Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-08-12
rlIr FISCAL BANK.

iow;ng SYNOPSIS of the Bank Bill, which
has nassed the Senate and House Of Re-
representatives., and only awaits the sigma
lure or the President to become law:
The first section establishes Fiscal
Bank in the District Of Columbia, with
capital Of thirty millions Of dollars, Ovid
ed into shares Of one hundred dollars each.
One third Of the stock 10 be subscribed BY
the Uniied States, and the remainder BY
States, individuals, or corporations The
power to increase the capital twenty-five
millions after ten years is reserved.
The second section enacts that the
subscription books shall be opened on the
first Of September next, at various places
designated in tho Bill, under the supern.
tendencc Of commissioners appointed by the
Secretary Of the Treasury. IL mo . than
twenty millions are subscribed, the COM
mssioners shall deduct from the largest,
| ia such manner that no subscription
shall be reduced while any one remains
larger.
The third section provides that no indi
yidual or corrofaiion shall subscribe Tor
more than $500 shares. the subscription
TO be payable in speeie-ten dollars at the
time ofsnbscribing, twenty fye al tie ex.
pfation Of three months, twenty-five IN
eight months, and forty IN one year.
The fourth section prescribes the man.
uer in which the commissioners shall keep
the money paid in.
The fith section enacts that no certiii.
cate shall be granted TIL the whole amount
Of the second instalment is paid.
The siaih section relates TO the manner
in which the subscription for the United
States shall be paid.
/ The seventh section creates the sub
scribers a corporation and body polite,
under the name OF the Fiscal Bank OF the
| United States, to continue twenty-one
years.
The eighth section provides for nine d.
rectors, three to be appointed BY the Pre-.
sdent and Senate. the other six to be
elected annually by the stockholders. Ne
member Of Congress or officer Of govern
ment can be director, or no director o.
another bank can be elected. The d.
reciors TO elect President.
The ninth section .enacts that as soor
as ten millions are paid in, the stockhoId-
ers shall elect SIX directors, and the bank
shall then commence operations.
The tenth section gives the directors
power to employ clerks, &c., and to fiA
their salaries.
The eleventh section contains the lunda-
mental articles of the constitution OF the
Bank, as follows:
LIST. The number Of votes TO which
stockholders shall be entitled to give foi
tlircctors--no proxy Of more than ninety
days standing to be valid. None other
than actual residents OF the United State:
to be voters.
Cd Five of the six directors only to be
eligible FOR the second year, and no direct
or shall be elected more than five out Of
six wears in succession.
81. None but stakeholder and resi-
dent citizen to be director, and not more
than two to be from any one State.
4th. Not less than five directors shall
constitute u board for transacting bust
ness, and three Of the five shall be those
elected by the stockholders.
9th. Any number of stockholders, not
less than sixty, holding not less than one
thousand shares, may at any time call
general meeting.
9th. Cashier TO give bond with two
or more sureties for not less than fly
thousand dollars.
7th. The Tank shall hold only real
estate enough for the convenient transac-
ton Of its business.
Sth. The debts Of the bank over the
deposites shall never exceed twenty-five
millions, and in case OF excess the direct
ors shall be liable.
9Th. The Bank shall mo-; deal in any
thing but bills OF exchange, gold and sill
yer, goods or lands purchased on exccu-
ton, or goods taken in payment for debt
10Th. No loan shall be made to Govern.
ment exceeding one million, or to any
State exceeding one hundred thousand
dollars, unless authorised by act Of Con.
gress.
llth. The stock OF the bank TO be as.
signabe Provided no assignment shall
/ be made TO others than citizens Of the
United States.
l2.h. The bills obligatory and of cred
it under seal, to be ssignable by endorse
ment: Provided no bill of credit shall be
for more than five thousand dollas, or
longer than one year.
18th. All bills issued, payable to bear.
err or order, shall be made payable on de-
mand.
18th. Halfyearly dividends to be made,
not exceeding three and half per cent.
When n surplus, amounting to two mil
lions has accumulated, any excess shall
be paid over to the Treasury Of the unit
ed States; and on the expiration OF the
charter, any surplus, after payment OF
dividends, and reimbursing the capital,
shall be paid to the Treasurer. If the
dividends are ever below three and hall
per cent, semi.snnually, the Treasurer
shall make up the deficiency out of the
surplus that may have been paid before.
No dividends to be made, except from the
profits. The bank not TO purchase its
own stock or to loan on pledge Of ii
and any shares received in satisfaction oil
debt shall be sold. The bank shall not
hold stock in other corporations. Before
a dividend is declared from the profits, all
expenses are deducted.
10Th. An annual statement Of the debts