PUBLISHED EVERY SATURDAY MORNING ASJUIIBSIL 31213 AH2 SSJSIPILl Wo UlAiatiT EDITORS AND PROPRIETORS.
JVumber 9, of Volume 1G :
SALISBURY, NORTH CAROLINA, AUGUST 1, 1835.
ubev iYOi)cgg 701.
FOURTH OF JULY, '76 '35.
CELEBKATION AT LINCOLNTO.W
The ."9th Anniversary was celebrated in Lincoln ton
in a ban Isome and appropriate nwnner Tin large
number of stranners from the neighboring villa zes, nn'l
the Citizens from the different sections of the county, t
who hal assembled together on this occasion, gave
. . ...it Tk i. .- ti...
weather, added to the unanimity or reeling wmcu ex-
Lsted, and the absence .of those scenes of revelry, w.nch
too often disturb our National Celebrations, was griti
fying to all. Invitations had been tendered to all the
Revolutionary Soldiers in the county, to (lov. Sw:iin,
Senators Man gum and Brown, and II. W. Coiiuor, Re
presentative in Congress.
At an early hour, Capt. B vdens Troop c.f Cavalry,
and Capt. Harry's company of Light Infintry paraded
on the Courthouse Square. Tlieir elegant equipment,
nd military appearance gave universal satisfaction to
the largo assembly who participated in the exercises of
the day. A profession was formed, escorted by the
Mibtarv, and headed bv the Marshals, Col. Daniel Sea
gle, and Capt. Willtrd Hoyden, inarched to the (.rove
adjoining the Methodist Church, where the Declaration
of Independence was read by Dr. Armmd Sunnier, pre
faced by a pertinent and h mdsOuie Address; and an Ora
tion delivered by James l HenJerson, Ese.. which, for
beamy of composition, has seldom been surpassed, and
the hi i iMerlv .style in which it was delivered command
ed the attention of i crowded concourse of people.
A timer was prepared at the Globe Tavern, which
rellctei credit upon its proprietor, A. H. l-oretz, and
ofv!,x!i a lirge number partook Col John Hoke r re
.M.. !. -Ut 1 by Jacob Forney, Esq., as Vice President.
A m-rr the invte-l go 'sts were th Revohit onary Pat
riots, G vern r !I. (.. IS mon, and G m. Josepn Graham.
1. Th" Di? w Ct h brute: The brightest era in the
anuds of Politic il 1 1 itstorv.
2. Ttr N i!?rs a id lb-roe of 'TO: To maintain the
xig'its they bequeathed us " we pledge our lives, our
fortunes, and our sacred hori r."
3. Washington While tyrants tremble, the friends
of Ibertv, political an I religious, rejo c- at the glori
ous name of Washington.
4. Jefferson awl Adam: The author and the de
fender of the Declaration of Independence.
". Malison, Mmrof, and .1 'ims: DiTerence of
opinion is the Id'e of Republican Government.
0. Andrew Jttckson: President of the Unite 1 States:
History will do justice to the man, his civd an 1 milita
ry career, and the doctrines and elfects of his Adminis
tration let her unbiased judgement decide.
7. The Court it ut im of the United Stat-s: The pro
duction of splendid talents, pure patriotism, and sound
fcens.: Mav it lure continue ns the bond of our Union,
unmiyaireJ by connecting interests.
8. Th" U.'iion: Its w rth is incalculable. A strict
adberence to the Constitution is the surest guarantee
Jir its prp nation.
9. State ItisrUi: Let the General Government keep
within its Constitutional sphere, and there will be no
ca dime; alvit State Remedies. I
in A i L x" ... ... . .ainl. . . vaL't nnro jiin .
J t . inin slliincoc1 tlio ITniori Mli tliast if no I
J3,0. IVJlllivl mi" (iii.iii. -J. ... w...... .
member more consistently Democratic.
