The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-15


assgnees and his, her, their executors admins
traitors 10 maintain action thereupon. in his, her
or their own name names Prorided That said
corporation shall not make any bill obligatory, or Of
credit, other obligation under It's seal for the pay
ment ola sum less than five thousand dollars for
longer period than one year
18th. And bills issued by order Of the said
corporation, signed by the president and counersgn-
ed by the principal cashier treasurer thereof pro-
missing the payment OF money to any person per-
sons, his, her, their order bearer although
not under the seal Of the said corporation, shalt be
binding and obligatory upon the same in like manner,
and with like force and effect upon any private per-
son persons, ifssued by him, her. them, in his,
her, or their private natural capacity or capacities,
and shall Re assignable and negotiable in like manner
as ifthey were so issued by such private person or
PERSONS that 10 say, those which shall be payable
to any person PERSONS his her their order shall
be assignable by endorsement, in like manner and
with the like effect foreign bills of exchange now
are and those which are payable to bearer shall be
| assgnabe and negotiable by delivery only Propded
That all bills be issued by said corpora
ton, shall be made payable on demand, other than
bulls or notes for the payment of less than
one hundred dollars each, and payable to the order OF
some person or persons which bill notes Il shall be
lawful for said corporation to make payable any
time not exceeding thirty days from the date thereof
| l4th. Hafyearly dividends shall be made of so much
OF the profits OF the bank shall appear to the direc
tors advisable not exceeding three per cent for any
one half year, unless prior half yearly dividend
shall have fallen below that amount in which the
dividends may be increased until such deficiency Of
any former dividend or dividends with six per cent
interest thereon shall be made good Ifthere shall be
failure in the payment of any part OF any sum sub
scrbed TO the capital of the said bank by any person.
copartnershp corporation or State, the party failing
shall lose the benefit of any dividend which NAV 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, 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 profits, If any after deducting losses and div-
dends.
10TH That the said corporation shall establish
competent office of discount and deposit in any State
by the assent of the Legislature of such State hem
the directors may think fit to do and when es.
tabished the office shall 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 not being contrary law constitution Of the
bank or, instead of establishing such Offices il shall
DO lawful for the directors of the said corporation from
time to time TO employ any individual agent or any
other bank or banks TO be approved by the Secretary
OF the Treasury at any place 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 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 less than i've
managers or directors of every office established as
aforesaid shall be annually appointed BY the State
in such manner as the Legislature thereof may direct
IN which such branch is located, il such State shall
become stakeholder in the corporation hereby created
and the other directors managers by the directors
the bank, to serve year; they shall choose pre-
sident from their own number, each OF them shall be
citizen ofthe United States and resident of the State
Territory District wherein such office establish.
ed and than three fourihs Of the said mana
gers or directors in Office at the time Of annual ap
polntment shall be reappointed for the succeed
ing year out of four in succession but the president
may be always reapponted; Provided, That the d.
rectors ofthe branches shall not be considered officers
of the bank, within the meaning of the section
ofthe act
18th The officer at the head Of the Treasury De
partment Of the United States shall be furnished from
time to time, as often he may require exceed
ing once week, with such statements of the cond
ton and business of said corporation he may spe
cialy direct and he shall also have right inspect
or cause 10 be inspected by one by him duly
thorzed all the books papers, and accounts ofthe 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 as 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.
18TH No note shall be issued of less denomination
than ten dollars; nor shall the said bank discount
notes or purchase exchange or otherwise extend its
loans when the notes in circulation exceed three
times the amount of specie in It's vaults.
| 10Th The debts due, and becoming due to said
bank, shall never at any one time exceed the amount
of the capital stock actually paid in and seventy five
per cent. advance thereon.
| Goth No paper shall be discounted or any loan
made by said bank for longer time than hundred
| and eighty days; nor shall any note bill, other
debt, evidence of debt be renewed extended by
any engagement or contract of said bank, after the
time for which twas negotiated shall have expired.
2lst. No notes, or bills, or any other evidence of
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 con-
strued as to prohibit said branches from selling drafts
fifty dollars and upwards, EACH drawn and intended
for the purpose of transmission, as exchange
I'D That said bank shall not deal in produce, or
hold any securities, other than of hand inland
bills of exchange unless taken for the security of
debts
23d The said banks shall not pay out the notes Of
any other bank, any thing except legal coin, bullion,
or its notes.
9th When surplus shall have accumulated in
said bank TO an amount exceeding one million of dol
lars, the that shall accrues be
nuay transferred and paid over TO the Treasurer of
the United States; and any surplus which may be in
said bank at the expiration of its charter shall in
like manner, be paid into the Treasury Of the United
States.
Sec IL. And be IL further enacted That il the said
corporation, any person persons for, to the
of the same shall deal trade in buying or selling
any goods Wares merchandise, commodities what
socver, contrary TO the provisions of this act, ALL and
every person persons by whom any order direc
ton for SO dealing trading shall have been given
and all and every person persons, who shall have
been concerned parties agents therein shall for
felt and lose treble the value of the goods wares
chandise and commodities in which such dealing end
trade shall have been one half thereof to the of
the ntormer, and the other half thereof to the of
the United States, to be recovered in any action of law
with costs of suit.
Sec 3D. And Dc IL further enacted That if the said
corporation shall advance lend any sum of money
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