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January, 1815. ANDERSON, and THOMPSON, were appointed the customs," in the 4th line, the following words: committee.
and for whose acts and doings in their office the The bill, entitled "An act for the relief of Bar-collector so appointing them shall be answerable rington Barkelow, administrator of Mary Rap to any person thereby injured :" it was determined pleyea," was read a third time, and passed. in the negative-yeas 11, nays 18, as follows:
The bill, entitled "An act for the relief of John YEA5-Messrs. Daggett, Fromentin, German, GoldsBrahany," was read a third time, and passed. borough, Gore, Horsey, Hunter, King, Lambert, Mason,
The bill, entitled "An act for the relief of Wil and Thompson. liam Arnold,” was read a third time, and passed. Nays-Messrs. Anderson, Barbour, Bibb, Chace,
The bill concerning field officers of the militia Condit, Gaillard, Giles, Kerr, Lacock, Morrow, Robwas read a third time, and passed.
inson, Smith, Tait, Taylor, Turner, Varnum, Walker, The amendments to the bill, entitled "An act and Wharton. supplementary to the act, entitled 'An act laying And the amendments reported by the select duties on licenses to retailers of wines, spirituous committee having been agreed to, the President liquors, and foreign merchandise, and for other reported the bill to the House accordingly. purposes," was read a third time as amended. On the question, Shall the amendments be en
Resolved, That this bill pass with amendments. grossed, and the bill read a third time as amended ?
On motion, by Mr. Taylor, it was agreed to it was determined in the affirmative. amend the title, by inserting, in the first line, after the word "aci," and before "laying," "to amend the act."
Monday, January 30. The Senate resumed the consideration of the The Senate resumed, as in Committee of the report of the committee to whom were referred Whole, the consideration of the bill, entitled "An the petitions of numerous citizens of the States act giving further time to purchasers of public of New Hampshire, Massachusetts, Connnecticut, laods to complete their payments ;” and, no North Carolina, and Ohio, praying Congress to amendment having been proposed, it passed to a prohibit the transportation and opening of the third reading. mail on the Sabbaih. Whereupon,
The Senate resumed, as in Committee of the Resolved, That at this time it is inexpedient 10 Whole
, the consideration of the bill
, entitled "An interfere and pass any laws on the subject matter act attaching to the Canton districi, in the State of the several petitions praying the prohibition of of Ohio, the tract of land lying between the foot transportation and opening of the mail on the of the rapids of the Miamni of Lake Erie, and the Sabbath.
Connecticut Western Reserve;" and, no amendThe Senate resumed the bill making appropri- ment having been proposed, it passed to a third ations for repairing or rebuilding the public build reading: ings within the City of Washington; and on
Mr. Horsey, from the committee to whom the motion, by Mr. Smith, the consideration thereof subject was referred, reported a bill to allow a was further postponed to Monday next.
drawback of duties on spirits distilled, and cerThe Senate resumed, as in Committee of the tain goods, wares, and merchandise, manufacWhole, the consideration of the bill in addition lured within the United States; and ihe bill was to the act to regulate the laying out and making read, and passed to the second reading. a road from Cumberland, in the State of of Mary
The Senate resumed, as in Committee of the land, to the State of Ohio; and, no amendment Whole, the consideration of the bill, entitled "An having been proposed, the bill was ordered to be act to alter and amend the several acts for estabengrossed and read a ihird time.
lishing a Navy Department, by adding thereto a INTERCOURSE WITH THE ENEMY.
