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XII. The stock of the said corporation shall be assign-And bills, able and transferable, according to such rules as shall be instituted in that behalf, by the laws and ordinances of the same.
XIII. The bills obligatory and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by indorsement be assignable, thereupon, under the hand or hands of such person or persons, and of his, her, or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees successively, and to enable such assignee or assignees to bring and and maintain an action thereupon in his, her, or their
own name or names.
And bills or notes, which may be issued by order of the bills to be obsaid corporation, signed by the president, and countersigned by the principal cashier or treasurer thereof, promising the payment of money to any person or persons, his, her, or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in the like manner, and with the like force and effect, as upon any private person or persons, if issued by him or them, in his, her, or their private or natural capacity or capacities; and shall be assignable and negotiable, in like manner, as if they were so issued by such private person or persons-that is to say, those which shall be payable to any person or persons, his, her, or their order, shall be assignable by indorsement, in like manner, and with the like effect, as foreign bills of exchange now are; and those which are payable to bearer, shall be negotiable and assignable by delivery only.
XIV. Half yearly dividends shall be made of so much Dividends of
of the profits of the bank, as 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 statement of the debts, which shall have remained unpaid after the expiration of the original credit, for a period of treble the term of that credit; and of the surplus of profit, if any, after deducting losses and dividends. If there shall be a failure in the payment of any part of any sum, subscribed by any person, co-partnership, or body politic, the party failing shall lose the benefit of any dividend, which may have accrued, prior to the time for making such payment, and during the delay of the same.
States, for dis
posit only, etc.
Offices may XV. It shall be lawful for the directors aforesaid, to within United establish offices wheresoever they shall think fit, within count and de- the United States, for the purposes of discount and deposit only, and upon the same terms, and in the same manner, as shall be practised at the bank; and to commit the management of the said offices, and the making of the said discounts, to such persons, under such agreements, and subject to such regulations as they shall deem proper; not being contrary to law, or to the constitution of the bank.
Officer at the head of the
XVI. The officer at the head of the Treasury DepartTreasury to be ment of the United States, shall be furnished, from time
statements. to time, as often as he may require, not exceeding once a
week, with statements of the amount of the capital stock of the said corporation, and of the debts due to the same; of the monies deposited therein; of the notes in circulation, and of the cash in hand; and shall have a right to inspect such general accounts in the books of the bank, of pri- as shall relate to the said statements. Provided, That
this shall not be construed to imply a right of inspecting the account of any private individual or individuals with the bank.
Penalty for buying or sell
SEC. 8. And be it further enacted, That if the said coring goods, etc. poration, or any person or persons for or to the use of the
same, shall deal or trade in buying or selling any goods, wares, merchandise, or commodities whatsoever, contrary to the provisions of this act, all and every person and persons, by whom any order or direction for so dealing or trading shall have been given, and all and every person and persons who shall have been concerned as parties or agents therein, shall forfeit and lose treble the value of the goods, wares, merchandises, and commodities, in which such dealing and trade shall have been; one half thereof to the use of the informer, and the other half thereof to the use of the United States, to be recovered with costs of suit.
SEC. 9. And be it further enacted, That if the said corvanced or lent. poration shall advance or lend any sum, for the use or on
How money may be ad
account of the Government of the United States, to an amount exceeding one hundred thousand dollars; or of any particular State to an amount exceeding fifty thousand dollars; or of any foreign prince or state, (unless previously authorized thereto by a law of the United States,) all and every person and persons, by and with whose order, agreement, consent, approbation, or conniv
ance, such unlawful advance or loan shall have been made, upon conviction thereof, shall forfeit and pay, for every such offence, treble the value or amount of the sum or sums which shall have been so unlawfully advanced or lent; one fifth thereof to the use of the informer, and the residue thereof to the use of the United States; to be disposed of by law and not otherwise.
SEC. 10. And be it further enacted, That the bills or notes of the said corporation, originally made payable, or by which shall have become payable on demand, in gold and silver coin, shall be receivable in all payments to the United States.
Approved, February 25, 1791.
(Paragraph XI of section 7 of this act forbids the loaning of money by the Bank to the United States in a greater sum than one hundred thousand dollars; but subsequent acts giving authority for the borrowing of money authorize the bank to loan the amounts notwithstanding the said prohibition.
(See act of February 28, 1793, chap. 18, sec. 3, vol. 1, Stat. L., p. 329; act of March 20, 1794, chap. 8, sec. 1, vol. 1, Stat. L., p. 345; act of June 9, 1794, chap. 63, sec. 2, vol. 1, Stat. L., p. 395; act of December 18, 1794, chap.
Bills or notes made receivable United
SEC. 11. And be it further enacted, That it shall be lawful for the President of the United States, at any time or times, within eighteen months after the first day of April next, to cause a subscription to be made to the stock of the said corporation, as part of the aforesaid capital stock of ten millions of dollars, on behalf of the United States, to an amount not exceeding two millions of dollars; to be paid out of the monies which shall be borrowed by virtue of either of the acts, the one entitled "An act making provision for the debt of the United States;" and the other entitled "An act making provision for the reduction of the public debt;" borrowing of the bank an equal sum, to be applied to the purposes, for which the said monies shall have been procured; reimbursable in ten years, by equal annual instalments; or at any time sooner, or in any greater proportions, that the Government may think fit.
bank to be es
SEC. 12. And be it further enacted, That no other bank No other shall be established by any future law of the United tablished. States, during the continuance of the corporation hereby created; for which the faith of the United States is hereby pledged.
