Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-09-09
[PRvArE.-No. I

u
AN { 10 revive and cnicnd the charters yf Ger
tao banks M tho District ut COlumhin.
be I" e71cisd by IRE Senate aud H.Uss II R,p
''Sentahc s ~ TIE URdCt States If AmcTica a. Con
crcss cSSemHod. That The charters Of the Bunk 81
The Metropolis. of the Bank OF Washington. and of
the Patriotic Bank oi Washington; the charter of Inc
t"incrs and Mechanics Bank OF Georgetown; and
"e charters OF the Famcts' Bank OF Alexandria. and
u me Bank oi Potomac, IN the tuwR of Alexandria.
oe' anu INC same nrc, scvcrally and respectively
hereby revived; and all the powers, Tights, puvIIe.
ecs. iui'niiniiics. limIiaiionsi prphihitious. and rcs,nc.
tions cOniaIncd in said charters are hereby renew.
cd. extended. and made applicable in full C,rce Il,
each Of said banks, respectively, and 1, the prcsi.
dents, directors, other officers and stocLh,Idcrs Of
cnci Of them, in the same manner anil 10 thc same
extent rs was granted and provided by the said sew.
eral aud respective charters. and the laws in force
on the first day Of January, i'm The year eighteen
hundred and thiriy.eight. subject 10 the Limitation,
AMI provisions forcinaficr contained: Proceeded. said
banks shall. each for itself, from and utter the pas.
sage of this act. resume and continue the payment
OF all It's notes and specie liabilities in specie. on
demand; and each and every Of said banks failing
10 resume specie payments, as ufoIcsaid. within ten
days alter the passage uf this act, ar having Tcsumed
specie payments, again suspending or refusing 10
pay any oi its notes or specie liabilities IN specie
when legally demanded, or shall ply out or lend
out. after the first day OF March next, the notes of
any suspended bank. or any paper currency whatev.
or which Is not equivalent To gold aud silver, shall,
IN the first case, be excluded from oil p~aricimiion
in the privileges and Provisions Of this act; and, IN
The second case. shall, ipse facio, f,rfrii all benefit
and privilege granted Ivy il; Al d it shall he the du.
~ OF The District Attorney Of the United States for
the District Of Columbia. upon information lodg,d
with hun OF any such suspension or refusal 10 pay
IN specie by any Of said banks, 10 take forthwith
the necessary AM proper legal steps TO enforce tie
forfeiture hereby provided for such refusal or SIS.
pension, and TO compel every such delinquent bank
| O nrOCppd IN VNind m ts c,peorps u,l.r ,pI
grceablc TO, the provisions of an act OF Congress en-
titled, "An act 10 continue the ~corporaie existence
Of certain hanks in the District of Columbia, for
certain purposes, approved the third day Of Jlly, liz
he year eighteen hundred and forty.
SEC ,. And be Il Cgrtker eWdctcH, That each and
every OfIhe said hanks shall be. and they arc here
by expressly prohibited from making any new loan
or loans whatever, upon n pledge Of stock in said
bank rs security for the repayment Of said loan; aud
they are hereby required, upon all loans now exist
ing upon any sucl, pledge of stock, to require and
exact, before any renewal or extension OF any such
stock loan shall be granted, other sufficient security
Tor the same, in the form and 10 the extent usual IN
said banks upon making ordinary loans. And Inc
president and directors Of each Of said banks arc
hereby made individually liable 10 all persons con
ccncd for the whole amount of any loan or loans
hereafter made or renewed, contrary 10 The foTcgo-
ing provisions, by them. or any Of them. or with
their consent, from the funds OF any Of said banks;
and the cashier Of each of said banks snail keep a
regular record ofIhe attendance Ofihc president and
each director at every meeting OF The board OF dircc-
tors of the bank Of which he Is cashieT; and every
president and director who shall be present OF any
meeting at v hich any loan upon n pledge of stock.
as aforesaid, shall be made or extended. shall DO
deemed TO have consented to the same, unless ho
shall nj that meeting, enter hs protest. in writing,
against said loan, uPOn the minutes oi thcII pro
cccdings.
