The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-19

18th. And bills or notes issred by order Of the said
corporation signed by the PRESIDENT and countersgn-
ed by the principal cashier treasurer thereof pro-
missing the payment of money to any person OF pei
sons his, her, or their order, O. to bearer, annougn
not under the seal of the said corporation, shall be
binding and obligatory upon th same, In like manner
and with like force and effect upon any private per-
or persons ifssued by hip, her. or them, In nus
her, or their private or natura capacity rcapaces
and shall he assgnable and negotiable IN IKE manner
if they were SO issued by such private person OF
PERSONS that ID TO say those which shall be payable
TO any person persons his Der, or then orde snal
be assignable by endorsement, in like manner anu
with the like effect as foreign bills OF exchange now
are and those which are payable to bearer sna'i pe
assgnable and negotiable by delivery only: Prop'aed
That all bills or be issued by said corpora
ton, shall be made payable on demand, other tnah
bills notes for the payment Of sum not less than
one hundred dollars EACH and payable to the ORDER OF
some person PERSONS which bill or notes shall DC
lawful for said corporation to make payable al any
time exceeding thirty days from the date thereof
14th HalfyeaTy dividends shall be made of so much
Of the profits Of the bank shall appear to the dlrec
tors advisable not exceeding three per cent for any
one half year. unless some prior half yearly dividend
shall have fallen below that amount in which case the
dividends may be increased until such deficiency oil
any former dividend or dividends with six per cent
interest thereon shall be made good fthere shall be
failure in the payment of any part OF any sum sub
scrbed to the capital of the said bank by any person.
copartneIshp, corporation State the party falling
shah lose the benefit of any dividend which may have
accrued prior to the time for making such payment and
during the delay of the same.
18th. Once in every year the directors shall lay be-
fore the stockholders at general meeting, or publish
for their information, an exact and particular state
ment of the debts which shall remain unpaid after the
expiration of the original credit and of the surplus OF
the pofts if any, after deducting losses and divi-
dends a.... @ s .lM #a n aE. Wv
10th. That the said corporation shall establish a
competent Office of discount and deposit in any State,
by the assent Of the Legislature of such State when
the directors may think fit to do; and when
tabshed, the office shall not be Withdrawn without the
assent of Congress- and the said corporation shall
have power to commit the management of the said
Offices and the business thereof respectively, to such
persons and under such regulations they shall deem
proper being contrary to law constitution of the
bank or instead of establishing such Offices il shall
be lawful for the directors of the said corporation from
time time to employ any individual, agent or any
other bank banks, to be approved by the Secretary
of the Treasury at any place or places that they may
deem safe and proper to manage and transact the bu
siness proposed aforesaid other than for the pur
poses of discount and to perform the duties hereinafter
required of said corporation to be managed and trans.
acted by such officers under such agreements, and
subject to such regulations as they shall deem just
and proper. Not more than seven, nor less than five
managers or directors of every office established as
aforesaid shall be annually appointed two by the State
in such the Legislature thereof may direct
in which such branch is located if such State shall
become stockhoder in the corporation hereby created
and the other directors or managers by the directors OF
the bank, to one year; they shall choose pre-
sdent from their number, each OF them shall be a
citizen ofhs United States and resident of the State,
Territory District wherein such Office is establish
ed and not than three fourhs of the said mana
gers or directors in Office at the time of annual ap
point shall be reapponted for the next succeed
ont Of succession but the president
may be always reapponted; Propided, That the d.
of the branches shall not be considered officers
of the bank, within the meaning of the section
ofthe act. tna. wy rs .".EN a... TIT
nth. The officer at the head of the Treasury De-
parment of the United States shall be furnished from
lime to tme often he may require, not exceed
ing once week, with such statements of the condi-
ton and business of said corporation he may spe
ciay direct and he shall also have right to inspect
or cause 10 be inspected by one by him duly
horzed all the books, papers, and accounts of the said
corporation of every kind including the accounts OF
individuals and the condition of the bank shall he
published monthly, in such manner, and with such
particularly the Secretary of the Treasury shall
direct And the said bank shall be open at all times
to the full and unrestricted inspection of committee
of either House of Congress- committee of the stock
holders and to each and all of the directors of the
bank. R4s.a 3ha aI4 IS gta-#1a ~ = I.eS M
18th No note shall be issued of less denomination
than ten dollars; nor shall the said bank discount
loans, when the notes in circulation exceed three
times the amount of specie in its vaults. @taa4
10Th. The debts due, and becoming due to said
bank, sal never, at any time exceed the amour,
Of the capital stock actually paid in, and seventyve
per cent. advance thereon. nv TE9& a@.:. t9a
Goth. No paper shall BIZ discounted, or any loan
made by said bank for longer time than hundred
and eighty days; nor shall any note or bill, or Other
debt, evidence of debt, be renewed extended BY
any engagement or contract Of said bank after the
hicht afaI hall hava
2lst. No notes. or bills, or any other evidence o
debt adapted and intended to circulate money shall
be issued by any of the branches of said bank: Pro
rided That nothing herein contained shall be so con
srued to prohibit said branches from selling drafts
fifty dollars and upwards each, drawn and intended
for the purpose of transmission, as exchange.
22d. That said bank shall not deal in produce, OF
hold any securities other than notes of hand or inland
bills of exchange, unless taken for the security
debts. Es. .% .7... .ar #ns - aa, .r. ~ #
any other bank any thing except legal coin, bullion
or its own notes VIZ. ~T.. ". '" t. ....'.'''
Oath. When surplus shall have accumulated in
said bank to amount exceeding one million of dol
lars the that shall it accrues, be an
nualy transferred and paid over TO the Treasurer
the United States; and any surplus which may be ir
said bank at the expiration of its charter, SHALL In
like manner, be paid into the Treasury of the United
States.
Sec 10 And be il further enacted, That if the sale
corporation any person persons for or to the
of The same, shall deal trade in buying selling
any goods, wares, merchandise, or commodities what
soever contrary to the provisions of this act ALL and
every person persons, by whom any order direc
ton for SO dealing or trading shall have been given
and all and every person persons, who shall have
been concerned parties or agents therein shall for
felt and lose treble the value of the goods, wares
chandise and commodities in which uch dealing and
trade shall have beep one-hatf thereof to the use Of
the nformer and the other half thereofto the use Of
the United States to be recovered in any action Of law
with costs of suit. .... ." 20. ,"@N F z.
Sec l3. And be it further enacted, That If the said
corporation shall advance lend any sum of money
for the use, account of the Government of the
United States, to amount exceeding three millions
of dollars or for the USE on of any particu
lar State, TO an amount not exceeding one hundred
thousand dollars, (unless authorized by law) all anc
every person and persons, by and with whose order