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the first and second sections of the act, entitled "An act in ad- Vol. ii. p.1506. dition to the act regulating the post office establishment," ap- The 1st, 2d, proved February twenty-seventh, one thousand eight hundred 4th, and 5th and fifteen, and the fourth and fifth sections of the same, except act of 27th such parts as relate to steam boats, their masters, or managers, Feb. 1815, repealed, except, and persons employed on board the same, be, and the same are c hereby, repealed.

sections of the

act in

5. That this act shall take effect from and after the thirty-force from 31st first day of March, one thousand eight hundred and sixteen. March, 1816. [Approved, April 9, 1816.]

CHAP, 44. An act to incorporate the subscribers of the Bank of the United States.

Obsolete.
Vol.iii.p. 1736.

2425. 2426.

for the United

1. Be it enacted, &c. That a bank of the United States of vol. iv. p. America shall be established, with a capital of thirty-five millions 2433. 2441. of dollars, divided into three hundred and fifty thousand shares, 2450. 2556. of one hundred dollars each share. Seventy thousand shares, 70,000 shares amounting to the sum of seven millions of dollars, part of the States. capital of the said bank, shall be subscribed and paid for by the United States, in the manner hereinafter specified; and two hun- 280,000 shares for individuals, dred and eighty thousand shares, amounting to the sum of twen- &c. ty-eight millions of dollars, shall be subscribed and paid for by individuals, companies, or corporations, in the manner hereinafter specified.

§ 2. That subscriptions for the sum of twenty-eight millions Subscriptions to be opened of dollars, towards constituting the capital of the said bank, shall on the first be opened on the first Monday in July next, at the following Monday of July, 1816, at the places; that is to say: at Portland, in the District of Maine; at places menPortsmouth, in the state of New-Hampshire; at Boston, in the tioned. state of Massachusetts; at Providence, in the state of Rhode Island; at Middletown, in the state of Connecticut; at Burlington, in the state Vermont; at New York, in the state of New York; at New Brunswick, in the state of New Jersey; at Philadelphia, in the state of Pennsylvania; at Wilmington, in the state of Delaware; at Baltimore, in the state of Maryland; at Richmond, in the state of Virginia; at Lexington, in the state of Kentucky; at Cincinnati, in the state of Ohio; at Raleigh, in the state of North Carolina; at Nashville, in the state of Tennessee; at Charleston, in the state of South Carolina; at Augusta, in the state of Georgia; at New Orleans, in the state of Louisiana; and at Washington, in the District of Columbia. And the said Subscriptions to be opened, subscriptions shall be opened under the superintendence of five under the sucommissioners at Philadelphia, and of three commissioners at perintendence each of the other places aforesaid, to be appointed by the presi- sioners, for 20 dent of the United States, who is hereby authorized to make days. such appointments, and shall continue open every day, from the time of opening the same, between the hours of ten o'clock in the forenoon and four o'clock in the afternoon, for the term of twenty days, exclusive of Sundays, when the same shall be closed, and immediately thereafter the commissioners, or any two of them, at the respective places aforesaid, shall cause two transcripts or copies of such subscriptions to be made, one of which Copies of subthey shall send to the secretary of the treasury, one they shall re- sent to the se

of commis.

scriptions to be

If more than 28,000,000 dolls. have

been subscrib

from the largest.

amount of sub

each place.

Lists to be

made out for the informa

cretary of the tain, and the original they shall transmit, within seven days from treasury, &c. the closing of the subscriptions as aforesaid, to the commissioners at Philadelphia aforesaid. And, on the receipt of the said original subscriptions, or of either of the said copies thereof, if the original be lost, mislaid, or detained, the commissioners at Philadelphia aforesaid, or a majority of them, shall immediately thereafter convene, and proceed to take an account of the said subscriptions. And if more than the amount of twenty-eight millions of dollars shall have been subscribed, then the said last ed, a reduction mentioned commissioners shall deduct the amount of such exto take place cess from the largest subscriptions, in such manner as that no subscription shall be reduced in amount while any one remains Proviso; as to larger: Provided, That if the subscriptions taken at either of the places aforesaid shall not exceed three thousand shares, there shall be no reduction of such subscriptions, nor shall, in any case, the subcriptions taken at either of the places aforesaid be reduced below that amount. And, in case the aggregate amount of the said subscriptions shall exceed twenty-eight millions of dollars, the said last mentioned commissioners, after having apportioned the same as aforesaid, shall cause lists of the said apportioned subscriptions to be made out, including in each list the apportioned subscription for the place where the original subscription was made, one of which lists they shall transmit to the commissioners, or one of them, under whose superintendence such subscriptions were originally made, that the subscribers may thereby ascertain the number of shares to them respectively In case the apportioned as aforesaid. And, in case the aggregate amount do not amount of the said subscriptions made during the period aforesaid, at all to 28,000,000 the places aforesaid, shall not amount to twenty-eight millions to remain open of dollars, the subscriptions to complete the said sum shall be and remain open at Philadelphia aforesaid, under the superintendence of the commissioners appointed for that place; and the subscriptions may be then made by any individual, company, or corporation, for any number of shares, not exceeding, in the whole, the amount required to complete the said sum of twenty-eight millions of dollars.

tion of subscribers.

subscriptions

dolls. they are

at Philadelphia, &c.

companies,

thousand

shares.

