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FOURTEENTH CONGRESS.

266
fore and after a
session , & c.
P r o v is o : as
to w eight o fle tters, & c.
Certain sec­
tions o f form er
acts repealed.
A c t o f April
3 0,1 81 0 , ch . 37.
A c t o f Feb­
ruary 2 7, 1815,
ch. 65.

This act in
fo rce from 3 lst
M arch, 1816.

S ess.

I.

C h.

44.

1816.

days after the termination thereof: Provided always, That no letter or
packet shall exceed two ounces in weight, and in case o f excess o f
weight, that excess alone shall be paid for.
S e c . 4. And be it further enacted, That the eleventh and twentyeighth sections o f the act, entitled “ An act regulating the post-office
establishment,” approved April thirtieth, one thousand eight hundred and
ten, and the first and second sections o f the act, entitled “ A n act in ad­
dition to the act regulating the post-office establishment,” approved Feb­
ruary twenty-seventh, one thousand eight hundred and fifteen, and the
fourth and fifth sections o f the same, except such parts as relate to steam­
boats, their masters, or managers, and persons employed on board the
same, be, and the same are hereby repealed.
S e c . 5. And be it further enacted, That this act shall take effect
from and after the thirty-first day o f March, one thousand eight hundred
and sixteen.
A p p r o v e d , April 9, 1816.

St a t u t e I.

A p ril 10, 1816.
[Expired.]
A c t o f March
3 , 1819, ch. 73.
A bank o f the
U nited States,
with a capital
of
35,000,000
dollars, & c.

P la ccs , & c.
for
receiving
subscriptions.

C h a p . XLIV .—Jin

Jlct to incorporate the subscribers to the B ank o f the
United States, (a)

B e it enacted by the Senate and House o f Representatives o f the
United States o f America, in Congress assembled, That a bank o f the
United States of America shall be established, with a capital o f thirtyfive millions o f dollars, divided into three hundred and fifty thousand
shares, o f one hundred dollars each share. Seventy thousand shares,
amounting to the sum o f seven millions o f dollars, part o f the capital of
the said bank, shall be subscribed and paid for by the United States, in
the manner hereinafter specified; and two hundred and eighty thousand
shares, amounting to the sum of twenty-eight millions o f dollars, shall
be subscribed and paid for by individuals, companies, or corporations, in
the manner hereinafter specified.
S ec . 2. And be it further enacted, That subscriptions for the sum o f
twenty-eight millions o f dollars, towards constituting the capital o f the
said bank, shall be opened on the first Monday in July next, at the fol­
lowing places: that is to say, at Portland, in the District o f Maine; at
Portsmouth, in the state o f New Hampshire; at Boston, in the state o f
Massachusetts; at Providence, in the state o f Rhode Island; at Middle­
town, in the state o f Connecticut; at Burlington, in the state o f Ver­
mont; at New York, in the state o f New Y ork; at New Brunswick, iu
the state o f New Jersey; at Philadelphia, in the state o f Pennsylvania;
at Wilmington, in the state o f Delaware; at Baltimore, in the state o f
Maryland; at Richmond, in the state o f Virginia; at Lexington, in the
state o f Kentucky; at Cincinnati, in the state of Ohio; at Raleigh, in
the state o f North Carolina; at Nashville, in the state o f Tennessee; at
Charleston, in the state o f South Carolina; at Augusta, in the state o f
Georgia; at New Orleans, in the state o f Louisiana; and at Washington,
in the district of Columbia. And the said subscriptions shall be opened
under the superintendence o f five commissioners at Philadelphia, and o f
three commissioners at each of the other places aforesaid, to be appoint­
ed by the President o f the United States, who is hereby authorized to
make such appointments, and shall continue open every day, from the
time o f opening the same, between the hours o f ten o’clock in the fore­
noon and four o’clock in the afternoon, for the term o f twenty days, ex­
clusive o f Sundays, when the same shall be closed, and immediately
thereafter the commissioners, or any two o f them, at the respective

(a) F or the act incorporating the first Bank o f the United States, see vol. i. 191.
N otes o f decisions on the acts incorporating the Bank o f the United States, vol. i. 192.

FOURTEENTH CONGRESS.

S ess.

I. Ch. 44.

1816.

