Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-09-07

Le " 6t17oa By hc Senate md E,use = R,p-
''e"h''1 d" NE intel States ~ Amsric4 ~ Con.
C"SN GgscmH,t, That the cboucrs ct IN. Bunk OF
ne Metropolis, Of the Bank q Washington. aud al
Ihc t1t'tIc Bank oi Washington; the charter of tho
Farmers nnd Mechanics r nh ct Cccrrc,oyu. and
tue clr,tiera oithe Farmers Gank or Alexandra, and
- 'e b'hA ct Potomac, m the tow Of Alexandra.
DC. ana the same arc. r-vcr,llv AMI r,spe.tivsIv
hereby revived; and all the u.,,ycr. r;~b,. ,,,;,s
ccs. lmmuniiics. limitations, prohibitions. And rcs,r,c.
lions contained ia said charters ar, hcrcl,v ,cn.,,.
ell, extended, and made applicalAc IN full C,rcc 4,
each Of SAID banks, respectively. aud u the rres,.
dents, directors, other officers and Stockholders Of
each oi them, IN the almc manner and IN the Same
extent as was granted AMI pnovilcd nv the said sew.
etal aud respective charters. and the laws i'm force
on The first day Of January, IN the year eighteen
hundred aud thirty eight. subject To tho limitation.
AMI prOvisionst ercinaitcr contained: Preceded. said
banks shall. each for itself, from aud after the Pos.
sage oi THIS act. resume and continue the payment
Of all its notes aud specie Liabilities IN specie. on
dcm1ni; and each AMI every Of said banks falling
'o resume specie payments, as alutcslid. within ter
days after the PASSAGE Of this act. or having resumed
specie payments, again suspending or refusing 10
pay any OF us notes or specie liabilities in specie
when legally demanded, or shall pay out or lend
out. after the first day Of March next. the notes Of
any suspended bank, or any paper currency whateV.
CT which Is not equivalent 10 gold and silver. shall.
tn the FIRST case. DC excluded from all participation
IN the privileges and Provisions Of this act; and. IN
"a Sctohu Cisc, snail, lpse flctO, tortct all benefit
ana privilege granted 10y Il; ar IL shall be the du
~ Of the District Attorney Of The United States for
The District of Columbia, upon information lodged
win him OF any such suspension or refusal o. pay
IN specie by any of said banks, To take forthwith
he necessary AMI proper legal steps 10 enforce Ito
forfeiture hereby provided for such refusal or sls.
IenSi"n, and 10 compel every such delinquent bank
o proceed 10 wind mp ITS concerns, under, and a.
~grceablc TO, the provisions of an act Of Congress en-
titled, "Ana act 10 continue the cOrpor1te existence
of certain hanks in Inc District Of Columbia, for
certain purposes, app owed The third day of July, ia
he year eighteen hundred and forty.
SEC ,. And Be a. further eHac,cl, That each and
ovcry of the said banks shall be, aud they are here
by expressly prohibited from making any new loan
or loans whatever, upon "A pledge of stock IN said
hank as security for the repayment Of said loan, and
they are hereby required, upon all loanB now exist.
ing upon any such pledge Of stock, to require aud
exact. before any renewal or extension OF any such
stock loan shall he granted, other sufficient security
tor the same, in the form and to the extent usual IN
said banks upon making ordinary loans. And the
president and directors OF each Of said banks are
hereby made individually liable 10 all persons con.
ccmcd Tor the whole amount Of any loan or loans
hereafter made or renewed, contrary to the iOrcgO-
ing provisions, by them. or any Of them. or with
their consent, from The funds Of any Of said banks:
and the cashier Of each Of said banks snail keep IA
regular record OfIho attendance Of the president and
each director al every meeting Ol the board Of direc-
lbIh Ul Tue udlh Ul winch ht - tuSilitEi aild every
president and director WHO shall be present at any
meeting al which any loan upon a pledge Of stock.
as aforesaid, shall be made OF extended. shall bo
deemed to have consented To the same, unless lao
shall ot that meeting, euicr his protest. in writing.
against said loan, upon ihe minutes Of their pro-
cCcdIngs.
SIC. 3. And Be IL furiisr enacted. That mcach
aud every OF said banks. all loans now existing To
any president. cashier. director. or other officer, Ell.
