PUBLISHiv}.)- V V DNXSDA {S. AND SATURDAYS MY J/i/i v rr»;*ro *. T' ~ — — — .. ' ' ' ' : ' • 6l ' MC'H-STREET, BETWEEN SECOND AND THIRD STREETS, PHILADELPHIA [No. 57, of Vol. lII.] PHILADELPHIA ORD I N BY E - r O R THE REGULATION BANK OF THE UN I TED STATES. Ar a general meeting of .the Stoc^husf !:« M ?-•' • C tUts United State:,\ held at the Citv-i.all in Philadelphia, on Monday evening, Ofteber 31, 1791, agreeably to adjournmenf— "JV/TR: BINGHAM, from the Committee ap pointed or the last meeting to report such fiy.-'.aw Ordinances, and Regulations, as flial] seem necefi'u y and convenient for the Govern ment of the Corporation, made report—and the fame being Laken into consideration, after debate, the Stockholders agreed to the following Ordi- nancf : — SECTION I. THE Charter of Incorporation granted to the •Bank of the United States, amongst other rights, privileges and abilities therein conveyed, having impowered the Stockholders at general legally convened, to make, ordain, establish and, put in execution, such Bye-Laws, Ordinances and Regulations, as shall seem neceflary and conve nient for the government of the said Corporation : Be it ordained, by the President, Directors and T —j -- SECTION 11. • That the Bank shall beopen for the tranfadion of bhfinefs, every day in the year (Sundays, Christ mas-day, and the fourth of July, excepted) du ring ftich hours as the Board of Directors flial! deem advisable. SECTION 111. That the boots and accounts of the Bank shall be kept in Dollars and Cents, and ftiall 'Je regu larly balanced on the firll Mondays in January and July, in each year; when the half-yearly I)ividends ihall be declared and published in at least four of the public riewfpapers. SECTION IV. That the Bank Ihall take charge of the Ca(h of *11 those who chufe to place it there (free of ex pence) and (hall keep it fubjedl to their erder, payable at fight; and /hall receive deposits of ingots of gold, bars of silver, wrought plate, or other valuable articles of small bulk, :n the fame manner, and return them on demand of the de- politor. SECTION V That the Bank shall receive all specie coins, according to the rates and value that have been •r (hall hereafter be established by Congress. SECTION VI That until offices of discount and deposit /hall be eftabliihed, there lfaa.ll be at lead twodifconnt days in every week, when meetings of the Board of Directors Ihall be assembled.—Discounts (hall be made at a rate not exceeding Six per Cent, per ■annum, on Notes or Bills of Exchange that have not more than sixty days to run, and wi ih at lead two responsible names, and under such modifica tions, as the Board of Directors, in their discre tion, shall deem fatisfatfory and expedient. SECTION VII That the President /hall have power to con vene the Directors on special occnfions, and with the approbation of the Board of Directors, to as- A N C E, AND a iv s; % * OFT H E * r*. , Saturday, November i 2, 1791. fix the seal of the Corporation to all conveyan ces or other inftrunitnrs, and sign the fame in behalf of the Corporation—the fitjd seal /hall always remain in the custody and fafe keeping of the President. SECTION VIII That a Committee of the Board, confiding of at lead three members to be elected monthly by bailor, fi-r.H \;!;t th -.iults,iii which the cafliaind utfc : r eftecls fliall « ,"'epofited, at lead once in every month, and make an inventory of the fame, to be compared with fise books, in order to ascer tain whether they perfectly agree therewith. SECTION IX That no notes of the Bank (hall be (truck or signed, or Bank Paper made, but by direction of the Board SECTION X That in cafe the Ba-rd of Directors fliall at any time mai;e a Dividend exceeding the profits of the Bank and thereby diminish the capital Stock, the Members aflenting thereto, shall be liable in their feverai Individual capacities for the amount of the fun sfo divided. SECT O N XI. That the Board of DJreiflors fliall, previous to the firft clay of D.eceni'icr in every year, call a Teueral Meetingof the Stockholders to be affem >led, within three days after each annual Elec- tion S E C 1J O N xir, powered to demand, and receive from the Com missioners appointed to superintend the fub'fcrip tions to the capital Stockof the Bank, all Monies which have been paid to the said Cotnmiffioners on account of the fir ft specie payment, together with the original Book of subscription. O I SECTION XIII, That the Board of Directors are hereby autho rized to ascertain and determine in what manner the remaining portions of the capital StQck, due on the (hares subscribed, consisting of specie and public Debt, (hall be paid and received, and they are hereby further authorised and