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STATUTE III.
Feb. 9, 1791. Chap. V.-An Act declaring the consent of Congress to a certain act of the state

of Maryland. [Expired.) Be it enacted by the Senate and House of Representatives of the Consent to an

United States of America in Congress assembled, That the consent of act of Maryland.

Congress be, and is hereby granted and declared to the operation of an act of the General Assembly of Maryland, made and passed at a session begun and held at the city of Annapolis, on the first Monday in November last, intituled “An act to empower the wardens of the port

of Baltimore to levy and collect the duty therein mentioned," until the Limitation. tenth day of January next, and from thence until the end of the then

Act of March next session of Congress, and no longer. 19, 1792.

APPROVED, February 9, 1791.

STATUTE III.

Feb. 11, 1791. CHAP. VI.-An Act making appropriations for the support nf Government

during the year one thousand seven hundred and ninety-one, and for other (Expired.]

purposcs. Appropriations Be it enacted by the Senate and House of Representatives of the of money for, United States of America in Congress assembled, That there be ap

propriated the several sums, and for the several purposes following, to wit: A sum not exceeding two hundred and ninety-nine thousand two hundred and seventy-six dollars and fifty-three cents, for defraying the expenses of the civil list, as estimated by the Secretary of the Treasury, in the statement, number one, accompanying his report to the House of Representatives of the sixth instant, including the contingencies of

the several executive officers, and of the two Houses of Congress, which certain specified are hereby authorized and granted: a sum not exceeding fifty thousand purposes ; seven hundred and fifty-six dollars and fifty-three cents, for satisfying

the several objects specified in the statement, number two, accompanying the report aforesaid, all such whereof, as may not have been heretofore provided for by law, being hereby authorized : and a sum not exceed

ing three hundred and ninety thousand one hundred and ninety-nine department of dollars and fifty-four cents, for the use of the department of war, purwar;

suant to the statement, number three, accompanying the report aforesaid, including therein the sum of one hundred thousand dollars, for defraying the expenses of an expedition lately carried on against certain Indian

tribes; and the sum of eighty-seven thousand four hundred and sixtypensions to in three dollars and sixty cents, being the amount of one year's pensions valids; and to invalids, together with the contingencies of the said department,

which are hereby authorized: Which several sums shall be paid out of out funds payable. of what the funds following, namely, The sum of six hundred thousand dollars,

which, by the act, intituled “ An act making provision for the debt of

the United States,” is reserved yearly for the support of the government 1790, ch. 34. of the United States, and their common defence; the amount of such

surpluses as may remain in the treasury, after satisfying the purposes for

which appropriations were made, by the acts respectively, intituled “ An 1789, ch. 23. act making appropriations for the service of the present year,” passed

the twenty-ninth day of September, one thousand seven hundred and eighty-nine; “An act making appropriations for the support of government for the year one thousand seven hundred and ninety," passed the

twenty-sixth day of March, one thousand seven hundred and ninety; 1790, ch. 46. "An act making certain appropriations therein mentioned," passed the

twelfth day of August, one thousand seven hundred and ninety, and the product, during the present year, of such duties as shall be laid in the present session of Congress.

APPROVED, February 11, 1791.

1790, ch. 4.

STATUTE III.

CHAP. VII.-An Act for the admission of the State of Vermont into this

Union,

Feb. 18, 1791,

The state of Vermont having petitioned the Congress to be admitted State of Ver. a member of the United States, Be it enacted by the Senate and House mont to be adof Representatives of the United States of America in Congress assem

mitted into the

Union, 4th Bled, and it is hereby enacted and declared, That on the fourth day of March, 1791. March, one thousand seven hundred and ninety-one, the said state, by the name and style of “The State of Vermont,” shall be received and admitted into this Union, as a new and entire member of the United States of America. APPROVED, February 18, 1791.

STATUTE III.

Con.

CHAP. VIII.-An Act to continue in force, for a limited time, an act passed at Feb. 18, 1791.

the first Session of Congress, intituled An act to regulate processes in the Conerts of the United States."(a)

(Repealed.] Be it enacted by the Senate and House of Representatives of the United

1792, ch. 36. States of America in Congress assembled, That an act passed on the

Former act

declared to be twenty-ninth day of September, in the year one thousand seven hun

in force till the dred and eighty-nine, intituled, “ An act to regulate processes in the end of next ses. courts of the United States,” shall be, and the same hereby is continued sion of in force, until the end of the next session of Congress, and no longer.

gress.