1L Oar Veteran (iaslx: TIk? joy of meeting them
at t!,H e -iiivivial Uvird is only excelled by the gr ititu !e
we fefd for the blessings their toils and scares hive
pr c,if"d us,
.X ' huniel Musnn: Cons:;,t"iiey is a je wel. The
pri.i.r !' t'nt 'sn hira t.'irough lilo, governs his acts
in tv C mv '-ii on.
pi. 77, , Furr:
. 'Hi . it t!i" home that pli hfed love endears
Wh-vit the smiles from parti tl beauty won,
O! what were mnn' a world witliout a sun!"
Tlv the Prosi lnt. Let t!i Srites nver c!i:m w aat
del "1t J to t,i General
mt; an 1
palsied be the band of that man who Will grasp at
By the Vice President Our State Convention:
Mav s-ir.' of co n promise an I concession arvi le the
Eis" an I West, and the result of th"ir leliberations
pr .a 1 'stin? Iena'it to North Carol n.
By Cant. ASi n Forney, a Revolutionary guost.
Fame's Trumpit shall sound
J aekson, the renowned,
Who scorned to yield.
Or quit the field.
An ! cro-vned our diys with pare.
r,y n. Dni-1 S-jIp, Mars'nl V n. C. Rir:
An n1:g'itfT'l States-nan, a Dure Pttriot, an ' a ster
ling .-writ: "IiJ resign itioi in pref Mrtnc - to a vi
oIat;oa of latr ict'oas. aT)rIs an ex.n:le worthy of
im tat'-m, and en loirs hi n to tho D j nxjraovof the
By Capt, J. P. Alexin 1-r. TS- 'Ton. W. P. Min
gun: ay he receive from the Pn'of Vorth (Caro
lina that re vard to which his abilities and pitriotism
eit.tl h -n -or his nmly, tir-n, inl';idmt ourse in
the sn ite f tie Unitel S its wl fyr h's trMting
with manly firmness, the Resolutions of th last !?ois
latur instructing him to do an u lcrist'tuti "iil act.
Ry Join VVilfevr. Esq., a Itv l if ioaarv (I ae-t.
France, our ancient Ally: President Jackson's Mes
sage, claiming the payment of a just d-bt, d'i fir more
Mt ,.. When we owe 1 France, the debt w is naid in
ifl fiit'i and with grafitule. I,et our gor,l o! I Ally
in likefiith pay us, and anoloise fir her long delay,
an 1 t!ien mav our friendship continue uninterniDte I.
Bv Col. Dmiel II ke. Anlrew Jiskson. Presi lent
ff the United Slates: The Snfil Hickory that never
iia b-en win lshiken, and withtoo ! t!ie artiller of the
ijn'ish Armv, and the monster Bmk.
I5y John Motz, Sr. The Farmers of our country:
fio-.v to their windmills to blow the ehafFfrom their
ivh"at, and then to the Billot Bxes to blow the chaffy
4)pooition from their seats in Congress.
' Ry I. P. Ien lerson, Ej., the Orator. Our Cust,
Gov. II. G. Burton. May his success in pihtical life
eoual his moral excellence.
Gov. Burton's reply was very complimentary to the
citizens of Lincoln county. We regret thai a copy of
his sentiment, was not secured.
By Doct, A. Saunier, the Reader. The Resolutions
of Virginia and Kentucky in aul '1J: The Test
Book of true Democracy.
By C. H. Bssell, of Charlotte. South Carolina: The
spirit that produced the Declarations of 7" and '70, an
imates her sous in their gallant defence of the Riahts
of the States against the assumptions of irresponsible
By C.ipL Wm. Sla le. Mirtin Van Biren: Virtu
ons, tilented, and patriotic, his empire is in the hearts
of the Peonle.
By Thomas Williamsen, Sr., Esq. The hostility of
this Administration to the United States Bank is a
jewel found in a dunghill.
By Jacob A. Ramsour. May no political rancour
rnar the festivities of the day.
The Hon. Bedford Brown, an invited guest, com' in
nicated tho following sentiment: The intelligence uuJ
virtue of the Democratic Tarty : In 15K) we are indebt
ed to it for having rescued the Federal Government
from ii.su rim t ion, and placing at its head the Kepubli
can Jefferson: in lsjl2 for vindicating our National Ho
nor against a foreign enemy, and the advocates of sub
mission at home; and in l"S3l for having indignantly
resisted and defended tho attempts to sbjugate the
jcountry to a corrupt monied aristocracy.