Their as principal or security, 10 alarger amount Than
ten thousand dollars, sh1ll be regularly curIaJlcd or
reduced, at the rate Of at least twenty five per cent,
~ one fourth Of the whulc amount, annually, ia -
due proportion 10 each renewal At the expiration , {
ninety duy4 successfully, until the sum ofsuCh loan
shall, in no instance. exceed the amount Of ten
thousand dollars aforesaid. And 40 new loan or
loans snail hereafter. Oh any pretenco whatever, DO
made 10 any president. cashier, director, or other Of
iccr, either as principal or security, To a greater a.
mount IA the whole, including the unpaid balauces
ot iorncr loans. than ten thousand dollars, aud tho
same penalties. liabilities, and shall.
IN every case OF a loan made contrary 10 the spirif.
intent and meaning OF this section, attach 10 the
president and directors Of The bank by which said
loan shall be made. as Is provided in the preceding
section, in the case Of loans upon a pledge OF the
stock Of The bank making tho same;
SEC. 4, And be II further enacted. That cnCh AMI
every Of said banks are hereby expressly prohibited
from issuing nr paying ont, or Offering IN payment.
any bank note W otncr paper IN discharge or Their
ANhNo ulAA NlAAlNlANNn VI lNlN WAANA III laNN HICNNNfNA
whatcvcr which the particular blnk making the
plymcn, or tender is not. at the time of such paw.
mcnt, IN the hUbit OF receiving nj par, i'm payment
Uf all notes and other debts due and payable aud nc
said bank, under pain oi l%orfcitiug for every such of
fence double tie sum so paid out or offered in pay
mcnt Of us own debt or debts; one half To The in
ormcr. and one halfio the use II the town or city
IN which the offending bank may he situated. 10 be
by action of debt m any court OF cUmpe-
tent jurisdiction in the District Of Columbia
Sec. 5. And be Il further enacted, That each and
every ofsaid brnks be, and they arc hereby express.
" prohibited from issuing or paying out, under any
prctcncc whltcvcr, any bill, note, OF other paper.
designed or mtCnisd % be- used nnd circulated rs
motley, r q less denomination than five dollars, and
for any violation Of The provisions Of ibis section tho
offending bank shall incur III the penalties and for
FIXTURES o. be pro, iJrd and directed by the first sec
ton Of this act Tor the case ofsuspcnsiuu OF refusal
10 pay ~ specie, 10 be enforced in like manner. rs
u directed by that section.
Sec. 6 And Be q 6artisr enacted. That each and
every Of The b1pks aforesaid shall. within forty days
after the passage Of his act. hold an election n the
iurm anil manner pres, rijed hv their rsspcctivo orr.
rinal charcrs, lor nine directors, which shall. ~
future. be tho numbcr Of directors iOr each Of tho
said banks and the rcrsous elected AZ said election
shall sCycraily remain in rniec until Inc recurrence
Of he fumg pfc-crihcd, 10y Inc original charterorcach
Of said banks respectively, for an annual election OF
directors, az which Lost mentioned limo, ond nj ih0
sille liWc U ehcfy year lioIcilleTt fafN ~ h'A
banks shall make its election Of directors and other
officers arrccably % The Provisions n is original
charter. except ~ % nc uumber ~ directors. which
shall. fn every case hereafter. be nino. And there
sh1ll be ch1scn &C. each u said banks. NJ the special
election hereby ]prrvrlcd Er, on as soon thereafter
rs may bc boz conformity % The provisions Of their
respective original charters. n president und such
other officers ls may by the particular charter no re-
Juircd 10 be elected, who shall hold their Offices Tor
tlc 1mc time and boz he snmc manner ns " Faid
charters bad MT expired. and aid officers bad bccrs
chosen at thc last animal clcciion
$ q. T. Ant % Vturip euac'cd. Thot THIS act
shall continue .u nrcc until lho 6urh dly o. July.
which shall be in the year eighteen hundred and
forty luU
Sec. b And trH,frri srr mated, That TIC net en-.
titled "An act 90 cvcul TIE charter Of he Union
Bunk ofGcJwrtDi,u, tn ihc District Of Columbia. q
approved to twenty Cob day Of May. iu ibo ycai
eighteen hundred and lhiry-ciglt. be. end The sumo
s hereby, extended 90 thc FIRST day ofJuly iu Tho
yrlr eighteen hundred oud l1uyecycn. until which
I ffa~ rr a4T act shall br al GfW Ctrrr ffr The solo