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<ft, up
on a fuppolition that his major is true.—His ma
jor I grant is trfle, (/. f.) that " those plea/ing
appearances" constitute parr of the happiness re
fnlting from our emiftitution and laws—As to his
minor, if by a considerable portion of the coun
try, he means the greatest part, it is falfe ; but
if he means but a finall part, which indeed would
be considerable, it may be true ; but let him
mean which he will, his conclusion is falfc.—
I have been led thus far to take notice ofhis re
marks fyllogiftirally, both from their form and
his signature as well as my own.—lt mult recur
imn-ediatelj to every person in the lealt ac
quainted with rhe hiflorical, as well as political
and agricultural (late of different nations, that
the happiness of the people, theflourifhingftate,
the pleasing appearance and the fruitful produc
tions of the country, abundantly depend upon
the liberty of the inhabitants and the wholefome
nefs of the laws—How many countries are there
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