Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1841-08-11
C o N G R E s s..
THE FISCAL BANK DILL,

THE FISCAL BANK BILLs
We give our readers brief abstr act oil
lis bill as il passed the Senate. 1t will
EoOAbIy be finally acted on in the House.
I becomes a law we will publish il en-
Re.
Tbe FIRST section established fiscal
bok in the District Of Columbia, with a
uital of thirty millions Of dollars, divid-
into shares Of one hundred dollars each.
he third Of the stock to be subscribed by
United States, and the remainder by
ntes, individuals or corporations. The
bwer 10 increase he capital twenty-five
|alious alter ten years III reserved.
The second section enacts that The sub
rpton book shall be opened On The first
September next, at various p'acts, de-
,urd in the bill, under the superintend-
bee Of commissioners appointed by the
scre,ary Of The Treasury. If more than
penty millions are subscribed. the CON-
Iissioners shall deduct from the largest
such manner that no subscription
bali be reduced while any one remains
hrger. -. :.
The third section provides that no ind
idoal or corporation shall subscribe fol
bore than $500 shares, the subscription
be payable in specie--ten dollars attht
Inc Of subscribing twenty-five at the ex
Sialion of three months, twenty-five 10
ght months. and forty IN one year.
The fourth section prescribes the man
er 10 which the commissioners shall
eep the money paid in. : .
The fifth section enacls that no certifi
axe shall be granted till the .whole amour
flhe second instalment is paid.
The SIKH section relates to the nance
which the subscription for the UnAe'
ales shall be paid.
The seventh section Greats the subscr'
eIs corporation and body polite. unde
be name Of the Fiscal Bank Of the Uni
u s a,es, to continue twcnty-one years.
The eighth section provides for min
rertors, three to be appointed by tn
Ppsident and Senate, the other six TO B
Fecled annually by the stockholders n
member OF Congress or officer Of govern
heOt can be director, and no director
mother bank can be elected. The dlre'
oTs 10 elect president.
The ninth section enacis that as soon
len millions are paid in. the stockholde
Phl elect six directors. and the bank sha
hen commence operations.
The tenth section gives the director
power 10 employ clerks, sc. and to !
heir salaries.
Theeleventh section contains The fund
mental articles Of the constitution Of Y
bank as follows:
list The number Of votes which stoc
holders shall be entitled TO give for dire
1rs--no proxy Of more than ninety da
sanding to be valid. None others IN
actual residents Of the United States TO
sOlcls.
%. Five Of me six directors only to
eligible for the second year. and no dire
W shall be elected more than ave oH
M years in succession.
ga. None but a stockholder and re
usH' citizen TO be director. and mol me
~an two TO be from any one state.
4th. Not less than FIVE directors sh
sOnssl.uie board for transaeling busine
sno lhree Of the Eve shall tie those cleo
" !ae stockholders.
oh Any number Of stockholders.
s.s than sixty. holding mol less than |.
aOusand shares, may al any time cal
general a,ee.ine.
ON Cashier 70 give bond with
y more suretie, Ior not less than I
'a'u'end dollars,