places aforesaid, shall cause two transcripts or copies o f such subscrip­
tions to be made, one o f which they shall send to the Secretary o f the
Treasury, one they shall retain, and the original they shall transmit,
within seven days from the closing o f the subscriptions as aforesaid, to
the commissioners at Philadelphia aforesaid. And on the receipt o f the
said original subscriptions, or o f either o f the said copies thereof, if the
original be lost, mislaid, or detained, the commissioners at Philadelphia
aforesaid, or a majority o f them, shall immediately thereafter convene,
and proceed to take an account o f the said subscriptions. A nd if more
than the amount o f twenty-eight millions o f dollars shall have been sub­
scribed, then the said last mentioned commissioners shall deduct the
amount o f such excess from the largest subscriptions, in such manner
as that no subscription shall be reduced in amount, while any one re­
mains larger: Provided, That if the subscriptions taken at either o f the
places aforesaid shall not exceed three thousand shares, there shall be no
reduction o f such subscriptions, nor shall, in any case, the subscriptions
taken at either o f the places aforesaid be reduced below that amount.
And in case the aggregate amount of the said subscriptions shall exceed
twenty-eight millions o f dollars, the said last mentioned commissioners,
after having apportioned the same as aforesaid, shall cause lists o f the
said apportioned subscriptions, to be made out, including in each list the
apportioned subscription for the place where the original subscription
was made, one o f which lists they shall transmit to the commissioners
or one o f them, under whose superintendence such subscriptions were
originally made, that the subscribers may thereby ascertain the number
o f shares to them respectively apportioned as aforesaid. And in case
the aggregate amount o f the said subscriptions made during the period
aforesaid, at all the places aforesaid, shall not amount to twenty-eight
millions o f dollars, the subscriptions to complete the said sum shall be
and remain open at Philadelphia aforesaid, under the superintendence of
the commissioners appointed for that place; and the subscriptions may
be then made by any individual, company, or corporation, for any num­
ber o f shares, not exceeding, in the whole, the amount required to com­
plete the said sum o f twenty-eight millions o f dollars.
S e c . 3. And be it further enacted, That it shall be lawful for any
individual, company, corporation, or state, when the subscriptions shall
be opened as herein before directed, to subscribe for any number of
shares o f the capital o f the said bank, not exceeding three thousand
shares, and the sums so subscribed shall be payable, and paid, in the
manner following; that is to say, seven millions o f dollars thereof in
gold or silver coin o f the United States, or in gold coin o f Spain, or the
dominions o f Spain, at the rate o f one hundred cents for every twentyeight grains and sixty hundredths o f a grain o f the actual weight there­
o f or in other foreign gold or silver com at the several rates prescribed
by the first section of an act regulating the currency o f foreign coins
iij the United States, passed tenth day o f April, one thousand eight
hundred and six, and twenty-one millions o f dollars thereof in like gold
or silver coin, or in the funded debt o f the United States contracted at
the time o f the subscriptions respectively. And the payments made in
the funded debt o f the United States, shall be paid and received at the
following rates: that is to say, the funded debt bearing an interest o f six
per centum per annum, at the nominal or par value thereof; the funded
debt bearing an interest of three per centum per annum, at the rate o f
sixty-five dollars for every sum o f one hundred dollars o f the nominal
amount thereof; and the funded debt bearing an interest o f seven per
centum per annum, at the rate o f one hundred and six dollars and fiftyone cents, for every sum of one hundred dollars of the nominal amount
thereof; together with the amount o f the interest accrued on the said

267
P la ce s, & c.
for
re ce iv in g
subscriptions,
& c.

Regulations
con cern in g sub­
scriptions and
paym ents
on
them , & c.

April 10, 1806,
ch . 22.

268
R egulations
con cern in g sub­
scriptions and
paym ents
on
them ; & c.

R easonable
com pensation
to the com m is­
sioners.
T h e United
States may re­
deem tho fund­
ed d ebt, &c.
and the bank
m ay sell for
gold and silver,
&c.

FOURTEENTH CONGRESS.

S ess.

I.

C h.

44.

1816.

several denominations o f funded debt, to be computed and allowed to
the time o f subscribing the same to the capital o f the said bank as afore­
said. And the payments o f the said subscriptions shall be made and
completed by the subscribers, respectively, at the times and in the man­
ner following; that is to say, at the time o f subscribing there shall be
paid five dollars on each share, in gold or silver coin as aforesaid, and
twenty-five dollars more in coin as aforesaid, or in funded debt as afore­
said; at the expiration o f six calendar months after the time o f sub­
scribing, there shall be paid the further sum o f ten dollars on each share,
in gold or silver coin as aforesaid, and twenty-five dollars more in coin
as aforesaid, or in funded debt as aforesaid; at the expiration o f twelve
calendar months from the time of subscribing, there shall be paid the
further sum of ten dollars on each share, in gold or silver coin as afore­
said, and twenty-five dollars more, in coin as aforesaid, or in funded debt
as aforesaid.
S e c . 4 . And be it further enacted, That at the time o f subscribing
to the capital o f the said bank as aforesaid, each and every subscriber
shall deliver to the commissioners, at the place o f subscribing, as well
the amount of their subscriptions respectively in coin as aforesaid, as
the certificates o f funded debt, for the funded debt proportions o f their
respective subscriptions, together with a power of attorney, authorizing
the said commissioners, or a majority o f them, to transfer the said stock
in due form o f law to “ the president, directors, and company, o f the
bank o f the United States,” as soon as the said bank shall be organized.
Provided always, That if, in consequence o f the apportionment o f the
shares in the capital o f the said bank among the subscribers, in the case,
and in the manner, herein before provided, any subscriber shall have de­
livered to the commissioners, at the time o f subscribing, a greater amount
o f gold or silver coin and funded debt than shall be necessary to complete
the payments for the share or shares to such subscribers, apportioned as
aforesaid, the commissioners shall only retain so much o f the said gold
or silver coin, and funded debt, as shall be necessary to complete such
payments, and shall, forthwith, return the^urplus thereof, on application
for the same,to the subscribers lawfully entitled thereto. And the com­
missioners, respectively, shall deposit the gold and silver coin, and
certificates o f public debt by them respectively received as aforesaid from
the subscribers to the capital o f the said bank, in some place o f secure
and safe keeping, so that the same may and shall be specifically delivered
and transferred, as the same were by them respectively received, to the
president, directors, and company, o f the bank of the United States, or
to their order, as soon as shall be required after the organization o f the
said bank. And the said commissioners appointed to superintend the
subscriptions to the capital o f the said bank as aforesaid, shall receive a
reasonable compensation for their services respectively, and shall be al­
lowed all reasonable charges and expenses incurred in the execution o f
their trust, to be paid by the president, directors, and company, o f the
bank, out o f the funds thereof.
S e c . 5 . And be it further enacted, That it shall be lawful for the
United States to pay and redeem the funded debt subscribed to the capi­
tal o f the said bank at the rates aforesaid, in such sums, and at such
times, as shall be deemed expedient, any thing in any act or acts o f Con­
gress to the contrary thereof notwithstanding. And it shall also be law­
ful for the president, directors, and company, o f the said bank, to sell
and transfer for gold and silver coin, or bullion, the funded debt sub­
scribed to the capital o f the said bank as aforesaid: Provided always,
That they shall not sell more thereof than the sum o f two millions o f
dollars in any one year; nor sell any part thereof at any time within the
United States, without previously giving notice of their intention to the

FOURTEENTH CONGRESS.