7,000,000 of dolls. to be paid in gold or silver coin.

Individuals, § 3. That it shall be lawful for any individual, company, cor&c. may sub-poration, or state, when the subscriptions shall be opened as scribe for three herein before directed, to subscribe for any number of shares of the capital of the said bank, not exceeding three thousand shares, and the sums so subscribed shall be payable, and paid, in the manner following; that is to say: seven millions of dollars thereof in gold or silver coin of the United States, or in gold coin of Spain or the dominions of Spain, at the rate of one hundred cents for every twenty-eight grains and sixty hundredths of a grain, of the actual weight thereof, or in other foreign gold or silver coin at the several rates prescribed by the first section of an act regulating the currency of foreign coins in the United States, passed tenth day of April, one thousand eight hundred and six, and twenty-one millions of dollars thereof in like gold or silver coin, or in the funded debt of the Unitat the rates ed States, contracted at the time of the subcriptions respecspecified. tively. And the payments made in the funded debt of the

21,000,000 of

dolls. in gold

or silver coin,

or funded debt,

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United States, shall be paid and received at the following rates; that is to say: the funded debt bearing an interest of six per centum per annum, at the nominal or par value thereof; the funded debt bearing an interest of three per centum per annum, at the rate of sixty-five dollars for every sum of one hundred dollars of the nominal amount thereof; and the funded debt bearing an interest of seven per centum per annum, at the rate of one hundred and six dollars and fifty-one cents for every sum of one hundred dollars of the nominal amount thereof; together with the amount of the interest accrued on the said several denominations of funded debt, to be computed and allowed to the time of subscribing the same to the capital of the said bank as aforesaid. And the payments of the said subscriptions shall Times and be made and completed by the subscribers, respectively, at the maker of times and in the manner following; that is to say at the time ments. of subscribing there shall be paid five dollars on each share, in gold or silver coin as aforesaid, and twenty-five dollars more in coin as aforesaid, or in funded debt as aforesaid; at the expiration of six calendar months after the time of subscribing, there shall be paid the further sum of ten dollars on each share, in gold or silver coin as aforesaid, and twenty-five dollars more in coin as aforesaid, or in funded debt as aforesaid; at the expiration of twelve calendar months from the time of subscribing, there shall be paid the further sum of ten dollars on each share, in gold or silver coin as aforesaid, and twenty-five dollars more, in coin as aforesaid, or in funded debt as aforesaid.

"the

making pay

the time of

funded debt

of shares, it is

to those enti

4. That, at the time of subscribing to the capital of the Payment at said bank as aforesaid, each and every subscriber shall deliver subscribing; to the commissioners, at the place of subscribing, as well the with a power amount of their subscriptions, respectively, in coin as aforesaid, transfer the of attorney to as the certificates of funded debt, for the funded debt propor- stock to the tions of their respective subscribtions, together with a power of corporation. attorney, authorizing the said commissioners, or a majority of them, to transfer the said stock in due form of law to president, directors, and company, of the bank of the United States," as soon as the said bank shall be organized: Provided Proviso; in always, That if, in consequence of the apportionment of the case of a sur plus of payshares in the capital of the said bank among the subscribers, in ments, after an the case, and in the manner, hereinbefore provided, any sub- apportionment scriber shall have delivered to the commissioners, at the time of to be returned subscribing, a greater amount of gold or silver coin and funded tled. debt than shall be necessary to complete the payments for the share or shares to such subscribers, apportioned as aforesaid, the commissioners shall only retain so much of the said gold or silver coin and funded debt as shall be necessary to complete such payments, and shall, forthwith, return the surplus thereof, on application for the same, to the subscribers lawfully entitled thereto. And the commissioners, respectively, shall deposite the The gold and gold and silver coin, and certificates of public debt, by them ser coin and respectively received as aforesaid from the subscribers to the paid in, to be deposited in a capital of the said bank, in some place of secure and safe keep- safe place, to ing, so that the same may and shall be specifically delivered and be afterwards transferred, as the same were by them respectively received, to delivered. VOL. III.

175

silver

certificates

specifically

compensation

the president, directors, and company, of the bank of the United States, or to their order, as soon as shall be required after the Reasonable organization of the said bank. And the said commissioners to the commis- appointed to superintend the subscriptions to the capital of the said bank as aforesaid, shall receive a reasonable compensation for their services, respectively, and shall be allowed all reasonable charges and expenses incurred in the execution of their trust, to be paid by the president, directors, and company of the bank, out of the funds thereof.

sioners.

The U. States

the funded

debt.

may sell the

funded debt subscribed.