Board of Commissioners, together with theamend
ments reported thereto by ihe select committee; Mr. Giles, from the committee to whom was and, on motion by Mr. Smith, the further considreferred the bill, entitled "An act to prohibit in- eration thereof was postponed until to-morrow, tercourse with the enemy, and for other purposes," On motion, by Mr. Lacock, the consideration reported it with amendments; which were read, of the bill making appropriations for repairing or and considered as in Committee of the Whole. rebuilding the public buildings within the City
On the question to agree to the amendment of Washington was postponed to, and made the proposed by the select committee, " to strike out order of the day for, Wednesday next. of the amendments the proviso to the end of the
The amendments to the bill, entitled "An act to 5th section of the bill,” it was determined in the prohibit intercourse with the enemy, and for other affirmative-yeas 17. nays 12, as follows: purposes," was read a third time, as amended. YEAS—Messrs. Anderson, Barbour, Bibb, Chace,
Resolved, That this bill pass with amendments. Condit, Gaillard, Giles, Kerr, Lacock, Morrow, Robin
The bill in addition to the act to regulate the son, Tait, Taylor, Turner, Varnum, Walker, and laying out and making a road from Cumberland, Wharton.
in the State of Maryland, to the State of Ohio, Nars-Messrs. Daggett, Fromentin, German, Golds- was read a third time; and on motion, by Mr. borough, Gore, Horsey, Hunter, King, Lambert, Ma-Smith, to fill the blank with one hundred thous son, Smith, and Thompson.
sand,” it was determined in the affirmative, as On motion, by Mr. Mason, to amend the 5th follows: section of the bill, by inserting, after the word Yeas—Messrs. Bibb, Brown, Chace, Condit, Fro-,
Bank of the United States.
mentin, Gaillard, Goldsborough, Horsey, Kerr, Mor Public credit might indeed be expected to derive adrow, Smith, Tait, Taylor, Turner, Varnum, Walker, vantage from the establishment of a National Bank, and Wharton.
without regard to the formation of its capital, if the full Nars-Messrs. Barbour, King, Lambert, Mason, aid and co-operation of the institution were secured to Robinson, Thompson, and Wells.
the Government during the war, and during the period Resolved, That this bill pass, and that the title of its fiscal embarrassments. But, the bank proposed thereof be "An act in addition to the act to reg will be free from all legal obligation to co-operate with ulate the laying out and making a road from Cum the public measures; and whatever might be the paberland, in the State of Maryland, to the State of triotic disposition of its directors to contribute to the
removal of those embarrassments, and to invigorate the Ohio." Mr. Giles, from the Committee on Military general interest of the institution, according to their
prosecution of the war, fidelity to the pecuniary and Affairs, to whom was referred the bill, entitled estimate of it, might oblige them to decline a connex"An act for the better regulation of the Ordnance ion of their operations with those of the National Treadepartment," reported it with amendments.
sury, during the continuance of the war and the diffiMr. Giles, from the same committee, to whom culties incident to it. Temporary sacrifices of interest, was referred the bill, entitled "An act to author- though overbalanced by the future and permanent ize the purchase of a tract of land for the use of profits of the charter, not being requirable of right in the United States," reported it with an amend behalf of the public, might not be gratuitously made, ment.
and the bank would reap the full benefit of the grant, BANK OF THE UNITED STATES.
whilst the public would lose the equivalent expected The following Message was received from the from it. For it must be kept in view, that the sole PRESIDENT OF THE UNITED STATES:
inducement to such a grant, on the part of the public,
would be the prospect of substantial aids to its pecuni. To the Senate of the United States:
ary means at the present crisis, and during the sequel Having bestowed on the bill, entitled “An act to of the war. It is evident that the stock of the bank incorporate the subscribers to the Bank of the United will, on the return of peace, if not sooner, rise in the States of America,” that full consideration which is market to a value which, if the bank were established due to the great importance of the subject, and dictated in a period of peace, would authorize and obtain for by the respect which I feel for the two Houses of Con- the public a bonus to a very large amount. In lieu of gress, I am constrained, by a deep and solemn convic- such a bonus the Governinent is fairly entitled to, and tion that the bill ought not to become a law, to return ought not to relinquish or risk, the needful services of it to the Senate, in which it originated, with my objec- the bank, under the pressing circumstances of war. tions to the same.