impowered to receive into their pofeilion the Certificates of said public Debt, and demand and receive by their I'refident, or in such other manner as they (hall think proper, the interest that shall accrue and become due upon the fame, and to give re ceipts therefor in behalf of the said Corporation. SECTION XIV. That the Board of Directors are hereby au thotized and impowered to fix and eftabliffi re quisite, fafe and convenient forms for transfer ring Bank Stock ; for receiving half yearly di vidends ; for conveying a right to Proxies to re present Stockholders at any general Meeting af ter the second Monday of January next ; for the Certificates of capital Stock of the Bank ; for the circulating and post Notes of tlie Bank ; and for the oath or affirmation of the Officers of the Bank, previous to their entering oil the cxecu tion of their refpeiftive duties. SECTION XV That the Board of Directors are hereby au thorized and inipowered to establish a common seal, with fnitable devices ; toafcertain and mark out the various duties and employments of the Officers, Clerks and Servants of the Bank, and to diretft them accordingly—as well as to deter mine the amount of Securities they ffiall refpec 225 Ukso [Whole No. 265.] tively give for the faithful discharge of their duties : to aiiign to the President such additional functions, as are not already designated by law— and to re-iflae or renew at their discretion the Notes in circulation SECTION XVI, That file Directors fliall have power to make loans to the government of the United States, or of any State, to fueh extent and on fucli terms, as they fliall deem expedient, not contrary to law ; provided that a Board consisting of notlefs than a majority of the whole number of Direc tors, fliall be neceflary to decide in all such cases. SECTION XVIf That the Board of Directors are hereby author ized to lease or hire for a term not exceeding two years such Suitable buildings as the administra tion of the affairs of the Bank may require. SECTION XVIII That in cafe it /hall happen that an eJedtion i Directors (hall not be made at a meetibg of t' Stockholders for that purpose on the fir(t Mont ■ of January next, and on said day in each fucce. year, it (hall be lawful for the Stockholdt to adjourn said meetingtoany future day vvithi. five days from said firft Monday of January," and at said adjournment to make, complete and finifli said election. SECTION XIX That the Board of Directors are hereby ini powered to form and establish all other BjjJei and Regulations unanney may aeem neceil'ary for the interior management of the Bank. On motion, Resolved, That it is the sense of the Stofkholders of the Bank of the United States, that ilie President and Directors, ffiould turn their immediate attention to the establishment of Offices of Difconnt and Depofic at such places in tbe United States as the interest and fafety of the inflitution will admit. Attest, FOR THE GAZETTE OF THE UNITED STATES. MR. FENNO, If it is not in coup [lent -with the plan of your paper, to admit oj Respondents as well as Correspondents, you -will oblige me by publijhing a few remarks, from time to time, upon the obfrvatiotis occafonally made by some of the latter. IN your Gazette of the 2d inft. one of them ob serves, that " the general happiness difTufiM over the face of our country, is traced by every man to iis proper source, the Constitution and Laws of the United States." By happiness here I suppose we mod underfland, that gay, pleafanc and prosperous appearance, which the face of the country afl'umes from a lively and luxuriant ve getation. Now, if the Constitution and Laws of the United States are the true source from whence this happiness flows, then I fear we must conclude, that there is some capital defect either in the Con stitution, or the Laws—for a good Government will ever dispense happiness with an impartial and equal hand over the whole community; — whereas a very considerable portion of our coun try did, in the course of the lafl Summer, while the Constitution and Laws of the United States were in full force and operation, wear the most dismal, diftrelfing and doleful countenance thac can be imagined—almost every green herb was dried tip, and the grass of the field was as if it had been scorched in an oven. If these diftrelfing calamities are to be ascribed to the Oonftitution of the United States, is there not reason to fear. Mr. Fenno, if your Gazette ftiould reach Rhode-Island, that they would call a new Convention, and rescind their adoption of it I—Let me also ask your correfpondeut, if this is not puffing ? Kevunber 10, 1791 EDWARD KOX, Sec'ry A RESPONDENT.
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