Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-10-28

] to US beneficial metallic currency which is now
in use there, their own local bank notes, they
may, perhaps, by presenting through their cor
respondents in the Havana TO the Intendant
such views Of the subject as they may deem ex-
pedient, nip in the bud,a project Of evil por-
tent
With these remarks, we subioin the proposals
Conditions of the Bank about to be established IN the CT
| tyof Hauana.
l, The capital Of the bank, which is to be
called "the Bank of the island of Cuba" shall
be of l,2oo,oool stg. divided into $4,000 shares
Of 5ol each, or else Of $4,000, 900, divided into
$4,000 shares of $3.50 each.
2. The directors Of the bank may establish
among themselves all regulations, bye-aws and
orders that they may Judge necessary 10 the
best direction and management of the bank,
and for the interest of the stockholders, in such
manner. however, as not to contravene the laws
Of the country.
B. The bank shall possess the exclusive pri-
vilege of emitting and circulating bank notes
payable TO bearer
4. The bank may discount all sorts of COM
mercial paper, and that Of planters and proprie-
tors, the Same bearing at least three names, no
torously solvent
S. The bank may receive in deposit all sorts
OF money gold, silver, brillian's, and every
kind OF precious matters.
g. The bank may also receive IN deposit all
sorts of negotiable commercial effects, every
description OF valuables, and any public funds
OF Europe or America, and may in like manner
make loans upon the same, if it thinks proper.
z, fhe bank may exact per cent. on the "a
mount OF the above valuables, in consideration
OF the deposit and safe keeping, and for any
loans made on said valuables, it may exact at
the rate OF 10 per cent. per annum.
8. For the advantage Of commerce, agricul-
ture, and industry, the bank shall receive, pay,
and take charge Of the funds of any person de-
string to avail themselves OF this advantage,
paying at sight and to the order OF person thus
| inleresled-by means Of checks, or orders, as
| is done by the bankers Of England-charging
only l-8 per cent. on the sums received, as COM
| mission for the trouble, account current, safe
| deposit, sc.
| 9. The legal interest Of the Bank of the ISL
and eff Cuba shall be 10 per cent. per annum.
Interest and discount to be calculated according
TO running days.
| 10. The stockholders Of the bank shall not
be responsible beyond the amount of their stock.
! IL. The stock and capital of this bank shall
be absolutely free and exempt from every sort
| OF contribution and impos,, of whatever name
| or origin as well from those now existing,
as from any that may be hereafter established.
| 10. The bank is positively prohibited from
loanlng, and cannot loan directly to the govern
ment Of the island, nor TO any other govern
ment. AS little may it discount directly their
effects. But the government and authorities OF
the island shall protect The bank, without ever
interposing in any manner in its operations
| l3. The failure TO pay one or more OF the Ell
fects due to the bank, shall carry with it the
immediate personal arrest of the makers and
endorsers, and also the execution and sale oil
the goods and property Of the same, until the
principal OF, and expences on, the said unpaid
effects are satisfied, and this from the mere fact
of non-payment, without the intervention of a
Judgment or sentence Of any tribunal whatever
lit being sufficient to justify said execution
and arrest, that the President ofthe bank should
furnish certificate Of the fact to any one of the
Judges Of the island.
Ia. The Justification or counterfeiting o. the
notes of the Bank of the Island of Cuba shall
be punished in the same manner and with the
same penalties as the Justification of the paper
or signatures OF the government, or as coiners
of false money.
Is. The exclusive pr vilege of the Bank Of
the Island Of Cuba snail continue for 40 years
to date from the day of its concession.
(Signed) JOSE XAVIER De ARRoGAyE.
Havana, lst Sept. 1926.