holders, such bonds as they may respectively desire to exchange for certificates, under the provisions of the said recited act and of this act; and such person or persons, when so appointed, shall be authorized to receive all such bonds as may be tendered to him or them in London, for surrender or exchange as aforesaid, and shall forthwith deposit the same in the Bank of England for interim custody, and shall thereupon transmit, for account of the holders of the said bonds, on such deposit being made as aforesaid, a certificate in writing to that effect to the agent of State aforesaid, who shall immediately, on the receipt thereof, transmit to such person or persons so by him appointed as aforesaid in London, for the use of such party or 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 such bonds so surrendered and deposited as aforesaid; and such last mentioned bonds shall thereupon be canceled in the presence of a notary public, and shall be forwarded, when so canceled, to the agent of State; and such bonds shall thereupon be utterly void and of no effect: Provided, nevertheless, that all parties availing themselves of the privilege of making such deposit in London, as herein before mentioned, and who shall desire to become subscribers on the terms herein mentioned, shall, at the time of making such deposit aforesaid, pay into the hands of such person or persons so appointed by the said agent of State aforesaid, in London, five per centum on the amount of such bonds so by them surrendered respectively, in part of their subscriptions towards the completion of the said canal; which moneys, when so paid, shall be forthwith remitted, at the expense and risk of such subscribers, by the said person or persons in London, to the said trustees in New York, or their bankers, and be there placed to the credit of the said trust account: And provided 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 the said canal fund.

SEC. 21. AND WHEREAS, by the sixth and ninth sections of the said recited act it is enacted, that if by reason of the failure of the said subscribers to make the advances therein mentioned, the said trustees shall not be able to effect the completion of the said canal within the period thereinbefore mentioned, namely, the period of four years from the taking effect of the said act, and doubts may arise as to the construction of the said sixth and ninth sections of the said act, by reason of the modifications and alterations as to the said intended advances contained in this act: AND WHEREAS, it may happen, from unforeseen events, that notwithstanding the bona fide payment and expenditure of the said sum of eight hundred thousand dollars, according to the provisions of this present act, the said canal and its works and extensions may not be completed within the said term of four years, and justice requires that the said subscribers shall have reasonable opportunity to complete the same:

Be it enacted, That if at the expiration of four years, to be computed from the date at which the said deed of trust shall be executed and delivered by the said governor to the 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 in and towards the completion of the said canal and its works and extensions, but the said canal shall not, 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 agent duly authorized by proxy, at any meeting to be convened and holden in New York for that purpose, within the last three months of the last year of the said term of four years, to be computed as aforesaid, by and on the part 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 the eleventh section of this act provided, or as near thereto as circumstances will permit; and full power and authority is hereby given to the said subscribers, for that purpose, to raise and levy a further sum, not exceeding five hundred thousand dollars, (over and above the said sum of eight hundred thousand dollars to be originally subscribed as herein mentioned,) to be payable at such times, and by such instalments, as shall be agreed on at such last mentioned meeting; and the resolutions to be signed by the chairman presiding at such meeting of subscribers shall be binding and conclusive on all the subscribers for the time being, whether present or

not.

And it is hereby further enacted, That a copy of such resolutions, signed by the chairman, being transmitted to the said governor of Indiana for the time being, and on a subscription to the amount of five per centum on the said sum of five hundred thousand dollars, or so much as shall be agreed on at such meeting to be subscribed as aforesaid, being paid to the said trustees, the said term of four years, in the said recited act mentioned for the completion of the said canal, shall be, and the same is hereby declared to be, extended to and for the further period of two years, to be computed from the expiration of said term of four years herein before mentioned, making in all the term of full six years from the taking effect of the said act: and the trustees for the time being, acting in the execution of the said trust, are required, and it is hereby made imperative on them to issue such and so many new certificates or debentures as shall cover the said sum of five hundred thousand dollars, or so much thereof as it shall be agreed at said meeting to be held as aforesaid to raise, for the purpose of completing the said canal and its works and extensions, such new certificates or debentures to be made payable to bearer, and to be signed and verified by the agent of the State of Indiana, in the manner mentioned in the second section of the said recited act, or as near thereto as circumstances will permit, and at any rate of interest not exceeding six per centum per annum on the principal sums to be raised as aforesaid; and it is hereby declared, that such last mentioned sums, and the certificates or debentures representing the same, shall be chargeable only on such of the canal lands as are included in the grant made by the general government, by the act entitled "An act to grant certain lands to the State of Indiana, the better to enable said State to extend and complete the Wabash and Erie canal from Terre Haute to the Ohio river," approved March, 1845, and in the said recited act more particularly mentioned, or on such parts of the said lands as shall then be unsold and undisposed of, and on the proceeds thereof, when sold,

from time to time respectively: and the trustees are hereby expressly authorized and required to pay to the holders or proprietors of such new certificates or debentures, such amount of interest thereon, at such rates, (not exceeding the rates aforesaid,) and at such times as the same shall purport to bear and be payable, as also the 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 any interest or principal moneys, with the payment of which the said lands, or any part of them, or the proceeds thereof, when sold, shall have been respectively charged to and in favor of any other persons whosoever, upon or in respect of any other certificates, issued or to be issued, or stock created or to be created by the said recited act and this act, or either of them respectively.

