IV. The Privileges and Duties of the Bank.

1. The bank shall enjoy the usual privileges, and be subject to the usual resstrictions of a body corporate and politic, instituted for such purposes, and the forgery of its notes shall be made penal.

2. The notes of the bank shall be receivable in all payments to the United States, unless Congress shall hereafter otherwise provide by law.

3. The bank and its branches, and State banks employed as branches, shall give the necessary aid and facility to the Treasury for transfering the public funds from place to place, and for making payments to the public creditors; without charging commissions, or claiming allowances on account of differences of exchange, &c.

V. The Organization and Operation of the Bank.

1. Subscriptions to be opened with as little delay as possible, and at as few places as shall be deemed just and convenient. The commissioners may be named in the act, or appointed by the President.

2. The Bank to be organized, and commence its operations in specie as soon as the sum of 1,400,000 dollars has been actually received from the subscribers, in gold and silver.

3. The Bank shall not at any time suspend its specie payments, unless the same shall be previously authorized by Congress, if in session, or by the President of the United States, if Congress be not in session. In the latter case, the suspension shall continue for six weeks after the meeting of Congress, and no longer, unless authorized by law.

VI. The Bonus for the Charter of the Bank.

The subscribers shall pay a premium to the Government for its charter. Estimating the profits of the bank from the probable advance in the value of its stock, and the result of its business when in full operation, at seven per cent. a bonus of 1,500,000 dollars, payable in equal instalments of two, three, and four years after the bank commences its operations, might, under all circumstances, be considered as about four per cent. upon its capital, and would contribute a reasonable premium.

JANUARY 8, 1816.

Mr. CALHOUN, from the committee on that part of the President's message which relates to an uniform national currency, reported a bill" to incorporate the subscribers to the Bank of the United States;" which was read the first and second time, and committed to a committee of the whole house. The said bill is as follows:

A Bill to incorporate the Subscribers to the Bank of the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That a Bank of the United States of America shall be established, with a capital of thirty-five millions of dollars, divided into three hundred and fifty thousand shares, of one hundred dollars each share; but, Congress may, at any time hereafter, augment the capital of the said bank, to a sum not exceeding fifty millions of dollars, in such manner as shall be by law provided. Seventy thousand shares, amounting to the sum of seven millions of dollars, part of the capital of the said bank, shall be subscribed, and paid for by the United States, in the manner hereinafter specified; and two hundred and eighty thousand shares, amounting to the sum of twenty-eight millions of dollars, shall be subscribed and paid for, by individuals, companies, or corporations, in the manner hereinafter specified.

SEC. 2. And be it further enacted, 'That subscriptions for the sum of twenty eight millions of dollars, towards constituting the capital of the said bank,