S ess.

I.

C h.

44.

1816.

Secretary o f the Treasury, and offering the same to the United States for
the period o f fifteen days, at least, at the current price, not exceeding
the rates aforesaid.
S e c . 6. And be it further enacted, That at the opening o f subscrip­
tion to the capital stoclc o f the said bank, the Secretary o f the Treasury
shall subscribe, or cause to be subscribed, on behalf of the United States,
the said number o f seventy thousand shares, amounting to seven millions
o f dollars as aforesaid, to be paid in gold or silver coin, or in stock o f
the United States, bearing interest at the rate o f five per centum per an­
num; and if payment thereof, or o f any part thereof, be made in public
stock, bearing interest as aforesaid, the said interest shall be payable
quarterly, to commence from the time o f making such payment on ac­
count o f the said subscription, and the principal o f the said stock shall
be redeemable in any sums, and at any periods, which the government
shall deem fit. And the Secretary o f the Treasury shall cause the cer­
tificates o f such public stock to be prepared, and made in the usual form,
and shall pay and deliver the same to the president, directors, and com­
pany, o f the said bank on the first day o f January, one thousand eight
hundred and seventeen, which said stock it shall be lawful for the said
president, directors, and company, to sell and transfer for gold and silver
coin or bullion at their discretion: Provided, They shall not sell more
than two millions of dollars thereof in any one year.
S e c . 7. And be it further enacted, That the subscribers to the said
bank o f the United States o f America, their successors and assigns, shall
be, and are hereby, created a corporation and body politic, by the name
and style o f “ The president, directors, and company, o f the bank o f the
United States,” and shall so continue until the third day o f March, in the
year one thousand eight hundred and thirty-six, and by that name shall
be, and are hereby, made able and capable, in law, to have, purchase,
receive, possess, enjoy, and retain, to them and their successors, lands,
rents, tenements, hereditaments, goods, chattels and effects, o f whatso­
ever kind, nature, and quality, to an amount not exceeding, in the whole,
fifty-five millions o f dollars, ihcluding the amount o f the capital stock
aforesaid; and the same to sell, grant, demise, alien or dispose of; to sue
and be sued, plead and be impleaded, answer and be answered, defend
and be defended, in all state courts having competent jurisdiction, and in
any circuit court o f the United States: and also to make, have, and use,
a common seal, and the same to break, alter, and renew, at their plea­
sure: and also to ordain, establish, and put in execution, such by-laws,
and ordinances, and regulations, as they shall deem necessary and con­
venient for the government o f the said corporation, not being contrary
to the Constitution thereof, or to the laws o f the United States; and
generally to do and execute all and singular the acts, matters, and things,
which to them it shall or may appertain to do; subject,.nevertheless, to
the rules, regulations, restrictions, limitations, and provisions, hereinafter
prescribed and declared.
S e c . 8 . And be it further enacted, That for the management o f the
affairs o f the said corporation, there shall be twenty-five directors, five o f
whom, being stockholders, shall be annually appointed by the President
o f the United States, by and with the advice and consent o f the Senate,
not more than three o f whom shall be residents o f any one state; and
twenty o f whom shall be annually elected at the banking house in the
city o f Philadelphia, on the first Monday o f January, in each year, by
the qualified stockholders o f the capital o f the said bank, other than the
United States, and by a plurality o f votes then and there actually given,
according to the scale o f voting hereinafter prescribed: Provided al­
ways, That no person, being a director in the bank o f the United States,
or any o f its branches, shall be a director o f any other bank ; and should
any such director act as a director in any other bank, it shall forthwith

269

T h e S e cre ­
tary o f the T rea ­
sury to sub­
scribe on b e h a lf
o f the U nited
States, & c.

T h e subscri­
bers to the bank
in corp ora ted ,
& c.

T w en ty -five
d ir e c to r s ; five
to be appointed
by the Presi­
d en t, & c.

270
R egulations
con cern in g the
direction o f the
b an k, & c.

M anner and
tim e
of
tho
banks goin g in­
to operation ,
& c.

The directors
empowered to
appointoffienrs,
clerksjservanls,

&c.

FOURTEENTH CONGRESS.

S ess.

I. Ch. 44.

1816.

