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ROCEEDINGS

OJ!' THE

toe - olde

of

e Bank 0 t e Unite

PREP "'AT O ny

ta e

rro TH E

CREAT ON
•
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•

-

,

.

•

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•

'i_

,

'-

PfIILADELPIIIA:.
'PHL ':'1 E

n

ORDER 0

TIlE STOCKDOL El

1811.




.




\la .

ROCEED

GS.1 & .

HE Stockholders of the Bank of the United
States, after the failure of their application to Congress for a continuance of their charter, ,vere call.
ed upon to make arrangements, ,vith a vic\v t
meet the event of a refusal by the National Legislature to continue the corporate powers of the Ban -,
,'en Cor the purpose of closing its concerns. The .
\vere ad vis.ed that such an event, unless preceded by
certain dispositions of their corporate funds, would
leave them \vithout any remedy for the recovery of
the debts due to them, or any po,\ver to alienate their
real estate, except such as it might please the legislatu es of the respective states to bestow. That
event has occurred. Not only has the reneu-al of
the charter been refused by both houses of COllgress,* but the same fate has attended an application for the continuance of such corporate po\ver
merely, as '\vould enable the Bank to collect it

debts, to dispose of its real estate, and to distri-.
The bm for continuing the Ic harter was indefinitely post po cd in
t.he House of Representatives, on the 24tb January~ 1811. 65 being
in f"3xour of the postponemeo:t. nmi 64 against it. In the Senate~ the
fu'st section of a bill, with n similar object, Was struck out. on the 20th
lo~ebruQ.ry 18U,. 17 being in favour of striking out. and 17 :1ga"ifls J , .
nd the C3stillg"otc being given by the Vice P ~idenl .




4

uute its capital; - and the charter accordingly ex pired with the 3d day of March 1811.
p"rhat protection, therefore, \\'hich the Stockholders were able to afford to themselves, they
have been left to by the government of the country, not,vithstanding the most earnest solicitations
to the contrary; and as the foreign proprietor " rill
undoubtedlv be anxious to ascertain the situation
.,
of their property since the expiration of the eha ter, and \vhat is the degree of protection, ,vhich
\vithout any aid from government, has been provided for it by the Stock alders in Arne ica, it has
been thought expedient, immediatel to present to
them, the follo\ving tat ment and doclllnents, 1 a r_
ing to another time, such details relative to the commencement progress and issue of the applications
to Congress, as it may be int resting to them to
learn.
l.'he rna t effectual security to the funds of the
Bank, \vas to be found in the creation of a l.""rust,
to include the \vholc corporate e tate of cv ry description, and to be so fnlnlcd as in its execution
to admit of the closest possible analogy to the c rporation ~hose place it \ as to occup .
The steps in this arrangement, all of which '" re
taken upon the most deliberate advice of counsel,
had for their object, the transfer of all the corporat
In both Houses a report was made in th e last w ek of the Session,
. g~nst conlinuing tl.c chartet· fin' any PU1'pO ' , anel that reporl was
acquie scc< in, '\ 'ithout an em» t: in ithtl' Hut to negative it.
l




estate ,vhile the corporation was still in existence,
the continuance of such parts of the unfinished bu ..
sincss of th
ank, as could not be t rminated suddenly i\'ithout rui to the community, as well as
10 s to the tockholders~-the preserva io of the
former organization of the Bank, to avoid those ev· s
'VhlCh might arise from a violent change in the manner of tral1sact"ng its business,-the cOffilnunica.tiOI of such PO\ ~crs to the trustee , as \vould au1 orize them to perform nearly the saIne act 'v ic
ad be n
evio
y perfonned by the directo s , the reservation to the stockl ol(lers of a righ to
control the trustees, in the am manner as they
had before controlled the dh-ector ,-and in fill a
istribufon of po\vcrs, and a declara ion of duties,
as nearl r like t lose delineated in t e charter, as the
po, rs and d fes of bod} i tended to close a concern, could be . -e those of a body intended 0 e 1ter continuall into 1'1 'v operations.

It ,vas therefore proposed to the stoe ~holders at
a eneral InC ting convened at their Banking Ho
in Philadelphia, on the 13th of Febrt ary, 181 ,
1.

trans£ r to h ~ee persons t1 e \vhole corsta e, i tru t to conve ,. the same to certain

'0

p 11at
pers us designated by the stockholders, with such
)o\'\r rs, and llflon such tru . . ts as the stockholders
hould declare. Th object of interposing bet\veen
the corporation and the acting trustees, the three
persons above -eli rr-ed to ·as to 1"e t in tho c per-




6
s ns the pO'1Ver to compel the trustees to comply

vith their promises, by actions at law, and to have
at all times a party in ,vhose nallles a remedy might
be had against the trustees either at la,v or in equity,
instead of using the nalnes of all the stockholders,
'\vhich ,\vou d be attended \vith the greatest embarrassment.
2" To declare the power, duty, and responsibility
of the trustees; and so to regulate these as to attain
the object of the trust in the most effectual man-

ner.
3. To make some provi ion for the transfer of the
trust fund to any nc\V corporation '\vhich m"ght be
created, to include the \vhole capital stock of the

former Bank, this bing obviously the most b neficial course '\vhich could be taken for the proprie-

tors both foreign and American.
r.rhese propositions accordingly led to the seve ~ resolutions which appear in the following tranript from the minutes of the stockholders:

At a meeting of the stockholders of the Bank
of the United States, held at the Bank on the 13th
day of February, 1811, pursuant to public notice,
, The honourable
illiam Tilghman was called
, to the chair, and Thomas Cad,valader a appoint. ed secretary.




7
" The follo,ving resolutions were moved, seconde
, and carried.
C

Whereas the approaching termination of th

charter of this Bank requires that certain tneasures
~ should be adopted to protect the interest of the
, stockholders in the estate and effects of the institu, tion.
c:

, Therefore, B it resolved, by the resident, Di- Tra n sfc .
'rectors and Cotnpany of the Bank of the United~~~:e
e States that in case the charter of this Bank shall tate, in
,
•
case the

cc::

'not, before the first day of March m the present charter
e year, be renewed or continued for a further periodb~!;ti~
e upon such terms as shall on that day be accepted ed.
, by the stockholders, the president and directors
, for the time being, or any number of them sufficient

I_

'toconstitute a board within the act of incorporation,
( or the pres4!ent for the time being alon , in case
4 the same shall be lawful, are hereby authorized im'Dlediately thereafter to make and execute one 0
, more conveyances or assignments of all and singula
, the estate real personal and mL ~ ed of the corporatio
, to the persons hereafter named, or to three or more