shall be opened on the first Monday in June next, at the following places, that is to say: at Portsmouth, in the State of New Hampshire; at Boston, in the State of Massachusetts; at Providence, in the State of Rhode Island; at New Haven, in the State of Connecticut; at Burlington, in the State of Vermont; at New York, in the State of New York; at in the State of New Jersey; at Philadelphia, in the State of Pennsylvania; at Wilmington, in the State of Delaware; at Baltimore, in the State of Maryland; at Richmond, in the State of Virginia; at Lexington, in the State of Kentucky; at in the State of Ohio; at Raleigh, in the State of North Carolina; at Nashville, in the State of Tennessee; at Charleston, in the State of South Carolina; at Augusta, in the State of Georgia; at New Orleans, in the State of Louisiana; and at Washington, in the District of Columbia. And the said subscriptions shall be opened under the superintendence of three commissioners, to be appointed at, and for, each of the said places, by the President of the United States, (who is hereby authorized to make such appointments) and shall continue open every day, from the time of opening the same, between the hours of ten o'clock in the forenoon, and four o'clock in the afternoon, until the Saturday following, at four o'clock in the afternoon, when the same shall be closed; and immediately thereafter, the commissioners, or any two of them, at the respective places aforesaid, shall cause two transcripts or copies of such subscriptions to be made, one of which they shall send to the Secretary of the Treasury, one they shall retain, and the original they shall transmit, within seven days from the closing of the subscriptions as aforesaid, to the commissioners at Philadelphia aforesaid. And on the receipt of the said original subscriptions, or of either of the said copies thereof, if the original be lost, mislaid, or detained, the commissioners at Philadelphia aforesaid, or a majority of them, shall immediately thereafter convene, and proceed to take an account of the said subscriptions. And if more than the amount of twenty-eight millions of dollars shall have been subscribed, then the said last mentioned commissioners shall apportion the same among the several subscribers, according to their several respective subscriptions, allowing and apportioning to each subscriber, at least one share. And in case the aggregate amount of the said subscriptions shall exceed twenty-eight millions of dollars, the said last mentioned commissioners, after having apportioned the same as aforesaid, shall cause lists of the said apportioned subscriptions to be made out, including in each list the apportioned subscription for the place where the original subscription was made, one of which lists they shall transmit to the commissioners, or one of them, under whose superintendence such subscriptions were originally made, that the subscribers may thereby ascertain the number of shares to them respectively apportioned as aforesaid. And in case the aggregate amount of the said subscriptions made, during the period aforesaid, at all the places aforesaid, shall not amount to twenty-eight millions of dollars, the subscriptions to complete the said sum shall be and remain open at Philadelphia aforesaid, under the superintendence of the commissioners appointed for that place; and the subscriptions may be then made by any individual, company, or corporation, for any number of shares, not exceeding in the whole the amount required to complete the said sum of twenty-eight millions of dollars. SEC. 3. And be it further enacted, That it shall be lawful for any individual, company, or corporation, when the subscriptions shall be opened, as herein before directed, to subscribe for any number of shares of the capital of the said bank, not exceeding three thousand shares; and the sums so subscribed shall be payable, and paid in the manner following, that is to say: seven millions of dollars thereof in gold or silver coin, of the United States, or in foreign gold or silver coin, at the value thereof, as heretofore established by an act, entitled "An act regulating the currency of foreign coins," passed the tenth day of April, in the year one thousand eight hundred and six; and twenty-one millions of dollars thereof in like gold or silver coin, or in the funded debt of the United States, contracted at the time of the subscriptions respectively. And the payments made in the funded debt of the United States shall be paid and received at the following rates, that is to say: the funded debt,

at

bearing an interest of six per centum per annum, at the nominal or par value thereof; the funded debt bearing an interest of three per centum per annum, the rate of sixty-five dollars for every sum of one hundred dollars of the nominal amount thereof; and the funded debt, bearing an interest of seven per centum per annum, at the rate of one hundred and six dollars and fifty-one cents, for every sum of one hundred dollars of the nominal amount thereof; together with the amount of the interest accrued on the said several denominations of funded debt, to be computed and allowed to the time of subscribing the same to the capital of the said bank as aforesaid. And the payments of the said subscriptions shall be made and completed by the subscribers, respectively, at the times and in the manner following, that is to say: at the time of subscribing, there shall be paid five dollars on each share, in gold or silver coin as aforesaid, and twenty-five dollars more, in coin as aforesaid, or in funded debt as aforesaid; at the expiration of six calendar months after the time of subscribing, there shall be paid the further sum of five dollars on each share, in gold or silver coin as aforesaid, and twenty-five dollars more, in coin as aforesaid, or in funded debt as aforesaid; at the expiration of twelve calendar months from the time of subscribing, there shall be paid the further sum of five dollars on each share, in gold or silver coin as aforesaid, and twentyfive dollars more, in coin as aforesaid, or in funded debt as aforesaid; and at the expiration of eighteen calendar months, there shall be paid the further sum of ten dollars in gold or silver coin as aforesaid.

