Notes of the bank, unless specially prohibited by law, receivable in payments of all dues to the United States.

SEC. 14. And be it further enacted, That the bills or notes of the said corporation, originally made payable, or which shall have become payable on demand, shall be receivable in all payments to the United States, unless otherwise directed by act of Congress.

The bank to give the necessary facilities, without any charge, for transferring the funds of the United States to different quarters.

SEC. 15. And be it further enacted, That, during the continuance of this act, and whenever required by the Secretary of the Treasury, the said corporation shall give the necessary facilities for transferring the public funds from place to place, within the United States, or the territories thereof, and for distributing the same in payment of the public creditors, without charging commissions or claiming allowance on account of difference of exchange, and shall also do and perform the several and respective duties of the commissioners of loans for the several States, or of any one or more of them, whenever required by law.

Deposites of the public moneys to be made in the bank or its branches, or the reasons to be laid before Congress by the Secretary of the Treasury for its not being done. SEC. 16. And be it further enacted, That the deposites of the money of the United States, in places in which the said bank and branches thereof may be established, shall be made in said bank, or branches thereof, unless the Secretary of the Treasury shall at any time otherwise order and direct; in which case the Secretary of the Treasury shall immediately lay before Congress, if in session, and if not, immediately after the commencement of the next session, the reasons of such order or direction.

Corporation prohibited from suspending payments in specie, by being made chargeable with the payment of interest at the rate of 12 per centum per annum. SEC. 17. And be it further enacted, That the said corporation shall not, at any time, suspend or refuse payment in gold and silver, of any of its notes, bills, or obligations; nor of any moneys received upon deposite in said bank, or in any of its offices of discount and deposite. And, if the said corporation shall, at any time, refuse, or neglect to pay, on demand, any bill, note, or obligation, issued by the corporation, according to the contract, promise, or undertaking, therein expressed; or shall neglect, or refuse to pay, on demand, any moneys received in said bank, or in any of its offices aforesaid, on deposite, to the person or persons entitled to receive the same, then, and in every such case, the holder of any such note, bill, or obligation, or the person or persons entitled to demand and receive such moneys as aforesaid, shall, respectively, be entitled to receive and recover interest on the said bills, notes, obligations, or moneys, until the same shall be fully paid and satisfied, at the rate of twelve per centum per annum, from the time of such demand as aforesaid: Provided, That Congress may, at any time hereafter, enact laws enforcing and regulating the recovery of the amount of the notes, bills, obligations, or other debts, of which payment shall have been refused as aforesaid, with the rate of interest above mentioned, vesting jurisdiction for that purpose in any courts, either of law or equity, of the courts of the United States, or territories thereof, or of the several States, as they may deem expedient.

Penalties for forging, counterfeiting, &c.

SEC. 18. 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 bill or note in imitation of, or purporting to be, a bill or note issued by order of the president, directors, and company, of the said bank, or any order, or check, on the said bank or corporation, or any cashier thereof; or shall falsely

alter, or cause or procure to be falsely altered, or willingly aid or assist in falsely altering, any bill or note, issued by order of the president, directors, and company, of the said bank, or any order or check on the said bank or corporation, or any cashier thereof; or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any false, forged, or counterfeited bill or note, purporting to be a bill or note issued by order of the president, directors, and company, of the said bank, or any false, forged, or counterfeited order or check upon the said bank, or corporation, or any cashier thereof, knowing the same to be falsely forged, or counterfeited; or shall pass, utter, or publish, or attempt to pass, utter, or publish, as true, any falsely altered bill or note, issued by order of the president, directors, and company, of the said bank, or any falsely uttered order or check on the said bank or corporation, or any cashier thereof, knowing the same to be falsely altered, with intention to defraud the said corporation, or any other body politic, or person; or shall sell, utter, or deliver, or cause to be sold, uttered, or delivered, any forged or counterfeit note, or bill in imitation, or purporting to be, a bill or note, issued by order of the president and directors of the said bank, knowing the same to be false, forged, or counterfeited; 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 not less than three years, nor more than ten years, or shall be imprisoned not exceeding ten years, and fined not exceeding five thousand dollars: Provided, That nothing herein contained shall be construed to deprive the courts of the individual States of jurisdiction, under the laws of the several States, over any offence declared punishable by this act.

Penalties for engraving, after the similitude of the plates used for the bank, any plates, &c.