IJy in. I). McLulloh. I he excitement with re-
May reason guide
mbargo on Caucus
- " ' '- "
no.'iunations : nde the People are sovereign, merit
will receive its reward.
By Geo. W Motz. State Rights and State Reme
dies: The one a perfect nullity without the other.
IJy Cant. J. II. Harry. Almvc all things let us hold
dear our National Union. Tranquility at home will en
sure peace abroad.
By Capt. James Holdsclaer. The Peop'e: Adequate
to sell-government let them alone and they will do
By John Killain. Tho United States of America :
May the demon of discord never be able to sever tlieir
bonds of Union, while the sun continues to rise and set.
IJy P. E Saunier, of Ch irl .tte. The ladies of North
Carolina : In war, our arms shall defend th in, in peace,
their arms shall protect us.
By James A. Johnston. This Congressional District:
May it be represented by a Shia bearing the White
Vla of Constitutional rights.
Bv G. A Miller. The Tree of Liberty: Planted bv
the intelligence and valor of our forefathers, and wa- I
tered with their blood, may it never Ix cut down by the
bickerings of fact on, but be preserved with et.-rnil vi
gilance, untii every nation shall partake of its fruit.
By Robert A. Rurton. With re.-jiect to the lite in
structions of W. P. Mangum, examination witliout par
tiality will establish Irs superiority.
By A. (J. Forney, of B irke. The Fair of North Ca
rolina: May they n-ver ; disappointed in their expec
tations, but ever reap the full enjoy uent of their Wishes.
By Oliver V. !I ill in 1. The" right of Instruction :
May tiie political existence of the creature soon cease,
who will not o!ey tu i express instructions of its Creator.
By Alfred Graham. Our firm S.mit.ir, Willie P.
Mangum, who disregarded the instruct o:is of those
who had no riht to instruct him.
By Maj. Thou, is N. Hera don. Willie P. Man-um,
our distinguished citizen: The noble advocate of the
rights of the People, an i firm op;er of Executive en
enwehments. By D pcL W. W Nolan I. Our present Chief Ma
gistrate, Andrew Jackson : The great apostle of Ameri
can Liberty, both in war an I in peace. The People
have rewarded him. May they speedily consign that
reckless majority of the S-mate of tiie United States
their Nrtion with hypocrites and base deceivers.
By Wui. Williamson The Minority in our last le
gislature: Al linn rh a minority in votes, an overwhelm
ing majority in talents and patriotism.
By Miles W. Abernathy, Esq. Thomas II Benton:
An able debitor, an enlightened .Statesman, and a disin
terested patriot: A good supply of his Yellow Jackets
to every clever fellow.
By John S. Heath. May the enemies of Martin Van
Buren and our present Administration, be choked by
the bread of a free soil.
Bv G. W. Cox. Nullification: The true principles
and "doctrine of SiUth Carolina's free brn sons.
By E. Osliorn. Jackson and Van Buren: The guar
dians of Democracy: with the same abibty that they op.
posed the encroachments of British oppressions, they
conquered tii :vwers of t i; Bink monster.
By J.'in U. Vogler. Jo'm C. Calhoun: With an
eve of discernment ever stands ready to repel invasions
of our Constitution, an I uphold it in it? purity. For
example, see his course in l-'Ji anl li, in securmg the
rights of the n-o;!e from u'.ter annihilation, an 1 in ';i,
his reprt on Executive Patronage.
By Daniel Hoke, Jr. BMf.rl Brown: A fiithful
representative of trie princial-'S of North Carolina.
By x'tn. Williamson. Willie P. Mangum: Unse
d i iced bv the wiles of pitronage, and unawel by t!ie
frowns of power. lie has fearlessly dischirged his du
ty, and maintained the ilignity of the State.
By Daniel F. larns''ir. T-'ie present admtnistratinn :
The principles that sustain it will coutiuus tiie doc
trines, in the promotion of Van B iren.
