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AMERICAN ADVOCATE.
m xiii 3
PUBLISHED WEEKLY, OX THURS
DAY MORNING, BY*©£DRiiE VV.
WtiEELKft # J AMES CLARKE, AT
THEIR PRIM i IN© OFFICE, NEXT
BOOR TO DR. J. M. S I’ERITT—AT
THREE DOLLARS PER ANNUM
ONE IN ADVANCE— Where Print-
IKG OF ALL KINDS MAT BE EXECUTED
•WITH NEATNESS, ACCURACY Sf DISPATCH.
“BANK LAW.
O
AX ACT to incorporate the subscribers to
the Bauk of the United States.
]
Seo. 11. Aim be it further enacted. That
the following rules, restrictions, limitatioas,
and provisions shall form and be the fun
damental urlieles of the eonsti.s.ion of the
•aid corporation, to wit:
1. The uooiber of votes to which the
Btoekhoiders shall be entitled, in voting for
directors, shall be according to (lie number
of shares he, she, or they respectively sbali
!<e!d, in the (proportions following ; that is
(o say ; for one share und not more than
two shares, one vote—for every two shares
above two, and not exceeding ten, one vote
—for every four shares above ten, and not
exceeding thirty, one vote—for every six
•hares above thirty,and not exceeding sixty,
one vote—for every eight shares above
sixty, and not exceeding one hundred, one
vote—and for every ten shares above oru
hundred, one vo f e; but no person, co-part*
Itership or body politic, shall be entitled tc
a greater number thau thirty votes ; and
after the first election, no share or shares
•hail confer a right of voting, which shall
Sot have been hidden three calendar months
previous to the day of election. And stock
holders actually resi leut within the United
States, and none other, may vote iu election*
by proxy.
2. Not more than three-fourths of the
directors elected by the stockholders, and
Bot more than fonr-fifihs of the directors ap
pointed by the President of the U. Stales,
who shall be tu office at the time of an an
nual election, shall be elected or appointed
for the next succeeding ypar ; and no direct
or shall bold his office more than three ye rs
out of four in succession J but the director
who shall be the president at the time of an
election may always be re-appointed, or re
elected, I'stbeCiiS may be.
3. No?,e but a stockholder, being a resi
dent citizen of the United States, shall be a
director; nor shall a director he entitled to
any emolument; but the directors nny
make such compensation to the president for
his extraordinary attendance at the bank, as
oha.ll appear to them reasonable.
4. ‘Not less than eeven director 3 shall
constitute a board for the transaction of bu
siness, of whom the president shall always
he one, except iu ecse- of sickness or neces
sary absence : in which case his piuce may
he supplied by any other director whom he,
by writing;, uuder his hand, shall depute for
that purpose. And the director go deputed
Elay do end transact all the necessary bu
siness belonging to the office of the presi
dent of the said corporation, during the
continuance of the sickness or necessary
absence of the president.
5. A number of stockholders, cot loss
than sixty, who, together, shall be proprie
tors of one thousand shares or upwards,
£ihall have power at any time to call a gen
eral meeting of the stockholders, for pur
poses relative to the institution, giving at
least ten weeks notice in two public news
papers of the place where the bunk is seat
and, and specifying in su*h notice the object
or objects of such meeting.
6. Each cashier or treasurer, before he
enters upon the duties of his office, shall be
required to give bond, with two or more
sureties, to the satisfaction of the directors,
in a sum not less than fifty thousand dollars,
with a condition for his good behaviour, and
the faithful performance of his duties to the
corporation.
7. The lands, tenements, and heredita
ments, which it shall be lawful for the said
corporation to hold, shall be only such as
•hail be requisite for its immediate accom
modation in relation to the convenient trans
acting of its business, and such as shall
have been bona fide mortgaged to it by wav
pf security, or couveyed to it ia satisfaction
es debts previously contracted in the course
of.its dealings, or purchased at sales, upon
judgments which shall have been obtained
for such debts.
8. The total amount of debts which the
•aid corporation shall at any time owe.
whether by bond, bill, note, or other con
tract, over and above the debtor debts due
for money deposited in the bank, shall not
exceed the sum of thirty-five millions of dol
lars/ unless the contracting of any greater
LOUISVILLE, THURSDAY, M A Y 9, 1816.
