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

CT ssary and proper, for carrying into ex.
ecu,ion any of the powers granted by the
Constitution, TO establish an office or of.
Aces ia any of the States whatever, and
the establishment thereof shall be directed
by law, ii shall be the duty Of the said d.
rectors TO establish such Office or Offices
accordingly" And the said directors
shall have power TO commit the manage
ment Of the said offices and the business
thereof, respectively, to such persons, and
under such regulations, as they may deem
proper, not being contrary 10 law or 10
This charter. Or, instead OF establishing
such officfs, il shall be lawful for the dl.
rectors Of The said corporation, from time
10 time, to employ any agent or agents,
or any other bank or banks, to be ap.
proved by the Secretary Of the Treasury,
al any place or places that thessaid direct
ofs may deem sale and proper, TO manage
/ and transact the business proposed as
aforesaid, other than for the purposes oil
/ discount, and to perform the Guties here
! mater required Of the said corporation, TO
be managed and transacted by such OIL
GERS, ul5lcr such agreements, and subject
/ to such regulations as they shall deem
/ just and proper. Not more than MAE,
nor less than five managers or directors
/ Of every Office, established as azores aid,
shall be annually appointed by the direct
ors OF the said corporation, TO serve one
year. The said managers or directors
shall choose president from their own
number; they shal be citizens of the
4 United States, and residents Of the State,
Territory or District wherein such office
is established; and at least one OF the SAID
managers or directors shall be eligible to
re-nppontmcnt at the end Of every first,
and succeeding year; but the president
may be always re-appointed.
nth. The Secretary Of the Treasury
to inspect the books and accounts oi the
Bank at his pleasure and the condition
Of the Bank to be published monthly un-
der the direction of the Secretary. On
the question of any loan or discount ex-
ceoding one thousand dollars, if any d.
/. rector dissent, the vote TO be taken by
ayes aud noes, and recorded. No part oil
the proceedings TO be kept secret from the
government directors.
18th. No note less than Tor five dollars
shall be issued, but Congress may make
ten the lowest. The Bank shall never
have in circulation in bills moro than
three times The amour, Of specie IN lis
vaults.
l9.li. The debts due to the Bank shall
never exceed rs per cent. advance on the
capital advance.
Goth. No paper to be discounted for a
period longer than $50 days, nor shall
such note be renewed.
2Ist. The bank shall not hold any pus-
lie sock unless taken for debt.
22d. The Bank shall not pay out any
thing but specie and It's own notes.
Odd. No loan or discount to be made
in the District u Columbia, except to go.
vernmeut.
Gath. All notes except ten dollar notes
to be signed by the President and Cashier,
and made payable at Washington or at
any one of the branches. The Tens may
be issued by the branches. The notes
shall be received at any Of the branches
or at Washington, whether issued there
or not.
18th. The officers Of the Bank not al
lowed TO borrow over ten thousand dol
lars, and no members Of Congress shall
borrow at all.
The tut,1h section provides, That in
case of the corporation dealing IN m"r.
chandizn, treble the amount shall be for
feited by the persons giving the orders.
The thirteenth section provides, that in
cnse more than one million is loaned to
the Government, or more than one hun
drl d thousand dollars TO any State, with
out sp ciaI law, the persons auihorjsins
it shall lorft it treble the amount Of the eX-
/ cess.
The fourteenth section makes the bills
Of the Bank receivable for all public du' s,
unless the Bank or any of its Branches
suspend specie payments.
The fifteenth section requires the Bank
to transfer the public money from place
to place, and dsburse the same with com.
mission or difference Of excha. &C.
The sixteenth section directs the public
money to be deposited in the Bank.
| The Seventeenth section provides, that
| in case Of suspension the holders Of the
notes shall be entitled to twelve per cent,
interest, alter protest Of the notes.
The eighteenth section provides for the
punishment of counterftiting.
The nineteenth section is on the same
subject.
The t,centieh section provides for the
punishment Of embezzlement Of the funds
by ony officer or clerk.
The t'eenty;frst section declares tina,
Congress shall establish no other Bank
during the continuance Of this.
The toenty-second section provides, that
in case the subscriptions are not filled up
before the first Monday in April next, Con-
gress may declare the law null and void.
The tacenfy-third section relates TO the
proceedings to be had in case OF the vi.
olation of the charter.
The tventyJourh section gives Con-
gress or the President power 10 sue out an
Injunction against the Bank in case it at.
tempt to carry on any business not allow
ed by the act.
s&-s-sss-sy.-usEzv-----ssT.ss-
THE CROPS.
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