By Tho nas William-ton, Sr., Esq. The next Presi
dent of the United Slates: The best mm is the peo
r.. t T m i , ,i;.(;n;.i..i c.i
low c-taz-m, i.en. J.isepn i.rinam: I lie scars or uie
Revolut on are amongst the best proofs of his attach-
' it . ii ,
m"nt to ldierty, and his country s c m-e.
RJam-s Vrnstrong. Mirtin Van Buren: May ho
be as auceo-isful in the ensuing Presi lential election, as
Anlrew Jackson was at th battle of 'ev Orleans.
By ')c . A. Surlier. Mr. Van B iron, alias "Slip
pery Elm." May he have the bark pealed off at the
Bv Moses Martin. Nullification, when the Consti-
tut on is violate 1, is the rightful reaiedy
By Col. Jim I). Iike. The Democracy of North
Carolina : Aceu-to ne 1 to tht? sneers an 1 abuses of those
vli i cl i on to be "all tue talents an l "ail tne decency.
Miy th" success that atten lei their support of a Jef
ferson, a Malison, and a Jtckson, crown their efforts
fir -lartm Van Buren.
By J ic b Forney, V.. Tho People of Lincoln coun-
M ly thev b v the last to surren ler the principles pro-
m ilgated by Jefferson, and sust lined bv Jackson
By L"oni las W Soratt,
When the sons of Ameri-!
ca cease to worship prejudice, then, Carolina, and not
till then, will people know thy worth.
By Capt. Willard Boyden, Marshall. Morality, but
no Temperance Societies on the Fourth of July.
Bv Felix M. Abernathy. Andrew Jackson : I lis Ad-
mmistration has restored tho original Democratic Prin-
By Elkanah I Shufbrd. May every one stand on his
own merits; and let us lay all party strife aside let us
go tor measures, and not for men.
By Franklin A. Hoke. North Carolina : The sons of
Rio Van Winkle are awake to the formation of the
Va, and in November, 'IV, the Democracy will, as in
triumph in the further promotion of Martin Van
Buren, all opposition, arts and tricks, to the contrary
By A. Cm. Forney, of Burke. The Biltimore Conven
tion: an illegitimate,filthilyc?outcd by a wittul parentage
By Dr. W. W. Nolan 1.
Democracy is Freelo-n's Chart,
Mav its snirit reign in every heart,
Fro'n North to South. From East to West,
Till the whole earth be with it blest.
By Andrew Motz.
Here is the grand fabric of our free Constitution,
As built on the base of the grind Revolution;
And longer with politics not to bo cra nnied.
Be Anarchy cursed, and be Tyranny damn M.
By Wm. D McCuIloh. South Carolina: Whilst the
Genius of Liberty was weeping, to view the inroads
ma le in the Constitution, she threw herself in the
breach, and nobly, fearlessly, and successfully struggled
jlo maintain our Liberties.
To Incorporate the Merchant's Bank of S. Carolina,
Whereas it is beneficial to the citizens of this
Stato that a Hank should be established in the
Town of Cheraw: Therefore,
lie it Unacted by the Honorable the Senate and
House of Representatives, noic met and sitting in
(ieneral Assembly, and by the authority of the l
Sec. 1. That, in order to establish the said
Dank, the following icrsons be, and they are here
by appointed Commissioners to receive subscrip
tions at tho several places hereinafter named :
The names omitted.
And the said Commissioner-, or a maioritv of
them, at each of tho said places, shall, on the first
Monday in Mav next, and the div fdlowin-r. ooen
subscriptions from the hours of 10, A. M., until
P. M., on each day at the above places respective- j
lv, f r tho purpose" of raising the sum of two hun- j
dred thousand dollars, whereof four weeks public !
notice shall le given in the Gazettes of Cheraw,;
Camden, Columbia, Charleston, Georgetown, and j
Sumter; and the aliove named Commissioners, at '
all the above named places except Cheraw, shall, ; kied, with whatever monies may have been paid
on the second .Monday in .May next, respectively j thereon.
