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u -1 j Vf: ,1 '' v!-;-:-rli.v . :f V.- H'.:.- ', :.' , '-- wmJMMiJmmi imtmrvm.- . I''":.. . - ''j JVV 1047 0- s . .. 6- -I 7. RALEIGH, (N. C.) -:-'--''r'TJ'-"lir'iti.T; BY THOMAS W. SCOTTV Termttfgubacriptiont Three dollars per year, n5talf to be paid ui advance, xno paper w w -v eer than three month after a year's subscriptxni be L 1iip nnrl notice tlireof shall have beenifiven. . vl-hcrfcVin, notexceeding 14 lines, are irtseirtedthricej for one dollar, ana lor .twenty-nve.cenis ju. uent insertion; and in 'like proportion yhere there is a greater number of lines than fourteeK. . XQ No subscription caii in any case be revived Without payment of at least Jl 50 in advance. Ddmestic. ' BANK OE-XHE U. STATES. Aa Act ta incorpb rate tSi ittbscribers to the Bank of the .Uintee States. : t. -eshOaOf jthf.Vniitd 8(iiei. 'of- America y ( i Congress assembled, That a bank of the U nited Slates of America shall be established, with. a capital, ofahirty-five .millions of dol lars, divided into three hunjred and fifty thou f and shares, of one hundred dollars each share, Seventy thousand shares, amounting to the sum of seven millions of dollars, part of the eapi- tal of the said banlc; shall ce subscribed and paid for by the United States, in the jnanner hereafter - specified j and ; two hundred, and cishtv thousand shares, ainountins: to the sura of twenty eight millions of dollars, shall be subscribed and paidTfor by iffdividuals, compa nies or corporations, idthe manner hereinafter specified. . . f '. i; See. 2. Md be it farther enacted. Tkat sub scriptions for the sura of tweuty eieht millions of dollars, towards constituting the capital of 1 the said bank, shall be opened on the nrst Mon day in July next, at -the following places; that -is to say, at Portland, in the District of Maine, at Portsmouth in the slateof New Hampshire, at Boston, in the. state of Massachusetts, at Providenee, in the state of Rhode-Island, at Middletown, in the state of Connecticut, at Burlington, iu the state of Vermont, at New York, in the state of New York, at New Bruns wick, in the state of New Jersey, at Philadel phia, in the state of Pennsylvania, at Wifming ton, in the state of Delaware, at Baltimore , in the state of Maryland, at Richmond, in the state of Virginia, at Lexington, in the state of Kentacky, at Cincinnatti, in the state of Ohio, at Raleigh, in the state of North Carolina, at Nashville, in the state of Tennessee, at Charles ton, in the state of South Carolina, at Augusta, in the state of Georgia, at New-Orleans, iu the state of Louisiana, and at Washington, in the District of Columbia And the said subscrip tions shall be opened under the superintendance of five commissioners at Philadelphia, and of three commissioners at eachol the other places aforesaid,, to be appointed, by the President of the Uniter Stales, (who is hereby authorized to make such appointments) and shall continue open every day , from the time of opening (he same, between the hours of 10 o'clock in the forenoon and 4 o'clock in the afternoon, for the term of twenty days exclusive of Sundays when the same shall be closed: and immediately thereafter the commissioners, or any two of them, at the respective' places &rSFeiaid',TTiali cause two transcripts or copies of-such sub scriptions to be made, 'one of which they shall send to the secretary of the treasury, one they shall retain, and the origiaal they shall trans mit, within seven days from the closing of the subscriptions as aforesaid, to the commission ers at Philadelphia aforesaid. And on the re ceipt of the said original subscriptions, or of lthertf-thesai eoptes thereoi,-it thengmal be lost, mislaid or detained, the commissioners at Philadelphia aforesaid, or a majority of them, , shall immediately thereatter convene, and proceed to take an account of the said sub scriptions. And if more than the amount of twenty eight millions of dollars shall have been . subscribed, then the said last mentioned com missioners shall deduct the amount of such ex cess from the largest subscriptions, in such man ner as that tio subscription shall be reduced in amount whileany oue remains larger $ provid , ed thatilfthe subscriptions taken at either of the places aforesaid shall not exceed three thousand shares, there shall be no reduction of . 1 . 