1789, ch. 21. APPROVED, February 18, 1791.

STATUTE III. Chap. IX.-An Act regulating the number of Representatives to be chosen by the

Feb. 25, 1791. States of Kentucky and Vermont.

(Obsolete.] Be it enacted by the Senate and House of Representatives of the United Kentucky and States of America in Congress assembled, That until the Representa- Vermont enti

two . tives in Congress shall be apportioned according to an actual enumera

presentatives. tion of the inhabitants of the United States, the states of Kentucky and Act of April Vermont shall each be entitled to choose two Representatives.

14, 1792, ch. 23. APPROVED, February 25, 1791.

STATUTE III. CHAP, X.-An Act to incorporate the subscribers to the Bank of the United Feb. 25, 1791.

States.(b) WHEREAS it is conceived that the establishment of a bank for the [Expired.) United States, upon a foundation sufficiently extensive to answer the Preamble, purposes intended thereby, and at the same time upon the principles which afford adequate security for an upright and prudent administration thereof, will be very conducive to the successful conducting of the national finances; will tend to give facility to the obtaining of loans, for the use of the government, in sudden emergencies; and will be productive of considerable advantages to trade and industry in general: Therefore,

Establishment Section 1. Be it enacted by the Senate and House of Representatives

of a Bank of the of the United States of America in Congress assembled, That a bank u. States, and of the United States shall be established; the capital stock whereof shall amount and di.

vision of its not exceed ten millions of dollars, divided into twenty-five thousand

stock, and time shares, each share being four hundred dollars; and that subscriptions, of subscribing.

(a) Act of September 29, 1789; act of May 8, 1792, chap. 36, sec. 8.

(6) The acts relating to a Bank of the United States in addition to this act, have been : Act of March 2, 1791, chap. 11; act of June 27, 1798; act of March 23, 1804.

Authorizing the establishing of offices of discount and deposit in any of the territories of the United States : Act of March 23, 1804. See acts, 1812, chap. 43; act of April 10, 1816; act of March 3, 1817; act of March 3, 1819; act of April 11, 1836 ; act of April 20, 1836; act of June 15, 1836 ; act of June 23, 1836; resolution March 3, 1837.

towards constituting the said stock, shall, on the first Monday of April next, be opened at the city of Philadelphia, under the superintendence of such persons, not less than three, as shall be appointed for that pur

pose by the President of the United States (who is hereby empowered Act of March to appoint the said persons accordingly); which subscriptions shall 2, 1791, ch. 11. continue open, until the whole of the said stock shall have been sub

scribed.(a) By whom to Sec. 2. And be it further enacted, That it shall be lawful for any be subscribed.

person, co-partnership, or body politic, to subscribe for such or so many shares, as he, she, or they shall think fit, not exceeding one thousand,

except as shall be hereafter directed relatively to the United States; and Proportions of that the sums, respectively subscribed, except on behalf of the United gold and silver States, shall be payable one fourth in gold and silver, and three fourths debt to be sub. in that part of the public debt, which, according to the loan proposed scribed, and in the fourth and fifteenth sections of the act, entitled "An act making

provision for the debt of the United States,” shall bear an accruing interest, at the time of payment, of six per centum per annum, and shall

also be payable in four equal parts, in the aforesaid ratio of specie to when to be paid. debt, at the distance of six calendar months from each other; the first

whereof shall be paid at the time of subscription. Subscribers to Sec. 3. And be it further enacted, That all those, who shall become be a body po- subscribers to the said bank, their successors and assigns, shall be, and

are hereby created and made a corporation and body politic, by the By what name name and style of The President, Directors and Company, of the Bank and how long to of the United States; and shall so continue, until the fourth day of continue,

March, one thousand eight hundred and eleven: And by that name,

shall be, and are hereby made able and capable in law, to have, purPowers. chase, receive, possess, enjoy, and retain to them and their successors,

lands, rents, tenements, hereditaments, goods, chattels and effects of what

kind, nature or quality soever, to an amount, not exceeding in the whole Limitation of fifteen millions of dollars, including the amount of the capital stock stock.