, persons in trust to conve the same to the hereafte
, named persons, and to the survivors and survivor
, of them, and to the heirs, executors, and -adminisC trators of the survi or, in trust to sell and dispose Gene ..
, of t h e real estate, to collect an d recover the mort- on whic ,C gages, bonds, bills, notes,
and all other the debts ~~ro­
~ and securities assigned, to pay the debts due b the frn~fet"­
, B an ,and allter di seh arglng a11 expenses atten d-lng redh is d.
.
to
be e
~~u




8
C

the execution of the trust" to divide and distribute

the surplus to and among the stockholdel"S of the
«Bank, and their legal or equitable representatives,
, in proportion to the number of their shares.
c

Powers of

2.' Be it further resolved, That the said Con-

r~!-:t~y

"veyances and assignments shall beexecutedin such

I'cfeJ'enc.e

'form and manner as the counsel of the Bank m, .y
a

~~e~~

advise, and that such po\vers shall be thereby given
set
4: to the said trustees, and also to a major part of the
, lvhole number of them, as are mentioned, and set
, forth in the opinion of counsel dated the 11th day
, of February in the present year,* ,vith such other
'powers as hereafter m, y be thought advisable for
a
' the more perfect execution of the trust. And that
T o C h Oose
apres~dent' the said trustees shall be thereby expressly autho ...
of theu:
•
.
board.
'rlzed to e Iect annually one 0 f t h elI" num b er to b e
«the president of their board, and to make him a
ionofcoWl- '

, compensation for his special attention to the busiC ness of the trust, not exceeding in amount the an-

, Dual sum of three thousand dollars, to be paid out
, of the trust fund.

in public
.~M

.

3. ' Be it further resolved, That the said trus-

To invest

'tees shall be authorized, \vhen and so often as they

some
' shall have on hand any
other fund ' b e no Immediate use,
.
or stock"
.
-

Uloney, for which there shall
an d Wh- h S laI Dot at t Ile
Ie I l
:my money, same time be sufficient to mak.e a dividend of ten
on hand
- t sufli. (per cent. among the stockholders, to invest the same
I:

ID

the public debt of t~e United States, or in some

It is unnecessary here to det . those power;i, as they are pal'ticu
1. 'ly set nll't1 in the d<:e(l1.o the tl"llstees hel"eaftCI" given.
II<




, olhe~ fund or stock bearing intel est, for th~ benefitcicnttodc.
" of the trust. Pro\rided that this resol u tion shall not "''"l end,a 0df!
c~dare
It be consider d as applying to any sum short of ten ten pc
.
cent.
, per cent. w"hie} m y ret lain In tbe hal ds of the
'tru tee ,as the residue of the trust fund after di v· 'dends have been already made.
g

[4. ' Be it

~further

reso, ved,
l

hat tne sa' d tru

tees shall by the special terms of the said conve ... , ances and assignments be exem ted from al r
, ponsibility for each other, or their agents, or for
(the loss or spoliation of any money or effects lef
, by them -n the charge or cu tod of a
ashier
C

T

" agent, or servant by them appointed.J*

5. 'Be it urther resolved, That a covenant b - Semianthe said trustees shall be inserted in the said con- ~~;r ~en
, veyances or assignments, to lay before a g nera ~ral 111 .
m g-.
(meeting of the stockholders to be co vened b .
, public notice once in every six months, or oftener
, . f equired by sixty stockholders or nlore being
, together the proprietors of t\VO hundred shares or
, more, a general statement of the debts due by an

, to the bank, of the money and effects on hand, an
, of such other rna ters toue ing the situation of th
, fund assigned, as may be required of them.
6 .. 'Be it further resolved, That the said cooe

ve ranees or assignments in trust shall Le so fram-

This resolution is rescinded and supplied by a resolution passed on
tbe 21st of February, to which do y th pI csent meeting w
adjourn d.

B




10

'ed, as that it shall be made the duty of the said
~~'lt~~~api-, trustees, when and so' often as th.ey shall have in
a mong the- .. hand so much money beyond the amount of debts
stuckhol.
'
uen;.
' and engagements by the Bank then outstanding, as
, will enable them to declare a dividend of ten per
, cent. upon the capital of ten millions of dollars,
'among the stockholders, forthl-vith to declar, and
e
'pay the same accordingly. Provided that nothing
'herein contained shall oblige the said trustees to
, declare any dividend until after fifteen months from
, the date of the said conv,eyances or assignments ..
1 i,,-iden us

T .·ansfer
7. 'Be it further resolved, That the
by trustees press stlpU atlon s h a 11 b ·
1.0 any new ' " 1 ·
_ e Inserte d·
- m
c.orpo]'3:,-

bon to 1n-

Clu.~le the

follo'tving

ex ~

th e sal COD. ·d
.

"veyances or assign
.ments , on the part of the said

'trustees, that in case at any time thereafter, before
~~I;:~eof 'a dividend of any part of the trust fund shall be
b ank.
, made among the stockholders, the said stockholders
, shall be incorporated by the congress of the United
,C States, or by the legislature of any state, upon such
'terms as shan be accepted by a 'm ajority of the




'whole number of stockholders, then and imme ...
, diately thereafter the said trustees shan convey and
.: , ssign all the estate and effects in their possession
a
'belonging to the trust, to the corporation 50
, created.
[8. 'Be it further resolved, That the said trus, tees shall have po'\ver to apply to the Congress of
, the United States, and to the Legislatures of any

, of the States, for an act of Incorporation to, include

11

. either the wl101e of the capital of this Bank, or
. such portion of it as may be judged eligible; and
, in case only a part of the capital shall be included in
anyne\v incorporation, and \vhich shall be a~c pted
, as is mentioned in the previous resolution, then the
, said trustees shall con vey and assign thereto only so
much of the estate and · lfects in their poss ssion
e
'as shall be equal to the amount included" and shall
<; hold and dispose of the residue upon the trusts set
'" forth in the said conveyances or assignments.]*
9. 'Be it further resolved, That the said trus- Appoint.
, tees shall expressly covenant that in case the said :;\~s­

, stockholders shall at any semiannual meeting think t e es,. and
trnnsfer of
, fit to change them, or any of them, and appointthe estate
'others, or to add to their number, (u"hich by the ~oht!~~e_
, terms of the said assignments or convey ances theycessa ~r.
'shall be expressly authorized to do, in case a ma, jority of the votes then present, to be given in and
.. rated accordilg to the principles and provisions
, contained in the present act of incorporation, shall
, be in favour thereof) then that the said trustees
, shall make such conveyances as \vill vest the trust
, interest in the persons so appointed together \vith
, such of the former trustees as may remain, 011 the
, terms and conditions mentioned in the original con, veyances or assignments, so far as they may remain
, to be fulfilled.'
This resolution is rescinded and supplied by a resolution passed OIl
l hc 21.st

F e bru:u·y,. to which day the pre




nt Jncetinog '\.~-».S

,

djolUDed.