'v i - . - sucn suoscripuons, nor snan, in any case, me subscriptions taken at either of the places a foresaid, be reduced below that amount. And - iu case the aggregate amount of the said sub scriptions shall exceed twenty-eight millions of dollars, .the said last mentioned commissioners, after having apportioned, the same as aforesaid, shall cause lists of the said apportioned sub scriptions to be made out including in each list the apportioned subscription for the place - where the original subscription was made, one of whieh lists they shall transmit to the.com- '-.' rnissioaers, or one of them, undei' whose super--r intendanee such subscriptions were originally ( made, that the subscribers may thereby ascer tain the number of shares to them respectively - apportioned as aforesaid- And in ease the ag gregate amount of the subscriptions made dur- ,. ing the period aforesaid, at all the places a . foresaid, shall not, amount to twenty eight mil lions of dollars, the, subscriptions to complete the said sbm shall be and remain open at Phi- . . Jadetphia aforesaid, under theliuperintendance of tha commissioners appointed for that place j and the subsciptiona may be then made by any individual, company or corporation, for any V number of. shares, not exceeding in the whole Tthe' amonnt required to complete -the said sum of (wenty eight millions of dollars. ; Sec. S. And be it further enacted. That it shall be lawful for any individual, .company, curporauon or. suie, wuen tue subscriptions shall be opened as herein before directed, subscribe for any number of shares, of the ca pital of the said bank, net exceeding three thousand shares, and the sums so subscribed shall be payable, and paid in the manner fol lowing? that is to say, seven millions of dol lars thereof in cold or silver coin of the Uni ted States, or in sold eoin of Spain, or the do minions of Spain, at the rate of one hundred cents for every twenty eight grains and siity hundredths of a grain of the aetual weight thereof, or in other foreign gold or silver com at the several rates prescribed by the tint sec tion to J See 6." And' be it further enacted, That at States, or removal of a director from ftrc , a.the opening of the ubseription to the eapitallvaeaney thai be supplied by the PrZ eerstock of tha .aid bankpthe-secretary nf the; the United States, or by theltiekh EE? treasurr shall subscribe, or cause to be subscnb ed, on behalf of the United States, the said number of seventy thousand shares, amounting to seven millions of dollars as aforesaid, to be paid in gold or silver eoiu, or in stock of the United htates, bearing interest at the rate of the case mav be. R..t i. ., ucr,i United State, alone shall haVe po" io-0' 11,8 any of the direetor. appointed by MJJ. Sec. 0. And baM further enacted, That Ann iho mm .:k ;n. . 4 ul U :. " :r v,s muuons u . five per centum per, annum; andvif payment thousand-dollars in gold and silvercnin i1 thereof, or of any Dart thereof be niade in pub- the nuiedebt .hall k....r.. , ipl 'ie .'stock, bearing interest as aforesaid, ths of ueW'-Ttt of the subscriptions to iL"' H ic id interest shall be payable quarterly, to eom 0f th iaiJ b&hk f exeJire 2t ,1 M? oi an aci reicuiaiiuir iuo currency yi .Titmse u vui tun nu- i wwl"Va.",H"a .Ji - v" ki'twu iwresa.iu, . i .. l Oi. a - . . . 1 .L. . a -M il l A .kMt;Ail..tiiil 'IIIP Bl.i.V. -'if.. eign coins in tie unireu oiaies, paeu avjW'?ifuinir- " .m . r,wf'-f 73 wies" nonce . . l. : ii..nnJ' i.:t. l.'nirT.:n;iil f ihi. cnii) atnpl- ah aII Im redeemable lAarai... m..iL.l dred and six and twenty-onsillf jawr in any sums, and at any period ,whien the go- seriptrons shall lara thereof ;in like cold or silver caio; or in vernment shall deem lit. An the secretary 01 iPhiladelnhi the funded debt of the United States contracted at the time of the subscriptions respectively And the payments made in the funded debt of usual form and shall pay and deliver the same the United States shall be paid and received at the following rates : that isjo say, the lundeu debt bearing an interest of six per centum per annum, at the nominal or par value thefreof; me iunuea aem nearing an inieresi 01 iuree per centum per annum, at the rate of Sixty five dollars for every sum of one hundred dollars of the nominal amount thereof; and the funded debt bearing aif interest of seven per centum per annum, at the rate of one hundred and six dollars and fifty one cents for every sum of one hundred dollars of the nominal amount thereof; together w ith the amount of the interest accru ed on the said several denominations of the funded debt, to be computed and allowed to the time of subscribing the same to the capital of the said hauk as aforesaid. And the payments of the said subscriptions shall be made and completed by the subscribers, respectively, at the times and in the manner