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The Board of Fund Commissioners was created under an "Act to establish and maintain a general system of internal improvements," approved February 27, 1837 (L. 1837, p. 121). The board consisted of three commissioners elected biennially by the General Assembly. They contracted for and negotiated all loans authorized by the General Assembly for internal improvements and signed and executed all bonds or stock certificates issued for such loans. Monies received from the proceeds of the loans were deposited at the State Bank of Illinois and the Bank of Illinois at
Shawneetown. These deposits were used to pay drafts issued on the Fund Commissioners by the Board of Commissioners of Public Works for expenditures on internal improvement projects or purchases of land. Under an act of 1839 the Fund Commissioners also were empowered to purchase and furnish the iron, machinery, and other materials requisitioned by the Board of Commissioners of Public Works for the projects (L. 1839, p. 89).
In 1840 the Board of Fund Commissioners was abolished and replaced by a single Fund Commissioner, also elected biennially by the General Assembly (L. 1840, p. 93). He assumed the duties formerly exercised by the commissioners and was responsible for auditing and settling their accounts and those of the Board of Commissioners of Public Works. When the Board of Auditors was established in 1841 to settle the unpaid accounts of contractors on internal improvement projects, that board was authorized to draw drafts on the Fund Commissioner for any approved settlements (L. 1841, p. 38).
Legislation passed in 1843 abolished the Office of Fund Commissioner and designated the Governor to succeed as Ex Officio Fund Commissioner (L. 1843, pp. 147-148). The Governor was instructed under subsequent acts to issue state bonds and stock in various attempts to settle the large internal improvement and canal debt. He also was involved in making settlements with former contractors, engineers, commissioners of public works, and Fund Commissioners and in the leasing and sales of property of the various internal improvement projects. The Governor continued to function as Fund Commissioner until nearly all the internal improvement debt was paid; the last appropriation to his office for the expenses of a secretary to the Fund Commissioner was made in 1875 (L. 1875, p. 26).
492.001
MINUTES OF BOARD MEETINGS. May 1, 1837-March 1, 1841. 1 partial vol. No index.
Minutes of regular quarterly meetings of Fund Commissioners concern procurement of loans for internal improvements, subscription to stock of the Bank of Illinois at
Shawneetown, deposits with the Bank of Illinois and the State Bank, issuance of checks by commissioners, and the appointment and salary of a secretary to the board.
492.002
CORRESPONDENCE. April 4, 1837-January 31, 1840. 1 vol. and 1 partial vol. Index.
Correspondence primarily with Board of Commissioners of Public Works, presidents and cashiers of the State Bank of Illinois and the Bank of Illinois at
Shawneetown, Auditor of Public Accounts, Governor, General Assembly, and state agents to sell bonds and make interest payments principally concerns payments made to commissioners, engineers, and contractors; purchase of equipment, machinery, and supplies for various internal improvement projects; procurement of loans for internal improvements; sales and interest payments for state bonds; subscription to bank stock; and reports to the General Assembly and Governor.
492.003
CASH ACCOUNTS. April 1837-February 1840. 1 partial vol. No index.
Chronological accounts are of receipts and disbursements made by Fund Commissioners. They include date and amount of receipt or disbursement, name of payee or
payor, cause for receipt (e.g., sales of state bonds) or disbursement (e.g., right-of-way purchases, payments to contractors for estimates and construction, interest payments on state bonds, purchases of locomotives and passenger and freight cars), name of internal improvement project involved, name of Commissioner of Public Works in charge of project, and the number of the draft on which paid.
Also included are lists of various state bonds and other indebtedness canceled by Fund Commissioners (1838-1846) including internal improvement and canal bonds and scrip, Illinois Bank and internal improvement stock, new internal improvement stock, and interest bonds of 1847.
Entries are posted to LEDGERS, RS 492.004.
492.004
LEDGERS. July 1837-August 1847. 2 vols. Index.