vacate his appointment in the direction o f the bank o f the United States.
And the directors, so duly appointed and elected, shall be capable o f
serving, by virtue o f such appointment and choice, from the first Monday
in the month o f January o f each year, until the end and expiration of
the first Monday in the month o f January o f the year next ensuing the
time o f each annual election to be held by the stockholders as aforesaid.
And the board o f directors, annually, at the first meeting after their elec­
tion in each and every year, shall proceed to elect one o f the directors
to be president o f the corporation, who shall hold the said office during
the same period for which the directors are appointed and elected as
aforesaid: Provided also, That the first appointment and election o f the
directors and president o f the said bank shall be at the time and for the
period hereinafter declared: And provided also, That in case it should
at any time happen that an appointment or election o f directors, or an
election o f the president o f the said bank, should not be so made as to
take effect on any day when, in pursuance o f this act, they ought to take
effect, the said corporation shall not, for that cause, be deemed to be dis­
solved; but it shall be lawful at any other time to make such appoint­
ments, and to hold such elections, (as the case may be,) and the manner
o f holding the elections shall be regulated by (he by-laws and ordinances
o f the said corporation: and until such appointments or elections be
made, the directors and president of the said bank, for the time being,
shall continue in office: And provided also, That in case o f the death,
resignation, or removal o f the president o f the said corporation, the di­
rectors shall proceed to elect another president from the directors as
aforesaid: and in case o f the death, resignation, or absence, from the
United States, or removal o f a director from office, the vacancy shall be
supplied by the President o f the United States, or by the stockholders,
as the case may be. But the President o f the United States alone shall
have power to remove any o f the directors appointed by him as aforesaid.
S e c . 9 . And be it further enacted, That as soon as the sum o f eight
millions four hundred thousand dollars in gold and silver coin, and in
the public debt, shall have been actually received on account o f the sub­
scriptions to the capital o f the said bank (exclusively o f the subscription
aforesaid, on the part o f the United States) notice thereof shall be given
by the persons under whose superintendence the subscriptions shall have
been made at the city o f Philadelphia, in at least two newspapers printed
in each o f the places, (if so many be printed in such places respectively,)
where subscriptions shall have been made, and the said persons shall, at
the same time, and in like manner, notify a time and place within the
said city o f Philadelphia, at the distance o f at least thirty days from the
time o f such notification, for proceeding to the election o f twenty direc­
tors as aforesaid, and it shall be lawful for such election to be then and
there made. And the President o f the United States is hereby author­
ized, during the present session of Congress, to nominate, and, by and
with the advice and consent o f the Senate, to appoint, five directors o f
the said bank, though not stockholders, any thing in the provisions o f
this act to the contrary notwithstanding; and the persons who shall be
elected and appointed as aforesaid, shall be the first directors o f the said
bank, and shall proceed to elect one o f the directors to be President
o f the said bank; and the directors and president o f the said bank
so appointed and elected as aforesaid, shall be capable o f serving in their
respective office, by virtue thereof, until the end and expiration o f the
first Monday o f the month o f January next ensuing the said appoint­
ments and elections; and they shall then and thenceforth commence,
and continue the operations o f the said bank, at the city o f Philadelphia.
S e c . 10. And be it further enacted, That the directors, for the time be­
ing shall have power to appoint such officers, clerks, and servants, under
them as shall be necessary for executing the business o f the said corpo­

FOURTEENTH CONGRESS.

S e ss .

I. Ch. 44.

1816.

ration, and to allow them such compensation for their services, respec­
tively, as shall be reasonable; and shall be capable o f exercising such
other powers and authorities for the well governing and ordering o f the
officers of the said corporation, as shall be prescribed, fixed, and deter­
mined, by the laws, regulations, and ordinances, o f the same.
S e c . 11. And be it further enacted, That the following rules, restric­
tions, limitations, and provisions, shall form and be fundamental articles
o f the constitution o f the said corporation, to w it:
1. The number o f votes to which the stockholders shall be entitled,
in voting for directors, shall be according to the number o f shares he,
she, or they, respectively, shall hold, in the proportions following, that is
to say; for one share and 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 shares
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 one hundred, one vote; but no person, co-partnership, or
body politic, shall be entitled to a greater number than thirty votes; and
after the first election, no share or shares shall confer a right o f voting,
which shall not have been holden three calendar months previous to the
day o f election. And stockholders actually resident within the United
States, and none other, may vote in elections by proxy.
Second. Not more than three-fourths o f the directors elected by the
stockholders, and not more than four-fifths o f the directors appointed by
the President o f the United States, who shall be in office at the time o f
an annual election, shall be elected or appointed for the next succeeding
year; and no director shall hold his office more than three years out o f
four in succession: but the director who shall be the president at the
time o f an election may always be re-appointed, or re-elected, as the case
may be.
Third. None but a stockholder, resident citizen o f the United States,
shall be a director; nor shall a director be entitled to any emoluments;
but the directors may make such compensation to the president for his
extraordinary attendance at the bank, as shall appear to them reasonable.
Fourth. Not less than seven directors shall constitute a board for the
transaction o f business, o f whom the president shall always be one, ex­
cept in case o f sickness or necessary absence: in which case his place
may be supplied by any other director whom he, by writing, under his
hand, shall depute for that purpose. And the director so deputed rnay
do and transact all the necessary business, belonging to the office o f the
president o f the said corporation,during the continuance o f the sickness
or necessary absence o f the president.
Fifth. A number o f stockholders, not less than sixty, who, together,
shall be proprietors o f one thousand shares or upwards, shall have power
at any time to call a general meeting of the stockholders, for purposes
relative to the institution, giving at least ten weeks’ notice in two public
newspapers o f the place where the bank is seated, and specifying in such
notice the object or objects o f such meeting.
Sixth. 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 o f the directors, in a sum not less than fifty thousand
dollars, with a condition for his good behaviour, and the faithful perform­
ance o f his duties to the corporation.
Seventh. The lands, tenements, and hereditaments, which it shall be
lawful for the said corporation to hold, shall be only such as shall be re­
quisite for its immediate accommodation in relation to the convenient
transacting o f its business, and such as shall have been bonafide mortgaged
to it by way of security, or conveyed to it in satisfaction of debts pre­

271

Fundam ental
a rticles, & c.

R ules
co n ­
cerning voting
for d irectors.

A part o f the
directors ap­
pointed by the
stockholders
and presiden t,
alone eligible a
second year,
successively.
President al­
ways eligible.
Stockholders,
citizen s, m ay he
only appointed
d irectors. Di­
rectors to have
no com pensa­
tion , other than
the president.
Seven d ire c­
tors, including
the president,
may constitute
a board.
H ow his pi ace
is supplied in
case o f absence
or sickness.
General m eet­
ings o f the
stockholders—
how to be
called.
Cashier to
give bonds and
security.