loilowing; that is to say, at the time of subscribing there shall be paid five dollars on each share, in gold or sil ver eoin as aforesaid, aud twenty five dollars more in coin as aforesaid, or in funded debt as aforesaid; at the expiration of six calendar months afterthe lime of subscribing, there shall be paid the further sum of ten dollars on each share, in gold or silver coin as aforesaid, and twenfy-uve dollars more in coin as aforesaulr or iu funded debt atoresaid : at the expiration of twelve calendar months from the tjmeof subscribing, there shall be paid the further sum of ten dollars on each share, in gold or silver coin as atoresaid, and twenty-five dollars more in coin as aforesaid, or in the lunded debt as aforesaid. " Sec. 4. And be it further enacted, That at Che time of subscribing to the capital of the said bank as atoresaid, each and every subscriber shall deliver to the commissioners; at the place of subscribing, as well the amount of their subscriptions respectively in coin as aforesaid, as the certificates of funded debt, for the fun ded debt, proportion of their respective sub scriptions, together with a power of attorney, authorising the said commissioners, or a ma jority of them, to transfer the said stack in due form ot law to " the President, Directors and Company of the Bank of the, United States," as soon as the said bank shall be organized, the aportionmeut of the shares in the capital of the said bank- among the subscribers, in the case, and in the manner hereinbefore prsvided, any subscriber shall have delivered to the com missioners at the time of subscribing, a greater amount of gold or silver coin and funded debt, than shall be necessary to complete the pay ments for the share or shares to such subscri bersnpparteoned -asaforesaid,-tne commission ers shall only retain so much of the said gold or silver coin, and funded debt, as shall be ne cessary to complete such payments,' and shall forthwith return the surplus thereof, onjippli cation for the same, to the subscribers lawfully entitled thereto. And the commissioners res pectively shall deposit the gold and silver coin ahd certificates of public debt by them respec tively received as aforesaid, from ' the subscri bers to the capital of the said bank, in some place of secure and safe" keeping, so that the same may and shall be specifically delivered and transferred, as the same were by them re spectively received, to the President, Directors, and Company of the Bank of the United States, or to their order, as soon as shall be required after the organization of the said bank. And the said -commissioners appointed to superin tend the subscription to the capital of the said bank as aforesaid, shall receive a' reasonable compensation for their services respectively, and shall be allowed all reasonable charges and expences incurred in the execution of their' trust, to be paid by the president, directors, and company of the bank, out of the funds thereof. Sec. 0. And be it further enacted, That it shall be lawful for the United, States to pay and redeem the funded: debt subscribed to the the treasury shall cause the certificates of such public stock to be preparedt and made in the to the president, directors, and company of the said bank on the first day of ; January," one thousand eisht hundred and seventeen which said stock it shall be lawful for the said Presi dent, Directors, and Company to sell arid trans fer for gold and silver coin or bullion at their discretion r Provided, they shall not sell more than two millions of dollars thereof iu any one year. Bee. 7. And be it further enacted, That the subscribers to the said bank of the United Slates of America, tlieir successors and assigns, shall 1 aud are hereby created, a corporation and body politic, by ihe name and style of " The President, Directors and Company of the bank of the United States," and shall so con tinue until Ihe third day of March, in the year one thousand eieht hundred and thirty-six, and uy mm amc Bimii uc, auu aic uc. cuj ana president or the s id bank so appointed ni and capable, in law, to have, purchase, receive, elected as aforesaid shall be capable of servin, thereoT shall be given bVth ose superintendan have been made at th u. . a, in at' least two n.n.n... ted in each of the places (if so manf be K ted in such places respectively,) where subSeriD. tions shall hnv kiM midn oml 4i, "t it . 