SEC. 4. And be it further enacted, That, at the time of subscribing to the capital of the said bank as aforesaid, each and every subscriber shall deliver to the commissioners, at the place of subscribing, as well the amount of their subscriptions, respectively, in coin as aforesaid, as the certificates of funded debt, for the funded debt proportion of their respective subscriptions, together with a power of attorney, authorizing the said commissioners, or a majority of them, to transfer the said stock in due form of law, to "the president, dírectors and company, of the Bank of the United States of America," as soon as the 'said bank shall be organized. Provided, always, That if, in consequence of the apportionment of the shares in the capital of the said bank among the subscribers, in the case, and in the manner hereinbefore provided, any subscriber shall have delivered to the commissioners, at the time of subscribing, a greater amount of gold or silver coin and funded debt, than shall be neces sary to complete the payments for the share or shares to such subscribers, apportioned as aforesaid, the commissioners shall only retain so much of the said gold or silver coin, and funded debt, as shall be necessary to complete such payments, and shall forthwith return the surplus thereof, on application for the same, to the subscribers lawfully entitled thereto. And the commissioners, respectively, shall deposite the gold and silver coin, and certificates of public debt, by them respectively received as aforesaid, from the subscribers to the capital of the said bank, in some place of secure and safe keeping, so that the same may, and shall be specifically delivered and transferred, as the same were by them respectively received, to the president, directors, and company of the Bank of the United States of America, or to their order, as soon as shall be required after the organization of the said bank. And the said commissioners appointed to superintend the subscriptions to the capital of the said bank as aforesaid, shall receive a reasonable compensation for their services, respectively, and shall be allowed all reasonable charges and expenses incurred in the execution of their trust, to be paid by the president, directors, and company, of the bank, out of the funds thereof.

SEC. 5. And be it further enacted, That it shall be lawful for the United States to pay, and redeem the funded debt subscribed to the capital of the said bank, at the rates aforesaid, in such sums, and at such times as shall be deemed expedient, any thing in any act or acts of Congress to the contrary thereof, notwithstanding. And it shall also be lawful for the president, directors, and company, of the said bank, to sell and transfer, for gold and silver coin or bullion, the funded debt subscribed to the capital of the said bank as aforesaid: Provided, always, That they shall not sell more thereof than the sum of two

millions of dollars in any one year; nor sell any part thereof, at any time, within the United States, without previously giving notice of their intention, to the Secretary of the Treasury, and offering the same to the United States at the current price, not exceeding the rates aforesaid.

SEC. 6. And be it further enacted, That, at the opening of the subscription to the capital stock of the said bank, the Secretary of the Treasury shall subscribe, or cause to be subscribed, on behalf of the United States, the said number of seven thousand shares, amounting to seven millions of dollars, as aforesaid, to be paid in gold or silver coin, or treasury notes, or in stock of the United States, bearing interest at the rate of six per centum per annum, in seven equal annual payments of one million of dollars each, the first whereof shall be made at, or as nearly as conveniently may be after, the opening of the said subscriptions: Provided, always, That it shall be lawful for the Secretary of the Treasury, with the approbation of the President of the United States, and the consent of the president, directors, and company of the said bank, to anticipate and pay in advance, all or any of the said annual payments, at such times, and in such manner, as shall be mutually stipulated and agreed.

SEC. 7. And be it further enacted, That the Secretary of the Treasury, with the approbation of the President of the United States, shall, from time to time, select and designate the mode of paying for the said subscription of the United States, to the capital of the said bank as aforesaid. And if payment thereof, or of any part thereof, be made in public stock, bearing interest at the rate of six per centum per annum, as aforesaid, the said interest shall be payable quarterly, to commence from the time of making such payment on account of the said subscriptions, and the principal of the said stock shall be redeemable in any sums, and at any periods which the Government shall deem fit. And the Secretary of the Treasury shall, from time to time, cause the certificates of such public stock to be prepared, and made in the usual form, and shall pay and deliver the same to the president, directors, and company, of the said bank, at, or as soon as conveniently may be after, the time and times, hereinbefore prescribed for the payment of the said subscription of the United States, to the capital of the said bank as aforesaid; or at such other time and times as may be agreed upon in pursuance of the authority hereinbefore given, to anticipate the payments of the said subscription as aforesaid, And if payment of the said subscription of the United States to the capital of the said bank as aforesaid, or of any part thereof, shall be made in treasury notes, such treasury notes shall not bear interest, but shall pass by endorsement, or by delivery, for such sum, to be specified on the face thereof, respectively, as the Secretary of the Treasury, with the approbation of the President of the United States, shall direct; and shall be receivable in all payments to the United States, and in all payments to the president, directors, and company, of the said bank. And the Secretary of the Treasury shall, from time to time, cause the said treasury notes to be prepared, and shall pay and deliver the same to the president, directors, and company, of the said bank, at, or as soon as conveniently may be after, the time and times hereinbefore prescribed, for the payment of the said subscription of the United States, to the capital of the said bank as aforesaid; or at such other time and times as may be agreed upon, in pursuance of the authority hereinbefore given, to anticipate the payments of the said subscription as aforesaid. And it shall be lawful for the Secretary of the Treasury, or for the president, directors, and company, of the said bank, to issue, and re-issue, at their par value, such of the said treasury notes as shall be received in payments by the United States, or by the said bank, respectively, as aforesaid: Provided, always, That the United States may at any time redeem and cancel the said treasury notes, or any part thereof, while the same shall be in the possession of the said bank as the property thereof: And provided, also, That it shall be the duty of the Secretary of the Treasury, out of the said treasury notes received in payments to the United States, as aforesaid, to cause a portion thereof to be cancelled yearly, and every year, so that the whole amount issued may be redeemed

