Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-03

order TO prevent ovCr-Oanklng, excessive IS.
sues, fluctuations in The price of stocks, aud
consequent specuIations therein, and to secure
the bill holders and other creditors of the Bank
from danger Of loss, it is proposed
To limit the dividends TO six per cent.
per annum; but it they fall short in any
year, the deficiency, with interest thereon,
to be afterwards made good; and when a
surplus cumulatcs exceeding two millions.
the excess to be passed to the credit of the
Treasury of the United States.
That the amount of debts which it may at
any time owe shall not exceed twenty mil
ions over and above its deposites. That the
debts at any time due to the Bank shall not
exceed the amount Of its capital and seven
ty five per cent thereon, and that, when the
amount Of its bills in circulation shall eX-
coed three times the amount of specie in its
vaults, no new loan shall be made.
That it shall not deal in any thing except
coin, bullion, promissory notes, and inland
bills Of exchange.
That it shall take no more than six per.
cent. upon loans.
That it shall discount no p romssory note
and purchase no bill of exchange which has
no more that one hundred and eighty days
to run, or make any loan for a longer
time.
That no debt shall be renewed.
That it shall, not at any time loan the Uni.
ted States more than three millions Of dol
lars, nor any State more than 100000,
nor either for longer time than one hun
dred days, unless authorized by law.
That it shall contract no debts for lon.
ger time than year.
That it shall issue no notes Of less de-
nomination than ten dollars.
That the officers Of the institution shall
not be permitted to borrow money from, or
contract any debt therein, in any manner
whatever; Il note or bill of which such Off
Ger is maker, drawer, endorser, or accep.
tor, is forbidden 20 be discounted. The d.
rectors Of the branches not to considered
officers within the meaning of this provlS-
ion.
/, To prevent or expose any fraud or lndl-
rection in the management OF the nstl-
tuition, to prevent, also, large and improper
loans to individuals, to the injury of the
stockholders aid the public, and to prevent,
likewise, false imputations when such if.
Irregularities do no, exist, it is proposed that
the books of the institution, including the
accounts of all individuals therein, be at III
times open to the inspection Of the Secre-
tary of the Treasury of the u. States. to a
committee Of the stockholders, with power
to make public whatsoever they think fit.
; Its proposed to provide that the branch
, eS shall not issue notes or bills adapted TO
and intended for circulation. but may sell
drafts not less in amount than fifty dollars
for the purpose of transmission and ex.
change.
That the Bank shall not suspend specie
payment; that it shall not pay out any
thing but coin or bullion or its own notes
Thatlts existence as a corporation continue
for twenty years, but that it be allowed 10
use its corpora te name for two years longer
, in settling up its affairs.
i That no other Bank be established by
, Congress during the existence of the char,
: ter.
And providing that it shall not be deemed
an infringement Of the privileges granted by
the charter, if Congress shall order the said
Corporation to place officers of discount
and depoSIte wherever the same may be
necessary for the collection, saie-keeping
and disbursement of the public revenue.
All which is respectfully submitted.
Y. EWING,
r L