12

'Tlhe outline of the trust being thus dra\vn, the
::;tockholders adjourned to the sllcceeding day, in
order to receive a nomination of persons to act as
trustees; and at the adjourned meeting, the fol 0""ing resolutions lvere adopted.

C

, At an adjourned nleeting held the 14th of February ] 811,

'1"he Honourable ",Tjlliam
ilghman·n the
, chair, 1:~homas Cad\\'alad r~ ecrctar 1',

. ' Resolved" That a committ e of five be appointed to nominate to the stockl olders three suita1\ ble persons to act as the grantees of the corporate
, estate in the first instance, and Stl h number of p ["C

'sons as they may think proper to act as trustees
'according to the first resolution adopted at t 1
'nle ting of ) e terday, and that they report imnlc ~ diateh

.

r

•

, The committee rei rtcd '1"honla 'Villing
John Perot, and Jame
. Cox, as the grantet:s of
, the corporate state, in the fir t instance, and Da"'i
enox, E1ias Boudino, obert 'nlith, Janl S
, Fisher, Jo ' ph inl . . , ,£"\rchibald {,Call, John
, Vachslnuth, Paul ielnen, amtlcl Coates, Henr.
, TaU, George
ox, Pa chan Hollings\\lorth, John
'tille,Thomas
. . ·Bing,I orace Binney~George
I arri on, - bijah Hamn1.ond,
illiam. Bayard, an

Oli




reT

T

olcott, to act as trustees according to the

....

erst resolution, adopted at the DlcLting 0
'day; \vhereu pon

yestc.t-

Be it resolved, That Thomas
illing, J01 n
erot, and Jam 5 S. Co. . ;* and the surv·,'ors and

2.

,

I:

, urvivor of them, shal e the grantees of the core porate estate in the first instanc , and that Da Id

'Lenox, lias Boudinot, Robert mith, James C.
,e
isher, Jo eph Sims,
rchibald MCCall, John G~
..

achsmuth,

,

alll Siemen, Samuel Coates, H nr

ratt, George Fox,. Paschall
tl ..' ,

,

lomas....

arrison, Abljah

ollings\\ orth,

r

h

iUing, Horace B· -ne T, George
aromond,
illiam B3. ~ard, and

, Oliver' 01 ottt and the sur ivors and survi or of

them, be the t ustees to ,vhom the same sha 'i be
, conveyed upo . the terms. ard pI inciples rnention, d in th
recedi g csolutions; a d i ca an
'of the la t
entio ed c sons ecline accepting

c:

'I'

'th trust, the said conveyance shall be made to
, the residue \vho UTi 1 accept the: same '

This Illeetillg adjourned to Thursday the 2 s
February, and th interval having afford d an opr

f t.hese g'cnllcn ('n. RU of \..-IlOm ar well kno vn or 1 ir gr a
recta iii .'J Jr.
iIIingo... s the first Pr . hicilt of the
h
nit d States, • nd ulllinucd in the irl'c1)t'uach!lble Lischal'g-

office un '1 the y . r

807",

hen! c yicll'( to

~ l'

dai

of·

f tha'
1 ()

raLle old age. and rdirerL from til Bank.
Of til se gentlemen tl e fi1' t n::cmecl WIl at 1.:hi5 lime PI' sid~ntll
. nd the res \ ere tli cto 's of til Ball ; ant! b'V -, 1 f h 11 I had I.J 11
o most \' r in
the ~ poel of ils est blishm ·nt. All uf hem e. cept Mr,
:teh
uth. wh c infirm h !lltb compeUed him to d~ line jt
accept d the :tpp 'n I I ' 1, Id h n 111(1 t '\ - n t (j -cI r
IJ
h
"I!.:H

t




14

portunity for examining the elfects and tendency
of some of the resolutions passed on the 13th
instant, it was thought proper to propose an alteration of them to the stockholders, which was accord~
ingly effected by the following resolutions, viz ..
, ...t\.t an adjourned me1eting of the stockholders,
~ beld at the Bank on the 21st of February 1811.
~

Elias Boudinot, Esquire, was called to the chair,
and Henry Kuhl, \vas appointed secretary ..
, The following resolutions ,vere moved, second ..
C ed, and carried,
(, Whereas the duties to be performed by the
'trustees, to lvhom it is intended to confide the set-

I

Respon i -

bitityof
the trustees.




, tlement of the affairs of this Bank in case its chart ter shall not be renewed OT continued by Congress,
C are of such immense magnitude and variety, that
, the said trustees are un\villin, to accept of the
g
, trust, unless their responsibility is limited to a
~ greater extent than it lvould be by the provisions
c: of a resolution heretofore adopted by the stock'holders: Therefore
1" ' Be it resol ved, ~"hat the trustees appointed by
'the stockholders at a general meeting on the 14th
, instant, or such of them as shall accept tIle trust,
C shall not in any case be answerable one for the other

'or others of them,

nor for

the act or defau t.?f any

15
agent, cashier, officer or servant by them appointed
, in relation to or for the purpose of executing th
, said trust or any matter concerning the same, no
C for the loss or spoliation of any part of the trust
, fund, nor for any error or mistake of judgment on
c the part of them, or any of them, nor for any thing
, but their own individual act or acts of "rilful fraud,
, to the prejudice of the trust fund, and of the per'sons interested in the disposition and proceeds of
, the same; and that such clauses or stipulations hall
, be inserted in the conveyances and assignments to
'be executed in pursuance of a resolution adopted
C

'at a general meeting on the 13th instan , as \vill e x, empt the said trustees from all responsibility ex , cept as aforesaid. And be it further resolved, T 'hat
C the four h resolution adopted by the stockholders
'at their said meeting on the 13th instant, be and
, the same is hereby annulled, rescinded and made

, void.

Be it further resolved, That the said trus- P ower of
, tees shall have power to apply to the Congress of~uslte;.s l
. app Y Ior
, t~e United States, and to .the Legis!ature _of any i;~~~~:' _
2.

C

, of the States, for an act of IncorporatIon to mclude tion.

the capital of this Bank, and to incorporate the
'stockholders 'therein, and such persons as shall in
, tbe mean time become the representati \"es of the
, stockholders. And be -t further resolved, That th
C eighth resolution adopted by the stockholders a
'their general meeting on the 13th instant be, and

e




«

16

'the same is hereby annulled, rescillded and made
, void.'

This meeting ,vas adjourned to riday, the first
of
arch, when a variety of resolutions \ ere
adopted by the stockholders, hich not being connected with the disposition of their property> it j
of no importance at present to connect \\lith thi
~lbstruct.Those vhich have a relation to that object, are to be fou d in the folIo ing extract from

their minutes.
,

t

an adjourned meeting of

t

e stoc hold r

, of the Bank of the United States, held at the Ban

'on

riday the first day of March 1811.