Ledgers consist of balanced accounts of receipts and disbursements of Fund Commissioners (1837-1840), Fund Commissioner (1840-1843), and Governor as Ex Officio Fund Commissioner (1843-1847). Entries are arranged under headings for each of the Commissioners of Public Works for drafts issued by them; each internal improvement project (e.g., railroads, river improvements) for work and supplies provided; various banks on account of interest and principal on state bonds; employees and contractors on various projects for salaries, supplies, and labor performed; counties for allotments provided to those which did not contain a state-sponsored internal improvement project; and private individuals for payments of damages or purchase of rights-of-way. Entries include date and amount of receipt or disbursement, name of payee or
payor, and amount and cause of payment.
Entries posted from CASH ACCOUNTS, RS 492.003 and RS 492.013.
492.005
ACCOUNT WITH BANK OF ILLINOIS AND CANCELED CHECKS. June 1838-July 1841. 0.1. cu. ft. No index.
Statement of Fund Commissioners in account with the Bank of Illinois at Shawneetown details deposits made and checks cashed at the bank. Canceled checks are included for June 1838-November 1839 and contain serial number and date of issue, name of payee, amount paid, Fund Commissioners' signatures, signature of secretary to commissioners indicating that check was registered, and usually endorsement by payee on reverse of check.
492.006
LEDGER OF FUNDS DEPOSITED IN BANKS. April 15, 1837-November 1, 1839. 1 vol. No index.
Ledger consists of Fund Commissioners' accounts of monies deposited in the State Bank of Illinois and the Bank of Illinois at
Shawneetown. Entries for credits to accounts include date of credit and cause (i.e., deposit, dividend on deposits). Debit entries, usually made for checks presented for payment, include check number, date of issue, name of payee, and date presented at bank and cashed.
492.007
REGISTER OF STOCK ISSUED FOR PUBLIC BUILDINGS. August 1839. 1 partial vol. No index.
Register of state bonds issued on account of public buildings (i.e., first Springfield State House) includes date of issue, serial number, and face value for each bond. Occasionally included are undated remarks on the return and cancellation of bonds (e.g., paid in for state land, taken up by Fund Commissioners).
492.008
BOARD OF PUBLIC WORKS PAPERS. 1837-1840. 0.25 cu. ft. No index.
Papers include summaries and reports concerning vouchers submitted and drafts issued by Commissioners of Public Works on Fund Commissioners for various internal improvement projects; agreements for purchase of state bonds; printed copies of 1839 chancery court proceedings to recover illegally obtained bonds; incoming and outgoing correspondence with the Governor, purchasers of state bonds, and Commissioners of Public Works; and reports to the General Assembly and the Governor.
Papers also include copies of rules and ordinances passed by Board of Public Works regarding establishment of engineering districts and central office, duties of board and each Commissioner of Public Works, and salaries for board and its employees and summary reports on construction progress of the first Springfield State House and the Illinois and Michigan Canal (1839).
492.009
CORRESPONDENCE. February 17, 1840-August 25, 1843; January 30, 1845. 1 vol. Index.
Fund Commissioner's correspondence, primarily with former Commissioners of Public Works, contractors and engineers on internal improvement projects, Governor, Auditor of Public Accounts, General Assembly, holders of state bonds, and state agents appointed to sell bonds and make interest payments principally concerns delivery of supplies and completion of Northern Cross Railroad; lease or sale of railroads and other property; settlement of accounts with contractors; sale, surrender, or cancellation of state bonds and other indebtedness; and replacement of lost scrip or bonds with duplicate certificates. Also included is a small amount of Governor Thomas Ford's correspondence received or sent as Ex Officio Fund Commissioner.
492.010
PAPERS FILED FOR SETTLEMENT OF CLAIMS ON CONTRACTS AND DAMAGES TO PROPERTY. 1840-1843. 0.75 cu. ft. No index.