Limitation
con cerning, and
a description o f
the real estate
w hich may be
held by the cor­
poration.

272

Maximum o f
debts w hich the
corporation
m ay at on e time
contract.
R em edy
against the di­
rectors under
w h ose adminis­
tration an ex­
cess o f debt
shall be created.

D irectors ab­
sent or dissent­
ing exem pted.

In what the
corporation
may transact
business and
trade.

Loans ex­
cee d in g certain
sums not to be
m ade the V . S.
or
particular
states, o r for­
eign states, but
)>y acts o f Con­
gress,
Rules to be
prescribed for
making the
slo ck assigna­
b le.
T h e bills, ob­
ligatory and o f
credit, under
the sea! o f the
co r p o r a tio n ;
how assignable.
P roviso.

FOURTEENTH CONGRESS.

S ess.

1.

C h.

44.

1816.

viously contracted in the course o f its dealings, or purchased at sales,
upon judgments which shall have been obtained for such debts.
Eighth. The total amount o f debts which the said corporation shall
at any time owe, whether by bond, bill, note, or other contract, over and
above the debt or debts due for money deposited in the bank, shall not
exceed the sum o f thirty-five millions o f dollars, unless the contracting
o f any greater debt shall have been previously authorized by law o f the
United States. In case o f excess, the directors under whose adminis­
tration it shall happen, shall be liable for the same in their natural and
private capacities: and an action o f debt may in such case be brought
against them, or any o f them, their or any o f their heirs, executors, or
administrators, in any court o f record o f the United States, or either o f
them, by any creditor or creditors o f the said corporation, and may be
prosecuted to judgment and execution, any condition, covenant, or agree­
ment to the contrary notwithstanding. But this provision shall not be
construed to exempt the said corporation or the lands, tenements, goods,
or chattels o f the same from being also liable for, and chargeable with,
the said excess.
Such o f the said directors, who may have been absent when the said
excess was contracted or created, or who may have dissented from the
resolution or act whereby the same was so contracted or created, may
respectively exonerate themselves from being so liable, by forthwith giv­
ing notice o f the fact, and o f their absence or dissent, to the President
o f the United States, and to the stockholders, at a general meeting,
which they shall have power to call for that purpose.
Ninth. The said corporation shall not, directly or indirectly, deal or
trade in any thing except bills o f exchange, gold or silver bullion, or in
the sale o f goods really and truly pledged for money lent and not
redeemed in due time, or goods which shall be the proceeds o f its lands.
It shall not be at liberty to purchase any public debt whatsoever, nor
shall it take more than at the rate o f six per centum per annum for or
upon its loans or discounts.
Tenth. No loan shall be made by the said corporation, for the use or
on account of the government o f the United States, to an amount
exceeding five hundred thousand dollars, or o f any particular state, to an
amount exceeding fifty thousand dollars, or o f any foreign prince or state,
unless previously authorized by a law o f the United States.
Eleventh. The stock o f the said corporation shall be assignable and
transferable, according to such rules as shall be instituted in that behalf,
by the laws and ordinances o f the same.
Twelfth. The bills, obligatory and o f credit, under the seal o f the said
corporation, which shall be made to any person or persons, shall be as­
signable by endorsement thereupon, under the hand or hands o f such
person or persons, and his, her, or their executors or administrators, and
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 suc­
cessively, and to enable such assignee or assignees, and his, her or their
executors or administrators, to maintain an action thereupon in his, her,
or their own name or names: Provided, That said corporation shall not
make any bill obligatory, or o f credit, or other obligation under its seal
for the payment o f a sum less than five thousand dollars. And the bills
or notes which may be issued by order o f the said corporation, signed
by the president, and countersigned by the principal cashier or treasurer
thereof, promising the payment o f money to any person or persons, his,
her or their order, or to bearer, although not under the seal o f the said
corporation, shall be binding and obligatory upon the same, in like man­
ner, and with like force and effect, as upon any private person or persons,
i f issued by him, her or them, in his, her or their private or natural ca­

FOURTEENTH CONGRESS.

S ess.

I.

C h.

44.

1816.

