Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-02-04
Washington, Tuesday, Feb. 9.
BANK OF THE UNITED STATES.

"dyhtHel0n, tuesday, REQ. :.
BANK OF TIE UNITED STATES.
Mr.. Spencer presented for consideration
the following resolution
Resolved, by he Senate and House Of
Representatives. Of tie United States Of A.
merica, an Congress assembled, That the
Secretary of the Treasury shall cause all
the public deposits in the bank Of the Uni
ted States and its several offices of discount
and deposit, to be wihdrawlfon the lst day
Of July neXt-that after the said day, the
bills or notes Of the said corporation shall
no longer be receivable in any payments to
the United States; and The Attorney Gene
raj Of the United States, shall on that day,
or as soon thereafter as may be, cause
scare fdcids 10 be sned out in conformity to
The provisions of the . Act to incorporate
the subscribers TO the Bank Of the United
States, calling upon the said corporation
to shew cause why its charter should not
be declared forfeited unless the said
corporation shall, by legal act to be deli
yered TO, and approved by, the Attomy
General, and TO be by him transmitted 10
Congress at the next session thereof, declare
its assent to the following propositions, on
or before the 1st day of July next, viz.
/. ThatCongress may by law provide
such means as may be necessary TO enforce
the first fundamental article of the said
charter, respecting the right of voting for
directors, and particularly to rrnvide that
transfers OF stock shall be made TO the real
owners thereof, or TO some person or per-
soDs in trust for the owners. who shall al
ways be named in such transfer that stock
shall always be deemed to belong to the
person or persons in whose name il may
stani, or for whose use it may be declared
in the certificate to be held, and that no C.
violence whatever shall be received in any
court 10 coutradic. or explain the certiG-
Gates OF ownership.
Q. That congress may provide for the
reduction Of the capital stock of the bank,
in just and equal proportion, the stock
holders thereof, when convened in a gene
raj meeting.
5. That the power of removing any d-
rector for misconduct, may be vested in
| the President of the U. States.
4. That the bank may purchase not ex-
ceeding FIVE million of dollars of the fund
ed debt of The u. States, and may hold The |
same without being subject to redemption
unless consented 10 by it, until the time
or times specified in the certificates thereof.
). That no bylaw of the corporation !
| shall exclude the directors appointed by the
government from full knowledge Of all
the concerns of the bank, and of the ac-
=! counts of every person dealing with it =
an that the assent OF at least one public
director shall be necessary to allow any |
discount, and to render valid every act of
the board of directors.
6. That the provision in the second
fundamental article prohibiting any direc-
tor from holding his office for more than |
three years out of four in succession, may
be no iiGed or repealed by Congress.
7. No discount shall, in any case. be
made by the bank at Philadelphia, or by
any Office, without the consent OF at least |
four directors of the bank, or of the Offices,
as the case NAV be.
8. Congress may authorize the bank to !
deal and trade in other things than those
enumerated in the 9th fundamental article,
so as TO receive pledges Of its own stock,
and OF The funded debt of the United States
in security for loans, and 10 sell such
pledges on forfeiture thereof
8. That persons holding stock, upon
which any instalmcnt shall have been paid
by the proceeds of notes discounted, shall
be compelled gradually, and as soon as
circumstances will admit, to Ply the full a.
mount of such instament in coin, or in coin
and funded debt, according to the proyi-
sions Of the charter-and no dividend of
profits shall lie allowed to such stock, until
the said payment is completed.
&c. Thai the secretary Of the treasury
shall Re permitted at any time, either in
person, or'by agent to be appointed by him
to inspect all the books, papers, correspon-
dence, minutes, and proceedings nf the
board of directors of the bank, and OF all its
Offices. and of all their officers.