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

shall be paid ten dollars on each share In bullion in
gold or silver COIN or in the Treasury notes Of the
United States, and twenty-five dollars in bull
lion, in coin Treasury notes. aforesaid at the
expiration OF four calender months after the time
subscribing; and there shalt be paid the further sun
of twenty five dollars each share in gold silver
coin Treasury notes, aforesaid, In eight calen
dar months after the time of subscribing, and forty
dollars more in bullion in coin, OF Treasury notes,
aforesaid at the expiration Of twelve calendar months
from the time Of subscribing
Sec. A. And be IL further enacted, That in conse-
quence of the apporonment of the shares in the CAPT
tai Of the said bank among the subscribers case
and in the manner hereinbefore provided, any sub
scrber shall have delivered to the at the
time Of subscribing, a greater amount of bullion, or
gold silver coin and Treasury notes. than shall be
necessary to complete the pay nens for the share or
shares to such subscribers, apportioned aforesaid,
the commissioners shall only retain so much of the
said gold silver coin and Treasury shall be
necessary to complete such payments and shall forth
with, return the surplus thereof application for the
same, 10 the subscribers lawfully entitled thereto.
And the commissioners respectively shall deposit the
gold and silver coin, and certificates of public debt BY
them respectively received aforesaid from the sub.
scnbers to the capital of the said bank in place
OF secure and safe Keeping that the NAV and
shall be specifically delivered and as the
were by them respectively received TO the Bank
of the United Stases to their order as soon as shall
be required after the organization Of the said bank
And the said commissioners appointed to superintend
the subscriptions to the capital Of the said bank
aforesaid shall receive reasonable compensation for
their services respectively, and shall be allowed all
reasonable charges and expenses incurred in the
euon OF their trust to be paid by the bank out the
funds thereof
Sec 5. And be IL further enacted That no certi6
cate of stock, any subscription any right thereto
shall be transferred except by operation OF law, until
after the whole amount of the third instalment shall
have been fully paid and every contract agreement
made entered into for the ranfer of such stock
for the holding the in trust for the of any
other person, except the person in whose name it is
IN tha hnpE phnaA
expressed, shall be wholly and absolutely null and
void in law. That it shall be lawful for the President
Directors and Company of the said Bank, to sell and
transfer for gold and silver coin, bullion the Tea
sury notes subscribed to the capital of the said bank
as aforesaid.
Sec. g. And be it, further enacted That at the open
ing Of the subscription TO the capital stock of the said
bank the Secretary of the Treasury shall subscribe,
TO be subscribed behalf the United States
the said number of sixty thousand shares, amounting
to six millions of dollars as aforesaid And the Secre-
ary OF the Treasury shall also subscribe in shares and
IN parts OF shares in the of the nited States for
the OF the respective States the proportion of each
according TO its representation in the Senate and
House Of Representatives of the United States, the
sum OF nine millions three hundred and sixty seven
thousand two hundred and fourteen dollars and nine
y-seven cents and the stock SO subscribed for the
Of any State, shall become and be the property of
such State, and subject to its control from and after
the time that such State shall by law accept the
And If any State shall within years from and
after the passage of this act accept the said stock
subscribed for said State, the shall pass and
become the property of the other States respectively
in the proportion aforesaid which shall have agreed
to accept II the same had been apportioned to them
originally. And the subscription of the said stock,
and the payment thereof hereinafter provided shall
be substituted for and taken and held to be deposit
with the States in fulmsnt of the provisions of the
thirteenth section of the act of the 23d day of June
1885, and subject to the provisions of said act which
said subscriptions made by the Secretary OF the
Treasury as aforesaid, amounting together TO the
OF fifteen millions three hundred and sixty thou
sand two hundred and fourteen dollars and ninety
cents shall be paid in bullion in gold silver
con or in stock Of the United States, bearing interest
at the rate of five per centum per annum and il pay
ment thereof fany part thereof be made in public
stock, bearing interest aforesaid the said interest
shall be payable half yearly, to commence fiom the
time OF making such payments account of the said
subscription and the principal of the said stock shall
be iedeemable in any sums, and at any periods Inch
the Government shall deem fit, after the expiration Of
fifteen years. And the Secretary Of the Treasury
shall certificates of public stock to the
OF fifteen millions three hundred and sixty thou
sand two hundred and fourteen dollars and ninety
cents to be prepared and made in the usual FORM
and sLal at his discretion, and whensoever he shall
think f sell tho same for gold silver coin, or bull
on or he shall pay over and deliver five millions two
hundred and fifty thousand dollars of the same, to the
said bank the first day Of January 1912 and three
millions hundred and fifty thousand dollars
the first day of May, and six million three hundred
and sixty thousand two hundred and fourteen
dollars and ninety cents OF the the first
day of September, in the year, which said stock
shall be lawful for the said hank to sell and transfer
for gold and silver coin bullion at their discretion
And if the Secretary of the Treasury shall sell the
whole or any part ofihe said stock he shall pay the
said bank gold and silver coin bullion, to the nomi-
nal Of stock sold in like instalments. Pro
rided nevertheless, That if the amount of stock which
may be offered for the subscription of individuals,
States or corporations shall not be fully taken and
the deficiency do not exceed ene-third, within three
months, the residue shall be subscribed for by the Sc
cretary Of the Treasury, on behalf the United States
and may be afterwards sold by him at any price in his
discretion less than cost; and for which the Sc
cretay of the Treasury hereby authorized to issue
stocks of the United States in before pro,
vided.
Sec. T. Az d be IL further enacted, That the sub
scrbers the said bank their and assigns
be- and they hereby, created corporation and body
polite by the and style Of the Fiscal Bank Of the
United States, and shall continue until the first
day of June, in the year one thousand eight hundred
and sixty-two; and by that name shall be, and are
hereby, made able and capable in law TO have, pur-
chase receive possess enjoy, and retain to them and
their successors, lands, rents tenements heredta.
ments goods chaels and effects, of whatsoever kind
nature, and quality; and the same to SELL grant, de
mise, aien dispose of; to sue and be sued, plead
and be implicated, answer and be answered, defend
and be defended in all State courts having competent
jurisdiction and in any circuit court of the United
States; and also TO make, have and use, common
seal, and the to reak, alter and renew at their
PLEASURE and ALSO to ordan establish and put in exc
cution such by laws and ordinances and regulations,
they shall deem necessary and convenient for the
government of the said corporation not being contrary
to the constitution thereof to the laws of the nited
States and generally to do and execute all and sngu-
lar the acts matters and things which TO them it shall
or may appertain to do; subject nevertheless to the
rules regulations, restrictions, limitations and provi-
sions hereinafter prescribed and declared
Sec 8. And be IL further enacted, That for the ma
nagement of the affairs of the said Cooperation there
shall be seven directors two of whom shall be annual
~ appointed by the President of the United States by
A. IL. "A IF tha and