pacity or capacities, and shall be assignable and negotiable in like man­
ner 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 endorsement, in like manner, and with
the like effect as foreign bills o f exchange now are; and those which
are payable to bearer shall be assignable and negotiable by delivery only:
Provided, That all bills or notes, so to be issued by said corporation, shall
be made payable on demand, other than bills or notes for the payment
o f a sum not less than one hundred dollars each, and payable to the order
o f some person or persons, which bills or notes it shall be lawful for said
corporation to make payable at any time not exceeding sixty days from
the date thereof.
Thirteenth. Half yearly dividends shall be made o f so much o f the
profits o f 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
o f the debts which shall have remained unpaid after the expiration o f
the original credit, for a period o f treble the term o f that credit, and o f
the surplus o f the profits, if any, after deducting losses and dividends.
I f there shall be a failure in the payment o f any part o f any sum sub­
scribed to the capital o f the said bank, by any person, co-partnership or
body politic, the party failing shall lose the benefit o f any dividend which
may have accrued prior to the time for making such payment, and during
the delay o f the same.
Fourteenth. The directors o f the said corporation shall establish a
competent office o f discount and deposit in the District o f Columbia,
whenever any law o f the United States shall require such an establish­
ment ; also one such office o f discount and deposit in any state in which
two thousand shares shall have been subscribed or may be held, when­
ever, upon application o f the legislature o f such state, Congress may, by
law, require the same: Provided, the directors aforesaid shall not be
bound to establish such office before the whole o f the capital o f the bank
shall have been paid up. And it shall be lawful for the directors o f the
said corporation to establish offices o f discount and deposit, whereso­
ever they shall think fit, within the United States or the territories thereof,
and to commit the management o f the said offices, and the business
thereof, respectively to such persons, and under such regulations as they
shall deem proper, not being contrary to law or the constitution o f the
bank. Or instead o f establishing such offices, it shall be lawftil for the
directors o f the said corporation, from time to time, to employ any other
bank or banks, to be first approved by the Secretary o f the Treasury, at
any place or places that they may deem safe and proper, to manage and
transact the business proposed as aforesaid, other than for the purposes o f
discount, to be managed and transacted by such offices, under such
agreements, and subject to such regulations, as they shall deem just and
proper. Not more than thirteen nor less than seven managers or direc­
tors, o f every office established as aforesaid, shall be annually appointed
by the directors o f the bank, to serve one year; they shall choose a pre­
sident from their own number; each o f them shall be a citizen o f the
United States, and a resident o f the state, territory or district, wherein
such office is established; and not more than three-fourths o f the said
managers or directors, in office at the time o f an annual appointment,
shall be re-appointed for the next succeeding year; and no director shall
hold his office more than three years out of four, in succession; but the
president may be always re-appointed.
Fifteenth. The officer at the head o f the Treasury Department o f the
United States shall be furnished, from time to time, as often as he may requ ire, not exceeding once a week, with statements o f the amount o f the cap­
ital stock of the said corporation and o f the debts due to the same; o f the
V o l . III.— 35

273

Proviso.

H a lf yearly
dividends to b e
m ade.
A statement
o f the affairs o f
the com pany to
b e laid before
the stockhold­
ers.
Delinquent
subscribers to
lo se the benefit
o f dividends.

Offices to be
established in
the District o f
Colum bia and
the several
states when au­
thorized and re­
quired by law .
Proviso.

Secretary o f
the Treasury au­
thorized to call
upon the bank
for a statement,

274
n ot exceed in g a
w e e k ly o n e, o f
its concerns.
Proviso.

N o stockhold­
e r but a citizen
o f the United
States may vote
in ch o ice o f
directors.
No
smaller
notes than five
dollars to be is­
sued.
Penalties for
dealing in away
or in articles in­
terdicted.

Penalties for
m aking unlaw­
ful loans to the
U nited States or
particular states
or to foreign
governm ents.

N otes o f the
bank, unless
specially pro­
hibited by law,
receivable in
paym ents o f all
dues to United
States.
T h e bank to
give the neces­
sary facilities
without any
ch a rg c, for
transferring the
funds o f the
United States
to different
quarters.
Deposits o f
the public mo­
neys to b e made
in the bank or
its branches, or
the reasons to
be laid before
Congress by the
Secretary o f the
Treasury for its
n ot being done.
Corporation
prohibited from
suspending pay­
m ents in specie,
b y being made
chargeable with
the payment o f

FOURTEENTH CONGRESS.

S ess.

I.

C h.

44.

1816.

moneys deposited therein; o f the notes in circulation, and o f the specie
in hand; and shall have a right to inspect such general accounts in the
books o f the bank as shall relate to the said statement: Provided, That
this shall not be construed to imply a right o f inspecting the account o f
any private individual or individuals with the bank.
Sixteenth. No stockholder, unless he be a citizen o f the United States,
shall vote in the choice o f directors.
Seventeenth. No note shall be issued o f less amount than five dollars.
S e c . 12. And be it further enacted, That if the said corporation, or
any person or persons, for or to the use o f the same, shall deal or trade
in buying or selling goods, wares, merchandise, or commodities what­
soever, contrary to the provisions o f 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 o f the goods, wares, merchandise and commodities in which
such dealing and trade shall have been, one half thereof to the use o f
the informer, and the other half thereof, to the use o f the United States,
to be recovered in any action o f law with costs o f suit.
S e c . 13. And be it further enacted, That if the said corporation shall
advance or lend any sum o f money for the use or on account o f the
government o f the United States, to an amount exceeding five hundred
thousand dollars; or o f any particular state, to an amount exceeding
fifty thousand dollars; or o f any foreign prince or state, (unless previously
authorized thereto by a law o f the United States,) all and every person
and persons, by and with whose order, agreement, consent, approbation
and connivance, 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 have been so un­
lawfully advanced or lent; one fifth thereof to the use o f the informer,
and the residue thereof to the use o f the United States.
S e c . 14. And be it further enacted, That the bills or notes o f the
said corporation originally made payable, or which shall have become
payable on demand, shall be receivable in all payments to the United
States, unless otherwise directed by act o f Congress.
S e c . 15. And be it further enacted, That during the continuance o f
this act, and whenever required by the Secretary o f the Treasury, the
said corporation shall give the necessary facilities for transferring the
public funds from place to place, within the United States, or the terri­
tories thereof, and for distributing the same in payment o f the public
creditors, without charging commissions or claiming allowance on ac­
count o f difference o f exchange, and shall also do and perform the
several and respective duties of the commissioners o f loans for the several
states, or o f any one or more o f them, whenever required by law.
Sec. 16. And be it further enacted, That the deposits o f the money
o f the United States, in places in which the said bank and branches
thereof may be established, shall be made in said bank or branches
thereof, unless the Secretary o f the Treasury shall at any time otherwise
order and direct; in which case the Secretary o f the Treasury shall im­
mediately lay before Congress, if in session, and if not, immediately after
the commencement o f the next session, the reasons o f such order or
direction.
S e c . 17. And be it further enacted, That the said corporation shall
not at any time suspend or refuse payment in gold and silver, o f any o f
its notes, bills or obligations; nor o f any moneys received upon deposit
in said bank, or in any o f its offices o f discount and deposit. And if
the said corporation shall at any time refuse or neglect to pay on demand
any bill, note or obligation issued by the corporation, according to the
contract, promise or undertaking therein expressed; or shall neglect or

FOURTEENTH CONGRESS.

