Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-01-11

WHHSt3nuibS.
ass Sec. s. Ard be it further enacted,
That the Directors chosen by the
stockholders of the said corporation on
the FIRST Monday OF January in the
present year, and the President cho.
sen by the Directors at the first meet
ing after such election, shall be capa-
bic OF serving BY virtue of such electi-.
ons, uutil the first Monday i'm January
eighteen hundred and twelve.
Sec. 6. And be it further enacted,
That the. act enti,led An act to pun
ish frauds committed on the bank of
the United States" passed the oath
day of February 1907, be and the same
is hereby continued in force, during
the continuance of the said corporati.
on, and the same shall at all times
hereafter, and 10 all respects, be DEEM
ed and taken to apply to the said
corporation, in the same manner that
il has been deemed and taken to apply
to the same herctofo e.
Sec. z. And be it further enacted,
That the President and Directors of
the said bank shall, after the fourth
day of March next, pay to the United
Ss%tes, an interest at the rate of three
percent. per year on all sums of money
above the SUN of millions Of dol
lars, which shall accumulate to the
credit of the treasurer of the United
States in said bank, or III the branches
of the same, and wnich shall remain
there for Provided, it shall
lie tie duty of the Secretary of the
Treasury, from time to time, TO give
notice in writing, to the President &
Directors, at least DAYS before
the term or time at which the said IN.
terest shall begin to accrue and be
computed which notice in writing
shall specify the exact amount af. the
deposit SO to remain fer the whole
year as aforesaid.
Sec. 8. And be il further enacted.
That the United States shall be au.
thorised, AZ any time during the cor.
sinuance of this act, to increase the
capita! stock CT the said corporation,
II such manner as may lie hereafter
prescribed by law, and for which the
United States shall be the .bscriber.
and own 70 an amount not exceeding
IN the whole shares and net
exceeding in any one wear
shares. Provided, That during the
time the United States shall so hold
stock in the said corporations, they
shall have the right to appoint, in such
manner as shall hereafter be declared
by law, number not exceeding
OF The Directors: Aad provided
also, That the shares thus to be sub.
scribed and added, BY and on behalf
OF the United States, shall rot be sold
at price less than per centum
advance on each share.
Sec. 8. And be it further enacted.
That the twelfth section of the before
mentioned act, entitled I'm act to in.
corporate the subscribers 10 the bank
of the United States, passed March
Cd, 1871, be and the same is hereby
repealed.
Sec. 10. And be 1t further enacted,
That 1t 'hsli be the duty ofthe Presi-
dent and Directors Of the said bank,
on or before the eaav OF
next, 70 signify to the President of the
United States, in writing, their accept
ance IN behalf Of the said CORPORATION.
oitte terms and conditions in this act
contained; and if,hey shall Tail to do
so, on or before the day above mcn,i.
oasd, thcn this act shall cease 10 be in
force.
The bill having been read through
tor information,
MIR. Basset made motion for the
rejection of the bill. grounding it ON
the constitutional objections to its
passage.
Alter remarks from various gentle-
men, which our want of room alone
-coppels Us TO omit Tor the present.
Mr. Basset Withdrew the motion for
rejection, ard moved to postpone it to
Monday.
Alter some discussion,
The Speaker decided, that on the
First reading Of the bill, if a second
reading was objected 10, no motion
could be received, bat to reject it.
MIR Das etwisheG a discussion of the
Question. Several gentle men unGriend-
-ly 10 the bill appeared DESTROYS that it
should take ,he usual course. and de-
ciared that they should vote ngainstre-
jection.
TnnuoncyJ H., ,l... -