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.