SEC. 3. And be IL further enacted, That IN reach
aud every of said hanks, oil loans now existing 10
any president, cashier, director. or other Officer. OF
Iher as principal or security, To- alargcr amount than
ten thousand dollars. shall be regularly curiaIled or
reduced, at the ratio Of nj least twenty five per cent,
or one fourth Of tho whole amount, annually. in Il
due proportion TO each renewal at The expiration of
ninety days successfully, until the sum Of such loan
shall. in no instance. exceed the amount Of ten
thousand dollars Aforesaid. And no new loan or
loans snail hereafter, on any prctcncc Whatever. he
made TO any president, cashier, director, or other of.
fcer, either as principal or security, 10 a greater a
mount in the whole, including the unpaid balances
Of former loans. than ten thousand dollars; and tho
same penalties. liabilities, and prasums lOns shall.
IN every case Of q loan made contrary 10 The spirit.
intent aud meaning Of this section. attach e. the
president and directors Of The bank by which said
loan shall be made. as Is provided in the preceding
section. in tho case Of loans upon a pledge Of tho
stock Of The bank making the same;
SEC. 4, And be a furhcr enacted, That each md
every of slid banks arc hereby expressly prohibited
from issuing mr. paying out, or Offering IN payment,
any bank note or Otner paper in discharge of their
debts and liabilities OF any hind on any prcience
whatever; which The particular bank making the
payment or tender Is not, nj The time Of such pay
mcni, IN The hGbit Of receiving nj par, in payment
&c all notes and other debts due and payable and at
said bank. under pain Of lOHciting for every such OF
fence double the sum 50 paid out or offered in pay
mcnt Of It's own debt or debts one half 10 tho in
former, anil one half 10 The use of the town or city
in which the offending bank may bo situated. 10 DO
recovered by action of debt IN any court Of cOmpe-
tent jurisdiction in the District Of Columbia.
Sec. 5. And be IL further enacted, That each nnd
every ofsaid banks be, and they are hereby, express.
" prohibited from issuing or paying out, under any
preience whatever. any bill, note. or other paper,
designed OF intended to be used aud circulated as
money. Of a less denomination than five dollars, and
Tor any violation Of Inc provisions Of lhis section tho
offending bank shall incur al the penalties and for
FIXTURES 10 he prov idcd and directed by The FIST Soc
lion Of this nci Tor the case Of sus pension or refusal
10 ray m sTccic; 10 be enforced ia like manner. as
Is directed by that section.
Sec. 6. And BE- T. further enacted, That each aud
every Of The bazks aforesaid shall, within folly days
after the passage of his act. hold on election m tho
form and manner prcs,nbed by their respective 0H.
ginal charters, FOR nine directors, which shall, M
future, be the number Of directors for each Of the
said banks; and the persons elected Of said election
shall scycrally remain IN office until the recurrence
Of the limo prescribed, by The original charterofcach
Of said banks respectively, Tor an annual election OF
directors. az which lust mentioned time, and NJ tho
same time in every year thereafter. each Of said
banks shall make is election OF directors and other
officers agrccahly 10 he provisions Of is original
| charter, except rs 90 the numbor Of directors. which
shall, in every case hereafter. be nine. And hero
shall be chosen fr each Of said banks. nj the special
election hereby provided 6r, on o. soon thereafter
as may be in conformity Co The PROVISIONS OF their
respective original charters, q president and such
other officers as may by Zoe particular charter DC re-
quircd 10 be- elected. Who shall bold their Offices Coz
the same time and In he anne manner o. n said
charters had not expired, and said officers had been
chuscn no tho last annual election
r Sec. T. AMI b. 10 further cuar'oi. That this 1c
shall continue iu frce until he fourth dly ofJuly
which shall be 10 The scar eighteen hundred on,
forty 1ur
Sec. s. And BE- iTgrfir sfa,fs'. Th1i The oct On
titled An oct 90 extend tlC charter OF The JnIoi
EnnL nlErrr-rluun. I'M Iho II-L-lt ul CuInmhIl.