to be allowed.

Compensation shall have been allowed by the stockholders at a general meeting. The stockholders shall make such compensation to the president, for his extraordinary attendance at the bank, as shall appear to them reasonable.

How to con

V. Not less than seven directors shall constitute a board for the transstitute a board. action of business, of whom, the president shall always be one, except in case of sickness, or necessary absence; in which case his place may be supplied by any other director, whom he, by writing under his hand, shall nominate for the purpose.

Number of stockholders empowered to call a meeting, &c.

Cashier and

bond.

VI. Any number of stockholders, not less than sixty, who, together, shall be proprietors of two hundred 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 gazettes of the place where the bank is kept, and specifying, in such notice, the object or objects of such meeting.

VII. Every cashier or treasurer, before he enters upon the duties of treasurer to give his office, shall be required to give bond, with two or more sureties, to the satisfaction of the directors, in a sum not less than fifty thousand dollars, with condition for his good behaviour.

Limitation of property;

and of debts

time owe.

In case of excess, directors accountable in private capaci

ties and

VIII. The lands, tenements and hereditaments which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation in relation to the convenient transacting of its business, and such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts.

IX. The total amount of the debts, which the said corporation shall they shall at any at any time owe, whether by bond, bill, note, or other contract, shall not exceed the sum of ten millions of dollars, over and above the monies then actually deposited in the bank for safe keeping, unless the contracting of any greater debt shall have been previously authorized by a law of the United States. In case of excess, the directors, under whose administration it shall happen, shall be liable for the same, in their natural and private capacities; and an action of debt may, in such case, be brought against them, or any of them, their or any of their heirs, executors or administrators, in any court of record of the United States, or of either of them, by any creditor or creditors of the said may be prose- corporation, and may be prosecuted to judgment and execution; any condition, covenant, or agreement to the contrary notwithstanding. But this shall not be construed to exempt the said corporation, or the lands, tenements, goods or chattels of the same, from being also liable for and chargeable with the said excess. Such of 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 giving notice of the fact, and of their absence or dissent, to the President of the United States, and to the stockholders, at a general meeting, which they shall have power to call for that purpose.

cuted.

Exception in tees at time of

favour of absen

excess.

Corporation may sell public debt and part of its stock, but purchase,

not &c.

X. The said corporation may sell any part of the public debt whereof its stock shall be composed, but shall not be at liberty to purchase any public debt whatsoever; nor shall directly or indirectly deal or trade in any thing, except bills of exchange, gold or silver bullion, or in the sale of goods really and truly pledged for money lent and not redeemed in due time; or of goods which shall be the produce of its lands. Neither more than 6 per shall the said corporation take more than at the rate of six per centum per annum, for or upon its loans or discounts.

and take not

cent. per an.

XI. No loan shall be made by the said corporation, for the use or on account of the government of the United States, to an amount exceed

ing one hundred thousand dollars, or of any particular state, to an amount exceeding fifty thousand dollars, or of any foreign prince or state, unless previously authorized by a law of the United States.

How and for what objects to make loans.

And bills, &c.

XII. The stock of the said corporation shall be assignable and transferable, according to such rules as shall be instituted in that behalf, by shall the laws and ordinances of the same.

XIII. The bills obligatory and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by indorsement thereupon, under the hand or hands of such be assignable person or persons, and of his, her, or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees successively, and to enable such assignee or assignees to bring and maintain an action thereupon in his, her, or their.

own name or names.

and

And bills or notes, which may be issued by order bills to be obliof the said corporation, signed by the president, and countersigned by gatory. the principal cashier or treasurer thereof, promising the payment of money to any person or persons, his, her, or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in the like manner, and with the like force and effect, as upon any private person or persons, if issued by him or them, in his, her, or their private or natural capacity or capacities; and shall be assignable and negotiable, in like manner, as if they were so issued by such private person or persons-that is to say, those which shall be payable to any person or persons, his, her, or their order, shall be assignable by indorsement, in like manner, and with the like effect, as foreign bills of exchange now are; and those which are payable to bearer, shall be negotiable and assignable by delivery only.

Dividends of

XIV. Half yearly dividends shall be made of so much of the profits of the bank, as shall appear to the directors advisable; and once in profits made. every three years, the directors shall lay before the stockholders, at a general meeting, for their information, an exact and particular statement of the debts, which shall have remained unpaid after the expiration of the original credit, for a period of treble the term of that credit; and of the surplus of profit, if any, after deducting losses and dividends. If there shall be a failure in the payment of any part of any sum, subscribed by any person, co-partnership, or body politic, the party failing shall lose the benefit of any dividend, which may have accrued, prior to the time for making such payment, and during the delay of the same.

XV. It shall be lawful for the directors aforesaid, to establish offices wheresoever they shall think fit, within the United States, for the purposes of discount and deposit only, and upon the same terms, and in the same manner, as shall be practised at the bank; and to commit the management of the said offices, and the making of the said discounts, to such persons, under such agreements, and subject to such regulations as they shall deem proper; not being contrary to law, or to the constitution of the bank.