SEC. 22. The debt which it is the object of the trust created by the said recited act, (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 that State, and it being desirable, as well for the credit of the State, as also in order to establish confidence in the public in general, and the subscribers in particular, to secure the utmost punctuality in the fulfilment of the objects of the said trust, it is hereby declared, that the tolls and revenues of the said canal, present and future, and the lands and lots so conveyed, or intended to be conveyed, as herein before mentioned, and the proceeds thereof, when sold, shall be, and the same are hereby specially pledged, to form a distinct and particular fund for the redemption of the stock and certificates to be issued, in pursuance of the said recited act and of this act; and the said State shall not direct or permit any appropriation to be made of such tolls and revenues, lands and proceeds, or any of them, for the general purposes of the State, or otherwise howsoever, other than and except for the purposes of the said trust, as directed by the said act, (as amended by this act,) until the said stock and certificates, and all interest thereon, shall have been fully paid and satisfied out of the tolls and revenues of the said canal, or the State shall have redeemed said stock and certificates by the payment of the principal thereof; the right of doing which, after twenty years from the nineteenth day of January, 1846, is hereby reserved by the State, as provided in the act to which this is an amendment.

SEC. 23. The lands selected for the completion of the Wabash and Erie canal west of Tippecanoe, and also the lands selected for the completion of the canal east of Tippecanoe, which were classified before the same were offered for sale, shall be reappraised in manner following: The trustees elected or appointed by this act shall select and appoint one discreet citizen of this State, and the governor shall also select and appoint one of like qualifications, and the two thus selected and appointed shall choose one other person of like qualifications, who shall constitute a board of appraisers, who, or a majority of whom shall be authorized to reappraise said lands, which appraisers shall be so selected or appointed on or before the first day of August next; and before such appraisers shall enter upon the discharge of their duties, they shall each take and subscribe an oath or affirmation faithfully and

impartially to discharge their duties as such appraisers; and it shall be the duty of the auditor of public accounts to make out and have ready for delivery to said appraisers a list of said lands by the said first day of August.

SEC. 24. It shall be the duty of said appraisers to examine all the said lands which shall be unsold, as well as the said lands which have been sold, and which may remain unpaid for, and appraise the same at their true cash value, without regard to any improvements, and report thereof in writing to the auditor of public accounts, and also to the said trustees, on or before the first day of December next. Said unsold lands shall be subject to entry and sale at a price not exceeding such reappraised value, in the same manner, and subject to the same conditions, as now provided by law, as modified by this act and the act to which this is supplemental; and it shall be lawful for the legal holders of any certificate or certificates for any of said lands which may have been sold at the time of such reappraisement and not wholly paid for, to pay to the proper officer and officers, by instalments, as now required by law, the difference between what has been paid therefor and such reappraised value; and upon the payment thereof such holder shall be entitled to demand and receive a deed, as though the full amount specified in said certificate had been fully paid.

SEC. 25. Should any vacancy occur in said board of appraisers by reason of death, resignation or otherwise, it shall be the duty of the person or persons in whom is vested, by said section twenty-three, the appointment of the said appraisers, immediately upon notice thereof, to fill the same, and in the same manner as is in this act provided for the appointment of the original board; and said appraisers, so appointed, shall qualify and act in like manner with, and possess the same powers with, the original appraisers.

SEC. 26. Such appraisers shall be entitled to receive, as a compensation for their services, the sum of three dollars per day for each and every day they may be employed as such; to be paid by such trustees, out of the proceeds of said canal, its lands or revenues.

SEC. 27. It shall be lawful for said trustees to permit the legal holder or owner of any certificate or certificates, or of contracts for the sale of any of said lands heretofore issued, to surrender the same, and divide the tract or tracts of land, specified in such certificate, and receive a deed for such part thereof as may be agreed upon between said trustees and such holder or owner of such certificate: Provided, That such holder or owner shall first prove, by the oath or affirmation of two reputable citizens of his neighborhood, that he is unable to pay the amount unpaid for such tract or tracts, and that the interest of said trustees and State of Indiana will be prejudiced by such surrender and division.

SEC. 28. This act shall be a public act, and shall be liberally construed in all courts of justice, and the State shall and will supply, by future legislation, all such defects (if any) found to exist, as shall enable the trustees aforesaid to carry into full effect the fair and obvious intent of this act; and the governor is hereby required to give all necessary information to the parties interested, and to do any act or thing

which may be necessary to carry this act into effect, or to facilitate any proceedings contemplated by this act.

SEC. 29. And be it further enacted, That the said trustees shall, and it is hereby made their duty to, construct and complete all the feeders, feeder dams, side cuts and reservoirs contemplated in this act to which this is a supplement, contemporaneously with the construction and completion of the main canal: Provided, however, That where said canal has already been so constructed beyond any point where such feeders or side cuts are located and intended to be constructed, as specified in the act to which this is a supplement, it shall be the duty of said trustees to construct and complete all such feeders and side cuts within eighteen months from and after the acceptance of this act, by our bondholders: And be it further provided, That said side cuts shall be constructed of the same capacity with the main canal.

SEC. 30. And be it further enacted, That the said trustees shall erect, construct, and keep in good repair, suitable bridges over all State or county roads crossing, or that may hereafter cross, said Wabash and Erie canal.

ROBERT N. CARNAN,

Speaker of the House of Representatives.
PARIS C. DUNNING,

Approved, January 27, 1847.

President of the Senate.

JAMES WHITCOMB.