority or precedence over the payment of anjr interest or piincipal moneys, with the payment of which the said lands or any ef there, or tbe proceeds thereof, when sold, shall bave been lespectively charged to or ia favor of any other persons whomsoever, upon ot in respect of any other certificates issued ot to be isued or stock created or b be created by the raid icclud act and this act or either of them respectively. Sec 22. The debt which it is the object of the trast ma?ecV by the said recited acl (as amended by this act) to liquidate as in the said act is mentioned, having been contracted under the authority of the State of Indiana, and for the service of the people of th it State, and it being desirable, as well for the credit of tbe State as also in order to establish confidence ia the public in general, and the. subscribers in particular, to secerer the utmost punctuality in the fulfilment of the objects of the saidtrut, it is hereby declared that the tolls and revenues of the siid canal, present and future, and the lands and lotsso conveyed or intended to be conveyed as bereinbefere mentioned, aud tbe proceeds thereof, when sold, shall be aod tbe same are hereby specially pledged to form a distinct and particular fund for the redemption of the stock and certificates, to be issued in pursuauce of tbe said recited act and of this act, aud the said State shall not direct or permit any appropriation to be made of auch tolls and revenues, lands am) proceeds, or any of them, for tbe general purposes of tbe State or otherwise howsoever, other than and except for the purposes of the said trust, as diiected by the said act (as amended by this act) until the said stock and certificates aod all interest thereon shall have been fully paid aod satisfied Out of the tolls and revenues of said canal, or tbe State shall bave redeemed said stock and certificates by the payment of tbe priucipal thereof, the right of doing which, after twenty years from the nineteenth day cf January, 1846, is hereby resetved by the State, as provided ia the acl to wbicb tbj& is an amcnd:nenU