SEC. 19. And be it further enacted, That, if any person shall make or engrave, or cause or procure to be made or engraved, or shall have in his custody or possession, any metallic plate, engraved after the similitude of any plate from which any notes or bills, issued by the said corporation, shall have been printed, with intent to use such plate, or to cause or suffer the same to be used in forging or counterfeiting any of the notes or bills issued by the said corporation; or shall have in his custody or possession, any blank note or notes, bill or bills, engraved and printed after the similitude of any notes or bills issued by said corporation, with intent to use such blanks, or cause or suffer the same to be used in forging or counterfeiting any of the notes or bills issued by the said corporation; or shall have in his custody or possession, any paper adapted to the making of bank notes or bills, and similar to the paper upon which any notes or bills of the said corporation shall have been issued, with intent to use such paper, or cause or suffer the same to be used in forging or counterfeiting any of the notes or bills issued by the said corporation, every such person, being thereof convicted, by due course of law, shall be sentenced to be imprisoned, and kept to hard labor, for a term not exceeding five years; or shall be imprisoned for a term not exceeding five years, and fined in a sum not exceeding one thousand dollars.

Bonus to be paid to the United States for this charter.

SEC. 20. And be it further enacted, That, in consideration of the exclusive privileges and benefits conferred by this act, upon the said bank, the president, directors, and company thereof, shall pay to the United States, out of the corporate funds thereof, the sum of one million and five hundred thousand dollars, in three equal payments, that is to say: five hundred thousand dollars at the expiration of two years; five hundred thousand dollars at the expiration of three years; and five hundred thousand dollars at the expiration of four years after the said bank shall be organized, and commence its operations, in the manner herein before provided.

Congress to establish no other banks except in the District of Columbia, &c. F SEC. 21. And be it further enacted, That no other bank shall be established by any future law of the United States, during the continuance of the corporation hereby created, for which the faith of the United States is hereby pledged: Provided, Congress may renew existing charters for banks in the District of Columbia, not increasing the capital thereof, and may also establish any other bank or banks in said district, with capitals not exceeding, in the whole, six millions of dollars, if they shall deem it expedient. And, notwithstanding the expiration of the term for which the said corporation is created, it shall be lawful to use the corporate name, style, and capacity, for the purpose of suits for the final settlement and liquidation of the affairs and accounts of the corporation, and for the sale and disposition of their estate, real, personal, and mixed; but not for any other purpose, or in any other manner whatsoever, nor for a period exceeding two years after the expiration of the said term of incorporation.

Limitation of time prescribed for this bank's going into operation.

SEC. 22. And be it further enacted, That, if the subscription and payments to said bank shall not be made and completed so as to enable the same to commence its operations, or if the said bank shall not commence its operations, on or before the first Monday in April next, then, and in that case, Congress may, at any time, within twelve months thereafter, declare, by law, this act null and void.

Committees of either House of Congress may inspect the books, &c. of the bank. SEC. 23. And be it further enacted, That it shall, at all times, be lawful for a committee of either House of Congress, appointed for that purpose, to inspect the books, and to examine into the proceedings of the corporation hereby created, and to report whether the provisions of this charter have been by the same violated or not; and whenever any committee, as aforesaid, shall find and report, or the President of the United States shall have reason to believe, that the charter has been violated, it may be lawful for Congress to direct, or the President to order a scire facias to be sued out of the circuit court of the district of Pennsylvania, in the name of the United States, (which shall be executed upon the president of the corporation for the time being, at least fifteen days before the commencement of the term of said court) calling on the said corporation to show cause wherefore the charter hereby granted, shall not be declared forfeited; and it shall be lawful for the said court, upon the return of the said scire facias, to examine into the truth of the alleged violation; and if such violation be made appear, then to pronounce and adjudge that the said charter is forfeited and annulled: Provided, however, Every issue of fact which may be joined between the United States and the corporation aforesaid, shall be tried by jury. And it shall be lawful for the court aforesaid to require the production of such of the books of the corporation as it may deem necessary for the ascertainment of the controverted facts; and the final judgment of the court aforesaid shall be examinable in the Supreme Court of the United States, by writ of error, and may be there reversed or affirmed, according to the usages of law.

Approved: April 10, 1816.

HOUSE OF REPRESENTATIVES, January 13, 1818.

The Speaker presented a memorial from the President and Directors of the Bank of the United States, praying that their act of incorporation may be so amended as to authorize the president and cashier of its several offices of discount and deposite to sign and countersign the notes to be issued at said offices; which was referred to a select committee, consisting of Mr. Ser

geant, Mr. Smith, of Md., Mr. Tallmadge, Mr. Robertson, of Kentucky, and Mr. Terrill.

JANUARY 20, 1818.

Mr. SERGEANT, from said committee, reported the following bill:

A BILL to amend the act, entitled "An act 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 the president, directors, and company, of the Bank of the United States, be, and they are hereby, authorized to dispense with the signatures of the president and, principal cashier of the Bank of the United States, to all such bills or notes as may be issued from the respective offices of discount and deposite, which are now, or may hereafter be, established, by the directors of the said corporation, according to law; and that it shall be lawful for the said corporation to authorize the presidents of the said offices, respectively, to sign, and the respective cashiers thereof to countersign, all such bills or notes as aforesaid; which said bills or notes, so signed and countersigned, shall be binding and obligatory upon the said corporation, in like manner, and to all intents and purposes, as fully and effectually as the bills or notes which have been, or may hereafter be, signed by the president, and countersigned by the principal cashier of the said bank, agreeably to the provisions of the act of incorporation: Provided, That nothing herein contained shall be construed to invalidate or impair the obligation and legal effect of any bill or note, signed by the president, and countersigned by the principal cashier of the said corporation, although the same may hereafter be issued from any office of discount and deposite of the said corporation, established according to law.