Papers primarily consist of vouchers filed by former Commissioners of Public Works and statements filed by contractors and damage claimants which contain detailed accounts of work performed and materials supplied for various internal improvement projects or of damages to property caused by projects. Attached to each settled voucher or claim is canceled draft of payment to claimant. Drafts include date and number of draft, name of payee, amount of payment, name of project on which charged, and signatures of president of Board of Public Works (through 1841) and Fund Commissioner. Claims also include signed statement by claimant that payment had been received and account settled.
492.011
RECORD BOOK CONCERNING COMPLETION OF NORTHERN CROSS RAILROAD. 1841-1844. 1 vol. Index.
Volume contains copies of documents concerning completion of Northern Cross Railroad between Springfield and Jacksonville including appointment of agents to superintend completion, bids submitted by contractors for construction, and ledger of contingency fund for expenses showing date and amount of disbursements for such causes as engineering, blacksmithing, purchase of lumber, and salaries of agents,
axmen, and rodmen. Also included are correspondence between Fund Commissioner and engineers or contractors regarding construction and payments for labor and materials.
492.012
REGISTER OF INTEREST BONDS HYPOTHECATED TO MACALISTER AND
STEBBINS. May 1, 1841. 1 partial vol. No index.
Register is of interest bonds hypothecated to Charles Macalister and Henry Stebbins by the Fund Commissioner under an act of December 16, 1840 (L. 1840, p. 167) includes date of issue, serial number, and value of each bond. Frequent undated remarks indicate that bonds were taken up by the Governor and canceled.
492.013
CASH ACCOUNTS. March 1840-February 1843. 1 partial vol. No index.
Chronological accounts are of receipts and disbursements made by the Fund Commissioner and include date and amount of receipt or disbursement, name of payee or
payor, and causes for receipt (e.g., sales of internal improvement land, freight, passage on or rental of railroads, sales of state bonds) or disbursement (e.g., payments made on original drafts issued by Fund Commissioners with substituted drafts, salaries and expenses for completing and operating the railroad line, printing).
Entries are posted to LEDGERS, RS 492.004.
492.014
STUB BOOK FOR SUBSTITUTE DRAFTS ISSUED. March 1840-January 1841. 21 vols. No index.
Stub books for substitute drafts issued by Fund Commissioner include for each draft serial number and date of issue, serial number or original draft on which issued, and name of Commissioner of Public Works who issued draft.
For REGISTER OF SUBSTITUTE DRAFTS ISSUED see RS 492.015.
492.015
REGISTER OF SUBSTITUTE DRAFTS ISSUED. 1840-1843. 1 vol. and 1 partial vol. No index.
Register is of substitute drafts issued by the Fund Commissioner in place of original drafts. Entries include date and number of original draft; whether special or ordinary; project for which draft issued; name of commissioner who issued draft; and serial numbers, quantity, and denominations of substitute drafts. For substitute drafts that were later canceled entries also include serial numbers and value of drafts and amount of interest accrued at time of cancellation.
For STUB BOOK FOR SUBSTITUTE DRAFTS ISSUED see RS 492.014.
492.016
PLAN FOR PAYING OFF STATE DEBT WITHOUT FURTHER TAXATION. Ca. 1842. 1 partial vol. No index.
Proposed plan developed by the secretary to the Fund Commissioner calls for the establishment of a sinking fund. Plan consists of a schedule for payment of debt which itemizes interest that would accrue. Included are summaries of Illinois and Michigan Canal debt (i.e., value of outstanding stock and scrip) and resources (i.e., value of land, buildings, and other canal property owned by state along with amounts due for land purchases) and other internal improvement debt (i.e., value of outstanding stock and scrip) and resources (i.e., values of land purchased 1837-1839 for internal improvement projects, city lots in Cairo, 1842 federal donation of land for internal improvements, and completed portions of Northern Cross and Central Railroads).
492.017
FUND COMMISSIONER PAPERS. 1840-1843. 0.5 cu. ft. No index.