7 u me gam ner. sons shall at the same time and in like manL notify a time and place within the 'Mid eitvo Philadelphia, at the distance of at iest thirt days from the time of such notificationVfor pro ceediug to the election of twenty dirtctors ai aforesaid, and it shall bejawful for such elw tion to be then and thire ;' uiade7And the Prei identof the United States is hereby authorized during the present session of congress, to nom. inaie, ana oj ana wun tne advice and content of the Senate, to appoint five directors of tin said bank; though not stockholders, any thin in the provisions of this act to thereout rary noj withstanding; and the perswis wbo hRll bjf elected and appointed aaiWsaidi sh l be fts first directors of the sair.'Sa6k,'and g ti ceed to elect one of thc 'id direetdUo be president of the said bask; and the directors successors; lands, rents, tenements, heredita ments goods chatties and effects, ot whatsoever kind nature and quality : to an amonnt not ex ceeding, inithe whole, fifty -fivenillions-of dollars, including tre amount ot the capital stock aforesaid ; and the same to sll, grant de mise, alienor dispose of; to sue arid be sued, plead and be impleaded, answer and be answer ed, defend and be defended, in all State courts having competent jurisdiction, and in any Cir cuit Court. of the United States ; antl also to make, have, and use a common seal, aud the same to break alter aud renew, at their plea sure; and alsolo ordain, establish and put in execution, such bye-laws, and ordinances, and regulations, as they shall deem necessary and convenient for the government of the said Cor poration, not being contrary to the Conslitu tion thereof, or 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, ne vertheless, to the rules, regulations, restrictions, limitations ftud provisions hereirK after pre scribed and declared. Sec. 8. Atid beit further enacted, That for the management of the affairs of the said cor poration, there shall be twenty-five directors, five of whom being stockholder? shall .be an PfwTJed alwaysSTiin clmsequelnl! President of the United States, by and with the advice and consent of the senate, not more than three of whom shall be residents of any one state, and twenty of whom shall be annually elceted at the banking house in the city of Philadelphia, on the first Monday ofj January, in each vear, by the qualifaed stock holders of the capital of the said bank, other than the United States, and by a plurality of votes-then-andhere-ccordingJolhe8caleJofj voting uercinalter prescribed : .Provided al ways. That no person, being a director iu the bank of the United States, or any of its branch es, shall be a director of any other bank j and should ary such director act as a director in a ny other bank, it shall forthwith vacate his ap pointment in the direction of the bank of the United States. And the directors, so duly ap pointed and elected, shall be capable of serving, by virtue of such appointment and choice, from the first Monday in the month of January of each year, until ,the end and expiration of ihe first JVloriday in the mouth of January of the year next ensuing the lime of each annual elec tion to be held by the stockholders as aforesaid And the board of directors, annually, at the first meeting after their election in each and every yearV shall proceed to elect one of the di rectors to be president of the corporation, who shall hold the said office, during the same pe riod for which the directors are appointed and elected as aforesaid : Provided also, -that the first appointment and election of the directors and president of the said bank shall be at the time and for the periodTiereafter -declared : And provided also, that in case it should at a- iny time happen mat an appointment or election of directors, or an election of the president of capital of the said bank, nt the rates aforesaid, the said bank, should not be so made as to take in such sums, aud at such times as shall be deemed fcxpedient anyjhingin any::acTof7acts of Congress to the contrary thereof rTotwith Standing. And it shall also be lawful for the president, directors, and company of the said bank, to sell and transfer for gold and -silver coin, or bullion, the funded debt subscribed, to the' capital of the said bank as aforesaid : Provided always, That they shall not sell more vucreui, tuau me sum oi two minions ol dollars in any one year nor sell anyrpart thereof at any time within the United.States,, without previously giving notice of their intention to the secretary of the traasury, and offering the same tp the United States, for the period of ntteen nays at least, at the current price,, not exceeding the rates aforesaid. . . . effect on any day when, in pursuance of this act,-thejr ought to take ellect, the said eorpoTa