'Elias Boudinot, Esq. \vas called to the chair,
'Henry Kuhl, was appointed secretary.
, On motion, four draughts of deeds, numbered
respecti v ely 1 to 4, were read.
'V'hereupon"

*

Of the e draughts, two were of the real, and two of the personal
e~tate. The Bank of the United States, being the proprietol' of real
estate, in every state and territory in which it had erected a branch ..
,oas under the necessity of executing distinct conveyances fOl" each
state. The dra ghts No.1 and 2, 'e ...e therefore applicable but to the
real p1"operty in one state.. and were to be so modified as to conform
L() the laW:i, of every other state or Lerritory, in ,,,,.hich 1: became neces::try to make a conveyance of the real estate. In all parts.. except those
which reI ted to t.I e trusts, these deeds ,,-ere of the usual kind; and
the trusts in the assignment of the per onaJ. estate. were referred
"0 in the deeds of the re 1 estate, and constituted the trUSts upou
'h-d h proce d of the)' al estate after ':lte, '\ 'ere to be held :mu




17
. rl1e follo\\ring r so]utions
(,ondcd, and carried.

\\r

re moved,

e-

1. 'Be it re oIv d bj" the President, Directors,
and Con1pany of t e a t k of the United States,
," hat tI c tru tees nOluinated and appointed at he
'meeting on the fourteenth day of February last,
, ,\'ho ha1'e agreed to accept the trust, that is to ay,

, DavidLenox, Elias Bo dinot, Rob rt Dllth, ame~
, C. Fi h r, Joseph Sims, .l\rchibald
'Call, Pau
, Siemen, Samuel Coates, Henry Pratt, George ox,
, Paschall Hollings\vorth, John Stille, Thonlas
, 'ViJIing, Horace Binney, Gorge Harrison,
ijah
'Ham.mond,' illiaUl Bayard, and Oliver \ ' olcott,
, be, and they are hereby expressly authorized and
, impowered, in case a rene,val of the chart r of the
, Bank of the United States s auld be granted by
, Congress at th ir present session, upon an .. r terms,
, to accept or r ject such rene,\~al on the behalf of
, the stockholders as they nlay think proper.

2. 'Be it further resol ved, That the four draughts Dr~lUgh :;
, of deeds submitted to this Ineeting w'ith the opinion ~~~~~' ill
, ofcounsel,!lUDl.bered respectively 1 to 4., are con- adop cd .
, formable in their provision~ to th several resolu.
, tions heretofore adopted, -which are no\\' in force.,
, and do contain and express the sen e and intentions
disposed of. it becomes unnecessary to pr sent to... the stockllOld rs ru _.
oth l' than the draugl ts 0 . .> and 4, bing tbe assign cnbi of lh~
personal property, ill which a'll the U'usts and covenants 3.l'e partieul ri.\'
et forth . Tbese d cds will be een at tl e du
0
hi: a -men




8

, of the stockho ders of the Bank of the United
( States, as to the disposition and arrangement to be
'made of their lJroperty in case the charter of the
'said Bank shall not be rene\ved by Congress at

, their p esent session upon terms which shall be ace cepted as aforesaid; and the same are hereby ex, pressly sanctioned as the conveyances to be used

, in passing the estate 'Of the corporation, \vith such

, alterations in form only, as may be required by the
~

la\vs of any state or territory ,vhere lands of the
(. Bank are situate.