debt shall have beei previously authorised
by a l*w of the Unlt,:s Stales, in e,se of
excoas, the directors under whose adminis
tration it shall happen, shall be liable for
the same in their natural ,n<i private capa
cities; and an action of debt may in such
easehabrought against them, their, or any
oi their heirs, executors, or administrators,
in any court of record of the United States,
or enher c, them, by any creditor or credit
ors of the said corporation, and may be
prosecuted to judgment and execution, ny
condition, covenant, or agreement to the coo
trary notwithstanding. But this provision
shall not be construed to exempt the said
corporation or the land*, (enemer?*. g lo ds,
*>r chatties of tiip same from being jJsd liable
ior, and (hargcable with, the said excess.-
of the said directors, who may hove
fiecn absent when the said excess was con
traeted or created, or who m iy have digseu
re<l from the resolution or act whereby the
ssme wes so contracted or created, nny re
spectively exonerate themselves fom beine
so liable, by forthwith giving notice of the
tact, and c their s*'.ha*k or \li6eeut, to the
President of the United States, and to the
stockholder's, at a general meeting, which
they shall have the power tu call for ti a*
purpose.
9. The said corpofatioß shall not, di
rectly or indirectly, deal of trade in any
tiiug except bills ot exchange, gold or sil
ver million, or iu the sale nf goods reallv
and truly pidged for money lent and ro*<
redeemed in due time, or goods which shall
be the proceeds of its lands. It shall not
be ut liberty to pur hase any public debt
whatsoever ; nOr shall it take more than
*t. the rate of six per centum per annum
tor or upon its loros or dis o ints.
10. No loro shall be m ade by the said
corporation, for the use or on account cf
the government of the U. States, to an a
mount exceeding five hundred thousand dol
lars, or of any particular state to an amount
not exceeding fifty thousand dollars, or b!
any foreign prince or state, unless previ
ously autborised by a lav/ of the United
States.
the stock of the sshl corporation
s li be assignable and trausfVn bte a* cord
ing to such ruh as shul! be instituted in tb,t
behalf, by the Lws and ordinances of the
siime.
12. The hills obligatory End of credit,
under the seal of the said corporation,
whi’ b ahull be mf* to any person or per
sons, shill be assign ble by endorsement
■ there-npon, under the h ud or hands of such
! person or persons, and Ms, her or .heir ex
! ccuUirs or autninistraturs, and of bis or their
assignee or assignees, and so as absolutely
i to transfer and vest the property thereof in
! ouch and every assignee or assignees, suc
cessively, ami to enable suefc assignees, and
bis, her or tiieii* executors or administrators,
to maintain an action thereupon in Ms, her
or their own name or names. Provided ,
that said corporation shall not make any
bill obligatory, or of credit, nr other obli
gation under its seal for payment of a sum
less than fire thousand dollars. And the
bill or notes which may be issued by order
cl the said coiporation, signed by the pre
sident, and countersigned by the prine p 1
cashier or trcumrir thereof, promising ti e
payment of money to any person or persons,
Lis, her or their order, or to bearer, although
not under the seal efthessid corporation,
shell bn binding and obligatory upon the
same, in (ike n,i nuer, rd with like for e
and effect, cs upou ny private person or
persons, if issued by him, her or them, in
his, her or their private or natural capacity
or capacities, > ud shell be .* ssigm ble or ne
gothble in the like manner as if they were
so issued by such private person or persons;
thut is to say, tlose which shall bepayt b'e
to any persou fir persons, his, ter or their
order,shall be assignable by endorsement*
in like manner, and with the like effect as
loreign bills of exchange nodi are; and
those which are payable bearer shall be
assignable and negoti bit; by delivery only.
Provided , 1 hat all bills or notes so to be is
sued iJr s/id corporation shall be made pay
able on demand, other than bills or notes
for the payment of a sum not les than one
hundred dollars each, and pay. ble to the
order of some person or persons, which bills
or notes it shall be lawful for said corpora-,
tion to make payable at any time not exceed- j
ing sixty days from the date thereof.