S ess.

I.

Ch.

44.

275

1816.

refuse to pay on demand any moneys received in said bank, or in any
o f its offices aforesaid, on deposit, to the person or persons entitled to
receive the same, then, and in every such case, the holder of any such
note, bill, or obligation, or the person or persons entitled to demand and
receive such' moneys as aforesaid, shall respectively be entitled to receive
and recover interest on the said bills, notes, obligations or moneys, until
the same shall be fully paid and satisfied, at the rate o f twelve per centum
per annum from the time o f such demand as aforesaid; Provided, That
Congress may at any time hereafter enact laws enforcing and regulating
the recovery o f the amount o f the notes, bills, obligations or other debts,
o f which payment shall have been refused as aforesaid, with the rate o f
interest above mentioned, vesting jurisdiction for that purpose in any
courts, either o f law or equity, o f the courts o f the United States, or
territories thereof, or of the several states, as they may deem expedient.
S e c . 18. And be it further enacted, That if any person shall falsely
make, forge or counterfeit, or cause or procure to be falsely made, forged
or counterfeited, or willingly aid or assist in falsely making, forging or
counterfeiting any bill or note in imitation o f or purporting to be a bill
or note issued by order o f the president, directors and company o f the
said bank, or any order or check on the said bank or corporation, or any
cashier thereof; or shall falsely alter, or cause or procure to be falsely
altered, or willingly aid or assist in falsely altering any bill or note issued
by order o f the president, directors and company o f the said bank, or
any order or check on the said bank or corporation, or any cashier
thereof; or shall pass, utter or publish, or attempt to pass, utter or publish
as true, any false, forged or counterfeited bill or note purporting to be a
bill or note issued by order o f the president, directors and company o f
the said bank, or any false, forged or counterfeited order or check upon
the said bank or corporation, or any cashier thereof, knowing the same
to be falsely forged or counterfeited; or shall pass, utter or publish, or
attempt to pass, utter or publish as true, any falsely altered bill or note
issued by order o f the president, directors, and company o f the said
bank, or any falsely altered order or check on the said bank or corpora­
tion, or any cashier thereof, knowing the same to be falsely altered with
intention to defraud the said corporation or any other body politic or per­
son ; or shall sell, utter or deliver, or cause to be sold, uttered or delivered,
any forged or counterfeit note or bill in imitation, or purporting to be a
bill or note issued by order o f the president and directors of the said bank,
knowing the same to be false, forged, or counterfeited; every such person
shall be deemed and adjudged guilty o f felony, and being thereof con­
victed by due course of law, shall be sentenced to be imprisoned and
kept to hard labour for not less than three years, nor more than ten years,
or shall be imprisoned not exceeding ten years, and fined not exceeding
five thousand dollars. Provided, That nothing herein contained shall be
construed to deprive the courts o f the individual states, o f a jurisdiction
under the laws o f the several states, over any offence declared punishable
by this act.
S e c . 19. And be it further enacted, That if any person shall make
or engrave, or cause, or procure to be made or engraved, or shall have in
his custody or possession, any metallic plate, engraved after the similitude
o f any plate from which any notes or bills, issued by the said corporation,
shall •
have been printed, with intent to use such plate, or to cause, or
suffer the same to be used in forging or counterfeiting any o f the notes
or bills issued by the said corporation; or shall have in his custody or
possession, any blank note or notes, bill or bills, engraved and printed
after the similitude o f any notes or bills issued by said corporation, with
intent to use such blanks, or cause, or suffer the same to be used in
forging or counterfeiting any o f the notes or bills issued by the said
corporation; or shall have in his custody or possession, any paper adapted

interest at the
rate o f 12 per
centum p er an­
num.

Proviso.

Penalties for
forging, coun­
terfeiting, & c.

P roviso.

F or engrav­
ing after the
similitude o f
the plates used
for the bank,
any plates, & c.

FOURTEENTH CONGRESS.

276

Punishment.

Bonus to be
paid to the Uni­
ted States for
this charter.

Congress to
establish no
other bank ex­
ce p t in the Dis­
trict o f Colum­
bia.

Authority to
use the name o f
the corporation,
& c., fo r
two
years after the
charter
shall
expire.
Lim itation o f
tim e prescribed
for the bank’ s
goin g into ope­
ration.

Committees
o f either house
ofC ongress may
inspect the
b o o k s, & c. o f
the bank.
F o r what pur­
pose.

Proviso.

S ess.

I.

C h.

44-

1816.