2. The bank, as proposed to be constituted, cannot Waiving the question of the Constitutional author be relied on during the war, to provide a circulating ity of the Legislature to establish an incorporated bank, medium, nor to furnish loans, or anticipations of the as being precluded, in my judgment, by repeated rec- public revenue. ognitions, under varied circumstances, of the validity Without a medium, the taxes cannot be collected; of such an institution, in acts of the Legislative, Exec- and, in the absence of specie, the medium understood utive, and Judicial branches of the Government, accom to be the best substitute is that of notes issued by a panied by indications, in different modes, of a concur National Bank. The proposed bank will commence rence of the general will of the nation; the proposed and conduct its operations under an obligation to pay bank does not appear to be calculated to answer the its notes in specie, or be subject to the loss of its charpurposes of reviving the public credit, of providing a Without such an obligation, the notes of the national medium of circulation, and of aiding the Trea- bank, though not exchangeable for specie, yet resting sury by facilitating the indispensable anticipations of on good pledges, and performing the uses of specie, in the revenue, and by affording to the public more dura- the payment of taxes, and in other public transactions, ble loans.
would, as experience has ascertained, qualify the bank 1. The capital of the bank is to be compounded of to supply at once a circulating medium, and pecuniary specie, of public stock, and of Treasury notes convert- aids to the Government. Under the fetfers imposed ible into stock, with a certain proportion of each of by the bill, it is manifest that, during the actual state which every subscriber is to furnish himself.
of things, and probably during the war, the period The amount of the stock to be subscribed will not, particularly requiring such a medium and such a reit is believed, be sufficient to produce, in favor of the source for loans and advances to the Government, public credit, any considerable or lasting elevation of notes for which the bank would be compellable to give the market price, whilst this may be occasionally de- specie in exchange could not be kept in circulation. pressed by the bank itself, if it should carry into the The most the bank could effect, and the most it could market the allowed proportion of its capital consisting be expected to aim at, would be to keep the institution of public stock, in order procure specie, which it may alive by limited and local transactions, which, with the find its account in procuring, with some sacrifice on interest on the public stock in the bank, might yield a that part of its capital.
dividend sufficient for the purpose, until a change from Nor will any adequate advantage arise to the public war to peace should enable it, by a flow of specie into credit from the subscription of Treasury notes. The its vaults, and a removal of the external demand for it, actual issue of these notes nearly equals at present, to derive its contemplated emoluments from a safe and and will soon exceed, the amount to be subscribed to full extension of its operations. the bank. The direct effect of this operation is simply On the whole, when it is considered that the proto convert fifteen millions of Treasury notes into fif. posed establishment will enjoy a monopoly of the teen millions of six per cent. stock, with the collateral profits of a National hank for a period of twenty years ; effect of promoting an additional demand for Treasury that the monopolized profits will be continually grow, notes, beyond what might otherwise be negotiable. ing, with the progress of the national population and
JANUARY, 1815. wealth ; that the nation will, during the same period, 234 instant, and returned by the President on the be dependent on the notes of the bank for that species 30th instant, with objections. of circulating medium, whenever the precious metals
The said bill was read, and is as follows: may be wanted, and at all times for so much thereof as may be an eligible substitute for a specie medium ; and An Act to incorporate the subscribers to the Bank of that the extensive employment of the notes in the col
the United States of America. lection of the augmented taxes will, moreover, enable
Be it enacted by the Senate and House of Reprethe bank greatly to extend its profitable issues of them, sentatives of the United States of America in Conwithout the expense of specie capital to support their gress assembled, That a Bank of the United States of circulation; it is as reasonable as it is requisite, that America shall be established, the capital stock of which the Government, in return for these extraordinary con- shall be thirty millions of dollars, divided into three cessions to the bank, should have a greater security for hundred thousand shares, of one hundred dollars each attaining the public objects of the institution than is share; and that subscriptions for thirty millions of dolpresented in the bill, and particularly for every practi- lars, towards constituting the said capital stock, shall cable accommodation, both in the temporary advances be opened, on the last Monday of February next, at necessary to anticipate the texes, and in those more the following places, viz: at Portland, in Maine, Portsdurable loans which are equally necessary to diminish mouth, in New Hampshire, Windsor, in Vermont, the resort to taxes.
Boston, Providence, New Haven, New York, New In discharging this painful duty of stating objections Brunswick, in New Jersey, Philadelphia, Baltimore, to a measure which has undergone the deliberations the City of Washington, Richmond, Raleigh, Charlesand received the sanction of the two Houses of the Na- ton, Savannab, Lexington, in Kentucky, Nashville, in tional Legislature, I console myself with the reflection Tennessee, Chillicothe, in Ohio, and New Orleans, that, if they have not the weight which I attach to under the superintendence of the following persons, as them, they can be constitutionally overruled; and with commissioners to receive the same: at Portland, Mata confidence that, in a contrary event, the wisdom of thew Cob, Isaac Isley, Joshua Wingate, junior; at Congress will hasten to substitute a more commensu- Portsmouth, John Goddard, Nathan'l A. Haven, Henry rate and certain provision for the public exigencies. S. Langdon; at Windsor, Elias Lyman, William Lev
JAMES MADISON. eret, Eleazer May; at Boston, Israel Thorndike, Thos. WASHINGTON, January 30, 1815.
H. Perkins, William Gray, Aaron Hill, Samuel Brown;
at Providence, Seth Wheaton, Ebenezer K. Dexter, The Message was read, and on motion, by Mr. Henry Smith; at New Haven, Abraham Bishop, Wil. Вівв,
liam W. Woolsey, Henry Jones ; at New York, Robert Ordered, That it be printed for the use of the Troup, William Paulding, junior, Robert Lenox, John Senate, and that to-morrow, at twelve o'clock, Jacob Astor, Samuel Tooker, Isaac Bronson, Henry the Senate will proceed to consider the bill, enti- A. Coster; at New Brunswick, James Vanderpool, tled " An act to incorporate the subscribers to the John Bray, Peter Gordon; at Philadelphia, Jared InBank of the United States of America," which gersoll, Thomas M. Willing, Stephen Girard, Chandler has been returned by the President of the United Price, Anthony Taylor, John Sergeant, Cadwallader States, with objections.
Evans; at Baltimore, James A. Buchanan, Henry
John Mason, Robert Brent, John P. Van Ness; at
Richmond, Benjamin Hatcher, John Brockenborough,
John Preston; at Raleigh, Sherwood Haywood, BevMr. Tait, from the Committee on Naval Af- erly Daniel, William Peace; at Charleston, John C. fairs, to whom was referred the bill, entitled "An Faber, Thomas Jones, Stephen Elliot, Charles B. act concerning Weston Jenkins and others," re- Cochran, Thomas Blackwood; at Savannah, John ported it without amendment.
Bolton, Charles Harris, James Johnson; at Lexington, On motion, by Mr. ANDERSON, the considera- in Kentucky, Charles Wilkins, Lewis Sanders, John tion of the amendments of the House of Repre- H. Morton; at Nashville, Robert Weakly, Felix Grunsentatives to the bill, entitled “An act to extend dy, John R. Bedford; at Chillicothe, Samuel Finley, the time of Oliver Evans's patent for his im- Thomas James, William McFarland; at New Orleans, provement on steam engines," was further post- Dominick H. Hall, Benjamin Morgan, Paul Lanuse, poned until 10-morrow.
Thomas L. Harman, and William Flood; which subThe bill, entitled "An act giving further time scriptions shall continue open every day, from the time to the purchasers of public lands to complete of opening the same, from ten o'clock in the forenoon, their payments," was read a third time, and until four o'clock in the afternoon, until the Saturday passed.
following, at four o'clock in the afternoon, when the The bill, entitled "An act attaching to the Can- same shall be closed; and immediately thereafter, the con district, in the State of Ohio, the tract of land commissioners, or any two of them, at the respective lying between the foot of the rapids of the Miami places aforesaid, shall cause two transcripts or fair of Lake Erie, and the Connecticut Western Re- copies of such subscriptions to be made; one of which serve," was read a third time, and passed.
they shall send to the Secretary of the Treasury, one
they shall retain, and the original shall, within three BANK OF THE UNITED STATES. days from the closing of the same, be by the said com
missioners transmitted to the said commissioners at Agreeably to order, the Senate proceeded to Philadelphia, or to one of them : and, on the receipt reconsider the bill passed by the iwo Houses, en thereof, the said commissioners at Philadelphia, or any titled " An act to incorporate the subscribers to three of them, shall immediately thereafter convene the Bank of the United States of America,” which and proceed to take an account of the said subscripwas presented for approbation on Monday, the I tions; and if more than the amount of thirty millions
Senate. of dollars shall have been subscribed, then the said last | aforesaid ; and thirteen dollars thirty-three cents and mentioned commissioners shall apportion the same one-third of a cent in the public debt of the United among the several subscribers, according to their sev. States, contracted or to be contracted, as aforesaid : eral and respective subscriptions; Provided, however, at the expiration of four calendar months after the That such commissioners shall, by such apportionment, time of subscribing there shall be paid the further sum allow and apportion to each subscriber at least one of three dollars thirty-three cents and one third of a share; and, in case the aggregate amount of the said cent on each share, in gold or silver coin; ten dollars subscriptions shall exceed thirty millions of dollars, the in the Treasury notes aforesaid ; and six dollars sixtysaid commissioners, after having apportioned the same six cents and two-thirds of a cent in the public debt as aforesaid, shall cause lists of the said apportioned of the United States, contracted or to be contracted as subscriptions to be made out, including in each list the aforesaid : at the expiration of six calendar months apportioned subscription for the place where the ori- from the time of subscribing there shall be paid the ginal subscription was made, one of which lists shall further sum of three dollars thirty-three cents and one be transmitted to the commissioners, or to one of the third of a cent on each share, in gold or silver coin; ten commissioners, under whose superintendence such sub-dollars in the 'Treasury notes aforesaid ; and six dollars scriptions were originally made, that the subscribers sixty-six cents and two-thirds of a cent in the public may ascertain from them the number of shares appor- debt of the United States, contracted, or to be contracttioned to such subscribers respectively; and, if the ed, as aforesaid : at the expiration of eight calendar amount of thirty millions of dollars shall not be sub- months from the time of subscribing there shall be paid scribed during the period aforesaid, at all the places the further sum of three dollars thirty-three cents and aforesaid, the subscription to complete the said sum one-third of a cent, in gold or silver coin ; ien dollars shall afterwards be and remain open at Philadelphia, in the Treasury notes aforesaid; and six dollars sixtyunder the superintendence of the suid commissioners six cents and two-thirds of a cent in the public debt of appointed at that place, and the subscription may be the United States, contracted, or to be contracted, as then made by any corporation, copartnership, or person, aforesaid. And the subscriptions in public stock and for any number of shares not exceeding the amount Treasury notes, as aforesaid, shall be taken and credrequired to complete the said sum of thirty millions of ited for the principal and so much of the interest thereof, dollars. And, in case of the death, or refusal to serve, respectively, as shall have accrued on the day of subof any of the commissioners aforesaid, it shall be lawful scribing the same. And, at the time of subscribing to for the President of the United States to supply the the capital stock of the said bank, as aforesaid, each vacancy or vacancies thus created, by appointing some
and every subscriber shall deliver to the commissioners, suitable person or persons.
at the place of subscribing, as well the specie amount Sec. 2. And be it further enacted, That it shall be of their subscriptions, respectively, as the certificates of lawful for any person, copartnership, or body politic; spectively, together with a power of attorney authori
stock for the stock proportion of their subscriptions, reto subscribe for so many shares of the said capital stock zing the said commissioners, or a majority of them, to of the said bank, as he or they shall think fit, not ex- transfer the said stock, in due form of law, to " The ceeding three thousand shares, except as is hereinafter President, Directors, and Coinpany, of the said Bank provided for the subscription on behalf of the United of the United States of America, as soon as the said States, and the sums respectively subscribed, except bank shall be organized ; and, also, Treasury notes for on behalf of the United States, as is hereinafter the proportion of the subscriptions, respectively; pay. provided, shall be payable in the manner following; able in Treasury notes as aforesaid : Provided, always, that is to say: five millions of dollars thereof in gold That if, in consequence of the apportionment of shares or silver coin of the United States, or of foreign coin in the said bank among the subscribers, in the case at the value heretofore established by the act of Con- and in the manner hereinbefore prescribed, any subgress, entitled “An act regulating the currency of for- scriber shall have delivered to the commissioners, at eign coins," passed the 10th day of April, one thou the tiine of subscribing, a greater amount of specie, sand eight hundred and six ; ten millions of dollars stock, and Treasury notes, than shall be necessary to thereof in gold or silver coin, as aforesaid, or in the complete the payments for the share or shares to such public debt of the United States, contracted by virtue subscriber, apportioned as aforesaid, the commissionof the act of Congress, entitled “ An act authorizing a loan for a sum not exceeding eleven millions of dol; and Treasury notes, as shall be necessary to complete
ers shall only retain so much of the said money, stock, lars,” passed the fourteenth day of March one thousand such payments, and shall forthwith return, on applicaeight hundred and twelve, or contracted, or to be con. I tion for the same, the surplus thereof to the subscriber tracted, by virtue of any subsequent act and acts of Congress heretofore passed, authorizing a loan or loans;
lawfully entitled thereto. And the commissioners reand fifteen millions of dollars thereof in gold and silver spectively shall deposite the gold and silver, certificates coin, or in Treasury notes, issued under the act of Con; ceived, as aforesaid, from the subscribers to the said
of stock, and Treasury notes, by them respectively regress, entitled “An act to authorize the issuing notes,' passed the thirtieth day of June, one thousand eight the same may and shall be specifically delivered and
bank, in some place of secure and safe keeping, so that hundred and twelve, or issued under the authority of transferred, as the same were by them respectively reany subsequent act or acts of Congress, authorizing, or ceived, to the said President, Directors, and Company, which shall authorize, Treasury notes to be issued, of the said Bank of the United States of America, or previously to the final closing of the subscriptions to the said bank. And the said payment shall be made
to their order, as soon as shall be required after the and completed in the sums and at the times here organization of the said bank. inafter declared, that is to say: at the time of sub
Sec. 3. And be it further enacted, That the United scribing there shall be paid six dollars and sixty-six States may, at any time before the expiration of this cents and two thirds of a cent on each share, in gold act, in pursuance of any law which may be passed by or silver coin; twenty dollars in the Treasury notes Congress for that purpose, cause to be subscribed, for
13111 Con. 30 Sess.-7
may deem fit.
JANUARY, 1815. the use of the United States, to said bank, fifty thousand scription aforesaid on the part of the United States,) additional shares, to be paid in public stock, bearing notice thereof shall be given by the persons under an interest of four per cent. per annum, redeemable in whose superintendence the subscriptions shall have any sums, and at any periods, which the Government been made at Philadelphia, in at least two public news
papers, printed in each of the places where subscripSec. 4. And be it further enacted, That whenever tions shall have been made; and the said persons shall, and as often as any of the Treasury notes, subscribed at the same time, and in like manner, notify a time as aforesaid, to the said capital stock of the said bank, and place within the said city of Philadelphia, at the shall be due and payable, it shall be lawful for the distance of at least twenty days from the time of such Secretary of the Treasury (and he is hereby authorized notification, for proceeding to the election of directors and required) to pay and redeem the same, principal as aforesaid; and it shall be lawful for such election to and interest, by causing certificates of public stock for be then and there made. And the persons who shall an equal amount, bearing an interest of six per cent. be then and there chosen as aforesaid, shall be the first per annum, and redeemable in any sums, and at any directors, and shall proceed to elect one of their numperiods, which the Government may deem fit, to be ber president of the said corporation, and they shall prepared and made in the usual form, and the same to be capable of serving by virtue of such choice until the be delivered to the president and directors of the said end and expiration of the first Monday of January next bank, in satisfaction and discharge of such Treasury ensuing the time of making the same, and shall forthnotes.
with, thereafter, commence the operations of the said Sec. 5. And be it further enacted, That the sub- bank, at the said city of Philadelphia : Provided, alscribers to the said Bank of the United States of Amer. | ways, That in case it should at any time happen that ica, their successors and assigns, shall be, and are an election of directors and president of the said hereby created, a corporation and body politic, by the corporation should not be made upon any day when, name and style of “The President, Directors, and Com- in pursuance of this act, they ought to be made, the pany, of the Bank of the United States of America,” said corporation shall not for that cause be deemed to and shall so continue until the third day of March, in be dissolved; but it shall be lawful on any other day the year one thousand eight hundred and thirty-five; to hold and make an election of directors and presiand by that name shall be, and are hereby made, able dent of the said corporation, (as the case may be,) in and capable in law, to have, purchase, receive, possess, such manner as shall have been regulated by the byenjoy, and retain, to them and their successors, lands, laws and ordinances of the said corporation; and un rents, tenements, hereditaments, goods, chattels, and til such election be so made, the directors and president, effects, of whatsoever kind, nature, and quality, to an
for the time being, shall continue in office; And proamount not exceeding in the whole thirty-five millions vided also, That, in case of the death, resignation, or of dollars, including the amount of the capital stock removal, of the president of the said corporation, the aforesaid ; and the same to sell, grant, demise, alien, or directors shall proceed to elect another president: And dispose of, to sue and be sued, plead and be impleaded, provided, also, That in case of the death, resignation, answer and be answered, defend and be defended, in all or absence from the United States, or removal of a dicourts and places whatsoever ; and also to make, have, rector from office, the vacancy shall be supplied by the and use, a common seal, and the same to break, alter, stockholders. and renew, at their pleasure ; and, also, to ordain, Sec. 8. And be it further enacted, That the direcestablish, and put in execution, such by-laws and ordi- tors, for the time being, shall have power to appoint such nances, and regulations, as they shall deem necessary officers, clerks, and servants, under them, as shall be and convenient, for the government of the said corpo- necessary for executing the business of the said corporation, not being contrary to the Constitution and laws ration, and to allow them such compensation for their of the United States; and generally to do and execute services respectively, as shall be reasonable ; and shall all and singular the acts, matters, and things, which to be capable of exercising such other powers and authorithem it shall or may appertain to do; subject, never- ties for the well governing and ordering of the affairs theless, to the rules, regulations, restrictions, limita- of the said corporation, as shall be prescribed, fixed, tions, and provisions, hereinafter prescribed and de- and determined, by the laws, regulations, and ordinan. clared.
ces of the same. Sec 6. And be it further enacted, That, for the Sec. 9. And be it further enacted, That the followmanagement of the affairs of the said corporation, there ing, restrictions, limitations, and provisions, shall form shall be twenty-five directors, who shall be elected at and be fundamental articles of the constitution of the the banking house in Philadelphia, on the first Monday said corporation, to wit: of January, in each year, by the stockholders or propri- 1. The number of votes to which the stockholders etors of the capital stock of the said corporation, and by shall be entitled, in voting for directors, shall be accorda plurality of votes then and there actually given, ac- ing to the number of shares he, she, or they respeccording to the scale of voting hereinafter prescribed. tively, shall hold, in the proportions following, that is And the directors, so duly chosen, shall be capable of to say : for one share and not more than two shares, serving by virtue of such choice, until the end or ex. one vote; for every two shares above two and not expiration of the first Monday in January next ensuing ceeding ten, one vote; for every four shares above ten the time of such election, and no longer : Provided, and not exceeding thirty, one vote; for every six shares always, That the first election and appointment of di- above thirty and not exceeding sixty, one vote; for rectors shall be at the time, and for the period, herein- every eight shares above sixty and not exceeding one after declared.
hundred, one vote; and for every ten shares above one Sec. 7. And be it further enacted, That, as soon as hundred, one vote. But no person, copartnership, or the sum of twelve millions of dollars in gold and silver body politic, shall be entitled to a greater number than coin, and in the public debt and Treasury notes, shall thirty votes; and after the first election, no share or have been actually received on account of the subscrip- shares shall confer a right of voting, which shall have tions to the said capital stock, (exclusively of the sub- I been holden three calendar months previous to the day