~l~;d

:nd-

delivered.

~~~!;.

3.' Be it further resolved, 'I'hat conveyances of
C

all the estate of the Bank, conforming to the said

'draughts as aforesaid, be executed and delivered as
'escro\vs, to take effect only in case the charter of
, the said Bank shall not be renewed by Congress at
, their present session upon terms which shall be ac, cepted by the trustees as aforesaid, or, if deemed
" more expedient, be delivered condit" onally to be, come void if Congress shall so rene\v the charter.

4. C Be it further resolved, That all such parts
of any resolution or resolutions heretofore adopted,
e'd:~ r;h:- ( as are inconsistent \vith these resolutions or any of
mee.tinde}~·d 'them, or are herein and hereby altered or supplied,
.
, and no more, be and the same hereby are rescinded
, ,a nd repealed.
Rcsolu-

tions con.
t.rary to
'

re~Cln

5. " Be it further resolved, That Chief Justice

'Tilghman and Benjamin Chew, esquire, hold th




I

19

deeds as escro\vs, agreeably to the third resolution
~ passe,d this day.

it.

6. 'Be it further resolved, That \vhen this meet-

, ing adjourns, it ,vill 3djollrll to meet at Bank, to, morro\v evening at six o'clock.
C Adjourned accordingly.

At an adjourned meeting of the stockholders
( of the Bank of the United States, held at Bank
c on Saturday evening at six o'clock,
C

, Elias Boudinot, esquire, \vas called to the chair.

, Henry Kuhl was appointed secretary.
'The president of the Bank of the United States
'informed the stockholders, that all the deeds for
, conveying in trust the estate real and personal of
, the President, Directors and COlnpany of the Bank
c; of the United States ,vere this day executed.

( rrhe follo,ving resolutions were moved, second ..
, ed and carried.
'''Vhereas it appears from the report of the presi, dent of the Bank, that deeds conveying in trust all
, the estate real and personal of the President, Direc, tors and COIllpany of the Bank of the United States

, have this day been executed, and that the honorable
, \Villiam l."ilghman not being able. to attend, and




20

Benjamin Che\v esquire, being a stockholder ant
, therefore liable to objection, the same (\vith the lC X ' ception fthe conveyances of real estate in the ter-

, ritory of Orleans,) have, in pursuance of a re olu , tion of the directors been delivered, as escro\ys, t
, Clement Biddle, esquire, to be delivered by hinl
, and take effect· n case the charter of the Bank of
c; the United States should not be rene\ved by Con( g)-ess at heir present session upon terms ,vhic'
, shall be accepte by the trustees. rrherefore~
1. 'Be it resolved by the PJ-esiden , Director.
, and Company of the Bank of the United State ,

, that the conveyances this day made and executed
c of all the estate real and personal of the President,
'Directors and Company of the Bank of the United
, States to Thomas Villing, John Perot and James
, S. Cox, and by them to such of the trustees nominated on the fourteenth day of February last, as
, have agreed to accept the trust, be and the sam
, hereby are expressly sanctioned, ratified and con ~
, firmed.
2. 'Be it further resolved, prhat the delivery 0
, the said conveyances (\vith the exception before
, stated) to Clement Biddle, esquire, as escrows to
be delivered and ta ~e effect as above mentioned,
, be and the same is her by also expn:ssl y sanctioned
l
ratified and confirmed, and that so much of the re, solution of yesterday as required the same to be de, l"vered to iilliam"I ilghman and Benjamin Che\v
I.

I




f

21

quires, b

and the same hereb) is rescinded an

' r pealed .
e it Ii rther resolved, That the resolution
, of the stockholders at their everal meetings on th
, 3th" 14th, and 21st of February and of the rs
' of larch, a ,veIl as the resolutions of the present
: neeting" be fairly copied, and a copy or copies, nt' tested by th seal of the corporation (which the
, resident is hereby authorized to affix), and the sig, nature of the president, be delivered to the tru t e
, to go along \vith the papers relating to the trust,
~ and be evidence ,vherevcr it may be r quired.
.1.'

4.. 'Be it further resolved, 'T hat the trustees be
, requested to cause to be printed, copies of such
, parts of the luinlltes and resolutions of the sever"II
meetings of the 13th, 14th, an 21st of February
, and of the first of March s ,veIl as of the pres nt
I. meeting,
as they shall deem proper, for the infor, rnation of the stockholders, of the measures pursued
to secure their interests in this important institu ..

iJ

tion.
5. 'Resolved unanimousl,}, That the thanks of
'the stockholders be presented to the president and
, the directors, for the di tinguished zeal, rectitude
'and ability, ,vith ,,-hich they have conducted and
~ managed the concerns of the institution, and, par, ticularly, for their honorable e_ ertions to obtain a
'renen"alof the charter, and their provident care in
, arranging t1 e atE irs of the ank, to meet the e "en




22
of a dissolution with the least possible injury to
~ the community and the stockholders.
" Adjourned sine die.

The deeds having become absolute by the rising
of Congress without continuing the corporation,
they \vere handed over to the trustees, who pro-

ceeded to the execution of the trust, the terms and
cond.itions of\vhich are shown by the following deeds.

ASSI G Nl\IENT
By the President, Directors and Company of the Rank of
the United States, to Thomas Willing, John Perot, and

Ja.nlcs S. Cox"

THIS INDENTURE made the second day of
March in the year of our Lord one thousand eight
hundred and eleven, BET WE.E N the President,
Directors and Conlpany of the Bank of the United
States of the one part, and Thomas Willing, John
Perot and James S. Cox, all of the city of Philadelphia of the other part, WIT N E SSE T H, That the
said President, Direct.ors and Company of the Bank
of the United States, as \vell for and in consideration of the sum of one dollar to them in hand ,yell
and truly paid by the said Thomas \-Villing, John
Perot and James S. Cox, at or before the sealing
and deli very of these presents, the receipt where ..
of they do hereby acknowledge, as of the trusts
and conditions hereinafter expressed and declared

on the part and behalf of the said Thomas Willing,
John Perot and James S. Cox to be observed, per-




2

formed and executed,-and in pursuance of a re 0 utionorresolutionsofthe stockholders of the saidBank
at a general meeting duly convened at their banking
house in the city of Philadelphia on the thirteenth
day of February last, and continued by adjournment to the t\venty-first day of February and th
first day of March instant, H A V' E assigned, transferred and set over, and by these presents DO assign I
transfer and set over, to the said --rhomas Willing,
John Perot and James S. Cox, their execntors, ad ministrators and assigns, all and singular the mortgages, judgments, suits, bonds, bills, notes, debts,
securities, contracts, goods, chattels, money and efft:cts \vhatsoever and \vhcresoever of them the said

President" Directors and Company of the Bank of
the United States, and all right, title, interest, clainl.
and demand ,vhich they no\v have or hereafter
might have under or by reason of any deed or deeds
of assignment or trust heretofore executed for the
securing of any debt, contract, covenant or engagement or other'~vise, and all and e"ery debt due or
hereafter to become due to them from the United
States of America, and all and every contract made
and entered into with them on behalf of the United
States by any officer or officers of the governmen

of the United States, and all and singular the books
of account, vouchers, papers and documents, 0
what kind or description soever, of them the said
President, Directors and Company of the Bank of
the United States, together '\vith all and singular
the \vays, means and remedies for the inforcement
or recovery ther of\vhich th said President Dire .1




24

tors and Conlpany of the Bank 0 the Un' ted State