Papers include accounts submitted by contractors, employees, and Commissioners of Public Works for settlement of claims for work performed on various internal improvement projects; damage claims submitted by private property owners; vouchers filed by Commissioners of Public Works showing amounts of work done by various contracts; statements and reports regarding importation of railroad iron, including rails, splicing plates, and spikes with amount of duty paid on each shipment; abstracts of internal improvement scrip received and canceled; receipts for interest payments made on state bonds; accounts with various banks; and reports to the General Assembly and Governor regarding settlement of claims and state debt.
492.018
EXECUTIVE REGISTER OF GOVERNOR'S ACTIONS AS EX OFFICIO FUND COMMISSIONER. April 1843-September 1869. 1 partial vol. No index.
Register records official actions taken by the Governor primarily in his role as Ex Officio Fund Commissioner. Activities concern receipt of internal improvement bonds and scrip, settlements with former Fund Commissioners and contractors on internal improvement projects, leasing of the Northern Cross Railroad, leases or sales of Quincy House and buildings owned by the state in Warsaw and Springfield, sales of various railroads, and bonds and scrip received for payments on sales of state land. Also included are a receipt of swamp land selection list with acknowledgment that list was forwarded to Auditor of Public Accounts, proclamation issued regarding election of the House of Representatives, and commissions of individuals to represent Illinois at the World's Fair in Paris, France (1855).
492.019
REGISTER OF OLD BONDS AND SCRIP SURRENDERED FOR SUBSCRIPTION TO A $1.6 MILLION ILLINOIS AND MICHIGAN CANAL LOAN. Ca. 1843. 1 vol. No index.
Register is of old indebtedness surrendered by persons subscribing to canal loan as authorized under an act of February 21, 1843 (L. 1843, p. 54). Entries for each surrendered certificate include serial number and date of issue, names and titles of state officials who signed surrendered certificate, date interest on surrendered certificate was to commence, and name of subscriber to loan.
492.020
REGISTER OF CERTIFICATES ISSUED TO SUBSCRIBERS TO A $1.6 MILLION ILLINOIS AND MICHIGAN CANAL LOAN. September 1843-February 1845. 1 partial vol. No index.
Register is of certificates of canal indebtedness issued under an act of February 21, 1843 to subscribers to a canal loan. Entries for each certificate include date of issue, serial number, and value of certificate; name of individual to whom issued; section of the canal on which the award was made; date on which interest commenced; and signature of subscriber acknowledging receipt of certificate. Frequently included are undated indications that certificates later were canceled.
492.021
REGISTER OF SUBSCRIBERS TO A $1.6 MILLION ILLINOIS AND MICHIGAN CANAL LOAN WHO WERE ENTITLED TO PRIORITY OF PAYMENT. July 1845-June 1846. 1 vol. No index.
Register is of subscribers to a canal loan who were entitled to priority of payment out of canal trust property and fund. Listing for each subscriber include date each listing compiled; serial numbers, dates of issue, and values of each scrip or bond held; names and titles of officials who signed scrip or bonds; and dates on which interest payments were to start.
492.022
RECORD OF ILLINOIS AND MICHIGAN CANAL CERTIFICATES OF INDEBTEDNESS REGISTERED BY AMERICAN SUBSCRIBERS TO A $1.6 MILLION LOAN. September 13, 1847-April 29, 1858. 1 vol. Index.
Record consists of a list of canal indebtedness certificates registered by American subscribers to a $1.6 million loan under an act of February 27, 1847 allowing them the same privileges as those conferred upon foreign subscribers (L. 1847, p. 22). Entries for each registered certificate include date of issue and serial number, names and titles of officials who signed certificate, and date on which interest commenced.
492.023
REGISTER OF BONDS ISSUED TO PUT STATE BANK OF ILLINOIS INTO LIQUIDATION UNDER AN ACT OF JANUARY 24, 1843. January 13, 1846. 1 partial vol. No index.
Register is of bonds issued August 14, 1845 under an 1843 act to diminish the state debt and put the State Bank of Illinois into liquidation (L. 1843, p. 21). Included for each bond issued are serial number and face value of bond, indications that Governor and Secretary of State signed them, and rate of interest. Also included are statements that certain bonds were surrendered to the Governor and canceled (1852).
