oflS PUBLISHED WEDNESDAYS AND SATURDAYS BY JOHN FENNO, No. 69, HIGH.STREF.T, BETWEEN SECOND AND THIRD STREETS, PHILADELPHIA [No. 60, of Vol. lII.] Wednesday, November 25, ijyi. PHILADELPHIA, November 23, ORDINANCE and BYE-LAWS, for the REGULATION of tkf. BANK OF the UNITED STATES. At a general meeting of the Stockholdkrs of the Bank of the United States, held at the City-Hall in Philadelphia, on Mon day evening, OElober 31, 1791, agreeably to adjournment— MR. BINGHAM, from the Committee appointed at the last meeting to report such Bye-Laws, Ordinances and Regula tions, as (hall seem neceflary and convenient for the government of the Corporation, made report—and the fame being taken into oonfideiation, after debate, the Stockholders agreed to the follow- ing Ordinance SECTION I. THE Charter of Incorporation granted to the Barik of the United States, amongst other rights, privileges and abilities therein conveyed, having impowered the Stockholders, at general meet ings, legally convrned,to make, ordain, establish and put in exe oution, such Bye-Laws,'Ordinances and Regulations, 2s (ball seem neceflary and convenient for the government of the said Corpora tion Re it ordained, by the Prefidenr, Dire&ors and Com pany of the Bank of the United States, SECTION IT, That the Bank shall be opened for the tranfa&ion of bufmefs every day in the year (Sundays, Christmas-day, and the fourth of July, excepted) during such hours as the Board oI Dirtdors shall deem advisable. SECTION 111. That the books and accounts of the Bank shall be kept in Dol lars and Cents, and shall be regularly balanced on the firft Mon days in January and July in each year, when the half-yearly divi dends shall be declared, and published in at leafl four of the pub- lie newfpapcrs. SECTION IV. That the Eank shall take charge of the cash of all those who chufe to place it there (free of expencc) and shall keep it fubjeft to their order, payable at fight—and shall receive deposits of ingots flfgold, bars of silver, wrought plate, or other valuable articles of small bulk, in the fame manner, and return them on demand of the depositor. SECTION V. That the Bank shall rcceive and pay all specie coins, according to the rates and value that have been, or shall hereafter be eftab lifhcd by Congress. SECTION VI That until offices of discount and deposit shall be established, there (hall be at least two difeount days in every week, when meet ings of the Board of Directors shall be asT tnbled. Discounts shall be made at a rate not exceeding fix per cent, per annum, on notes or bills of exchange that have not more than sixty days to run, and with at least two responsible names, and under such modifications as the Board of Dsrettois, in their discretion, shall deem fatisfac- fory and expedient SECTION VII That the President shall have power to convene the Dire&ors on special occasions, and with the approbation of the Board of Direc tors, to affix the seal of the Corporation to all conveyances or other instruments, and sign the fame in behalf of the Corporation—The ftid seal shall always remain in thecuftody and fafe keeping of the President. SECTION VIII That a Committee of the Board, consisting of at least three mem bers, to be elc&ed monthly by ballot, shall visit the vaults in which the cafli and other effects (hall be depofitcd, at least once in every month, and make an inventory of the fame, to be comp . - d with the books, in order to ascertain whether they perfectly ag« ce there with. SECTION IX. Thar no notes of the Bank (hall be struck or signed, or Bank paper made, but by the dirc&ion of the Board, SECTION X. That in cafe the Board ot Dirc&ors fha!l at any time make a di vidcnd exceeding the profits of the Bank, and thereby diminish the capital (lock, the members affentmg thereto (hall be liable in their fcveral individual capacities for the amount of the surplus so divided. SECTION XI That the Board of Directors (hall, previous to the mil day of December in every year, call a general meeting of the Stockhold ers to be assembled within three days after each annual elc£Hon. SECTION XII That the Board of Dire&ors are hereby empowered to demand 2nd receive from the Commiflioners appointed to superintend the 'uofciiption to the capital stock of the Bank, all monies which i.uvc been paid to the said Commiflioners on account ot the firft paj mem, together with the origin j1 book of fubfeription. *£r- ■ SECTION XIII, That the Board of Dire&ors arc hereby authorized to ascertain and determine in what manner the lemaining portions of the ca pital Ilock, due on the ihares fubferibed, confiding of specie and public debt, shall be paid and received. And they are hereby further authorized and empowered to receive into their pofTdliori, the certificates of said public debt, and demand and receive by their President, or in such other manner as they (hall think pro