The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-16

BANKS OF THE DISTRICTS OF coLuM- /
BIA
In the Senate yesterday, the District Bank Bill as
amended on Tuesday, taken up and read third
time, as follows:
continue the corporate existence Of certain banks
in the District Of Columbia.
be IL enacted By the Senate and House Of Repre-
SIGNATURES Of The United States Of America ia Con-
gress assembled That the PROVISIONS restrictions and
enactments of the act OF Congress Of the twentyih
Of May, eighteen hundred and thirty eight, entitled
An act TO extend the charter of the Union Bank OF
Georgetown, in the District of Columbia be- and the
same are hereby, extended to the Farmers and Me
chanics Bank of Georgetown the Bank Of the Me-
tropolis, the Bank of Washington the Patriotic Bank
O washington, the Bank OF the Potomac and the
Farmers Bank Of Alexandria Propided, That
wherever, in the original act the first of july eigh
teen hundred and thirty eight occurs il shall be so
construed as to mean the fourth Of July eighteen
hundred and forty-one; and wherever the first of
July, eighteen hundred and fory-two occurs il shall
be construed to mean the fourth of July eighteen
hundred and forty-four; Prorided further, That If
the said banks, any either of them shall from
and after the passage Of this proceed continue or
commence to pay in specie demand all their notes
and other liabilities except such deposites may
have been heretofore made in funds not equivalent
specie then the said banks, such of them shall
| so proceed, continue commence TO pay specie
demand, for all their notes and liabilities except
aforesaid and none other OF the said banks shall be
entitled to all the rights and privileges conferred by
their late charters until the fourth day Of July cigh-
teen hundred and forty zone, unless Congress shall
any thine otherwise direct And prorided, further,
That il any of the said banks shall fail to resume
specie payments and continue the same at the time OF
the passage of this act any such bank may in case
shall so resume at any time within the period of sixty
days from and after its passage, avail itself of all the
md aftart nf
which granted by the act to those which resume
Immediately but no banking privileges shall be exer-
cised by any institution in a state Of suspension of
specie payments; but If such bank banks shall, al
any time after the passage of this act suspend specie
payments, refuse to pay any Of their obi
cations IN specie, then such neglect failure suspen-
sion REFUSAL shall operate forfeiture of their re-
spectve charters, except for the purpose of winding
up their affairs under the provisions and restrictions
contained in this act; And prorided, further Tha,
| in all cases where the said banks or either Of them
shall hereafter refuse payment Of any Of their notes
obligations, there shall be summary remedy there
for before any justice Judge having jurisdiction OF
the five days notice wherein there shall N 40
supersedeas stay of execution, injunction certio
allowed, nor any appeal except upon affidavit OF nc r.
| by the president, cashier, or directors.
j SEC 2. And be further enacted That neither of
the said banks shall from and after the passage of
this act pay other than for those existing
depostes OF the description mentioned in and excepted
by the first section of this act any bill note post note
or other paper intended to circulate money issued
by any other bank banker, banking association in
corporation, institution or individual unless such
bill note post note other paper promise to pay,
is payable and paid in specie, demand at some fixed
and certain place TO be distinctly and plainly named
upon the face of the paper.
l SEC 3 And be il further enacted That each and
every stakeholder in such bank shall from and after
the taking effect of this act, also be, and they
hereby made seycray liable in their individual capa-
city each to the full amount Of his stock in such bank
he nd ctni
by on behalf of such bank, and which may have
been contracted during the time he such stock
holder and such liability shall continue after he may
have ceased to be such stakeholder: Prorided Such
bank shall refuse to pay on demand.
SEC. 4. And be il further enacted That within ten
days after the taking effect of this act and seman-
nuay thereafter, the said banks shall each for itself
make and deliver the Secretary of the Treasury
and likewise publish in Of the newspapers printed
and of general circulation in the District of Columbia
complete list Of the and places Of residence Of
all the officers and directors Of and stockholders in
such bank for the time being with the full amount of
stock then held in said bank by each Of such officers
directors, and stockholders, affixed to his or her
name, respectively.
SEC. 5. And be further enacted That no dividend
shall be made among the stockholders ofany ofhose
banks, while they are in state of suspension and
the president and directors of said banks respectively
shall be Individually responsible in the event of any
deficiency OF the assets of either of said banks, adj
dition to the capital paid in for all the liabilities which
their several institutions may contract from and after
| the passage ofthis act.
| The question being the passage of the Bill, Mr.
MERRIcK rose, and declared that after full examna
ton Of the provisions which majority of the Senate
had thought proper to incorporate into the
and after mature reflection the inevitable
quences he felt constrained TO give his vote against it
He regarded it far than the bill passed the
Sd of July (thc "toinding up Act)
Mr. CLAY, of Alabama said, although the Bill was
not what he desired, he felt bound to for it and
leave it to the banks to accept it or not.
/ Mr. BENTON made characteristic speech self-lauda
tory and congratulaory about the progress of Bank
Reform, and his excrtons in contributing TO
that progress; and the example of /" reform set
in this District to the whole country
| The question then taken the final passage
of the Bill, and decided in the negative. Ayes l6
nays 20
| Mr. PRESTON moved to reconsider this vote
/ PERRYs VIcToRY, Sept 3, Tremendous meetings
of the Harrison democracy 10 be held on the Sd