f .rwKri! correct lists of the shares subscribed, to- lt c- - T1,,lt the number of votes to w hich each
gether with the monies paid on said shares at tho Stockholder shall be entitled, shall Ikj in th- lollow
timeof subscribing, for the purpose of apportioning ' proportion, viz: For every tour shares, one
the same to the above named Commissioners at v"tc for every four shares aliove four and not ex
Cheraw, who shall make out and forward to all tho : feeding twenty, one vote; for every eight shares
on the second
above named Commissioners respectively, a sche-
dule of said appointments; and such said subscri-
liers paying their subscription monies resoctivcly
as hereinafter mentioned, then lieing stockholders,
und all persons who may thereafter become stfck
holders in the said company, shall be, and are here
by incorporated and made a corporation and b'Mlv
politic, by tho name and style of the "Merchant
Hank of S mth Carolina at Cher tic,'''' and so shall
continue until the first day of January one thousand
eight hundred and fitly-five. (ISoo,)
Sec. a. It is further provided, that in ca-wj t he
nm .ii it f tu-rt hundred 1I.00.101.I d.iii.ir cVoi I i..t
have been subscribed on the days and at the places ! ,luJ Umted States, shall be allowed to vote, and
above mentioned, then the books of subscription : ,l,:lt stK.kholders, being citizens of the United
shall lie again opened at the Town of Cheraw, on States, and actually residents therein, and none
tho first Monday in July next, bv the ab.ve named , 1,,er' inxY v,,, b" lrov' prodded, that such
Commissioners,' to remain open for thirty days, un- Pr,,x.V bo a stockholder and a citizen of the United
less tho full amount of stock shail bo sooner sub- j States.
scrib 'd. ! Si::. 7. That no Stockholder, who is not a cifi-
Sf.c. 3. An elec tion sh ill lie held at Cheraw zon of United States, shall, nor shall any Di
on the first .Monday in Juno next, by the St ckh IJ- rc,or of an-v O,hor B;tnk nor copartner of such
ers, for seven Directors from auJ.ng llie nsdves, director, nor m ro than one p.-rson of a copartner
who shall h ld their odice until tho first Monday s!,il "r!"' director of this Bank; nor shall any
iu .May ensuing. There shall be an election in ors m act as a Director who may bo under protest
said corporation on the first M ii-lav in Mav i.i i the said Iiank, as drawer or endorser of any bill
each year, and in default thereof, on such other of exchange, or maker or en lorser of any promis
dav as shall l" fixed by ne said corporation of se- s'r' ,,ote. b tho s;""1 either fir dis-
veii Directors, who shall lie chosen by the stock- c,ur,t or collection, u iless he shall prove to the sa
holders, or their proxies, from among' theins-dves, tisficio a majority of the other Directors, that
and by a plurality of v..m actually Men; and :n just reason, and legal an 1 sufficient cause,
thoo w!io shall b. actually chosen at auv election
shall le capable of serving as Directors bv virtue
of such ch ice, u itil the end of the first Monday
, I:,y ,,exl 'i ' the time of such election
And the s.iid Directors, at their first meeting after
such election, shall choose one of their uuiiiIkt as
President, wh shall receive a majority of tho votes
actually given. And iu case any Director shall
dio, resign, remove from tho State, or bo removed
from office by the Stockholders, his place mav be
filled bv the other Directors for the remain ler of
the year. And a fair and correct list of tho Stock- .
holders shall be made out by the Directors, at ieast
one month previous to an" election fir Directors
s .bsennent to the first election, to be submitted to.
