Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-09-04
THE FISCAL CORPORATION.

furnished Ivy the New ok Express OF thc vetoed
Bank bill, Of which this bill is partial mojifca !
uon.--Bat Pat.
The first section establishes Fiscal Corporation
ofthe United States in the District of Columbia, |
wih capital of twen'y-one millions of dollars, |
divided into two hundred and one thousand shares,
,f one bundled dollars each. Seventy thousand
sares he subscribed for by the United States and
he residue by individuals, companies, corporations,
81 States. The power is reserved TO augment the
,ipila after the lst ofJanuary, 1851, fourteen mil
lions of dollars.
Tho second section provides that the subcrip>
non books shall be orened on the first Monday of
Oc;ober next, at various places designated in the
i'lll, under the superintcndance of commissioners
appointed by the Secretary of the Treasury. If
more than fourteen millions subscribed, the com
missioners shall deduct from the largest subscrip-
t'ns, in such manner that none shall be reduced
While any one remains larger
The third section enacts, that no individual or
corporation shall subscribe for more than 1000
shares, which will be paid for in specie, Treasury
notes government stockton dollars at the time
"i subscribing, twenty-five in three months there
,lier, twenty-five in eight months and forty in one
year.
The fourth section prescribes tho manner in
which the commissioners shall keep the money paid
In &c.
Vhc fifth section enacts that no subscription shall
hc transferred until after the whole amount of the
second ins,ament is paid in.
The sixth section relates to the manner in which
hc subscription for the Uuited States shall be paid
The seventh section creates the subscribers cor
,oration and body polite, under the name of "the
fiscal Corporation of the Uuted States" to contin.
until the lst day June, 1862.
The eighth section provides for Eine directors
t'Tee 10 be appointed by The President and the Sen
.tc, the other six TO be elected annually by the
~lockhoders other than the United States. No
n,cmber of Congress or officer of the Government
he director, and no director to act as director
t any bank. The directors to elect a President out
Il their number.
The ninth section provides tina, as soon as ten
collars per share actually paid exclusive OF the
'ni,ed States subscription) directors may be APP
,'iuted and as soon as four millions are paid in
ii.e corporation shall commence opetatJns.
The tenth section gives the directors power to
employ clerks &C., and to fix their salaries
| he eleventh section contains the Fundamental
lices Of the constitution of said corporation, to
nh:
st. The number Of votes to which stockholders
,'a be entitled to give for dircctors-no proxy Of
than ninety days standing to he valid None
.her than actual residents of the United States to
-cvoters.
I'd. Five cf the six directors only to he eligible
rr the second year, and no director shall be elected
than five out OF six years in succession.
3d. None but a stockholder and resident citizen
be a director and not more than two to be from
a"y one State, who shall be paid such sum for
'hcir services The stockholders shall direct. The
Iary of the president to be fixed BY the directors
18th. Not less than five directors shall constitute
board for transacting business, and three of the
shall be those elected by the stockholders.
5lh. Any numIer of stockholders, not less than
yiNy, holding not less than thousand shares,
'lay at any time call general meeting
9th. Cashier to give bond with two more
,urees for not less than fifty thousand dollars.
lth. The Corporation shall hold only real estate
uough for the convenient transaction of its busi.
less.
sth The debts of the Corporation, and
owe the deposites, shall never exceed sl7,500,.
90, and in case Of excess the directors shall be
able.
9th. The Corporation shall mol deal in any thing
,ut foreign bills of exchange, bills drawn in one
sSa,o and payable in another, gold and silver
GODS or lands purchased on execution, or goods
.,.en in pay men, for debt.
9th. No loan shall be made to government ex
eng one million, to any state exceeding one
undred thousand dollars, unless authorized ly ac
Il Congress.
llth The stock ofthe Corporation to be assign
de.
18th, The bills obligatory and of credit unde
seal, TO be assignabIe ty endor ement: Provided n
II of credit shall be for more than five thousan
collars, or longer than one year.
9Th. All bills or notes issued, payable to besre
order, shall be made payable on demand,
lih. Half yearly dividends to be made, not e,
ecdng three and halfper cent. When surPlu
amounting to two millions has accumulated an
shall be paid over to the Treasury Of h
ncd States; and on the expiration of the char
,'r any surplus, after payment of dividends, an
'imbursing the capital, shall he paid to the TIE
-urer. II the dividends are ever below three and