, 1841-07-03

sed-
To limit the dividends TO six per cent. pei
annum, but If they fall short in any year, The
deficiency, with interest thereon, TO be after
wards made good-and when a surplus &C
cumulates, exceeding two millions, the ex
cess TO be passed to the credit Of the Treasu
rer of the.uuited States.
That the amount of debts which it may al
any time owe, shall not exceed twenty mil
lions over and above its deposites. That the
debts al any time due to the bank shall moi
exceed the amount Gifts capital and seventy.
five per cent. thereon, and that when the a.
mount of its bills in circulation shall exceed
three times the amount of specie in its vaults.
no new loan shall be made.
That it shall not deal in any thing except
coin, bullion, promissory notes, and inland
bills OF exchange.
That it shall take no more than six per
cent. upon loans.
That it skall discount no promissory, note
and purchase no bill Of exchange which has
more than one hundred and eighty days 70
run, or make any loans for a longer time.
That no debt shall be renewed.
That i. shall not at any time loan the Uni
ted States more than three millions of dol
lars, nor any State more than 100000 dol
lrrs, nor either for a longer time than one
hundred days, unless authorized by law.
That it shall contract no debt for a longer
time than one year.
That it shall issue no note of 4 less de-
nomination than ten dollars.
That the officers of the institution shall
not be permitted 10 borrow money from, or
contract any debt therein, in any manner
whatever; a note or bill of which such Of
fcers, as maker, drawer, endorser, or accep-
tor, is forbidden to be discounted. The d.
rectols of the branches not 10 be considered
officers within the meaning OF this provis.
ion.
Toprevent or expose any fraud or indi-
rectlon in the management Of the institution;
TO prevent, also, large and improper loans to
individuals. TO the injury of the stockholders
and the public. and TO prevent. likewise, false
imputations when such irregularities do not
exists, it is proposed that the books of the
institution, including the accounts of all in
dividuals therein, be at all times opened to
the inspection OF the Secretary of the Trea-
sury of the United States; TO n committee
of either House of Congress; TO each Of the
directors Of the Bank, and 10 n committee
of the stockholders, with power to make pub
lie whatsoever they think fit.
1t is proposed to provide that the branches
shall not issue notes or bills adapted TO. and
intended for circulation; but may sell drafts,
not less in amount than fifty dollars, for the
purpose OF transmission and exchange.
That the Bank shall not suspend specie
payment--,hat it shall not pay out any thing
but coin or bullion or It's own notes. That
lis existence as 4 corporation continue for
twenty years-but that it be allowed to use
IFS corporate name for two years longer in
settling up its affairs. That no other bank
be established by Congress during the exis-
tence of the charter.
And providing that it shall not be deemed
an infringement of the privileges granted by
the charter, if Congress shall order the said
corporation to place Offices Of discount and
deposite wherever the SAINT may be necessa-
nv for the collection, safe keeping, and dis.
bursement of the public revenue.
All which is respectfully submitted.
T. EWING,
Secretary Of The Treasury