to the making of bank notes or bills, and similar to the paper upon which
any notes or bills o f the said corporation shall have been issued, with
intent to use such paper, or cause, or suffer the same to be used in
forging or counterfeiting any o f the notes or bills issued by the said
corporation, every such person, being thereof convicted, by due course
o f law, shall be sentenced to be imprisoned, and kept to hard labour, for
a term not exceeding five years, or shall be imprisoned for a term not
exceeding five years, and fined in a sum not exceeding one thousand
dollars.
S e c . 20. And be it further enacted, That in consideration o f the ex­
clusive privileges and benefits conferred by this act, upon the said bank,
the president, directors, and company thereof, shall pay to the United
States, out o f the corporate funds thereof, the sum o f one million and
five hundred thousand dollars, in three equal payments; that is to say:
five hundred thousand dollars at the expiration o f two years; five hun­
dred thousand dollars at the,expiration o f three years; and five hundred
thousand dollars at the expiration o f four years after the said bank shall
be organized, and commence its operations in the manner herein before
provided.
S e c . 21. And be it further enacted, That no other bank shall be es­
tablished by any future law o f the United States during the continuance
o f the corporation hereby created, for which the faith o f the United
States is hereby pledged. Provided, Congress may renew existing char­
ters for banks in the District o f Columbia, not increasing the capital
thereof, and may also establish any other bank or banks in said district,
with capitals not exceeding, in the whole, six millions o f dollars, if they
shall deem it expedient. And, notwithstanding the expiration o f the
term for which the said corporation is created, it shall be lawful to use
the corporate name, style, and capacity, for the purpose o f suits for the
final settlement and liquidation o f the affairs and accounts o f the cor­
poration, and for the sale and disposition o f their estate, real, personal,
and mixed: but not for any other purpose, or in any other manner what­
soever, nor for a period exceeding two years after the expiration o f the
said term o f incorporation.
S e c . 22. And be it further enacted, That if the subscriptions and
payments to said bank shall not be made and completed so as to ena­
ble the same to commence its operations, or if the said bank shall not
commence its operations on or before the first Monday in April next,
then, and, in that case, Congress may, at any time, within twelve months
thereafter, declare, by law, this act null and void.
S e c . 23. And be it further enacted, That it shall, at all times, be
lawful, for a committee o f either house o f Congress, appointed for that
purpose, to inspect the books, and to examine into the proceedings o f the
corporation hereby created, and to report whether the provisions o f this
charter have been, by the same, violated or not; and whenever any
committee, as aforesaid, shall find and report, or the President o f the
United States shall have reason to believe that the charter has been violated,
it may be lawful for Congress to direct, or the President to order a scire
facias to be sued out o f the circuit court o f the district o f Pennsylvania,
in the name o f the United States, (which shall be executed upon the
president o f the corporation for the time being, at least fifteen days be­
fore the commencement o f the term o f said court,) calling on the said
corporation to show cause wherefore the charter hereby granted, shall
not be declared forfeited; and it shall be lawful for the said court, upon
the return o f the said scire facias, to examine into the truth o f the
alleged violation, and if such violation be made appear, then to pro­
nounce and adjudge that the said charter is forfeited and annulled.
Provided, however, Every issue o f fact which may be joined between
the United States and the corporation aforesaid, shall be tried by a jury.

FOURTEENTH CONGRESS.

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C h.

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277

And it shall be lawful for the court aforesaid to require the production
o f such o f the books o f the corporation as it may deem necessary for
the ascertainment o f the controverted facts: and the final judgment o f
the court aforesaid, shall be examinable in the Supreme Court o f the
United States, by writ o f error, and may be there reversed or affirmed,
according to the usages o f law.
A p p r o v e d , April 10, 1816.
St a t u t e I .

C h ap.

X LV .—An Act making appropriations for the support of government,
for the year one thousand eight hundred and sixteen.

lie it enacted by the Senate and House o f Representatives o f the United
States o f America in Congress assembled, That for the expenditure o f
the civil list in the present year, including the contingent expenses o f
the several departments and offices ; for the compensation of the several
loan officers and their clerks, and for books and stationery for the same;
for the payment o f annuities and grants; for the support o f the mint
establishment; for the expenses o f intercourse with foreign nations; for
the support o f light-houses, beacons, buoys, and public piers; for sur­
veying the coast o f the United States; for making the Cumberland R oad;
for ascertaining the titles to lands in Louisiana; for providing certificates
o f registry and lists o f crews; and for satisfying certain miscellaneous
claims, the following sums be, and the same are hereby respectively ap­
propriated, that is to say:
For compensation granted by law to the members o f the Senate and
House o f Representatives, their officers, and attendants, five hundred
and ninety-five thousand two hundred and fifty dollars, and the deduc­
tion to be made on account o f the absence o f members or delegates
for any part o f the present session, shall be in the proportion which the
days of their absence respectively bear to the whole number o f the days
o f the session.
For the expense o f firewood, stationery, printing, and all other con­
tingent expenses o f the two Houses o f Congress, forty-seven thousand
dollars.
For the expenses o f the library o f Congress, including the librarian’s
allowance for the year one thousand eight hundred and sixteen, eight
hundred dollars.
For compensation to the President o f the United States, twenty-five
thousand dollars.
For rent and repairs o f the tenement occupied by the President o f the
United States since August, one thousand eight hundred and fourteen,
three thousand five hundred and fifty dollars.
For compensation to the Secretary o f State, five thousand dollars.
For compensation to the clerks employed in the Department o f State,
being the sum appropriated for the service o f the year one thousand
eight hundred and fifteen, eleven thousand three hundred and fifty dol­
lars and fifty cents.
For compensation to the messenger in said department and in the
patent office, six hundred and sixty dollars.
For the incidental and contingent expenses o f the said department,
including the expense of printing and distributing ten thousand four
hundred copies o f the laws o f the first session o f the fourteenth Con­
gress, and printing the laws in newspapers, sixteen thousand nine hun­
dred and thirty dollars.
For compensation to the Secretary o f the Treasury, five thousand dollars.
For compensation to the clerks employed in the office o f the Secretary
o f the Treasury, being the sum appropriated for the service o f the year
one thousand eight hundred and fifteen, ten thousand four hundred and
thirty-three dollars and twenty-eight cents.
2 A

April 16, 1816.
[Obsolete.]

S pecific ap­
propriations.
Senate and
H ouse o f R e ­
presentatives.

Library
Congress.

of

P resident o f
the United
States.

Compensation
to officers o f
the
depart­
ments.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102