! the inspection of any of the Stockholders. Prori-
; i - '
f capital block snail not Iup iwii Miiscrilcil
i for no the first nnnninrr of tho l wl-! iiliTlnfi.m
n 1C url opening oi mo ioo- o. mids ription,
; then this election shall take place at such time
thereafier as the Commissaoners at Cheraw .shall : s,,cn OI,u r P 'ers an i auin iruies ior me wen go
name, whereof twenty (20) days public notice shall vernment and ordering of the officers of said cor-
! lie given. Ami to prevent a division of shares f .r
tho purpose of obtaining undue influence, the mana -
gers of elections for Directors of said Dank shall
administer to every stockholder, ollerin"- to vote,
! the following oath, viz: "lou,A. Is., do swear,
1 (or affirm, as the case may be,) that the stck you
! now represent is bona fide your property, and that
: no other person or persons is or aro coneerni-d
therein." And to any stockholder offering to vote ! said Dank, shall directly or indirectly receive any
as proxy, or for a minor, or in right of or in trust compensation fir any agency in negociating any
for any other stockholder entitled to vote, the f d- business w ith the Hank in procuring discounts, re
lowing oath, viz: You, A. B., do swear, for af- newing notes, or receiving money, fir individuals,
firm, as the case may be,) that ihe stock of C. D.. '
whom you represent, is, to the best of your knowl-
edge and belief, the property of C. D.and that no
other person or persons is or are, to tho best of
jour knowledge and belief, concerned therein."
a"V stockholder refu-mg to make such oath
or ahirination, shall not be allowed to vote at such : Directors, or a majority of them, or by any Direct
election. or w ho may protest against the proceeding of the
Si:c. 4. That the said Corporation, by its said Board, and who may w ish the propriety of his dis
na:ne and style, shall be, and is hereby made cajKi-' sent to be considered by the Stockholders, or whene
ble in law, to have, purchase, receive, possess, en- . ver the holders of two hundred shares or upwards
joy, and retain to it, and its successors, lands, rents, shall require the same. Provided, That no such
j tenements, hereditaments, goods, chattels promis -
j ry notes, bills of exchange, and all other c hoses
in action, monies, and effects ot wliat kind, value, lie given iu at least two public Uazettes, and unless
or qualtity soever, to an amount not exceeding in j a majority of the stock in said Bank lie represented,
the whole three times the amount of tho capital! Sec. 13. That the lands, tenements, and here
stock of the said corporation, and the same to sell, ' ditaments, which it shall lie lawful tor the said cor
alien, or dispose of, and also to sue and be sued, ! poration to hold, shall lie only such as may be re
plead and bo impleaded, answer r.nd lo answered, ! quisite fir its immediate accommodation, for the
defend and be defended, in Courts of Record, or any transaction of its business to an amount not exceed
cther place whatsoever; and also to make, have, ing twenty thousand dollars; such as shall have
and usu a common seal, anil the same to break, al-i been bona fi le mortgaged or assigned to it by way
tor, and renew at pleasure; and also to discount
bills of exchange and promissory notes at a rate of
interest not exceeding one per cent, for sixty days;
and also to order, establish, and put in execution
such by-laws, ordinances, and regulations, as shall
seem necessary and convenient for the government
of the said corporation, not being contrary to the
laws of this Stato or of tho United States, or to the
Constitutions thereof, and generally do and exe
cute all and singular such acts, matters, and things
which may be deemed necessary and proper lor
the gnd government and management of said cor
poration, subject nevertheless to such regulations,
restrictions, limitations, and provisions aj shall here
after be prescriled and declared.
Sec. ) That in case a ureater sum than two
hundred thotisaed dollars le subscribed, the Coin-
missiones above named at Cheraw shall not, in ap
portioning said shares, take from subscribers for ;
onlv five shares, unless thev cannot otherwise sut- i
ficiently reduce the amount subscribed. That the
capital stock of tho Hank shall bo divided into two
thousand shares, of one hundred dollars each share.