492.024
REGISTER OF CERTIFICATES OF INDEBTEDNESS SURRENDERED AND CANCELED. 1842-1846. 1 vol. No index.
Register consists of lists of certificates of indebtedness surrendered to the state, canceled, and destroyed. Entries include serial number, date of issue, and value of certificate; quantity of interest coupons attached; and names and titles of officials who signed certificate. Lists are included for internal improvement bonds issued in 1839, state bonds and scrip received in payment for state land sales, interest bonds issued in 1847, canal and internal improvement scrip, and Illinois Bank and internal improvement stock issued in 1837.
492.025
REGISTER OF INDEBTEDNESS SURRENDERED FOR NEW INTERNAL IMPROVEMENT STOCK AND INTEREST BONDS. September 13, 1847-July 23, 1858. 1 vol. No index.
Register is of old certificates of state indebtedness surrendered under an act for refunding the state debt (L. 1847, p. 161). Entries for each surrendered certificate include date of issue and serial number, names of state officials who signed certificate, amount of principal due on surrendered certificate, serial number of new internal improvement stock issued for principal, amount of interest due on surrendered certificate, serial number of interest bond issued for interest, name of individual or institution to which new certificate issued, and date old certificate surrendered. Also included are some correspondence of the Governor regarding surrendered certificates and issuance of new stock and bonds.
492.026
STUB BOOK FOR INTEREST CERTIFICATES ISSUED. July 1847. 1 vol. No index.
When certain types of indebtedness, such as scrip, were surrendered with no interest coupons attached, interest certificates were issued to the holder specifying the amount of interest due on the old indebtedness. The interest certificates were then exchanged for new interest bonds. Entries for each interest certificate issued include serial number and value of certificate, name of individual to whom issued, and indication that certificate was registered.
492.027
REGISTER OF ILLINOIS AND MICHIGAN CANAL BONDS ISSUED. 1847-1859. 1 vol. No index.
Register is of canal bonds issued under an act of February 22, 1847 (L. 1847, p. 165). Included are bond serial numbers, names of individuals to whom issued, and dates bonds registered. Beginning 1853 entries expand to include descriptions of old certificates of canal indebtedness surrendered for new bonds, amount of principal due on old certificate, serial number and value of new bond issued for principal, amount of interest accrued on old certificate, serial number and value of interest certificate issued for interest, name of individual to whom new canal bond and interest certificate issued, and date new bond and interest certificate registered.
492.028
REGISTER OF INTEREST CERTIFICATES ISSUED ON ILLINOIS AND MICHIGAN CANAL BONDS. July 1, 1847. 1 vol. No index.
Register of certificates issued on canal bonds includes dates of issue, serial numbers, face values, and names of individuals to whom certificates were issued.
492.029
REGISTER OF CANAL INDEBTEDNESS CERTIFICATES ISSUED TO CONTRACTORS FOR THE ILLINOIS AND MICHIGAN CANAL. February 1847-January 1849; 1861. 1 partial vol. No index.
Register is of certificates of canal indebtedness issued under an act of February 16, 1847 to pay the balances due canal contractors (L. 1847, p. 24). Entries for each certificate include date of issue, serial number, value, name of individual to whom issued, section of the canal on which the award was made, date on which interest commenced, and signature of contractor acknowledging receipt of certificate. Register frequently includes undated indications that certificates later were canceled.
Volume also contains registers of other bonds and certificates of indebtedness issued including certificates issued to certain canal contractors for interest due under an act of March 1, 1847 (L. 1847, p. 50), payments based on recommendations made by the board of commissioners to settle claims of contractors on the Illinois and Michigan Canal made in 1861 (L. 1861, p. 212), and several settlements made with individuals receiving awards under private acts of the General Assembly.
492.030
REGISTER OF INTERNAL IMPROVEMENT SCRIP MARKED GENUINE. February 1848-January 1855. 1 vol. No index.
