The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-26

the pigments OF the said subscriptions SNAIL nc haue
anscompleted by the subscribers respectively at the
Ane and in the manner following that is 10 say; at
the time of subscribing there shall be PAID Ten uos
each share in bullion, IN gold oI silver com OF :"
the Treasury notes of the Uniei States, ana 'wenE
f. dollars in bullion, IN CON- or reasuIy 49,
aforesaid at the expiration OF three calendar o''
after the time of subscribing; and there shall DC Pa
the further OF twenty-five dollars on eaen -
in bullion in gold or silver CON- or iIeasuy ~" 49, :,
aforesaid in eight calendar months aiter the une "
subscribing and forty dollars more IN nuon' ~ .o''',
or Treasnry notes as aforesaid ut the expiration OF
twelve calendar months from the time OF SUBSTITUTING
SEC a And be II further enacted, That II, IN con-
sequence Of the apportionmen oil the shares IN TUG
n;,I NJ The said bank among the subscribers, IN the
- ami in The manner hereinbefore provided any
subscriber shall have delivered TO the commissioners,
at the time of subscribing, greater amount OF ouo,
or od or silver coin and Treasury notes, than sha
be necessary TO complete the payments 'ot Tue
shares to such subscribers apportioned as aforesaid
the commissioners shall only retain 80 much OF the
said bullion or gold silver COIN and Treasury notes
as shall be necessary TO complete such payments and
shall forthwith return the surplus thereof ON appi,a
ton for the same the subscribers lawfully eniitieu
thereto And the commissioners, respectively, shaii
deposit the bullion gold and silver CON, and cer,ih
OF public debt hy them respectively received a.
aforesaid from the subscribers 10 the capital o. the
said bank IN place Of secure and saie, keep
ing that the NAV AMI shall he specifically de-
h,ered and transferred the were by them res.
pectvely recel,sd the tlscai Hank 81 me oni'rd
States u their orcr, s.Nn as shall he requires
after the organisation of the said hank And the sand
commissioners agsSsn'ed y sapcrn'end the saes',p
tlcns the cAslAl II the sA hank, a. aNrsaid shai
receive TeaSaaaAe compensation ~ their Services,
respectively and SHAH he allowed all reasonable
charges and expenses incuFrea IN the execution ~
,her truss, h pad ~ tbs hank eos 81 The funds
thereof
Src. l. gA..sf ~, sae- ta.stsc3 That no certificate
II stock or any subscription any right thereto shall
he transferred except hy operation OF law, uni after
the whole OF the third nstalment shall nave
been fully paid and every contract or agreement made
or entered into for the transfer of such stock for
the holding the trust fo the OF any other
person. except the person whose name II Is supscfb-
ed in the books oi whose use II isthercn express
ed shall be wholly and absolutely null and void IN
law That shall be lawful for the president direc-
tors and company, of the said bank 10 sell and trans
fer for gold and silver com, bullion or treasury
notes subscribed the capital OF the sand bank, as
aforesaid.
Sec g. And be it, further enacted, That at the open
ing of the subscription of the capital stock of the said
Bank the Secretary of the Treasury shall subscribe
or cause to be subscribed on behalf OF the United
States the said number of one hundred thousand
shares amounting to ten millions OF dollars, as afore
said which said subscriptions so made by the Secre
ary of the Treasury, as Aforesaid snail he pald IN
bullion in gold silver con in stock of The Uni
ted States bearing interest AT the rate OF five per cent
per annum and If payment thereof, or OF any part
thereof be made in public stock, bearing interest as
aforesaid, Inc salu De pdydple
To commence from the time OF making such payments
of the said subscriptions and the principal
OF the said stock shall be redeemabe III any sums and
at any periods which the Government shall deem Ill.,
after the expiration of fifteen years And the Secre
ary of the Treasury shall certificates OF pubic
stock to the OF millions of dollars TO be pre-
pared and made in the usual form and shall at his dis
cretion and whatsoever he shall think tit, sell the same
for gold silver COIN bullion, he shall pay over
and deliver three millions five hundred thousand dol
L., ~xs sh. afE ,ha first ay
Of January eighteen hundred and orty-two, and two
millions five hundred thousand dollars on the first
day of May, and four millions OF dollars OF the
the first day of September, in the same year
which said stock it shall be lawful for the said Bank
TO sell and transfer for gold and silver coin, or bullion
at their discretion. And if the Secretary of the Trea-
sury shall sell the whole any part OF the said stock
he shall pay to the said Bank gold silver coin, or
bullion, TO the nominal amount of stock sold in like
instruments: Propided, nevertheless, That If the
amount Of stock which may be offered for the subscn
ton of individuals, States corp rations, shall not
be fully taken and the deficiency do not exceed one
third, within three months, the residue shall be sub
scribed for by the Secretary of the Treasury behalf
of the United States, and may be afterwards sold by
him any price in his discretion less than
and for which the Seci etary of the Treasury hereby
authorized to issue stocks of the United States
ner as before provided.
Sec. 7. and be il further enacted That the sub
scrbers to the said Bank that their and
signs, shall be- and they hereby created corpo-
ration and body polite, by the and style of the
Fiscal Bank OF the United States" and shall con
tnue until the first day of June, the year thou
sand eight hundred and sixty two and by that name
shall be, and hereby, made able and capable in
law, To have purchase, receive possess, ENJOY and
lan to them and their SUCCESSORS lands, rents, tene-
ments heradtaments goods chattels, and effects, o
whatsoever kind nature and quality and the same
to SELL grant, demise alien dispose of to sue and
| be sued plead and be implicated answer and be an
swered defend and be defended, in all State courts
having competent jurisdiction, and in any circuit court
OF the ned States; and also to make, have and
common SEAL and the same to break alter, or renew
at their pleasure; and also ordain establish and put
in execution, such by laws, and ordinances, and regu
ations, they shall deem necessary and convenient
for the government of the said corporation, not being
contrary to the constitution thereof or to the laws Of
the United States and generally to do and execute all
and singular the acts, matters and things, which tt
| them 1t shall or may appertaln to do subject never
theless, to the rules, regulations, restrictions hmta
tons, and PROVISIONS hereinafter prescribed and de
clared.
nagement Of the affairs of the said corporation there
shall he nine directors three of whom shall be annual
y appointed by the President of the United States, by
and with the advice and consent of the Senate ant
six OF whom shall be annually elected at the banking
house in the city of w ashington the frs, Monday
of January in each year by the qualified Stockholders
of the capital of said Bank, other than the Untet
States and by plurality of votes then and there given
according to the scale of voting hereinafter prescribed
| Propided ailrdys, That no member of Congress, o.
of the respective State Legislatures and no officer
contractor of the Federal State Governments shall
he director in said Bank branches, and that n,
person being director in the Fiscal Bank ofthe Uni
ted States, any of its branches, shall be a dirccto
of any other Bank and should any such director ac
director in any other Bank, it shall forthwith va
cate his appointment in the direction of the Fiscal Banl
OF the United States and the directors duly APP
pointed and elected shall be capable of serving by vr
tue OF such appointment and choice from the first Mon
day in the month of January of each year, until tn
end and expiration Of the first Monday in the mont
of January of the year next ensuing the time of eac