That one fifth of each share shall le paid at the
time of subscribing, and one other fifth on the third
- -Monday in August next ensuing, and the balance
! f 'e stock at such times as the Directors shall
; doom most conducive to the interest of the stock-i
uoiuers, tney not requiring more man one nun or
Cac!l every stv Jays, of which thirty days
P',,,,ic -tice shall be given, and all shares on
w''r' the payments duo shall not be finally made
iG d:ys above mentioned, and at such other
,i,m's tl,e Iii'ctors may require, shall Ik-for-
aliove twenty and not exceeding sixty, one vote;
for every twelve shares above sixty and not exceed
ing one hundred and twenty, one vote ; tor every
sixteen shares above one hundred and twenty ami
not exceeding two hundred, one vote; for every
twenty shares above two hundred, one vote. Pro
titled, alirays. That no person, copartnership, or
b ody iolitic, shall be entitled to a greater number
than forty votes. That after the first election, no
share or shares shall confer a right of suHrage
which shall not have been held three calendar
: ,uo,,u,s Prov,,,JS " l!,c Uilv OI eccuon. i nat no
other stockholders than those who are citizens of
,,r ""Vg payment of the demand on wlncli such
protest mav be founded.
Sr:c. That no less than three Directors shall
constitute a board for the transaction of business,
f whom tho President shall always bo one, except
in the case of sickness or necessary absence, when
his place may lie supplied by any other Director
i lie i,y writing shall nominate tor the purpose ;
an(, 111 (,e:!t ' uch noonnati .n by tho President,
or in case of ckness or necessary absence of the
person so nominated, the Board of Directors may
b-v ,KI,M aP "nt a temporary President,
Si:c- - T!,:lt ,he directors fir the time being
&,,aI1 ,iavo P,nvPr to appnnt such officers, clerks,
aI"1 ervants under them, as shall bo necessary tor
renting the business of said corporation, in sucli
i manner and upon such terms as they shail deem
I "eeessarv and pro.wr, and shall also have power to
- i ' ' , ,i
remove sucti oncers from time to time at their
j " " uiu jne.uitr, uio .ia.i oe tapauiu m .u ioig
lation as shall be prescribed, hxeu, an t aeter-
! mine ' hY t,l , nvs aml regulations thereof.
j Skc. 10. That the Presi lent, Cashier, and Clerks,
employed in keeping the books of said liank, shall
1(0 ami tney are nereny neciareu exemprei trom
the performance of ordinary militia duty, and from
serving as jurors.
! Skc. 11. That no Director or other officer of
on notes discounted; and every sucli mrector or
other officer thus receiving compensation, shall be
removed from office, and disqualified from thereaf-
. ler holding any office in said Bank.
Skc. 12. That a meeting of the Stockholders
mav be called at any time by the President and
! meeting of the stockholders shall be competent to
1 transact business, unless one month's notice thereof
) of security, or payment for debts previously con
traeted, in the course of its dealings; and such as
shall h ive been purchased at sales uihmi judgements
Sec. 14. That the said Bank shall not issue any
bill or note f r the payment of money, nor com
mence discounting, until one third part of its capi-
tal stock in specie shall be deposited in its vaults
nor until a bonus of four thousand dollars be paid
into the Treasury of the State: whereupon, :he
said Dank shall lie, and the same is hereby declared
to be exempted from the payment of all taxes du
ring the tune that it is hereby incorporated
etc lo. I hat the stock ot said
assignable and transferable according
lations and upon such terms as mav It
and fixed by the corporation. "t
Sec. 16. That the bills or notes wli
issued by the order of said corporation
the President and countersigned by
thereof, promising the payment of ij
person or persons, his, her, or thei
the bearer, though not under the set
(Miration, shall be binding and obligate)
said corporation, in like manner, and f
C irft o n 1 lt:-wt . . . . . . ...... . ! . 1
, or them, y$
I shall be ilL
us if they a7
, emu 1,111.1,1, as upon an pi nine jrj
sons u issued ov mm, her,
their private capacity, and
negotiated in like imnnpr ;
iiiuiiiivi U -1 1 HV- H t J .
by such private person or persons; thai
those wliich lmll lw iit ol.U t.i -
sons, his, her, or their oider, shall" lie assV
- - -J - ..... ( i '-' IH'IV, 1 1 I IT!J i - ' J
indorsement in like manner, and with like eii;v
foreign bills of exchange or promissory riotesTt
are and those which are navable to auv iwrsonTlT
persons, or bearer, shall be "negotiable and assign
able by delivery only.