per, the interest that shall accrue and become due upon the fame, and to give receipts therefor io behalf of the said Corporation. SECTION XIV. That the Board of Directors are hereby authorised and em- powered to fix and establish requisite fafe and convenient forms for transferring Bank Stock, for receiving half yearly dividends, for conveying a right to proxies to represent Stockholders at any general meeting after the second Monday of January next, for the certificates of capital Stock of the B2nk, for the circulating and post notes of the Bank, and for the oath or affirmation of the of ficers of the Bank previous to their entering on the execution of their refoe&ive duties. SECTION XV. That the Board of Dirc&ors are hereby authorised and em powered to establish a common seal with suitable devices—to as- certain and mark out the various duties and employments of the officers, clerks and servants of the Bank, and to dire£l them ac- cord ingly—-as well as to determine the amount of securities they (hall refpe&ively give for the faithful dilcharge of their duties— to aflign to the President such additional functions as are not al ready designated by law —and to re-issue or renew at their difcre- tion the notes in circulation, SECTION XVI That the Dire&ors (hall have power to make loans to the go- the United States, or of any State, to such extent and on such terms as they (hall deem expedienr, not contrary to law, provided that a Board confiding of not less than a majority of the whole number of Dii eftors, (hall be necessary to decide in all such cases. SECTION XVII, That the Brtard of Dire&orsare'hdfeby authorised to lease or hire, for a term not exceeding two years such fuitablc buildings as the adminiftiation of the affairs of the Bank may require. SECTION XVIII. That in cafe it (hall happen that an election of Dire&ovs shall not be made at a meeting of the Stockholders for that purpose on the fnft Monday of January nexr, and on laid day in each suc ceeding year, it shall be lawful for the Stockholders to adjourn said meeting to any future day within five days from said firft Monday of January, and at said adjournment to make complete and finifh laid election. SECTION XIX. That the Board ot Directors are hereby impowered to form and establish all other rules and regulations that they may deem neceiTary for the interior management of the Bank, On motion, Resolved, That it is the opinion of the Stock_ holders of the Bank of the United States that the President and Directors (hould turn their immediate attention to the eftablifli rnent of offices of discount and deposit at such places in the Uni ted States as the intercft and fafety of the institution will admit. On motion, Resolved, That Mr. Edward Fox be requested to ast as Secretary to the Stockholders meeting, and that he procure a book, and record therein the acts and proceedings of the Stock >) olders and keep the fame in his poflcflion until their next meet- inj. Adjourned, fine die. Attest, THOMAS WILLING, Chairman. EDWARD FOX, Secretary to the meeting of Stockholders. Mr. Fen no will oblige font' of his Jerfeyfriends and cuflomers, if he publifties, as fion as he finds it convenient, the following hand bi// } printed at Brunfwick a few days ago. Copy of a Utter from a gentleman in New- Jersey, to his friend in the Legijlatuie of that State, now fitting at Trenton. Middlesex County, Nov. 10, 1791. S I R, I RECEIVED your letter dateo the 4th infant, and am to ac knowledge the favor you did me in vour candid relation of the demands of the gentlemen who mean to establish manufa&orics in this State, and as I know vou wish to he informed of the sen t ments of some of your condiments, I think it a duty I owe to my fellow-citizcns, to give von my opinion on these matters, re c red by them to our Legflature, and I will endeavor to give it in the bell manner my time and fmalJ abilities will admit, being confeious they are far from to the fuhjeft which I trufl will be clearly and honrftiy d.fcufled by the superior genius of the gentlemen of our Legiflai " r e. Charters are generally reft rifted in England and in this coun try, binding the incorporate bodies to certain fpecified articles— but if theie gentlemeo have it in their ootion, generally to profe cu e any mechanical business they think proper, they will bear down by their large fcapital, all the mechanical branches of the fame species in the United States ; this in time will have a very fa tal effefl on the revenues of the public ; as the mechanics arc at present a very valuable and large part of the community, and raise large sums in the imp#ftand government taxes, which, when 237 [Whole No. 268.] they are crushed, mud fall on the landed interest : But Ift u? turn our eyes 10 the kingdom of France, and we will fee the mod en lightened philosopHers, statesmen and patriots, perhaps that ever g»aced the