The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-19

coin or Treasury notes, aforesaid In eight calen
dar months after the time of subscribing, and forty
dollars more in bullion, in coin, Treasury notes. al
aforesaid at the expiration OF twelve calendar months
| from the time of subscribing.
Sec. L. 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 in the case
| and in the manner heTeinbefore provided, any sub
scrber shall have delivered 10 the commissioners the
time of subscribing greater amount of bullion, OF
gold or silver coin and Treasury notes. than shall bs
necessary to complete the payments for the share Of
shares to such subscribers apportoned aforesaid
| the commissioners shall only retain much of the
said gold or silver coin and Treasury notes as shall b.
necessary to complete such payments and shall forth
WITH the surplus thereof application for the
same, TO the subscribers lawfully entitled thereto
And the commissioners, respectively, shall deposit the
gold and silver con and certificates Of public debt by
them respectively received as aforesaid from the sub
scrIbers to the capital Of the said bank in place
of and safe keeping, that the may and
shall be specifically delivered and transferred the
by them respectively received, TO the Bank
of the United Stases to their order 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 fol
their services, respectively, and shall be allowed al
reasonable charges and expenses incurred in the exc
cution of their trust to be paid by the bank out of
| funds thereof
Sec s. And be it further enacted, That no certf
cate of stock any subscription any right thereto
shall be transferred except by operation OF law, unit
after the whole amount of the third instalment shall
have been fully paid, and every contract or agreement
made entered into for the tranfer of such stock
for the holding the in trust for the use of any
other person, except the person in whose name 1t Is
subscribed the books, for whose use It is therein
expressed, shall be wholly and absolutely null and
void in law That shall be lawful for the President
Directors and Company of the said Bank, to sell and
transfer for gold and silver coin bullion the Trea
sury notes subscribed to the capital of the said bank
| as aforesaid. lE au. s..
Sec. g. And be- IL further enacted, That at the open
ing of the subscription 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 aforesaid And the SecTe-
tary the Treasury shall also subscribe in shares and
in parts shares in the name of the United 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
ty-seven cents and the stock 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 same.
And if any State shall not within two years from and
after the passage Of this accept the said stock SO
subscribed for said State the same shall pass and
become the property of the other States respectively
in the proportion aforesaid which shall have agreed SO
to accept if the had been apporoned 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 fulment 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 aforesaid, amounting together to the sum
of fifteen millions three hundred and sixtyseven thou
sand two hundred and fourteen dollars and ninety
cents shall be paid in bullion, in gold or silver
coin in stock Of the United States bearing interest
at the rate of five per centum per annum, and IT pay
ment thereof ofany part thereof be made in public
stock bearing interest aforesaid the said interest
shall be payable half yearly, to commence from the
time Of making such payments account of the said
subscription and the principal of the said stock shall
the Government shall deem i after the expiration of
fifteen years And the Secretary of the Treasury
shall cause certificates of public stock to the
of fifteen millions three hundred and sixty thou
sand two hundred and fourteen dollars and ninety
cents be prepared and made in the usual FORM
and shall at his discretion, and whensoever he shall
think it sell the for gold silver coin, or bull
lion or he shall pay and deliver five millions two
hundred and fifty thousand dollars of the same to the
said bank the first day of January 1872 and three
millions hundred and fifty thousand dollars on
the first day of May and six million three hundred
and sixty seven thousand two hundred and fourteen
dollars and ninety cents Of the same on the first
day of September in the year, which said stock
|
for gold and silver coin bullion at their discretion
And if the Secretary Of the Treasury shall sell the
whole any part the said stock he shall pay to the
i said bank gold and silver coin or bullion, to the nom
nal amount of stock sold in like instruments Pro
pded nepertheLess That if the amount of stock which
may be offered for the subscription of individuals
States corporations, shall not be fully taken, and
the deficiency do not exceed ene-third, within three
months the residue shall be subscribed tor by the Sc
creary of the Treasury, behalf the United States,
snlI hxh n prica In,
discretion not less than cost; and for which the Sc
creary of the Treasury is hereby authorized to issue
stocks of the United States 10 manner before pro-
vided. ..... ....... -.
| Sec. T. Ard be 1t further enacted, That the sub
scrbes 10 the said bank their successors and
be- and they are hereby created corporation and body
polite by the and style Of the Fiscal Bank Of
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 heredita-
ments goods chaels and effects, OF whatsoever kind
nature and quality; and the same to SELL grant, de
mise alien 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 same to reak alter and renew at teiI
pleasure and ALSO odain establish, and put
as they shall deem necessary and convenient for the
of the said corporation, not being contrary
to the constitution thereof to the laws Of the United
States and generally to do and execute all and singu
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 prov
s,ons hereinafter prescribed and declared ~#
i Sec. g. And be IL further enacted That for the ma
nagemen of the affairs of the said Corporation there
shall be seven directors, two Of whom shall be annual
" appointed by the President of the United States, by
and with the advice and consent of the Senate, and
five Of whom shall be annually elected at the banking
house in the city Of Washington on the first Monday
of January in each year. by the qualified stockholder.
Of the capital of said banks other than the United
States and by plurality ofvotes then and there &C.
tuay given according to the scale of voting hereina
ter prescribed; Prepded, dloays That no person be
ing director in the Bank of the United States, OF
any Of its branches shall be director of any Other
bank and should any such director act as director
in any other bank, it shall forthwith vacae his appoint
ment in the direction of the Bank Of the United