no\v have or are intitled to, or might hereafter becOlne intitled to, TO nAVE AND TO HOLD, tak ,receive and enjoy all and singular the premises herebJ
granted and assigned or intended so to be, to the
aid Thomas '\Tilling, John Perot and James S. Co ,

and the survivors and survivor of them, and the
xecutors admini trators and assigns of the survi'or, to the only prop r use and behoof of them
the said Thomas 'Villing, John Perot and James S.
ox and the urvivors and sur ivor of them, and
he executors,administrators and assigns of the sur·
i vor. Up 0 N TIllS S PEe I A L T R U S TAN D C 0 F 1DEN C E nevertheless, and to and for the uses and
purposes hereinafter contained, ex pressed and declared, and to and for no other us ,intent or purpose
·hatsoever: that is to say, IN T R US T that they the
said rrhomas 'Villing, John Perot and James S. Cox,
and the survivors and survivor of them, and the executors, administrators and assigns of the survivor,
shall and \vin immediately after the date of these presents, by proper and sufficient assurances and con.
erance in the la,v, assign, transfer, set over and
c onvey, all and singu lar the premises herein and here., -assigned, transferredandsetover, orintendedso to
e, to DavidLenox, of the city of Philadelphia, Elias
Bondinot, of the state ofNc\v Jersey, Robert Smith,
ames C. Fisher, Joseph Sims, Archibald M'CaU,
Pa 1 Siemen, Samuel Coates, Henry Pratt, Georg
ox, Paschall Hollings\vorth, John Stille, Thomas - .
1
illing, Horace Bi lney, and George Harrison,a · of the city ofPhiladelphin AbijahHammond ,
1




25

,t

Tilliaol. Bayard" and Olh r
01 ott, aU of the
city of N e\v York, being such of lhe peTson HOn inated and appoint d for t1 [t purpose by the aid
stockholder of th Bank of th
nitcd tate', at a
I

e eral m ting held on the fOUTteenth daw of ebruary last past, at their baJ king hou~e in the cit..
0, Philadelphia,
have agre '"d to accept th said
tru t, and to the sur"'ivors and survi, or of them,
and the ~xecuto's, administrators and as igus of the
T

survivor, in the nlanner, and upon the trusts, and
su bject to the several covenants, conditions an
provi . ' contained expressed and declared i an
by a resolution or resolutions of the stockholders
of the said Bank at a general rn e ing duly convened at their banking house in the city of ¥hiladelphia on the thirteenth day of Febr ary last, and
continued by adjournment to the t\venty first day
of ebruary, and the first day of l\larch instant. ..
WIT N .E S s ,vhereof the said parties to these pres nt'
have interchangeably executed the sal e, the said
parties of the first part by affixing thereto th il'
common seal, and the said parties of the second
part by affixing thereto their especLive hands and
seals the da ., and year fir t ab ve \vritten.
TOX Pl'esiden.
ttest G.
e!1Jed and delivere
in the presence of us

DAVID MA
THOMAS

DEVILLE
II

,

JOHN HEATON~
WILLIAM FA\VCETT.




I J. IP.

T

C

hi r .

!

"

G
y Tho

as 'ViUing and others to Du\:id Lenox and at

lei

~ade the second day of
larch, in the) ear of our Lord one tI ollsand eigh

"1'HIS I

DENTURE

hundred and el ven, beh\?f"en 1 homas 'Villing,
John Perot and James S. Cox, all of the city 0
Philadelphia of the one purt, and David Lenox of
the city of Philadelphia,
lias Boudinot of th
state of e\ Jersey, Robert
mith" James C.
Fisher, Joseph
inls,
rchibald
1'Cal ,
aul
Siemen, Samuel Coates, Henry Pratt,. Georg
Fox, Paschall Holling vorth, John Stine, Tholna '
M. \Villing, Horace . inner and George Harri on
all of the city of Philadelphia, Abijah Hammond,
William Bayard and Olh'er
olcott, all of the
city of e\v Yark, of the other part, ;V HEn E A
in and by a certain Indenture this day duly executed, bearing even date here\vith, the President
Directors and Company of the Bank 'Of the United
States for tbe causes and considerations tberein set
forth, did assign, transfer and set over to the said
parties of the first part, all and singular the mortgages, judgments, suits, bonds, bills, notes, debts, securities, contracts, goods, chattels, money, and effects
,vhatsoever, and "' heresoever, \vhich then \vere of
....." the said President, Directors and Company
of the Bank of the United States, and all right,
title, interest, claim and demand, which they then
had, or thereafter might have under or by reason of
any deed or de ds of assignment or trust theretofore executed for the securing of any debt, con




ract, covenant, or engage . ent or other\\rise, and
II und every debt due or thereafter to become due
t them, fr m the United S tes of America, and
all nd ever} contract-:.'9J'l.de and entered into "itl
th
on b half of tffe~ nited tates by anv office
"
or officers of the governmeI t of the United Rtates
and nIl and singular the books of account, vouchers,
papers, and docum, nts, of \ hat kiud or descl ipe

""

tion soever of them the said President, Director
an Company of the Bank of the UnIt d tates
t geth r ,ith all and singut r th :\". _' , means, an
r nl.edies for the nforcenlcllt o· reeD' err th -r of,
vhich the said President, Dir ctor.s and Compa y
of the Bank of the United States,. then had or \. 'er
\
entitled to, or might thereafter lJ come entitled to,
'"r o HAVE AND TO HOLD, take, ree h 'e, and 'njoy
and ingular the premises thereby granted and
a signed or intended so to be, 0 the said
homa
Villing, John Perot, and JafIles S. Cox, and the
survivors and survivor of them, and the executors,
administrators, and assigns of the survivor, to the
only proper use and behoof of theln the al
Thomas
illing, John Perot, and James . Cox,

an

and the survivors and survivor of them, HI'} the
executors, administrators, and assigns of th sur-ivor, UPO THIS SPECIAL TkUST A D CO FIn ENe E . neverthele 'S, and to and for the
Ises and
purposes thereinafter contained, xpres ed end deI red. and to and for no other us , int nt, or PUfo e
hatsoever, that is to s'}, I
TR rrST, that
t
y the said "rhomas Willing, ohn Pot, and
ames . Cox, and the survivor and survi ~ or of







administrators and a 'signs of the survivor, should and "auld immedit lenl, and the executors,

ately aft r the date of the said Indenture, by proper
and sufficient assurances and conve anees in the
Ian", a ign, transfer, set over, and cOln'ey all and
sil gul' r the premises ther in and thereby assigned,
tran:;,ferr d, a d set over, or intended so to be, to the
said parties of the second part to this Indent r ,

being such of the 11ersolls nomin' ted and appointed
by the tockholder of the said Bank of the United
tates, . t a meeting duly convened at their banking
house in the city of Philadelphia, on the fllUTte "nth dar of Febr lary last past, as have agreed to
accept of the said trust, and to the survivors and
survivor of them, and the executors: adlninistrators, and assigns of the survivor, in ~anner,

and upon the trusts, and subject to the1:e''Q •• ~ve' _
nants, conditions, and pr, visoes, eontained, exo
pressed, and declared in and by a resolution or resolutions of the stockholders of the aid Bank, at
a general Dl.eeting duly convened at their banking
house, in the city of Philadelphia, on the thirteenth
day of February last, and continued by adjourn~
ment to the hventy first day of FebrualY, and the
first ay of l\1arch °nstant, as by reference to tbe
said Indenture \\"ill 1non; ful1y appear Now T H] S
INDENTURE 'WITNESSETH, that the said parties
f the first part, as ,. II for and in consideration of
the sum of one dollar, to them in hand 'v 11 and.
t uly paid by the said parties of the second part, at
r before the sealing and delivery of these presents)
J

29

the receipt ,vhcreof they do h reby ackno\vledg ,
as of -the said trust and confidence above recited,
and for the due execution and performance thereof,
and of the co enants in the said recited In enture
contained, H A V E assigned, tran ~ rred ads t over,
and by the e present DO a sign, trans~ r and set
o r , to the said parties of the second part, being