13. Half yearly dividends shall be made
of so much of the profits of the bank, *s shall
appear to the directors advisable; and
once in every three years the directors shall
lay before the stockholders, at a general
meeting, for their information, an exact and
particular abatement of the debts which shall
have remained unpaid, otter the expiration
of the original credit, for a period of treble
the term es that credit, and f the surplus,
of the profits, if any, sfter deducting losses
: and dividends. If there shall be a faime
m the payment of any part of any sum sub
scribed to the capital of the said bank, by
any person, co partnership, or body peliti*,
the pui tj failing shall lose the benefit of
any dividend which may have accrued prior
to the time for making such payment, and
during the del y of the same,
i 14. Ihe directors of said corporation
I B hti establish a competent office of discount ■
and and posit-in the District of Columbia,:
w henever env law of the TJ. States shall re- ’
quire such on establishment: also our su* h
office oi discount and deposit in miy State
I which two thouguild shares ‘shall have
been subscribed or my beheld, whenever,
upon application ol the legislature of such
State, Congress may, by law, require the
seme. Provided , the directors t fores* id
eMtli not be bound to establish ru?h (ffi>e;
b fore the whole of the capital of the bank
shall lu ve been paid up. And it shall be
! ivvful for the directors ol the s..i?l efjrpora
li ‘H to estih>isb offices of discnhnt ; rd de
p-osi w icrosoever they shall tbiok fit. wiLh
m tue Uii*ted Stst? or tlie territori.s tliere
l<>s. aiid to commit the inanageiqent of the
sj'id offices, and the business thereof,
opecth ♦ ly, to such persons, ami under st. h
regulations as 15 ey shall deem p oper, n6t
lr ing contrary to D k w or the constitution of
the bank. Or, instead of establishing su. h
effit-.eg, it sli; ,l be lawful for the directors
0; the paid corporation, from tini** to time
to employ any other h nk or banks, to he
hrst approved by the Sci rotary of the Trea
sii?>, at any place or places, that they may
i- m safe, aid proper to nmntigeand trtns
act tue business piuposi and as aforesaid,orb
thou the purposes of discount, to
be m m and turns, cted by S a. h offi
ces of ?Ub oi.mt tid deposit under such a
giecmei .e, .ud su ject to ouch legniations
they sbdH deepi just and proper. Not
more than 13 nor less then 7 ineuEgars or
lureelors, of every office esmbfished as a
foresniih, i bail be Htinu-illy appointed by the
directors -t the to serve or,e yeur
flr y sh .1! ehoose a president from their own
nui. bH-r : tl m 6ts-aIT be h witis-pji of
tie United febit s und a resident of the
Btßie, terri orv cr district, wherein such cf
fice is est blishcd ; and not more than three
fourths af the scid managers or directors, in
’itfii e at the time of ii aunual appointment,
shall be re-app- in! ;d for the mitt succeed
ing year; ami no Erector shell hold his
office more then three years out of four ir,
sue; ession ; but the president may be ai
ry ys re-eppoin!ed.
15. Ibr offi er st heed of the tre?-
*m v dep: rtrncn.t of the tlaited States sSsall
he furnis’ ed from time to time, as often as
he may require, not exceeding C?i ■ a week,
with sfateim nig of the amount oi the ‘''cpitai
sto< k of the said corporation, ami of the
debts due to the same ; of the monies de
posited therein ; of the notes in cir. uli.tibn.
and of the specie in hand ; and shall have
right to irapect Such general accounts in
! the hooks of the bar k es shall relate to
the said statement : Provided, that this
| shall not be construed t> imply a right of
: inspecting the at count of any private indi
vidual or individuals with the b>,nk.
j • No stoi kholder, uufes* he be a eiti
• zeu of the United St'.icg, shall vote in the
choice of direct ors.
17. No no s e shell he issued of less a*
mount than five doll .rs.
if the said corpor ttion, or in person or per
sons, for or to the use of the evnie, shall
deal or tr de in buying or selling goods,
wares, merchahd <•, or coum oditirg what
soever. contrary to the provisions of this
art, ell and*wry person and persnife by
whom apy order or direction for so dealing
or trading shall have bettt given ; end ail
| add every person & persons vho shall hove
been concerned as parties or agents therein
, shall forfeit and lose treble the value of the
goods, wares, merchandise and commodities
in which such dealing and trade sii, U have
been; one half there* fto th use of t , in
former, and the other half /reof t 0 the ise
of the United States, to be n covered in my
action of l>w w ith costs o ‘ suit.
Sfo., 13 And be it further enacted , That if
the suid corporation shall advance, or lent,
any sudl of money, for the use or on account
of the government of the United States, to
an emount exceeding five hundred thousand
dollars; or to any p rti: k ular state, to an a
mount exceeding fifty thousand dollars ; or
of afty- foreign prince, or state, (nnlcaa pre
vionsly airtbonzrd thereto by a law of the
United States) >4 |l and every person and per
sons, by and with whose order, agreement,
consent, approbation, aud connivance, such
unlawful -advance or loan shall have been
made, upon conviction thereof, shall forfeit
und pay for every ucth offence, treble the
value or amount of the sum or sums, which
have been *o unlawfully advanced or lert;
one fifth thereof to the use of the informer,
and the fesirlL’* thereof to the use es the U*
States.