aforesaid; and the same to sell, grant, demise, aliene or dispose of; to sue and be sued, plead and be impleaded, answer and be answered, de

fend and be defended, in courts of record, or any other place whatsoTo have a seal, ever: 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 establish and put in execution, such by-laws, ordinances and regulations, as shall by-laws.

seem necessary and convenient for the government of the said corporation, not being contrary to law, or to the constitution thereof (for which purpose, general meetings of the stockholders shall and may be called by the directors, and in the manner herein after specified), and generally to do and execute all and singular acts, matters and things, which to them it shall or may appertain to do; subject nevertheless to the rules, regulations, restrictions, limitations and provisions herein after prescribed and

declared. Number, and Sec. 4. And be it further (nacted, That, for the well ordering of time of electing the affairs of the said corporation, there shall be twenty-five directors;

of whom there shall be an election on the first Monday of January in each year, by the stockholders or proprietors of the capital stock of the said corporation, and by plurality of the votes actually given; and those who shall be duly chosen at any election, shall be capable of serving as directors, by virtue of such choice, until the end or expiration of the

(a) Congress has power to incorporate a bank ; and the act of April 10, 1816, to incorporate the subscribers to the Bank of the United States, is a law made in pursuance of the constitution. M‘Culloch v. The State of Maryland, 4 Wheat. 316; 4 Cond. Rep. 466.

The Bank of the United States has constitutionally a right to establish branches or offices of discount and deposit within any state. Ibid.

A state cannot tax the Bank of the United States, and any attempt by the officers or courts of the state to enforce a law laying a tax upon the property of the Bank, may be restrained by injunction. Os. borne v. The Bank of the United States, 9 Wheat. 738; 5 Cond. Rep. 741.

Directors to

&c.

Monday of January next ensuing the time of such election, and no longer. And the said directors, at their first meeting after each elec- And of a presic tion, shall choose one of their number as President.

dent. Sec. 5. Provided always, and be it further enacted, That, as soon as Proviso. the sum of four hundred thousand dollars, in gold and silver, shall have been actually received on account of the subscriptions to the said stock, When $400, notice thereof shall be given, by the persons under whose superin

000 in gold or

silver shall be tendence the same shall have been made, in at least two public gazettes subscribed, noprinted in the city of Philadelphia; and the said persons shall, at the tice be given,

&c. same time in like manner, notify a time and place within the said city, at the distance of ninety days from the time of such notification, for proceeding to the election of directors; and it shall be lawful for such How directors election to be then and there made; and the persons, who shall then shall be chosen,

and time of serand there be chosen, shall be the first directors, and shall be capable of

vice. serving, by virtue of such choice, until the end or expiration of the Monday in January next ensuing the time of making the same, and shall forthwith thereafter commence the operations of the said bank, at the said city of Philadelphia. And provided further, That, in case it should at any time happen, that an election of directors should not be made upon any day when pursuant to this act it ought to have been made, the said corporation shall not, for that cause, be deemed to be dissolved; but it shall be lawful, on any other day, to hold and make an election of directors in such manner as shall have been regulated by the laws and ordinances of the said corporation. And provided lastly, That, in case of the death, resignation, absence from the United States, or Vacancies fillremoval of a director by the stockholders, his place may be filled up, by ed up. a new choice, for the remainder of the year.

Sec. 6. And be it further enacted, That the directors for the time being shall have power to appoint such officers, clerks, and servants appoint officers, under them, as shall be necessary for executing the business of the said corporation, and to allow them such compensation, for their services respectively, as shall be reasonable; and shall be capable of exercising such other powers and authorities, for the well governing and ordering of the affairs of the said corporation, as shall be described, fixed, and determined by the laws, regulations, and ordinances of the same.