Sec. 17. That the total amount of debts which
said corporation shall at any time owe. shall not
exceed three times the amount of its capital stock,
exclusive ot the amount of money then actually de
posited in the Bank fir safe keeping. And in case
of excess, the Directors under w hose administra
tion such excess shall happen, shall be liable for
the same, in their private and indivi lual capacity,
and an action may, in such case, be brought aguiust
them, their or any of their heirs, executors, or ad
ministrators, in any court hai ing jurisdiction, by
any creditor or creditors of the said corporation,
and may be prosecuted to judgement and execution,
any condition, covenant, or agreement to the con
trary notwithstanding; but this shall not be con
strued to exempt said corporation, or the lands, te
nements, goods, or chattels of the same, from liemg
also liable for said excess; and such of the said Di
rectors as may have been absent when such excess
was contracted or created, or such as may have
dissented from the resolution or act whereby the
same was so contracted or created, may respect
ively exhonerate themselves from being thus lia
ble, by forthwith giving notice of the fact, and of
tlieir absence or dissent, to the stockholders., at a
general meeting of the stockholders, to be called
for said purpose.
Sec. 18. That the said corporation shill not bo
permitted to purchase any public debt whatsoever,
except stock of the State or of the United States,
nor shall directly or indirectly trade iu any thing
except notes, bills of exchange, gold and silver bul
lion, or in the sale of goods really and trulv pledg
ed lor money lent and not redeemed iu due time,
or of goods which shall be the produce of its lands ;
neither shall tho said corporation take more thin
at the rate of one third per centum discount fir
sixty days, for or upon its loans or discounts. That
if the said corp iration, or any person or persons,
fir tho use of said corporation, shall purchase, trade,
discount, or loan, contrary to the provisions of this
Act, all and every person and persons thus pur
chasing, trading, discounting, or loaning, contrary
to the provisions of this Act, shall forfeit and lose
treble the value of the goods, wares, and merchan
dise, notes, bills or loans, thus illegally purchased,
traded for, discouuted for, or loaned; one half there
of to the use of the informer, and the other half to
the use of the State.
Sec 19. That the bills or notes of said corpora
tion, originally made payable on demand, or which
shall have become payable in gold or silver current
coin, shall be receivable by the Treasurers, tax col
lectors, solicitors, and other public otlicers, in all
payments for taxes or other monies due to the State,
so long as said Bank shall pay gold and silver cur
rent coin for their notes. But whenever there
shall lie a pretest on any of the bills or notes of
said Bank, for non-payment iu specie, the Comp
troller General shall lie authorized, and he is here
by required, to countermand the receipt of the bills
and notes of the Bank, in payment of taxes or debts
due to the State, unless good and satisfactory cause
shall be shown him by the said corporation fir
contesting in a court of justice the payment thereof.
Sec 120. That dividends shall be" made at least
twice in each year, by the said corporation, of so
much of the profits of said Bank as shall appear to
the Directors advisable, and once in every year the
Directors shall lay befire the stockholders, at a
general meeting, for their information, the amount
of surplus profits, if any, after reducting losses and
Sec. 21. That, in the case of the failure of the
said Bank, each stockholder, copartnership, or body
politic, having a share or shares therein at the time
of such failure, or who shall have been interested
therein at any time within six months previous to
such" failure, shall be liable and held bound indi
vidually, for any sum not exceeding twice the
amount of his, her, or their share or shares.
Sec 22. And the said corporation are hereby
authorized to increase tlieir capital, to a sum not
exceeding five hundred thousand dollars, should a
majority of the stockholders, at a general meeting,
at any time during the continuance of their charter,
deem the same necessary or advisable, by disMsiu"
of any number of additional share?, not exceeding
three thousand ; and for every hundred dollars of
additional stock, so disposed of by the said corpo
ration, the Bank shall pay into tiie treasury the sum
of two dollars.
Sec. 23. That any real estate, bills, notes, mo
nies, profits, or other property w hatever, which may
on tiie dissolution of said corporation, be owned or
possessed by it, shall be held by the directors of
said Bank, for the use and hew fit of all persons
.holding shares in said corporation at the time or,
its dissolution, and their legal assignees and reprec