1812, ch. 43.
Subscriptions States, how to
made by United
be paid, etc.
1790, ch. 34.
1790, ch. 47.
4, sec. 2, vol. 1, Stat. L., p. 404; act of February 21, 1795, chap. 25, sec. 1, vol. 1, Stat. L., p. 418; act of March 3, 1795, chap. 45, sec. 19, vol. 1, Stat. L., p. 438; act of March 3, 1795, chap. 46, sec. 6, vol. 1, Stat. L., p. 439; act of May 30, 1796, chap. 41, sec. 5, vol. 1, Stat. L., p. 487; act of May 31, 1796, chap. 44, sec. 1, vol. 1, Stat. L., p. 488; act of June 1, 1796, chap. 51, sec. 3, vol. 1, Stat. L., p. 494; act of July 8, 1797, chap. 16, sec. 1, vol. 1, Stat. L., p. 534; act of July 16, 1798, chap. 79, sec. 1, vol. 1, Stat. L., p. 607; act of July 16, 1798, chap. 84, sec. 2, vol. 1, Stat. L., p. 609; act of March 2, 1799, chap. 31, sec. 9, vol. 1, Stat. L., p. 726; act of May 7, 1800, chap. 42, sec. 1, vol. 2, Stat. L., p. 60; act of February 26, 1803, chap. 8, sec. 2, vol. 2, Stat. L., p. 202; act of November 10, 1803, chap. 3, sec. 3, vol. 2, Stat. L., p. 247; act of March 26, 1804, chap. 46, sec. 4, vol. 2, Stat. L., p. 292; act of February 13, 1806, chap. 5, sec. 2, vol. 2, Stat. L., p. 350; act of June 28, 1809, chap. 10, sec. 1, vol. 2, Stat. L., p. 551; act of May 1, 1810, chap. 45, sec. 1, vol. 2, Stat. L., p. 610.)
ACT OF MARCH 2, 1791.
1 Stat. L., CHAP. XI.-An act supplementary to the act intituled "An act to incorporate the subscribers to the Bank of the United States."
SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Con
tions to bank
Subscrip- gress assembled, That the subscriptions to the stock of stock pro the bank of the United States, as provided by the act,
1791, ch. 10. intituled "An act to incorporate the subscribers to the Bank of the United States," shall not be opened until the first Monday in July next.
SEC. 2. And be it further enacted, That so much of the first payment as by the said act is directed to be in the six per cent. certificates of the United States, may be deferred until the first Monday in January next.
Time of first payment.
Not more than thirty
SEC. 3. And be it further enacted, That no person, corshares to be poration, or body politic, except in behalf of the United
one time. States, shall, for the space of three months after the said
first Monday in July next, subscribe in any one day, for more than thirty shares.
SEC. 4. And be it further enacted, That every sub
to be paid, and scriber shall, at the time of subscribing, pay into the
ture payments hands of the persons who shall be appointed to receive
first paid. the same, the specie proportion required by the said act
In what manner public 3 per cent may bank.
to be then paid. And if any such subscriber shall fail to make any of the future payments, he shall forfeit the sum so by him first paid, for the use of the corporation. SEC. 5. And be it further enacted, That such part of the public debt, including the assumed debt, as is funded debt funded at at an interest of three per cent. may be paid to the bank, be paid to the in like manner with the debt funded at six per cent. computing the value of the former at one half the value of the latter, and reserving to the subscribers who shall have paid three per cent. stock, the privilege of redeeming the same with six per cent. stock, at the above rate of computation, at any time before the first day of January, one thousand seven hundred and ninety-three; unless the three per cent. stock shall have been previously disposed of by the directors.
Approved, March 2, 1791.
ACT OF FEBRUARY 28, 1793.
CHAP. XVIII.—An act making appropriations for the 321. Stat. L., support of Government for the year one thousand seven hundred and ninety-three.
SEC. 3. And be it further enacted, That the President President of the United States be authorized to borrow, on account not exceeding of the said States, any sum or sums, not exceeding, in the whole, eight hundred thousand dollars, at a rate of interest not exceeding five per centum per annum, and reimbursable at the pleasure of the United States, to be applied for the purposes aforesaid, and to be repaid out whom. of the said surplus of the duties on imports and tonnage, to the end of the present year, one thousand seven hundred and ninety-three: And that it shall be lawful for the Bank of the United States to lend the said sum. And the President of the United States shall cause so much of the loan, made of the Bank of the United States, pursuant to the eleventh section of the act, by which it is incorporated, to be paid off, in sums not less than how to be pald fifty thousand dollars, as, in his opinion, the state of the Treasury may, from time to time, admit, out of any monies which may be in the Treasury, having due regard to the exigencies of Government, and the appropriations made and to be made by law.
made of the bank,
Approved, February 28, 1793.
what and of