SEC. 2. And be it further enacted, That so much of the act, entitled “An act to incorporate the subscribers to the Bank of the United States, passed on the tenth day of April, one thousand eight hundred and sixteen, as is herein altered or supplied, and no more, be, and the same is hereby, repealed.

There was no further action on said bill.

IN SENATE, January 13, 1818.

A copy of the same memorial was presented in the Senate, and referred to the Committee on Finance, consisting of Mr. Campbell, Mr. Eppes, Mr. King, Mr. Talbot, and Mr. Macon.

On the 9th of April, Mr. CAMPBELL reported the following bill, excepting the proviso, which was added thereto, as an amendment:

A BILL in addition to "An act to incorporate the subscribers to the Bank of the United States."

Be it enacted, &c. That bills or notes which may be issued by order of “ the President, Directors, and Company, of the Bank of the United States, in of the twelfth rule of the eleventh section of the act incorporatpursuance ing the same, and signed by an assistant president, and assistant cashier, who shall have been appointed by the directors of the said corporation, for the special service of signing such bills and notes, shall be binding and obligatory upon the same, in like manner, and with like force and effect, as if the same were signed by the president, and countersigned by the principal cashier or treasurer thereof. Provided, always, That only one such assistant president, and assistant cashier, and, in case of death, resignation, or removal from office, their successors, respectively, be so appointed, for the special purpose

aforesaid.

This bill passed the Senate, but was indefinitely postponed in the House.

HOUSE OF REPRESENTATIVES, February 4, 1818.

On motion of Mr. FORSYTH,

"Resolved, That the Committee of Ways and Means be instructed to inquire whether the Bank of the United States is authorized by its charter, to receive as pledge, or security, for loans made to individuals, or corporations, a transfer of the public debt made to the bank, or to any officer thereof; and if, in their opinion, such transfers are not authorized by the act of incorporation, to report to the House some effectual mode of preventing them from bcing hereafter made."

On the 12th of March, Mr. LowNDES, from said committee, made the following report; which was read, and laid on the table:

The Committee of Ways and Means, to whom has been referred a resolution of the 4th of February, directing an inquiry into the legality of transfers of public debt, made to the Bank of the United States, to secure the payment of loans made to them, report:

That they do not perceive in the words or principles of the law incorporating the bank, any reason to object to the practice which they understand to prevail, of admitting as a substitute for personal security, that which results from a deposite of stock, with a power to sell it, when it may be necessary to enforce payment of the debt. If the object of the law, in limiting the articles in which the bank may trade, be to secure to the mercantile community the facilities which a large banking capital should offer, this practice will conform to such a design. If the object be (although this is not probable) to prevent the competition of the bank in the purchase of stock, and its consequent enhancement in price, although the practice may prevent the necessity of some sales, this beneficent effect, which may sometimes instigate commercial distress, cannot be objected to by a just and humane Government. Nor can it be objected to the practice in question, that it may enable the bank to throw into the market a quantity of stock, which would depress its value, since this would be to injure the bank as well as the Government, and since it implies an absolute power to dispose of the property, while the power of the bank is considered as contingent and temporary.

On the whole, the committee do not understand the practice to be one which gives to the bank an interest in the price of stock, or an opportunity of speculating in its rise or fall. It is substantially a security, which may be promptly enforced, useful to the merchant whose loans it facilitates, and to the bank whose debts it secures.

NOVEMBER 30, 1818.

Mr. Spencer's Resolution for an examination of the Bank of Philadelphia, as amended.

[See the original resolution, page 714, ante.]

On motion of Mr. M'LANE, the said resolution was amended, by striking out all thereof, from the words "violated or not," in the third line, until the end of the sentence terminating with the words "since its organization."On motion of Mr. LOWNDES, the words "to report thereon" were inserted after the words "United States," where they first occur.

Mr. BARBOUR moved further to amend, by striking out the following words: "that the said committee have leave to meet in the city of Philadelphia, and to remain there as long as may be necessary."

Which was disagreed to: ayes 34, noes 115.

The resolution, as amended, was agreed to in the following words:

Resolved, That a committee be appointed to inspect the books and examine into the proceedings of the Bank of the United States; to report thereon, and to report whether the provisions of its charter have been violated or not; that the said committee have leave to meet in the city of Philadelphia, and to