Sec. 14. And be it further enacted,, That
the bibs or flutes oi the ssid rorporfftion or-*
iginalfy made payable, or whteh shul! have
become payable oh demand, shall he receiva
ble in all piymrnts tc the United Spates*
unless otherwise d(rc;*t-d by a*tof"cot;gress 0
Sec. 15 And be it further enacted, That
during the continuance oft his *ct, and when
ever required by }{ ]e Secretory of the Trea
sury, the g<nd corporotion sh dl give the ne
cessary facilities or tr nsferrlpg the put lie
tULdsfrom piuce to place, within (he United
States, and Mr distributing the g rr>e in pt y
m nt of the pu .lie er‘d?tor, w#(} out * h> rg.
ing eomnrissicrs or clMc i?t’ >.JIow nee on
account of difference xf exchange, ood shell
also do and perform file severe,l and respec
tne duties of the commissioner*- o? loons for
the seven I States, or of any one or more of
th m w Jseoever requir* dby |hw.
Sec iff And be it further enacted. TVefc
the deposites of the idomcj of th* T T ;i e<S
States, in places in which the said betk and
branches thereof m*v be established. *Fc!l
be m *de in said nnk or branches tleteof,
unless the Secretary of the trec.sury shall at
any time otherwise order and direct; iq
which cose the Secretary of the Trecsury
si all immediately fay b( fore Congress if s
session, ard if not, immediately fif<er th
eommenreoieut cf the next session, the re&*
sons of sueh ordi-ror dirertioa.
t ; And be it further Greeted, That
the ss.icorporation shall not at oryjimci
suspend or refuse payment in gold cud sil
ver,ct any ,i its notes, i itls, or obiigmions ;
L'orof any monies re ceived upon deposite i&
sand bcuk or in any of its <B;ces of dis< cunt
end deposite. And if the said corporation
shah &t any time refuse or regie* t to psy on
demand any b.sl, note, or obligation issi!(4
by the corporation, aeeordii g to the contract
promise or urdertaking therein expressed t
or shal! regbeet or refuse to pay on demand
any monies revived in said bank or in ary
tiff..■■ rif(fire*d, c riejinsile to the
person or [-e son* rntiikd to receive
Sim), thr, aid is 1 very such (ase. the hold
er of any such note, bsil, or obligation, of
the persou or person* entitled t<> and maud
receive su< h monies as aforesaid shall
spectively be entitled receive and rtcovejr
intercut on the said bills, notes, obligation?,
or muni >s, until the same shall bt fully r f ,and
•rod sitU&t and, at the rate of twelve per eeni
lum per annum from the time of *u* h de
mands as aforesaid. Provided, T",tt'.oßw
gres at any time hereafter enu. t
enforcing and regulating the recovery cf
atuoiim of the notes, bills, obligations, or
other debts of Which payment shall fcay©
been ts fused as aforesaid VvUh il e rafls of
interest above mentioned, vesting jiirisdia
tioo for tbfit puipose in any courts, either us
law or equity* of the U*iu and S ates, or r seri
ritori’ S thereof, Or of the several feluies, tgf
liiev miy deem expedient.
Seo. 18 Arid be it further enacted, That
•f ary perron sbali faiseiy n ake forge, or
counterfeit, or cause or prieure to be falsHjr
made, forged, or eounlerft itvd, ; wilJiLgly
aid or assist, in liiiseh mekii g,f,>rgi,,g t
or couriierieitittg ary bill or rune in imita*
tion of, or purport to be, a bill or note issu
ed by order of the president, directors, ard
comp oy of ihe scid b. nk, or eny order of
check on ihe g*jd bank or corporation, or
any cashier thereof; or shall false y alter
of **suse or procure to befaUUy altered, or
williDcly aid or assist in f l-ely altering
any bill or note issued by crder'fcf the p;--
sidcrit, di;e tors, and ctrapat yof the id
berk, or any order or cheek on the S lid
birok, or . oiporation, or ary c shier there
of; or shall pcs**, uner, or jub igb, or at
tempt to pass, utter, or publish as true, any
forged, or eounurfeited bill or noto
purporting to be a bill or note issued hy or
d**r of the president, directors and company
ofthes id Lank; or uny false, forged, or
eoHuterfeiied order or check upon the said
bank or corpor lion, or any c* shier thereof#
knowing the same to be falsely forged or
counterfeited ; or shall pass, u.it-r, or pub
'iah, or attempt o pass, utter, or publish
true any fiisely altered bill cr note issued
by o der of the president, directors, and eoia
pany of the said b ulk, or any falsely aiitr
“d order or check on the acid back of cor
poration, o t any cashier thereof, knowing
the same to be iaisvly altered vvi h inn ntioa
to defraud the *(.id > orpoi a< ion or i ny other
body politic or person ; or siu.ll scfl, utter
or deliver, or cause to be sold, uUtreri, cr
delivered any forged or counicif ited note
or bill in imitation, or purpoium to be tk
bill or note issued by order oi the president
nd directors of the said bark, knowing
the tame to be f<ejkrgcd, or ccueUxkiled^
[ViOL, I.
