JANUARY 31, 1815. On proceeding to reconsider the bill, returned by the President, the said bill, and the objections of the President thereto, were read; when, after some debate, the further consideration thereof was, on motion of Mr. BARBOUR, postponed to Thursday next, by the following vote: For the postponement, - 16, . 13. FEBRUARY 2, 1815. The Senate resumed the consideration of the bill returned by the President of the United States, "to incorporate the subscribers to the Bank of the United States," together with his objections thereto; and, after some debate, the question was again put, "Shall the bill pass?" and decided as follows: YEAS-Messrs. Brown, Daggett, Dana, Fromentin, German, Giles, Goldsborough, Gore, Horsey, Hunter, King, Lambert, Mason, Tait, Thompson-15. NAYS-Messrs, Anderson, Barbour, Bibb, Barry, Chase, Condit, Gaillard, Kerr, Lacock, Morrow, Roberts, Robinson, Smith, Talbot, Taylor, Turner, Varnum, Wells, Wharton-19. So the Senate refused to pass the bill, (to do which, after the refusal of the President to sanction it, would have required the votes of two-thirds of all the members present) and the bill was therefore lost. FEBRUARY 6, 1815. Agreeably to notice on the 4th instant, Mr. BARBOUR, leave being given, introduced the following bill; which was read a second time: A Bill to incorporate the subscribers to the Bank of the United States of America. 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, the capital stock of which shall be fifty millions of dollars, and no more, divided into one hundred and twenty-five thousand shares, of four hundred dollars each share; and that subscriptions for forty millions of dollars, towards constituting the said capital stock, shall be opened on the first Monday of April next, at the following places, viz: at Portland, in Maine, Portsmouth, in New Hampshire, Windsor, in Vermont, Boston, Providence, New Haven, New York, New Brunswick, in New Jersey, Philadelphia, Baltimore, the city of Washington, Richmond, Raleigh, Charleston, Savannah, Lexington, in Kentucky, Nashville, in Tennessee, Chillicothe, in Ohio, and New Orleans, under the superintendence of the following persons, as commissioners to receive the same: at Portland, Matthew Cobb, Isaac Ilsley, Joshua Wingate, junior; at Portsmouth, John Goddard, Nathaniel A. Haven, Henry S. Langdon; at Windsor, Elias Lyman, William Leveret, Eleazar May; at Boston, Israel Thorndike. Thomas H. Perkins, William Gray, Aaron Hill, Samuel Brown; at Providence, Seth Wheaton, Ebenezer K.Dexter, Henry Smith; at New Haven, