The Newhampshire gazetteer — Exeter, N.H., 1791-04-09 00:00:00, page 1

Newhampfhire
EXETER, (New-Hampfoire) Printed and Published by HENRY RANLET, at Nine Shillings per annum.
CONGRESS of the UNITED STATES.
THIRD SESSION.
Begun and held at the city of Philadelphia,
on Monday the sixth of December, one
tboujand seven hundred and ninety.
An ACT to Incorporate the
Subferibers to the Bank of
the United States.
WHEREAS it is conceived that the
establishment of a Bank for the
United States, upon a foundation fuffici
ently extensive to anlwer the purposes
intended thereby, and at the fame time
upon the principles, which afford ade
quate security sot an upright and pru
dent administration thereof, will be ve
ry conducive to the : fuccels ful conduct
ing of the national finances ; will tend
to give facility to the obtaining ofloans,
for the use of the government, in sadden
emergencies ; and will be productive of
considerable advantages to trade and in
duftry in general : Therefore#
BE it enabled bytheSENATE andHous E
if Representatives of the United
Stales of America in Congress afembled,
That a bank of the United States Shall
be established ; the capital flock whjre
of (hall <not exceed ten millions of dol
dars, divided into twenty-five thousand
Shares, each (hare being four hundred
dollars ; and that fubferiptions, towards
confuting the said stock, Shall, on the
firft Monday of April next, be opened at
the city of Philadelphia,under the super.
intendence of such perlons, not less than
three, as (hall be appointed for that purj
pose by the President of the United Spates!
(who is hereby im powered to appoint
the said persons accordingly) which
fubferiptions (hall continue open, until
the whole of the said Stock (hall have
been fubferibed. ..
And be it further enabled. That it mail
be lawful for any person, co-partnership,
or body polick, to fubferibe for such or
so many (hares, as he, the, or they mail
think fit, not exceeding one thqufand,
except as (hall be hereafter directed re
Jativeiy to the United States ; and, that
the sum, refpeftively fubfeeibed, except
on behalf of the United States', (hall be
payable one fourth in gold and Silver,
and three fourths in that part of the pub
lic debt, which, according to the loan
proposed in the fourth and fifteenth lecti
ons of the aft, entitled, 6 An Act mak
ing provision for the debt of the United
States,' Shall bear an accruing interest,
at the time of payment, of fix per cent
um per annum, and Shall also be paya
ble in four equal parts, in the. aforelaid
ratio of specie to debt, at the didance of
fix callendar months from^each other ;
the firft whereof (hall be paid at the time
offubfeription. . .
And be it further enabled, That all
those, who (hall become fubferibers to
the said bank, their successors and as
signs, Shall be, and are hereby created
and made a corporation and body poli
tic, by the name and (file of The Presi
dent, Directors and Company, ast be Bank
of the United States: And (hall so con
tinue until the fourth day of March, one
thcufand eight hundred and eleven. And
by that name, (hall be, and are hereby
made able and capable in law, to have,
purchase, receive, possess, enjoy, and re
tain to them and their successors, lands,
rents, tenements, hereditaments, goods,
chattels, a r d effects of what kind, nature
or quality soever, to an amount, not ex
ceeding in the whole fifteen midi^s o
dollars, including the amount of the ca
pital stock aforesaid ; and the fame to
fell, grant, demise, aliene or difpoie of;
to sue and be feed,plead and be ^plead
ed, answer and be answered, defend and
be defended, in courts of record, or any
other-place whatsoever: And allo to
make, have and use a common seal, and
the fame to break, alter, and renett
their pleasure ; and also to ordain, eftab
liffi, and put in execution,fuch bye-laws,
ordinances and regulations, as (hall seem
necessary and convenient for thegovern
ment of said corporation, not being con
trary to law, or to the constitution there-
SATURDAY, April 9 , 1791.]^
of (for which purpose general meetings
of the Stockholders (hall and may be call
ed by the directors, and in the manner
hereinafter fpecified) and generally to do
and execute all and lingular ads, mat
ters and things, which to them it (hall
or may appertain to do ; fubjea never
theless to the rules, regulations, re
ftridions, limitations, and provisions,
hereinafter prescribed and declared.
And be it further enabled, That for
the well ordering of the affairs of the
said corporation, there (hall be twenty
five dire&ors ; of whom there Shall be
an election, on the firft Monday of Ja
nuary in each year, by the Stockholders
or proprietors of the capital stock of the
said corporation, and by plurality of the
votes actually given ; and thole who Shall
be duly chosen at any election, Shall be
capable of serving as direftors, by vir
tue of such choice, until the end or ex
piration of the Monday of January next
ensuing the time of such election, and
no longer. And the said directors, at
their firft meeting after each election,
shall choose one of their number as Pre
sident.
Provided alivays, and be it further en
abled, That as soon as the sum of four
hundred thousand dollars in gold and
Silver, Shall have been actually received
on account of the fubferiptions to the
said stock, notice thereof Shall be given
by the persons under whole fuperinten
dance the fame (hall have been made, in
at least two public Gazettes printed in
the city of Philadelphia; and the said
persons ffiall, at the fame time, in like
manner, notifiy a time and place within
the said city, at the distance of inety
days from the time of such notification,
for proceeding to the election of direct
ors; and it Shall be lawful for such elec
tion to be then and there made ; and
the persons, who Shall then and there be
chosen, Shall be the firft directors, and
Shall be capable of serving, by virtue of
such choice, until the end or expiration
of the Monday in January next ensuing
the time of making the Same, and Shall
forthwith thereafter commence the ope
rations of the said bank, at the said city
of Philadelphia. — And provided further,
That, in case it Should at any time hap
pen, that an election of directors Should
not be made upon any day when pursu
ant to this ad it ought to have been
made the said corporation Shall not for
that cause, be deemed to be dissolved ;
but it Shall be lawful on any other day,
to hold and make an election of dired
ers in such manner as ffiall have been
regulated by the laws and ordinances of
the laid corporation. And provided lafr
1). That in case of the death, resignati
on, absence from the United States, or
removal of a director, by the Stockhold
ers, his place may be filled up, by a new
choice for the remainder of the year.
X be it further enabled, That the
diredors for the time being Shall have
power to appoint such officers, clerks,
and servants under them as Shall be ne
cessary for executing the business of the
said corporation, and to allow them
such compensation, for their services
refpe&ively, as Shall be roafonabh ; and
Shall be capable of exercising such other
powers and authorities, for the well go
verning and ordering of the affairs of
the said corporation, as ffiall be describ
ed, fixed and determined by the laws,
regulations and ordinances of the fame.
And be it" further enabled, That the
following rules, restrictions, limitations
and provisions, Shall form, and be funda
mental articles of the constitution of the
said corporation, viz. .. ,
T. The number of votes to which each
Stockholder Shall be entitled, (hall be
according to the number of Shares he
Shall hold, in the proportions following :
That is to fay, for one Share and not
more than two Shares, one vote : For
every two Shares above two, and not ex
ceeding ten, one vote : For every four
Shares above ten,and not exceeding thir
ty one vote: For every fix Shares above
thirty, and not exceeding sixty, one.
vote"; For every eight Shares above Sixty,
THE
and not exceeding one hundred, one
vote : And for every ten Shares above
one hundred, one vote ; —But no person,
co-partnerships or body politic (hall be
entitled to a greater number than thirty
votes. And after the firft eledion, no
(hare or ffiares (hall confer a right of
fuffrage, which Shall not have been hol
den three calendrr months, previous to
the day of election. Stockholders actu
ally resident within the United States,
and none other, may vote in elections by
proxy.
11. Not more thanfohree fourths of the
directors in office, exclusive of the Pre
sident, fliall be eligible for the next
focceeding year : But the director who
Shall be President, at the time of an e
ledion, may always be re-eleded.
111. None but a stockholder being a
citizen of the United States, Shall be eli
gible as a direffor.l
IV. No director Shall be intitid to any
emolument, unless the fame Shall have
been allowed by the Stockholders at a
general meeting. The Stockholders Shall
make such com penfation to the President
for his extraordinary attendance at the
bank, as Shall appear to them reasona
ble. ;
V. Net less than seven directors (hall
constitute a board for the tranfattion of
business, of whom, the president Shall
always be one, except in cale of sickness
or necessary absence; in which case his
place may be Supplied by any other di
reaor, whom he, by writing under his
hand, Shall nominate for the purpose.
Vl. Any number of Stockholders, not
less than sixty, who, together Shall be
proprietors of two hundred Shares or up
wards Shall have power at any time to
call a general meeting of the Stockhold
ers, for purposes relative to the institu
tion, giving at lealt ten weeks notice, in
two public Gazettes of the place where
the bank is kept, and fpecifying in such
notice, the object or objects of such meet
ing. .
VII. Every cashier or treasurer, before
he enters upon the duties of his office
Shall be required to give bond with two
or more Sureties, to the fatisfaftion of
the directors, in a fam not less than fif
ty thousand dollars with condition for
his good behaviour.
VIII. The lands, tenements and he
reditaments which it Shall be lawful for
the said corporation to hold, Shall be only
such as Shall be requisite for its immedi
ate accommodation in relation to the
convenient tranfaCting of its bufinefs,and
such as Shall have been bona fide mort
gaged to it byway of of fecuri y.or con.
veyed to it in fatisfaftion of debts pre
viously contracted in the course of its
dealings,or purchased at tales upon judg
ments which Shall have been obtained
for such debts. ; ;
IX. The total amount of the debts,
which the said corporation Shall at any
time owe, whether by bond, bill, note, or
other contrail. Shall not exceed the sum
of ten millions of dollars, over and above
ithe monies then actually deposited in the
bank for fafe keeping, unless the con.
tracing of any greater deb: (hall have
been previously authorized by a law of
the United States. Jn case of excess, the
directors under whose admrniftration-it
Shall happen,Shall be liable for the fame,
in their natural and private capacities ;
and an ^ion of deb, may in such case,
be brought against them or any of them,
their or any of their heirs, executors or
administrators, in any court of record
of the United States, or of either of
them, by any creditor or creditors of
the said corporation, and may be profe
cured to judgment and execution ; any
condition, covenant, or agreement to the
contrary notwithstanding. But this Shall
not be construed to exempt the said cor
poration, or the lands, tenements, goods,
• or chattels of the;fame, from being also
liable for and chargeable with the said
; excess. Such of the said directors, who
may have been absent when the said ex
cess was contracted or created, or who
may have dissented from the resolution
or ad whereby the fame was so con-
[Numb. 36 of Volume—s
Gazetteer.
traded or created, may refpe Ctively
exonerate themselves from being so lia
ble,by forthwith giving notice of the fad,
and of their absence or dissent, to the Pre
sident of the United States, and to the
stock holders, at a general meeting,which
they Shall have power to call for that
purpose.
X. The said corporation may fell any
part of the public debt whereof its stock
Shall be compofed,but (hall not be at liber
ty to purchase any public debt whatsoever;
nor Shall diredly or indiredly deal or
trade in any thing, except bills of ex
change, gold or silver bullion, or in the
sale of goods really and truely pledged for
money lent and not redeemed in due
time; or of goods which Shall be the
produce of its lands. Neither (hall the
said corporation take more than at the
rate of fix per centum per annum, for or
upon its loans or discounts..
XI. No loan (hall be made by the
said corporation, for the use or on ac
count of the government of the United
States, to an amount exceeding one hun
dren thousand dollars, or of any particu
lar state, to an amount exceeding fifty
thousand dollars,or of any foreign prince
or State, unless previously authorized by
a law of the United States.
XIL The stock of the said corpora
tion Shall be assignable and transferrable,
according to such rules as Shall be insti
tuted in that behalf, by the laws and or
dinances of the fame..
XIII. The bills obligatory and of cre
dit, under the seal of the said corporation,
which (hall be made to any person or per
sons (hall be assignable by indorfemenc
thereupon, under the hand or hands of
such person or persons, and of his, her,
or their assignee, or assignees, and so as
absolutely to transfer and vest the pro
perty thereof in each and every assignee
or assignees fuccellively, and to enable
such assignee or assignees to bring and
maintain an aaion thereupon in his, her,
or their own name or names. And bibs
or not es, which may be issued by order
of the said corporation,Signed by the Pre
sident, and countersigned by the prin4)
pal caihier or treasurer thereof, promising
the payment of money to any person or
persons, his, her, or their order, or to
bearer, though not under the seal of the
laid corporation, Shall be binding and
obligatory upon the fame, in the like
manner, and with the like force and
effed, as upon any private perlon or per
foes, if issued by him or them, in his, her,
or their private or, natural capacity or
capacities; and Shall be assignable and
negotiable, in like manner, as if t^cy
were so issued by such private person, or
persons—That is to fay, those which Shall
be payable to any person or persons, his,
her, or their order, Shall be assignable by
indorfement, in like manner, and with
the like effed, as foreign bills of ex
change, now are ; and thole which are
payable to bearer, Shall be negociable and
assignable by delivery only..
XIV. Half yearly dividends Shall be
made of so much of the profits of the
bank as Shall appear to the diredors ad
vifeable ; and once in every three years,
the dire—ors Shall lay before the flock
holders, at a general meeting, for their
information, an exalt and particular
Statement of the debts, which Shall have
remained unpaid after the expiration of
the original credit, for a period of treble
the term of that credit ; and of the Sur
plus of profit, if any, after deducing
losses and dividends. If there Shall be a
failure in the payment of any part of any
sum, fubferibed by any person, co-part
nership, or body politic,the party failing
Shall lose the benefit of any dividend,
which may have accrued, prior tot e
time for making such payment, and dur
ing the delay of the fame.
XV It Shall be lawful for the directors
aforefaid, to establish offices whenever
they Shall think fit within the United
S ates, for the purposes of difeount and
deposit only, and upon the fame terms,
and in the fame manner as Shall be prac.
tiled at the bank; and to commit the
management of the said offices, and taf