such of the persons for tllat purpose nominated
and appointed by the tockholrlers of the aid
Bank of the United State, at a n1.eeting duly convened at their banking hOli e in the city f Phiadelphia, on the fourteentl day of February Jast
past, as have agreed to nee pt the aid trust~ and
the survivors and sllrvilror of them, and the execntors, administrators, and assigns of the survivor,
an and singular the above de cribed premises so as
~lfore's..~Mi a•• is'l 11., trans£ rre , and set over, to the
said parties of the first part, by the said President,
Directors and Company of the Bank of the United
States, "1'·0 HAVE AND TO HOLD, take, receive
and enjoy all and singular the pren"lises hereby
gTanted and assigned or intended so to be, to the
said parties of the second part, and the survi, ors

and survivor of them, and the executors, adminis.
trators, and assigns of the survivor, to and for the
only proper lse and behoof of the said parties of
the second part, and the survivors and survivor of
them., and the xecutors, administrators, and assigns
of the surv·vor:
PON THE SPECIAL TRUST AND
CONFIDENCE ncvertheles , and to and for the uses

and purposes hereinafter expressed, contained, an




'0

eclared, and to and for no other usc, intent, or
purpose ,,,hatsoever, that is to say, IN TRUST, tllat
they the said parties of the second part, and the
urvivors and survivor of them, and the executors,
dministratoTs and assigns of the survivor, shall
and \vill with all reasonable diligence collect, recover and receive, all and every, the debts, dues, and
sums of money due, or to grolv due, that are herein and her1eby assigned, or intended so to be, and
that they shall and \vill at such time or times, and
in such manner, as to them shall seem most ad vantageous, by sale or otherwise, convert all and singular the effects herein and hereby assigned into
money. AND UPON THIS FURTHER TRUST, that
the said parties of the second part, and the survi~
ors and survivor of them, and the execut~rs, administrators and assigns of the sur. 'ivor, shall and
viII apply all and singular the moneys no,v in hand,

or ,vhich may hereafter be

50

as aforesaid raised,

recei ved, or collected, from Qr on account of the
prelnises herein and hereby assigned, (or \vhich
nlay hereafter come to their hands and possession,
from the sale, disposition, income, or profits of the
lands, tenements, hereditaments and premises,
\vhicl by ten several Indentures of even date
herewith, the said parties of the first part have
granted and conveyed to the said parties of the second part) in manner folIo\ving, that is to say, in
the first place, to Jay all necessary costs, charges
nd expenses, attending the execution of the trusts

h




T

in contained and declared. In the next place

3

to payoR: fulfil and discharge, all and singub\r, th
debts, contracts and engagements, heretofore incur -

-

red, contracted, or entered into by the said Pre sident, Directors and Company of the Ban " of the
U luted States, \vhether the same be now due and
payable, or hereafter to become due and payable.
And as to all the residue of the said moneys, I N
T R U S '1', that \vhen, and so often as the moneys so
remaining shall not be sufficient, after all necessary
deductions for charges and expenses, and allolvances for outstanding debts and engagements of
the said President, Directors and Company of the
Bank eA ,m:- United States, to make a dividend 0
ten percent., or to pay one million of dollars among
the stockholders of the said Bank of the United
States, their legal Q7':. equitable representat- ves and
assigns, then the said parties of the second part,
and the survivors and survivor of them, and the
executors, administrators and assigns of the survivor' shall and tnay invest the same in the public
debt of the United States, or in some other fund
or stock bearing interest, for the benefit of the tr 5t
and such investm.e nt from time to time may chaI ge,
by converting the same into money an reiq 'esting the money 111 other stock or fuuds, as to thenl

-

--

-r

-

-•

~

."11

or a majority of theIn, for the time bei g shall
~ seem fit..
AN D that ,vhen, a d so often as the said
:::> parties of the s cond part, and the survivors and
.....l.'I.-' survivor of them, and the executors, administraUl
0:: tors, or assigns of the survivor, shall ha 'e in h n d
_J
or invested a aforesaid, so ml ch rno e ~ e~·o 1

:;z:
.,.

~

I...I..J
.......







...

tl e amount of debts and cllgagelnent::. outtitanding
as aforesaid, and of the necessary deductions for
charges and expenses, as \vill enabte them to ll'lake

a dividend of tell pCI' cent., or pay the sum of one
million of dollars among the said stuckholders,
their legal or equitable representatives or assigns,
t11ey or a majority of them, for the time being,

!Shall and \vill forth,vith declal"e" and pay tbe sanle
accordingly to and among the said stock.holders,

their legal or equitable representatives or assigns,
in proportion to tl1eir respective shares. PROVI,l!)ED
A L WAY S nevertheless, and it is hereby express1y
understood and agreed by and bet\ve, n. the parties
e
to these presents, that the said parties of the second
part, shall not be obliged to declare or to make any
dividend until after the expiration of fifteen months
froDl the date of these presents. AND PROVIDED
also, and it is hereby further und,erstood and a~reed,
that nothing herein contained shall be const~ued"
deemed, or taken, to prevent or exonerate the said
parties of the second part, and the survivors and
sur,"ivor of them, and the executors, administrators, or assigns of the survivor, from making dividends of 'e ss than ten per cent. out of the residue
of the trust fund . \vhich shan remain in their hand
,
after dividellds shall Ila\re been already made as
aforesaid; but such residue shall at;ld may be divided
among the said stockholders the· regal or equitable
epresentatives and assigns, from time to time, a
such times, and in such por ions, as they the said
parties of the ~econd part, and the survivors or sur-

33
vivor of them; and the executol , udtninist utors;
or assigns of the survivor, or a nHljority of d~em
~hall think proper.
AND UPON THIS FURTHER
TRUST AND CONFIDENCE, and the said parti $ of
the second part do hereby expressly co\' nant, promise and agree, each for himself, hi heirs, executors and administrators, and not one for the other,
to and ,vith the said parties of the first part, that if

at any time hereafter, before a dividend of any part

I

of the tr st fund shall be made anlong the stockholders of the said Bank of the United States as
aforesaid, the said stockholders shall be incorporated by an act of
Congress of the United States,
or of the Legislature, or Legislatures of any of the
said states, upon such terms as shall be accepted
by a majority of the \vhole nuulber of the said
stockholders~ their legal or equitable representa-'
tives or assigns, then and imnlediately thereafter,
the said parties of the second part, the su rv i vor
and survivor of thenl, and the executors, administrators and assigns of the survivor, shall and vill
con vey , assign and deliver to the corporation so
created, aU and singular, the estate, effects, money,
securities for money, goods, rights, claim, demands and property of every description and kind

-=

belonging to the trust, which shall then r.emain in
their possession or pow'er, together \l'ith all the books
papers, vouchers and documents relating thereto.
D

DE.

UPON

CE,

an

THIS FURTliER TRUST AND CONFI -

t

e said parties of the second part do

F.







S4

hereby expressly covenant, promise and agre,e each
for himself, his, heirs, executors and administrators,
and not one for the other, to and w'ith tbe saidpar~
ties of the first part" that in case the said stockholders, their legal or equitable representatives or'
assigns, at any semiannual meeting hereafter, to
be held as is hereinafter pro v ided" shall by a
majority of the votes thell present, to be given in