List is of internal improvement scrip which was presented to the Fund Commissioner, marked genuine, and registered as such. Entries include date scrip issued, serial numbers of draft and scrip, value of scrip, date interest commenced, name and title of official who signed scrip, date scrip registered, and name of person making registry.
492.031
REGISTER OF INTEREST STOCK OF 1857 ISSUED. 1857-1859. 1 vol. and 1 partial vol. Index.
Register consists of descriptions of interest coupons and certificates surrendered for interest stock under an act of April 18, 1857 (L. 1857, p. 104). Included are serial numbers and dates of issue of surrendered certificates, serial numbers of interest stock certificates issued for them, values of new certificates, names of individual to whom issued, and dates certificates registered. Surrendered certificates and coupons included Illinois and Michigan Canal scrip, canal interest certificates, and interest coupons from Illinois and Michigan Canal bonds and new internal improvement stock of 1847. Also included are undated indications that new certificates were later refunded or redeemed by the state.
492.032
CANCELED CHECKS FOR INTEREST PAYMENTS ON NEW INTERNAL IMPROVEMENT STOCK AND INTEREST BONDS. July 1848-December 1854. 0.75 cu. ft. No index.
Checks for interest payments on new internal improvement stock and interest bonds were issued by Wadsworth and Sheldon, state agents, on the Bank of Commerce in New York. Each check contains date of issue and serial number, name of payee, amount paid, signature of agents, and usually the payee's endorsement on back of check.
Stub books for new internal improvement stock interest payments were filed with the Auditor of Public Accounts. See RS 105.108.
492.033
ACCOUNTS WITH INTEREST-PAYING AGENTS IN NEW YORK AND LONDON. August 1846-July 1854. 1 vol. No index.
Accounts are with various agents in New York and London who were appointed by the Governor to make payments on behalf of the state for interest on state bonds. Accounts include dates and amounts of disbursements for interest; amounts charged by agents for salaries, commissions, postage, advertising, and other expenses; and dates and amounts of compensation sent to agents by the Governor. Bonds on which interest was paid include Illinois and Michigan Canal bonds, stock for public buildings, and bank and internal improvement stock.
492.034
PAPERS. 1843-1869. 1.5 cu. ft. No index.
Papers include reports to Governor by the Board of Auditors regarding claims allowed; settlements with former contractors, engineers, and Commissioners of Public Works; purchases of railroad iron by private interests; statements on buildings and other property bought for internal improvement projects and accounts with agents responsible for conducting sales of such property; vouchers submitted by agents appointed to pay interest on internal improvement bonds and Illinois and Michigan Canal bonds; interest certificates on canal scrip; settlements with Charles Macalister and Henry Stebbins including bonds originally issued to them which were surrendered; and statements on funding of the Thornton Loan for canal construction.
492.035
RECORD BOOKS OF SENATE COMMITTEE TO INVESTIGATE STATE INDEBTEDNESS. 1859-1872. 2 vols. No index.
Record is of Senate Finance Committee which was instructed under a Senate resolution adopted February 17, 1859 to investigate the condition and origin of the state's indebtedness. Included are minutes of the committee (February 17, 1859-November 10, 1860) and tabular statements showing quantities and values of all outstanding certificates of state indebtedness. Minutes concern laws authorizing issuance of bonds and scrip, funding of the Illinois and Michigan Canal and other internal improvement projects, and methods of clearing remaining debt. Statements were prepared for 1859-1860 and show all outstanding certificates including those for the Illinois Bank and internal improvement stock, Illinois and Michigan Canal stock and bonds, new internal improvement stock, interest bonds of 1847, liquidation bonds of 1849, bonds originally issued to Charles Macalister and Henry Stebbins in 1841, canal and internal improvement scrip, stock issued for public buildings, and war bonds. Statements also show certificates that were surrendered to the state (1860-1872) including serial numbers, quantities, and values of surrendered certificates.
These records are available at the Illinois State Archives, Office of the Secretary of State.
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