universe, who are truly the guardians of the rights of -man : That by their united study for more than two years, have, by their conflitution, utterly and forever ab'oli(bed all incorporate bodies wbatfoever, as being injurious to the public -weal. Lottery, is a fpecics of gaining that wife men have written a gainst and hi;ve laid it down, as having a fatal tendency on the morals ol the community, and that they fhoula not be granted, but on the greatest emergencies to the public at large. It locks up for a time the circulating cash, stagnates trade, prevents just debt« being paid, and is hurtful to the families of the poor adventurers. That cutting Canals, to facilitate navigation, is a most noble invention and ought to be prosecuted wherever there is a profpe£fc of its answering the end of cheapening tranfpoi tation ; but if any such matter is contemplated, why should it not be the property ot the United States, or of the State of New-Jersey ? to which those gentlemen apply for unbounded right to cut canals where they plcafe. Suppose they were empowered to cut a canal from Sand pink to the head of South river or to the Millstone, and open aw inland navigation irom Philadelphia to New-York, which is thought pra£ticable ; would not this destroy hundreds of acres or good meadow on the Sandpink?by cutting a canal of twenty feet wide for miles together, would it not ruin many ot our worthy fellow-citizens without proper compensation ? Itscourfe might necelfarily go irom therethrough leveral good farms,orch ards, gardens, &c. ai/d all this to be under the fanftion of a law, made for the purpose of individuals, who want to aggrandize their posterity by a perpetual 1011, and after this State had granted them a lottery to raise thirty ttklufand pounds on the public. Thu iv queft really appears to m: laughable, as they tnuft fiippote our Legislative body to be extremely goodnatured. Suppose their (lock to be a million and a half of dollar-:, which I have been informed, by the rapid and large subscriptions it is likely to amount to, which by their requeil may be uf-d in any lucrative branch of manufactory if they are not restriCted : This sum is perhaps greater tlian the united capital At all the mechanics in America, which, by being divided into many thoutands 'of small funis, in the hands of honcft, industrious men, for ihe - fifience of their families, enables them so pay their taxes cheerfully and consume great quantities of dutiable articles ; but thrfe gen tlemen come forward with their abrogate itock and mode Illy ask. an exemption from all taxes. O heaven ! can the human mind be so blinded and callous through avarice ! Many of the mechanics fuffered great loflfes in the late war, paid heavy taxes and served faithfully in the militia, and have been obliged, through, neceflity, to fell their hard earned certificates for half a crown in the pound, to some of the very men who now come forward with them at mote than twenty shillings. Among these I would include the brave continental soldier, who is now returned to his tiade for a scanty subsistence. I would ask why they fuffered every species of misery to eftabiifh the present go vernment, but to eujoy an equal fhsre of its privileges and immu nities with their fellow citizens, which they will not do, if at any time a part of the community are exempted from taxes, in the fame branches of manufactory they follow and they are taxed. If such a law should be made in any S:ate, I think it would have a tendency to shake the pillar thereof to its centre. I wish not Sir, to be understood that I am against reasonable encouragement being given to the company : I think under pro per restraint they may be very ufeful to the community in general and ought to be encouraged, as iar as reason and good policy may admit. _______________ CLIT US. FOR THE GAZETTE OF THE UNITED STATES. MR. I'EKNO, Obferv'tng in your paper «f Nov. 2, a fpcculatiott signed Respondent, pertnit a fubferibtr also to as sume a logical ftgnature ; and iudttlge him in in•' prting the following observations of an Opponent. I DO not mean from time to time, to oppose the Respondent, or perhaps ever again to take notice of his remarks ; but at. this time, am forci bly imprefled with the impropriety of his infer ences. The Respondent takes notice of a para graph publiflied in your Gazettee of the 2d inft, wherein the general happiness difFufed over the face of the country, is ascribed to the goodnefi of our constitution, and the laws of the United States ; and supposes that the happiness alluded to, is the pleating appearance which the face of the country a Humes. He then aflerts, that " du ring the lad summer the face of the country, through a considerable part of it,did wear a molt dismal, diftrefling, and doleful countenance and then draws this conclufiog, that the consti tution or laws inuft have fume difinal defe