Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-10

Of their own body.
That the branches be managed by moi
more than seven, nor less than five direct
ore, two of them to be appointed by the
States in which the branches may be situ-
ated, if such State be stakeholder, and
the rest to be appointed by the direction
Of the Bank.
1t is proposed that the Bank be the fis-
cal agent of the Government. That the
public moneys be deposited in it; and
when there, that they be deemed and Ia
ken to be in the Treasury of the United
States, and that the deposites be not re-
moved except by law, and that the notes
OF the said Bank be receivable in the paw
ment Of public dues, and that payments
made by the Treasurer of the U. States
may be by checks on said Bank.
That the said Bank receive the funds
of the United States that it transmit
them from one part of the Union to ano,h.
er, and distribute them for the payment of
public creditors, and perform the duty of
pension agent free Of charge.
The ordinary powers and privileges of
banking institutions being conferred upon
1t, and the ordinary liabilities and duties
imposed in order to prevent over.banking
excessive issues, fluctuations in the price
of stocks and consequent speculations
therein to secure the bilhoders and other
creditors of the Bank from danger of loss,
it is proposed
To limit the dividends to six PEI cent.
per annnm, but if they fall short in any
year. the deficiency, with interest thereon
to be afterward made good, and when
surplus accumulates, exceeding two mil.
lions, the excess to be passed to the credit
of the Treasurer of the U. States.
That the amount of debts which it NAV
at any time owe, shall not exceed twenty
millions over and above its deposltes.
That the debts at any time due to the
bank shall not exceed the amount of its
capital and seventy. five eer.cnn. ,haraon
anu when the amount OF bills in circula-
ton shall exceed three times the amount of
specie 10 its vaults, no new loan shall be
made.
That it shall not deal in any thing ex.
cept 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 promissory
note, and purchase no bill of exchange
which has more than one hundred and
eighty days to run, nor make any loan for
longer time.
That no debt shall be renewed.
That it shall not at any time loan the
United States more than three millions of
dollars, nor any State more than 100000
dollars, nor either for longer time than
one hundred days, unless authorized by
law.
That it shall contract no debt for a
longer time than one year.
That it shall issue no note 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 man.
ner whatever; note or bill OF which such
officer as maker, drawer, endorser, or ac-
ceptor, is forbidden to be discounted. The
directors Of the branches not TO be con-
sidered officers within the meaning Of this
provision.
To prevent or expose any fraud or in.
direction in the management Of the insti-
tuition; to prevent, also, large and improp.
er loans to individuals, to the injury Of the
stockholders and the public, and to pre-
ven. likewise, false imputatlons when SUCH
irregularities do not exist, it is proposed
that the books ofthe institutions, including
the accounts of all individuals therein, be
at all times open TO the inspection of the
Secretretary of the Treasury of the U. s.;
TO committee of either House of Congress
Ito each of the directors of the Bank, g.
TO committe of the stockholders, with
power to make public whatsoever they
think fit.
1t is proposed to provide that the
branches 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 oftrans.
mission and exchange.
That the Bank shall not suspend spe-
Gle payment-that it shall not pay out
anything bu, coin or bullion, or lis own
notes. That its existence as a corpora
ton continue for twenty years-but that
1t be allowed to use its corporate name for
TWO years longer in settling up its affairs.
That no other bank be established by
Congress during the existence of the char
ter.
And provided that it shall be deemed