5. That it shall be lawful for the United States to pay and may redeem redeem the funded debt subscribed to the capital of the said bank, at the rates aforesaid, in such sums, and at such times, as shall be deemed expedient, any thing in any act or acts of conAnd the bank gress to the contrary thereof notwithstanding. And it shall also be lawful for the president, directors, and company, of the said bank, to sell and transfer for gold and silver coin, or bullion, the funded debt subscribed to the capital of the said bank as aforeProviso; but said: Provided always, That they shall not sell more thereof not more than than the sum of two millions of dollars in any one year; nor any one year; sell any part thereof at any time within the United States, withnor within the out previously giving notice of their intention to the secretary of the treasury, and offering the same to the United States for the period of fifteen days, at least, at the current price, not exceeding the rates aforesaid.

2,000,000 in

U. States

without notice, &c.

ry to subscribe

on behalf of

&c.

ver coin, or stock of the U. States, bearing an in

cent. &c.

The secretary 6. That, at the opening of subscription to the capital stock of the treas of the said bank, the secretary of the treasury shall subscribe, or cause to be subscribed, on behalf of the United States, the said the U. States, number of seventy thousand shares, amounting to seven millions To be paid for of dollars as aforesaid, to be paid in gold or silver coin, or in in gold or sil- stock of the United States, bearing interest at the rate of five per centum per annum; and if payment thereof, or of any part thereof, be made in public stock, bearing interest as aforesaid, terest of 5 per the said interest shall be payable quarterly, to commence from the time of making such payment on account of the said subscriptions; and the principal of the said stock shall be redeemable in any sums, and at any periods, which the government shall The secretary deem fit. And the secretary of the treasury shall cause the cerof the treasury tificates of such public stock to be prepared, and made in the tificates of the usual form, and shall pay and deliver the same to the president, directors, and company, of the said bank, on the first day of January, one thousand eight hundred and seventeen; which said stock it shall be lawful for the said president, directors, and company, to sell and transfer, for gold and silver coin or bullion, at Proviso; but their discretion: Provided, They shall not sell more than two not more than millions of dollars thereof in any one year.

to cause cer

stock to be

prepared and delivered to the bank, &c.

2,000,000 dolls.

in one year.

ers incorporat

ed.

7. That the subscribers to the said bank of the United The subscrib- States of America, their successors and assigns, shall be, and are hereby, created a corporation and body politic, by the name and style of "the president, directors, and company, of the bank of the United States," and shall so continue until the third day of To continue March, in the year one thousand eight hundred and thirty-six, till 3d March, and by that name shall be, and are hereby, made able and capable, in law, to have, purchase, receive, possess, enjoy, and re

Name and style of the corporation.

1836.

of dolls, inclu

tain, to them and their successors, lands, rents, tenements, here- Property of ditaments, goods, chattels, and effects, of whatsoever kind, na- tion limited to the corpora ture, and quality, to an amount not exceeding, in the whole, 55000,000 fifty-five millions of dollars, including the amount of the capital ding capital. stock aforesaid; and the same to sell, grant, demise, alien, or dispose of; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all state courts having competent jurisdiction, and in any circuit court of the United States: and also to make, have, and use, a common seal, A common and the same to break, alter, and renew, at their pleasure: and also to ordain, establish, and put in execution, such by-laws and May establish ordinances, and regulations as they shall deem necessary and by-laws. convenient for the government of the said corporation, not being contrary to the constitution thereof, or to the laws of the United States; and generally to do and execute all and singular the acts, matters, and things, which to them it shall or may appertain to do; subject, nevertheless, to the rules, regulations, restrictions, limitations, and provisions, hereinafter prescribed and declared.

seal.

sident, &c,

rectors on the

January in

each year.

Proviso; a di

rector in any

8. That, for the management of the affairs of the said cor- Twenty-five directors; five poration, there shall be twenty-five directors, five of whom, be- to be appointing stockholders, shall be annually appointed by the president ed by the preof the United States, by and with the advice and consent of the senate, not more than three of whom shall be residents of any Election of dione state; and twenty of whom shall be annually elected at the first Monday banking house in the city of Philadelphia, on the first Monday of of January, in each year, by the qualified stockholders of the capital of the said bank, other than the United States, and by a plurality of votes then and there actually given, according to the scale of voting hereinafter prescribed: Provided always, rector in this, That no person, being a director in the bank of the United not to be a diStates, or any of its branches, shall be a director of any other other, bank. bank; and should any such director act as a director in any other bank, it shall forthwith vacate his appointment in the direction of the bank of the United States. And the directors, so duly appointed and elected, shall be capable of serving, by virtue of such appointment and choice, from the first Monday in the month of January of each year, until the end and expiration of the first Monday in the month of January of the year next ensuing the time of each annual election to be held by the stockholders as aforesaid. And the board of di- Board of directors, annually, at the first meeting after their election in choose a preeach and every year, shall proceed to elect one of the direct-sident. ors to be president of the corporation, who shall hold the said office during the same period for which the directors are appointed and elected as aforesaid: Provided also, That the first Proviso; as to appointment and election of the directors and president of the ment and elecsaid bank shall be at the time and for the period hereinafter de- tion. clared: And provided also, That in case it should at any time Proviso; the happen that an appointment or election of directors, or an elec- corporation tion of the president of the said bank, should not be so made solved for deas to take effect on any day when, in pursuance of this act, fect of electhey ought to take effect, the said corporation shall not, for that day; but they

rectors to

first appoint

not to be dis

tions on the

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