and rated according to the principles and provisions
of the first article of the seventh section of the act
of Congress of the United States, entitled an Act
to incorporate the subscribers to the Bank of the

United States, change the said ttustees \vho are the
parties of the second part, or any of them, or appoint others in their place, or add to their number ~
(which the said stockholders, their legal or equita,...
hIe representatives or assigns are hereby expressly
authorized to do in manner aforesaid) then that the

said parties of the second part, and the survivors
and survivor of them, and the executors, administrators and assigns of the survivor, shall and will
make such conveyances and transfers, and do all
such nec,e ssary legal acts, as will vest the trust in.:;tr~~
t@pest: in the persons so appointed, together '\vith
such of the former trustees as may remain, upon

the same trusts and for the like intents and purposes
and with the same po\vers and authority, and under
aU the covenants and provi.soes herein declared,
provided and conferred, and sub"eet also to this
t~ust and co 'enan. AN D the said parties of th

35
~econd

part do further covenant, promise and agree,
each for Illmself, his heirs, executors and administrators, and not one for the other, to and with the
said parties of the first part, that until the trusts

herein and hereby created shall be executed and
determined, they \vill call a general meeting of the
said stockholders, their legal or equitable representatives or assigns, t\vice in every year,. to \vit on the

. first Monday in September, and the first Munday
in March, and oftener if FI1IEJ ld i. e d by sixty stockholders, their legal or equitable representatives or
assigns, or more, being together the prolJrietors of
two hundred shares or more, by public notice to be
given in two daily ne,vsp,lpers of the city of Philadelphia,. at least thirty days before the time therein
appointed for meeting, and that they \\7iU lay before
every meeting so con veiled, a general statement of
the debts and credits. of the trust, of the IUoney
and effects on hand, and of all such other lnatters
touching the situation of the fund assigned, as may
be required of them. AND IT IS HEREBY expressly

understood, declared and agreed by and bet,,'een
the parties to these presents, that for the bt!tter enabling them to execute and pel-form all and singular the trusts and covenants herein, and her<:by cre-

ated and declared, the said partic:s of the ~econd
part and the survivors and survivor of them, and
th<:! executors, adlninistrators and assigons, of the
-urvivor,. or a majority of them for the tilne being,
~hal1 possess, and they are hereby authorized to




36
cise the f'pllo\ving po\\~ers, that is to a~,
jo'lRST, to elect annually one of their number to he
pr~bident of their board, and to nluke him a comp 'nsatiOll for his special attention to the business
of the trust, not exceeding in amount the annual
SlI III of three thou and dollars to be paid out of
he trust fund. SE CON D, to c.'ppoint one or more
agent , cashiers, clerks, officers and erv' lltS., to fix
and par their salaries or conlpcnsation , and to rcn)ove all or an ef them, and to appoint others iu
their place. rrHIRD, to demand and receive the
tnoney due or to gro\v due upon all Inortgage

tu ex

bonds, bills single, bills of

xchange, promissory

notes, book debts, and all olher contracts or engagements heretofore give)), contracted or entered into
\\Tith the said President, Directors and Company of
the Bank of the VI "ted States, or to any person or
'. pt:rsons in trust for them, a:::: for their use;. to sue
for and reco\ er the sanle either at la\v Qr"e<luity;
to cOlnpound \vith all debtors, and upon r~eiving
a part to give a discharge from the ,,,hole; to ncccpt ne,"- securities in t'xchange for old ones, and
to give further time thereon; to refer, arbitrate and
settle all controversies in ,vhich the said stockholders or the fund as -igncd i~ int rtsted, in an~T manner and upon an . tcrnlS th Y Ula • think proper; to'de.
mc ltd and n:cei \ e Croln the secretar" of the tr a lU-V
.
.
of the United tates, or other pel·~'OI) uutho'izcd
to pay" the anlOl1nt due or to become due by r ason
of ao\- contr~ct or loan here ofore:. enter d into or




Blade b ~ the said P e~ident, Dil' CtOT and Company
of the Bank of the United StL tes, and upon paynlent to surrender r cilncel the contr ct mnde on
behalf of tl Uni~tc States, and to give 'uch ac.
J
.
qtllttances as tHe . d
nlte
ti. te
may reqlllT ; to
pro cute, defend, compound, or discontinu , all
'uits no\v pending by or again t the said Presid nt.,
Directol' at d CompculY of the Bank of the United
',tates, or lllClkc nny other uisposition of th m he~
may think propel"; "to sne out e .. ~ecution, ,rits of
error, or any other "~rits upon judgments obt.. ined,
bJ or against the said
r sid nt, Director and

Company of the Bank of tl

nited State , or to

compound and settle them as they may thin expedient, and to give receipts, acquittances and discharges as fully and effectually a the s~lid Pr sident
)jrectors and Company of the Bank of the Unit d
r

States might or cou1d her tofore have don.
OURTH, and finnlly, that the aid parties of the
second part, and the sllrvivors uncI urvivor of them
and the xecutors, administrator and assigns of

the survivor, and a majority of thetn for the time
bein ,shall
and the} are hereby authorized to
exercise all such other po\\'ers and authoriti s, as
may be or rna.' become necessary or expedient fOl
t 1 better execution of the trust, in the same nlun n er n as ful1y ,nd amply to all intents 'tnd pur-

as jf the ~\me ""ere h rein p .. rticularl
et
f rt 1, it bing llnd rstood and agreed by and be\ '(::'eJ the arties to these pre. ~l t. ~ that t e for . I




3H

going enumeration of particular po\vers is not to be
deemed construed or taken to qualify, limit" or in
any degree impair or affect the general grant or declaration aforesaid . PROVIDED AL\lV A YS N EVERTH ELESS,

and it is hereby expressly declared, un-

derstood and agreed by and between the parties to
these presents, that the condition upon ,;yhich the
parties of the second part agree to undertake and
perform the trusts hereinbefore nlentioned and set
forth is as follo,vs, that is to say, that the said parties of the second part, or any of them, are not ill
any caseto be, and will not be upon any consideration
answerable one for the other or others of them, nor
for any a, ent,. cashier, officer or servant, by them
g
appointed in relation to or for the purpose of executing the said trusts or any matter concerning the
same, nor for the loss or spoliation of any part of

the trust fund, nor for any error or mistake of
judgment on the part of them or any of them in relation thereto, nor for any thing but their own individual act or acts of "vllful fraud to the prejudice
of the prem.i ses and of the persons interested in
the di:sposition and proceeds of the 'same; and that
all and every part of this Indenture, and all and
singular the trusts, stipulations and provisions herein before contained, are to be understood and
taken to be subjt:ct to the agreement, declaration
a nd understanding set forth in this proviso, and not
other\vis.e. IN "\VITNESS ,vhereof the said parties




39

have interchangeably set their hands and seals hereunto, dated the day ana year first above \vritten.
THOMAS WILLING
JOHN PEROT

(L. S. ,
(L. S.)

JAMES S. COX

(L. S.)

DAVID LENOX
ELIAS BOUDINO'l
ROBERT 8.1: lITH
JAMES C. FISHER
JOSEPH SIMS
AR€HIBALD M'CAL~
PAUL SIEMEN

(L. s.)
(L. S.)
(L. S.)

(1:.,

.)
L. s.)

(L. S.)
(L. S.)
S:A UEL COATES,
L. S.)
HENRY PRATT
(L. s.)
GEORGE FOX
(L. s.)
PASCHALL HOLLINGSWORTH (L. S.)
JOHN ·STILLE
(L. s.)
THOMAS M. \VILLI.1: G
(L. S.)
HORACEBI
E
(L. S .
GEORGE HARRISON
(L. s. )
;ABIJAH HAMMOND
L .)
,\VIDLIAM BAY ~RD
(L. S.
OLIVER WOLeD T
L·

..

Sealed and delivered

in the presence of us,
DAVID MANDEVILLE
THOMAS SMITH
~1(1I11S.




HEA TON