XVI. The officer at the head of the treasury department of the United States, shall be furnished, from time to time, as often as he may require, not exceeding once a week, with statements of the amount of the capital stock of the said corporation, and of the debts due to the same; of the monies deposited therein; of the notes in circulation, and of the cash in hand; and shall have a right to inspect such general accounts in the books of the bank, as shall relate to the said statements. Provided, That this shall not be construed to imply a right of inspecting the account of any private individual or individuals with the bank.

SEC. 8. And be it further enacted, That if the said corporation, or any person or persons for or to the use of the same, shall deal or trade in buying or selling any goods, wares, merchandise, or commodities whatsoever, contrary to the provisions of this act, all and every person

Offices may be established

within United States, for discount and deposit only, &c.

Officer at the head of the

treasury, to be furnished with statements.

Not of private

nature.

Penalty for buying or selling goods, &c.

How money may be advanced or lent.

Bills or notes

made receivable by U. States.

1812, ch. 43.

Subscriptions made by United States, how to be paid, &c.

and persons, by whom any order or direction for so dealing or trading shall have been given, and all and every person and persons who shall have been concerned as parties or agents therein, shall forfeit and lose treble the value of the goods, wares, merchandises, and commodities, in which such dealing and trade shall have been; one half thereof to the use of the informer, and the other half thereof to the use of the United States, to be recovered with costs of suit.

SEC. 9. And be it further enacted, That if the said corporation shall advance or lend any sum, for the use or on account of the government of the United States, to an amount exceeding one hundred thousand dollars; or of any particular state to an amount exceeding fifty thousand dollars; or of any foreign prince or state, (unless previously authorized thereto by a law of the United States,) all and every person and persons, by and with whose order, agreement, consent, approbation, or 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 shall have been so unlawfully advanced or lent; one fifth thereof to the use of the informer, and the residue thereof to the use of the United States; to be disposed of by law and not otherwise.

SEC. 10. And be it further enacted, That the bills or notes of the said corporation, originally made payable, or which shall have become payable on demand, in gold and silver coin, shall be receivable in all payments to the United States.

SEC. 11. And be it further enacted, That it shall be lawful for the President of the United States, at any time or times, within eighteen months after the first day of April next, to cause a subscription to be made to the stock of the said corporation, as part of the aforesaid capital stock of ten millions of dollars, on behalf of the United States, to an amount not exceeding two millions of dollars; to be paid out of the monies which shall be borrowed by virtue of either of the acts, the one 1790, ch. 34. entitled "An act making provision for the debt of the United States;" 1790, ch. 47. and the other entitled "An act making provision for the reduction of the public debt;" borrowing of the bank an equal sum, to be applied to the purposes, for which the said monies shall have been procured; reimbursable in ten years, by equal annual instalments; or at any time sooner, or in any greater proportions, that the government may think fit. SEC. 12. And be it further enacted, That no other bank shall be to be establish- established by any future law of the United States, during the continuance of the corporation hereby created; for which the faith of the United States is hereby pledged.

ed.

No other bank

STATUTE III.

APPROVED, February 25, 1791.

March 2, 1791. CHAP. XI.-An Act supplementary to the act intituled "An act to incorporate the subscribers to the Bank of the United States."

Subscriptions

SECTION 1. Be it enacted by the Senate and House of Representatives to bank stock of the United States of America in Congress assembled, That the subprolonged. ¿scriptions to the stock of the bank of the United States, as provided by the act, intituled "An act to incorporate the subscribers to the bank of the United States," shall not be opened until the first Monday in July next.

1791, ch. 10.

Time of first payment.

Not more than

SEC. 2. And be it further enacted, That so much of the first payment as by the said act is directed to be in the six per cent. certificates of the United States, may be deferred until the first Monday in January

next.

SEC. 3. And be it further enacted, That no person, corporation, or thirty shares to body politic, except in behalf of the United States, shall, for the space

of three months after the said first Monday in July next, subscribe in be subscribed at any one day, for more than thirty shares.

SEC. 4. And be it further enacted, That every subscriber shall, at the time of subscribing, pay into the hands of the persons who shall be appointed to receive the same, the specie proportion required by the said act to be then paid. And if any such subscriber shall fail to make any of the future payments, he shall forfeit the sum so by him first paid, for the use of the corporation.

SEC. 5. And be it further enacted, That such part of the public debt, including the assumed debt, as is funded at an interest of three per cent. may be paid to the bank, in like manner with the debt funded at six per cent. computing the value of the former at one half the value of the latter, and reserving to the subscribers who shall have paid three per cent. stock, the privilege of redeeming the same with six per cent. stock, at the above rate of computation, at any time before the first day of January, one thousand seven hundred and ninety-three; unless the three per cent. stock shall have been previously disposed of by the directors. APPROVED, March 2, 1791.

one time.

Specie proportion, when to be paid, and failure in future payments to forfeit sum first

paid.

In what man.

ner public debt

funded at 3 per cent. may be paid to the bank.

