The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-06-24


xaarks: sab aluFlhtF provision, Il Ih1sghl
!, necessary. that. IN case tae Proresds u
!. ll.s nahlir Lads should - assigned % he
. Sssaes. ahase proceeds shoald ee applied
! a. he reimbursement Of tha principal 81
their dsbss. 90 slosks, created o. issued II
The purposes aforesaid.
In he opinion II ihe Secretary. i i
desirable ihag The Safes should BE per
nsIleJ 10 take N iaaeresi 10 one Of lie
lasrgoing modes. Or some ether node. ~
The new instruction: bui II eongEsss should
think osher9ise. then IL i recommended
that The Gosernment Of tie United States
subscribe for ten millIans u stock. ieas
iRg swsnig 10 b Subscribed BY lhdlsIdu-
ais.
| lis proposed that The affairs Of The
Bsnk Be managed By seven directors. iso
Of them 10 he sppoialed BY tie President.
hy and si,h he advice and consent 81
The Seaaue. and eve 70 be elected By The
stockholders. >, their annual meeting. A
/ president 70 be chosen BY The directors.
out 81 their 0Sn body.
/ That The Branches be managed BY not
more than seven nor less Than Eve dlEeet
ors; lwo Of Them 70 be appointed b. The
States in which ,hs branches may be slin-
a,ed. e such State be = stoskholdsr, and
the res. to Be appointed by the directors
Of The Bank.
II 10 proposed that The Bank be the ds
cal agent Of the Government: that The pub
lie moneys be deposited in il; and. when
there. that they be deemed and ,sksn 10
be in The Treasury Of The URi,ed States;
and that the derosi,es be not removed 81.
cepl bY Law; sndihst The notes OF Ihe said
Bank be receivable in The payment 81
public dues. and that payments made by
The Treasurer Of The United States may
be by checks on said bank.
That The said Bank receive The funds
ii The United States: ihaiit transmit them
from one part OF The URion 10 another. and
distribute them fsr he payment of pub
lie creditors. and perform The duty Of pen.
sion agent. free Of charge.
The ordinary pawers and privileges Of
banking institutions bring conferred upon
il. and The ordinary liabilities and duties
imposed in order 10 prevenI oyerbanking.
excessive issues. fluctuations in ihe price
Of stock. aud consequent sPeculailons
herein. and 10 secure The bill holders and
other creditors Of the Bank from danger
OF loss. il 10 proposed
To limit the dividends to six per cent.
per snnum; but Il they fall short in any
year. The deficiency. with inleres, there.
on. 10 be afterwards made good; and when
surplus sccumula,cs exceeding Two
millions. The excess to be passed n The
credit Of The Treasurer Of The United
States.
| That The amour, ofdeb,s y hich j, may
al any time ose shall nuI exceed twenty
millions over and above its deposi.es
That the debts II any time due 10 the Banl
siaII nOt rxcruu nsv ssavsss 80 - s-y.s-
and seventy. Eve per cent thereon; and
that. when the amour. Of i,s bills in cir
culstion shall exceed three times the
amount Of specie 10 lis vaults. no new
loan shall be made.
That il shall no. deal in any thing ex
eepi coin. bullion. pronissory notes, ant
inland bills Of exchange.
That il shall take no more than 81,
per cent. npon loans.
That il shall discount no promissory
no,e, and purchase no bill of exchange
which has more than one hundred ant
eighty days to run, or make any loan TO
a longer lime.
That no debt shall he renewed.
That il shall mi a, any time loan iht
United States more than three millions %
dollars. nor any Site more Than s l 90. 900
nor either for q longer time Than ou'
hundred and eighty days. unless au'horIz
ed by law.
That it shall con,rac, no deb, for
longer time Than one year.
That il shall issue no note Of les
, denomination than ten dollars.
That the officers nf The insulation shal
no, be permilted to b"rrow money from
or contract any debt therein. in any man
. ner whatever; note or bill Of which sucI
! officer j. maker, drs yer. endotser. or &C
j ceptor. is forbidden 10 be dtscoun,e,
{ The directors Of The branches MT to b
+. considered officers within The meaning {
T. this provision.
E To proven, or expose any fraud O
$ indireciion in the management Eof III
: institution. to prevent. a'sh. large an
. improper loans individuals. 70 the Inlur
, Of The stockholders aud the Publ c, an
: to prevent. likewise. false impu a,Ion
! ~hen such irregularities do not exist.
|, is proposed thai The boaks uf the insIliu
! lion. including The accounts Of all indiv
, dusls therein. be al all times open 10 III
!. inspection OF the Secretary OF the IRE;
! sury Of The United States. tn a comlniIe
Of either House Of Congress, to each I
! The directors Of The Bank, and la con
mitiee OF the stockholders. with power
l b. A e..