Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-04-20

'o'i vi he United States, or IN gold coin of Span
vi 'ie COMMONS OF Span, at the rat of one hun
u'eu cents Tor every twenty eight grains nd 5 XIV
hundred hs of gam ofthe actual we rhi there
Of or IN other foregn gold or silver cum at the
several rates prescribed by the first section of an
act regulating the currency of foreign coins m the
United States, passed the tenth day of April, one
thousand eight hundred and S x, and twenty-one
miuohS or dollars thereof i'll like gold or silver
coin, or in the funded debt of the United S,ates
contracted at the time of the subscrip ions re-
SPectveiy. And the payments made in the fund
ed debt OF the United States shall be d id and re-
celved at the following rates that is 10 saw 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 amman, at the rate of stxty-fiye dol
lars for every sum of one hundred dollars of the
nominal amount thereof; and funded debt bearino
an inter est OF seven per centum per annum at the
rate of one hundred and SIX dollars and IF V one
cents Tor every sum Ut one hundred dollars of the
nominal amount thereof; together with the a
mount OF the interest accrued on the sad several
denominations of funded debt, to be cnmpu.ed
and allowed to the time of subscribing The same
to- the capital of the said bank rs aforesaid And
the payments of the SAID subscriptions shall be
made and completed by the subscribers re-
spectively, at the times and in the manner f,I
lowing that is To say, at the time O: subscr,b
ing there shall be paid five dollars on each share
IN gold or silver coin is aforesaid, and twent five
dollars more III com as aforesaid or nm funded
debt AS aforesaid at the expiration of SIX c,Ien.
dar months after the time of subscribing there
shall be paid the further sum of ten dollars on
each share, i'll gold SILVER coin as aforesaid and
twenty-five dollars more in coin as aforesaid. or
in funded debt as aforesaid at the expiration of
tNe Give calendar months from the time OF sub
scribing, 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 at esad, or in the funded deb as afpres id.
Sec 4. .4Hd be IL further enacted That at the
time IF subscribing 20 the capital of the said bank
as aforesaid, each and every subscriber shall de-
liver 10 the commissioners, at the place of subj
scribing, as well the amount of Their 81, ,scr,n-
tons respectively in con as aforesaid AS the GER
tihcates of funded debt, for the funded debt pro.
portion of their respective subscriptions, tope
ther with power OF attorney, author ling the
sad commissioners, or i majority of them To
transfer The SAID stock in due form of law 10 .the
Presidenr, Directors, and Company of the Rank
OF the United States. as soon the sad bank
shall be organ zeIl Provided di1yaus Thai f. IN
consequence of the apporionment of tie shares
in the capital OF the said bank among the SUI,
scribers, IN the case, nd ia The manner here, IN
before provided, any subscriber shall have del.
Vered to the commissioners at the time of sub
scrlbmS, a greater amount of gold or silver CO n
and funded debt, than shall be necessary to Com.
N
such subscribers appOrtonel as aforesaid. the
commissioners shall only retain so much of
the SAID gold or silver coin, and funded de.t
as shall be necessary TO com lete such payment,
and shall forthwith return the surplus thereof on
application for the same, to the subscribers law
fully entitled thereto. And the commissioners
respectively shall deposit the gold and silver coin
and cert icates ofpu1llc debt by them respec
lively received aforesaid, from the subscribers
to the capital of the said bank, IN some place of
secure and safe keeping, so that the same NAV
and shall be specifically delvere and transferred
as the same were by them respectively received
to the President, Directors, and Company of the
Bank OF the United States, or to their order. as
soon as shall be required at er the organ zation
of the said Bank. And the said commissioners
appointed 10 superintend the subscriptions to the
capital OF the SAID bank aforesaid Shall receive
reasonable compensation for the II services res
pectveiy, and shall be allowed all reasonable
Charges and expenses incurred In he execu ION
OF this trust, to be paid by he President, Drec
lors' and Company OF the Bank, out of the funds
thereof
Sec. 5 Ind he it further enacted That It shall
be lawful for the United ates to pay and re leem
the funded debt subscribed to the caDital of tne
SAID bank, at the rates aforesaid, in such sums
and at such times as shall be deemed exped ent.
any tiihS m any act or acts OF Congress to the
contrary thereof Notwithstanding Ard it shall
'''' III ia"lui iOT lle fFeStucnt, Directors, al
Company OF The said bank, to ell and transfer for
gold and silver CON, or bullion, the fIrded deb
7ublcr bed TO the capital of The SAID bank as afpre
said ProUi,ied GhOayS, That they shall not sell
more thereof than he sum of two mIIous Of dol.
lars IN any one year nor sell any part Thereon al
any time within the United States, without pre-
viousiy giving notice of her intention TO the Sc
creiary of the Treasury, and Offering the same %
the United States, for the period of fit cen DAYS
at least, at the current price, not exceeding the
raies aforesaid
Sec 8. ind be IL further enacted, That at the
opening ofthe subscription to the c7pitl stock of
'he 50 q bank, the Secretary of the Treasury shall
aubscribe or cause TO be subscribed on behalf +
the United States, the said number of seventy
thousand shares, amounting to seven millions OF
collars as aforesaid, to be paid in gold or sllver
coins or in stock Of the United States, beariace
interest at the rate Of five per centum per an.
mum and it payment thereof or of any part
thereof be made in public stock bearing interest
as aforesaid, the said interest shall be PAYABLE
quarterly, to commence from the time ofmaking
such payment on account Of the said subscrip
ton, and the principal OF the said stock shall be
redeemablc IN any sums, and at any periods which
the government shall deem fit And the & Gre.
tary OF the Treasury shall cause the certificates
OF such public stock TO be prepared, and made in
the usual form, and shall pay and deliver IN %
same to the president, directors, and compsrv oil
the said bank on The first dav ofJanuarv. ,,,e
thousand eight hundred and seventeen. which
SAID tock it shall be lawful for the said rres;,s