The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1816-06-05

eral rates prescribed by the first section OF an
act regulating the currency OF foreign coins
in the y. States passed the tenth day OF April,
lso6, and 2i millions OF dollars thereof in
like gold silver coin, or IN the funded debt
OF the Uniled SIacs contracted at the same
lime Of The subscriptions respectively. And
the payments made 10 the funded debt oil The
United States shall d. paid and received at
the following rates that is TO say, that the
funded dSb' bearing on interest OF three per
ccntun per apnum, a, the nominal or par
value thereof the funded deb, bearing an
intefes, of , per centum per snnun, at the
rate oil 6s dollars for every sum of 100 dollars
of the nominal an,onnt thereof; and the fun-
ded debt bcariog an nte Of seven per cen.
,um per anaum, a, the "a pf 90 dollars and
81 cents for every sum of 100 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 10 The time of snbscrib-
ing the same 10 the capital OF the bank as
aforesaid. And the payment Of the said sub
seripions shall be made aud completed by
the Subscribers respectively, at the times and
In the manner following that Is TO say, at
the time Of subscribing there shall be paid
five dollar. on each share, in gold or silver
coin as aforesaid, and q dollars more in coio
as aforesaid, or in funded debt as aforesaid
at The expiration Of six calendar months after
,he time of subscribing, there shall be paid
the further sun Of ten dollars on each share,
gold or silver coin as aforesaid, and 25 dollars
more in coin as aforesaid, or in fund d debt
as Aforesaid at the expiration OF ~ calen'
dar monlhs, from the time OF subscribing,
thero shall b. paid the Further sun OF ten
dollars on each share, in gold or silVer coin
as aforesaid, and IS dollars more, in coin as
aforesaid, or IN the fuoded debt a. aforesaid.
= Sec 4. Ind b. IL fur'her enacted Tost at
the time 4 Subscribing TO the capital of the
said b,nk an aforesaid, each and every sub
acriber shall deiivc, 10 the com missioners, at
the place of su1sc tibing, as well the AMOUNT
of their subscriptions respectively IN coin as
aforesaid, a. tho certificates OF funred debt,
for tho funded debt proportion OF their res
pec,ive ,ubsc ipuons, together with power
Of attorney, authorizing ,hc said commission
ers, OF u majoity oi them, TO transfer the
said stock IN due form Of law TO I" the Presi.
den. Ditecsors nd Company of the Bank Of
the Un,,ed S;ates." as soon a, the said bank
shall he organic d. Prov,ded always, Tha,
ii in consequence If the appo' lioumeut Of tho
shares IN the aoiiai of the said bank among
the SUBSCRIBERS, in the case, and IN the man
ner herein before provided, any sub,c' ibor
shall have delivered 20 the commissioners st
the line Of subscribing, greater amount Of
gold or silver coin and funded debt than shall
Be necessary to complete the payments Tor
shaies o. shares 10 such subscribers appor.
toned as afotessid, the commissioners shall
only -e,aiD 81 mucn Of the .aid gold and sill
yer coin, and fuod;d debt, IS shall be ncces-
\ sasy 20 compete such paymenis, and shell
fJ'thwitb retu the surplus thereof, on ap'
plica,ou f1s the same, 10 the subsc' ibers law
filiy entitled lhereio. And the con, mission
ers &c pcciively shall deposit The gold an
silvec coio and ce uG ,ate> OF public deb, by
them .espcctively ieccived as aioresaId,.tro
tho subscribers to the capnal OF ,hc said bank,
in sorI.e place of secure aOG sale keeping, so
tho, the same may and shall be specifically
dciverrd aad transferred, as the same were
by th,m rcspe lively received, To the P'esi-
den,, Drecto and Company IT the Bank OF
the Unitod States, or to their order, as shall
be required after the Organization ot the said
bank And the said commissioners appoint
cd 20 suporinte end the subscriptions TO the
cap,al Of the said book rs aforesaid, shall ro-
ceive a reasonable compensation tor their SER
vices respectively, aud shall be allowed all
reasonable charges and expenses incurred in
the execution OF their trust 10 DO paid by the
Pre,iden,, Directors and Company OF the
Bank, on, OF the funds thereof.
Sec. S. find be isfurther enacted, That Il
shall be lawful 70, the United States TO pay
aud redeem the funded deb, subscribed to the
capital Of the said bank, at tho rates aforesaid,
IN .ueh su ms and at sush times as shall be
deemed exp .dient any thing in any act or
sc,s oi Cong ess 10 the contrary notwi'hstan.
ding An1 il >ball also be lawful for the Pes
d,u, On aetor, .od e rpany Of the said bank,
TO sci, and transfer Tor gold and silve' coin,
or bu'lion, the funded deb, subscribed to the
capiai of the said hank rs aforesaid Provided
al yays, That they shall not sell more thereof
,h ~ The sum of two millions OF dollars in any
one ye T; nor sell anv part thereof at any
,inc cithiu the Unied States, withou, pre-.
yiousty giving notice of their intention to the
Secretary Of the Treasury, and offering the
same tothe Uoited States, for the period Of
fifteen days AZ least, ut the current price, not
...cd;,y hs ratea afore sail.