CHAP. XII.—An Act giving effect to the laws of the United States within the state

of Vermont.

STATUTE III.

March 2, 1791.

ex

Laws of the tended to Vermont.

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That from U. States and after the third day of March next, all the laws of the United States, which are not locally inapplicable, ought to have, and shall have, the same force and effect within the state of Vermont, as elsewhere within the United States.

And to the end that the act, intituled "An act to establish the judicial courts of the United States," may be duly administered within the said state of Vermont,

SEC. 2. Be it further enacted, That the said state shall be one district, to be denominated Vermont District; and there shall be a district court therein, to consist of one judge, who shall reside within the said district, and be called a district judge, and shall hold annually four sessions; the first to commence on the first Monday in May next, and the three other sessions progressively on the like Monday of every third calendar month afterwards. The said district court shall be held alternately at the towns of Rutland and Windsor, beginning at the first. SEC. 3. And be it further enacted, That the said district shall be, and the same hereby is annexed to the eastern circuit. And there shall be held annually in the said district one circuit court; the first session shall commence on the seventeenth day of June next, and the subsequent sessions on the like day of June afterwards, except when any of the said days shall happen on a Sunday, and then the session shall commence on the day following; and the said sessions of the said circuit courts shall be held at the town of Bennington.

SEC. 4. And be it further enacted, That there shall be allowed to the judge of the said district court the yearly compensation of eight hundred dollars, to commence from the time of his appointment, and to be paid quarter yearly at the treasury of the United States.

SEC. 5. And be it further enacted, That all the regulations, provisions, directions, authorities, penalties, and other matters whatsoever, (except as herein afterwards is expressly provided) contained and expressed in and by the act, intituled "An act providing for the enumeration of the inhabitants of the United States," shall have the same force and effect within the said state of Vermont, as if the same were, in relation thereto, repeated and re-enacted in and by this present act.

1789, ch. 20.

Vermont to be a district and have a district court and judge. Number and time of sessions, Repealed 1802,

ch. 31.
and where held.

1799, ch. 21. Annexed to the eastern circuit, and have a

circuit court;

1796, ch. 34. where held. Compensation to the judge.

An enumeration of the in

habitants to be made.

1790, ch. 2.

Enumeration of inhabitants,

when to commence.

Compensation to the marshal

therefor.

Duties on ar

within said state

lected.

1790, ch. 35.

SEC. 6. And be it further enacted, That the enumeration of the inhabitants of the said state shall commence on the first Monday of April next, and shall close within five calendar months thereafter.

SEC. 7. And be it further enacted, That the marshal of the district of Vermont shall receive in full compensation for all the duties and services confided to, and enjoined upon him in and by this act in taking the enumeration aforesaid, two hundred dollars.

And that the act intituled "An act to provide more effectually for ticles imported the collection of the duties imposed by law on goods, wares and merhow to be col-chandise imported into the United States, and on the tonnage of ships and vessels," may be carried into effect in the said state of Vermont: SEC. 8. Be it further enacted, That for the due collection of the said duties, there shall be in the said state of Vermont one district; and a collector shall be appointed, to reside at Allburgh on Lake Champlain, which shall be the only port of entry or delivery within the said district, of any goods, wares or merchandise, not the growth or manufacture of the United States.

Port of entry and delivery.

1790, ch. 35, sec. 70.

Provided nevertheless, That the exception contained in the sixty-ninth section of the act last above mentioned, relative to the district of Louisville, shall be and is hereby extended to the said port of Allburgh. APPROVED, March 2, 1791.

STATUTE III.

Duty laid on

bar lead extend

ed to manufactures of lead.

March 2, 1791. CHAP. XIII.—An Act to explain and amend an act intituled “An act making further provision for the payment of the debts of the United States." SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the duty of one cent per pound, laid by the act "making further provision for the payment of the debts of the United States," on barr and other lead, shall be deemed and taken to extend to all manufactures wholly of lead, or in which lead is the chief article, which shall hereafter be brought into the United States, from any foreign port or place.

1790, ch. 39.

Duty laid on chintzes, &c. extended to

manufactures of coloured linen

or cotton.

1790, ch. 39.

SEC. 2. And be it further enacted, That the duty of seven and a half per cent. ad valorem, laid by the act aforesaid on chintzes and coloured calicoes, shall be deemed and taken to extend to all printed, stained, and coloured goods, or manufactures of cotton, or of linen, or of both, which hereafter shall be brought into the United States from any foreign port or place.

Provided always, That nothing in this act shall in any wise affect the true construction or meaning of the act aforesaid in relation to any of the above described articles brought into the United States before the passing of this act.

APPROVED, March 2, 1791.

STATUTE III.

March 2, 1791.

Time for the

CHAP. XIV.-An Act fixing the time for the next annual meeting of
Congress.

Be it enacted by the Senate and House of Representatives of the meeting of the United States of America in Congress assembled, That after the third day of March next, the first annual meeting of Congress shall be on the fourth Monday of October next.

next Congress.

APPROVED, March 2, 1791.