tion shall not, for tliat cause, be deemed to be dissolved ; but it shall be lawful at any other time to make such appointments, and to hold such elections, (as the case may be,) and the manner of holding the elections shall be regu lated by the Jaws and ordinances of the said corporation; and until such appointments of elections ne mane, tne directors and president of the said bank, for the time being, shall con tinue in office '. And provided also, that in case of the death, the resignation, or the removal of the president of said corporation, the directors shall proceed to elect another president from the directors as aforesaid ; and in ease of the death, resignation, or absence from the Uqiled in their respecliye offices, by virtue thereof until the end and expiration of the first Muj. day of the Month of January next ensuing the said appointments and elections, and they ihtR then and henceforth commence, and continue the operations of the said" bank at the city of Philadelphia. . V Sec. 10. Aid be it further enacted, That the directors for the time being shall have powertt appoint such officers, clerks, and servant! an der them as shall be necessary for executing the business of the said corporation, and to al low them such. compensation for their services respectively, as shall. b reasonable ; and shall be capable of exercising such other powprjind authorities, for the well, governing and order ing of the officers of the said-corporafien, u shall be prescribed, fixed and determined by the laws, regulations and ordinances of the jane. Sec. it. And be it further enacted, That the following rules, restrictions, limitation! and provisions shall form and be fundamental arti cles of the constitution of the said corporation, to wit: t. The number, of votes to vvhieh the stoct1 holders shall be entitled in voting for directors, shall be according to the number of shares k, she or they respectively jhall hold, in the pro portions follow ing : that is to say for one share and nrtnrowth&ff tirfffbaf twos hares above two, and not exceeding ten, one vote, or every four shares above ten, and not exceeding thirty, one vote j for every six shares above thirty, and not exceeding sixty, one rote.; for every eight shares above sixty, aud not ceeding one hundred, one vote ; and for every ten shares above one hundred, one vote, but no person, copartnership or body politic shall be entitled to a greater number thai thirty votes) and af ter-the-fi rstletttonTi-tto-shttf e-or shareL shall confer a right of voting, w hich shall not have been, holden three calendar month?pre vious to the day of election. And stockhol ders actually resident, within the United States, and none other, may vote in elections by proxy. 2. Not more than three fourths of the di rectors elected hy the stockholders, and not more than four-fifths of the directors, appoint t d by the President of jhe United States, wM shall be in -office at the time of an annual elec tion, shall be elected br appointed for the next succeeding year ; and no director shall bold his office more than three, years out of fouj is W cession : but the director who shall be the pre- sident at the time of an election, may jllH be re-appointed or re-elected, as the ease m; be, ., ... .,-', -: - . . -v 3. None but a stockholder, being a resident citizen of United Statesshall be a director; nor shall a director be entitled to any emoln men): but the directors may make such com pensation to the president fonhis extraoruw) attendance at the bank, as shall appear to tne" reasonable. : . '. - 4. Not less than seven illreefors shall consti tute a board for the transaction of business..' whom the president shall always be one,1 in which case his place may be snppiJed by ! othefdircctprwhomheby-writing nndet.j I... .1 J.nnll nil Ik.t nrnnl. ADO lu' UI.U, BUSH utiv ! lam jiui p" . .1 iLj rectors so deputed may do and transact a'' necessary business belohgingto the office0 . President sf the said corporation, during continaance nf the sickness or necessary sence of the President. less lhi of0B ' 5. A number of stockholders, not sixty, who, together, shall be proprietors ot " thousand shares or upwards, shall have p.- at any time to call a general meeting 1 stockholders, for purposes-relative to tue, . stitulion giving at least ten -weeks WtlC8 two public newspapers of the place, where bank is seated and snecifyingln such .notiW objector ebjects of Buchmeeling.'
The Raleigh Minerva (Raleigh, N.C.)
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April 26, 1816, edition 1
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