and cancelled on or before the expiration of eight years from the time of opening the subscription to the capital of the said bank as aforesaid.

SEC. 8. And be it further enacted, That, if any person shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged, or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting, any note in imitation of, or purporting to be a treasury note as aforesaid; or shall falsely alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any treasury note issued as aforesaid; or shall pass, utter, or publish as true, any false, forged, or counterfeit note, purporting to be a treasury note as aforesaid, knowing the same to be falsely made, forged, or counterfeited; or shall pass, utter, or publish, or attempt to pass, utter, or publish as true, any falsely altered treasury note issued as aforesaid, knowing the same to be falsely altered; or shall be, directly or indirectly, knowingly concerned in any of the offences aforesaid, every such person shall be deemed and adjudged guilty of felony; and being thereof convicted by due course of law, shall be sentenced to be imprisoned, and kept to hard labor, for a period not less than three years, nor more than ten years, and be fined in a sum not exceeding five thousand dollars.

SEC. 9. And be it further enacted, That the subscribers to the said Bank of the United States of America, their successors and assigns, shall be, and are hereby, created a corporation and body politic, by the name and style of "The President, Directors, and Company, of the Bank of the United States," and shall so continue until the third day of March, in the year one thousand eight hundred and thirty-six, and by that name shall be, and are hereby, made able and capable, in law, to have, purchase, receive, possess, enjoy, and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels, and effects, of whatsoever kind, nature, and quality, to an amount not exceeding, in the whole, fifty-five millions of dollars, including the amount of the capital stock aforesaid; and the same to sell, grant, demise, alien, or dispose of; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts and places whatsoever; and also to make, have, and use a common seal, and the same to break, alter, and renew, at their pleasure; and also to ordain, establish, and put in execution, such by-laws, and ordinances, and regulations, as they shall deem necessary and convenient for the government of the said corporation, not being contrary to the constitution and laws of the United States: and generally to do and execute all and singular the acts, matters, and things, which to them it shall or may appertain to do; subject, nevertheless, to the rules, regulations, restrictions, limitations, and provisions, hereinafter prescribed and declared." SEC. 10. And be it further enacted, That, for the management of the affairs of the said corporation, there shall be twenty-five directors, five of whom shall be annually appointed by the President of the United States, by and with the advice and consent of the Senate, and twenty of whom shall be annually elected at the banking house in the city of Philadelphia, on the first Monday of January, in each year, by the qualified stockholders of the capital of the said bank, and by a plurality of votes then and there actually given, according to the scale of voting hereinafter prescribed. And the directors, so duly appointed and elected, shall be capable of serving, by virtue of such appointment and choice, from the first Monday in the month of January, of each year, until the end and expiration of the first Monday in the month of January of the year next ensuing the time of each annual election to be held by the stockholders as aforesaid. And the board of directors, annually, at the first meeting after their election in each and every year, shall proceed to elect one of the five directors appointed by the President of the United States, to be president of the corporation, who shall hold the said office during the same period for which the directors are appointed and elected as aforesaid: Provided, always, That the first appointment and election of the directors and pre sident of the said bank shall be at the time and for the period hereinafter declared: And provided, also, That, in case it should at any time happen that an appointment or election of directors, or an election of the president of the