Sec. 7. And be it further enacted, That the following rules, restric- Articles of tions, limitations and provisions, shall form and be fundamental articles constitution. of the constitution of the said corporation, viz. I. The number of votes to which each stockholder shall be entitled, Stockholders

how to vote, in shall be according to the number of shares he shall hold, in the propor- what proportion tions following: That is to say, for one share, and not more than two to sum subscribshares, one vote: for every two shares above two, and not exceeding ed, and ten, one vote: for every four shares above ten, and not exceeding thirty, one vote: for every six shares above thirty, and not exceeding sixty, one vote: for every eight shares above sixty, and not exceeding one hundred, one vote: and for every ten shares above one hundred, one vote :-But no person, co-partnership, or body politic shall be entitled to a greater number than thirty votes. And after the first election, no share or shares shall confera right of suffrage, which shall not have been holden three calendar months previous to the day of election. Stockholders in certain cases actually resident within the United States, and none other, may vote in may vote by elections by proxy.

proxy. II. Not more than three fourths of the directors in office, exclusive of Number of the president, shall be eligible for the next succeeding year: but the electors eligible

for ensuing director, who shall be president at the time of an election, may always

year,

and be re-elected.

III. None but a stockholder, being a citizen of the United States, who as direcshall be eligible as a director. IV. No director shall be entitled to any emolument, unless the same Vol. 1.-25

R

tors.

Compensation shall have been allowed by the stockholders at a general meeting. The to be allowed,

stockholders shall make such compensation to the president, for his extraordinary attendance at the bank, as shall appear to them reason

able. How to con- V. Not less than seven directors shall constitute a board for the transstilute a board. action of business, of whom, the president shall always be one, except

in case of sickness, or necessary absence; in which case his place may be supplied by any other director, whom he, by writing under his hand,

shall nominate for the purpose. Number of

VI. Any number of stockholders, not less than sixty, who, together, stockholders

shall be proprietors of two hundred shares or upwards, shall have power empowered to call a meeting,

at any time to call a general meeting of the stockholders, for purposes &c.

relative to the institution, giving at least ten weeks notice, in two public gazettes of the place where the bank is kept, and specifying, in such

notice, the object or objects of such meeting. Cashier and VII. Every cashier or treasurer, before he enters upon the duties of treasurer to give his office, shall be required to give bond, with two or more sureties, to

the satisfaction of the directors, in a sum not less than fifty thousand

dollars, with condition for his good behaviour. Limitation of VIII. The lands, tenements and hereditaments which it shall be lawproperty;

ful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation in relation to the convénient transacting of its business, and such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales

upon judgments which shall have been obtained for such debts. and of debts IX. The total amount of the debts, which the said corporation shall they shall at any at any time owe, whether by bond, bili, note, or other contract, shall not .

exceed the sum of ten millions of dollars, over and above the monies then actually deposited in the bank for safe keeping, unless the contract

ing of any greater debt shall have been previously authorized by a law In case of ex. of the United States. In case of excess, the directors, under whose accountable in administration it shall happen, shall be liable for the same, in their private capaci- natural and private capacities; and an action of debt may, in such ties and

case, be brought against them, or any of them, their or any of their heirs, executors or administrators, in any court of record of the United

States, or of either of them, by any creditor or creditors of the said may be prose- corporation, and may be prosecuted to judgment and execution; any cuted.

condition, covenant, or agreement to the contrary notwithstanding. But this shall not be construed to exempt the said corporation, or the

lands, tenements, goods or chattels of the same, from being also liable Exception in for and chargeable with the said excess. Such of the said directors, tees at time of who may have been absent when the said excess was contracted or

created, or who may have dissented from the resolution or act whereby the same was so contracted or created, may respectively exonerate themselves from being so liable, by forthwith giving notice of the fact, and of their absence or dissent, to the President of the United States, and to the stockholders, at a general meeting, which they shall have power

to call for that purpose. Corporation X. The said corporation may sell any part of the public debt whereof may sell public its stock shall be composed, but shall not be at liberty to purchase any of its stock, but public debt whatsoever; nor shall directly or indirectly deal or trade in not purchase, any thing, except bills of exchange, gold or silver bullion, or in the sale &c.

of goods really and truly pledged for money lent and not redeemed in and take not due time; or of goods which shall be the produce of its lands. Neither more than 6 per shall the said corporation take more than at the rate of six per centum cent. per an.

per annum, for or upon its loans or discounts.

XI. No loan shall be made by the said corporation, for the use or on account of the government of the United States, to an amount exceed.

excess.

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