Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-05-12

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their Bonds, irredecmable the first twenty five
years after date, and rcdecmabc ut the pleasure
OF the States respectively at any time thereafter
ap 10 The period when the Bank shall wind up its
affairs In the mean time, that is. until its Bonds
shalt have been paid IN fall, eac, State shall hold
the Stock Of the Bank, sacrcdiy pledged, by its
public faith, for their redemption.
| Nv. The Profits Of the Bask shall be first APP
Piiedfo the i-annsai payment Of tse interest
tie Bonds of the seperal States holding it, Stosi
The balance Of Profits shall be paid by fsc Bank
into the Treasures Of the respecfioe States Of
this baInnce. each State shall annually set apart
sum, NOT less than per cent. upon ssc gross
amount Of its Bank Stock, as a Sinking Fund for
tse extinction Of its Bonds.
v. The Bonds Of tho several States, parties to
the charter, shall be issued favor Of the Bank,
aud shall bear an uniform interest Of per cent.
payable semi-annuay by the Bank at any Of it,
branches, or, at its option, at any point Of the
commercial world designated on their face.
vi. T" supply the place Of Stockholders, and
TO exercise a general supervision over the affairs
and management Of the Bank. there shall be annu-
ally COW eDed Representatives OF the several
States holding the Stock equal in number to those
OF the same States in the two Houses Of Congress
conjoiniIy. These Representatives shall meet as
tw" distinct bod les, corresponding with those Of
Congress, and emanatinS from the People of the
respective States in the same manner: that answe-
Zone third annually vacating,) and to be termed
"The Financial Board OF Rcgents''--and that an
swcring to the House Of Representatives, to be
elected annually, and tn be termed 'Thc Finan-
cial Board Of Trustecs-of the Commonwealth"
VII. The Financial Boards Of Regents and
Trustees, constituting the Legislative Govern
men. Of the Bunk, shall, by concurrent votes, de
scrminc the location Of the Mother Bank, and the
salaries Of all officers Of the Bank and Of its bran
ci,cs; and, by a joint resolution Of majority Of
two thirds Of both Boards, shall make all apPlica-
tons 10 Congress for anv amendment = alteration
Of the Charter Of the Bank. They shall enact
general regulations or Bye-Laws for the govern
ment OF the Bank which shall require (unless pas
sed by ma jority Of thirds in both Boards)
the sanction Of the President OF the Bank before
they shall be obligatory. They shall designate,
in the mode indicated in the next section, one
Governor from each State parties to the charter,
who, with the President, shall constitute tho Ex-
ocutivc Government Of tho Bank, having ample
powers to establish Branches in every State par
ties to the charter, appoint their Directors and
other officers, and to fulfil I'll duties apperiaining
TO tho management Of tho Bank; always respon-
sible to the Regents and Trustees for their faith
full performance.
VIII. Tho Governors Of the Bank equal in
nunbsr To that Of the States parties the charter,
shall be- elected, (from nomination, by the Board
OF Trustees, Of three times the number to be ChO
sem 9. 81 three citizens If each State about to
fill vacancy. y by tho Board If Regents, for three
years-one third Of their whole number annually
vacating-and these shall be ineligible for
year after the expiration Of their term Of service.
Any indiv iduai who shall have been elected, and
have faithfully served three several terms, shall
thereafter, until he shall have been chosen to pre-
side, be ranked among the Candidates tor Pres-
dent Of tho Bank, as indicated in the next Sec
fion. The President aud Directors Of each of the
Branches, shall he annuity elected by the Exec
utive Government If the Bank, and never dis
qualified, during good behavior, for reelection.
TX. The Board Of Regents shall annually
nominate one, who is neither Regent nor Trus-
tee, Is n now Candidate for President--and once
in six years. the Governors (rom the six thus nom-
mated, together with those who shall have become
Candidates by three several elections the Office
Of Governor) shall elect a President Of the Bank
who shall hold his office until the induction Of his
successor, unless sooner removed by impeachment.
He shall ncuer be eligible a second time to this
Office. Should :he Governors be equally divided,
and thus fail to make an election, il shall be made,
from the same nominees, BY the Regents and Trus
tees in joint ballot.
X. No member Of the National nor Of the State
nor any one holding cira office an
der either, shall be eligible to any Office Of trust
ries this System IF National Finance, /
either az Rcgeas, 7rsssee. Governor. Precedent, |
Director, Cashier, &c.
The National Government shall not hold any
Orer the Affairs Of the Bonk, other than to e.force
.se obserraece Of It's Charter, and, application
IF the Reges&s asd Trustees, to AMEND Il, a. to
make Il more e1ciene for its great desigs-Ghe pro-
~osios Of the Common seal.
N. The National and State Governments,
parties to its charter, shall make the Bark their
fiscal ngen, in receiving deposit their revenues.
Ind in paying their drafts, at all points wherever
or agencies may be established-if: notes
'eine received and paid by them, at par, in all
'arss Of tie United States
XlI The Bank shall issue its notes Of de-
nomination not less than Dollars, PAYABLE
~ DEMAND IN SPECIE AT THE MOTHER BANK; where
lone. the specie shall be deposited to meet the
payment Of its notes thus demanded, and the
BUSINESS Of its Legislative Government by the
Regents and Trustees, and Of its Executive by /.
he President and Governors, in session, shalt be
the erclssioa Of all other bxsiness.
The Bank shall execute all the duties Of fiscal
gent, fOr the National and State Governments
without commission-and. among these, i shall I
''oc,de for asd pay, II al times AID places desig-
sosed tie Interest fhe State Bonds u may fall
10f, Charging the States with the ~roJ;.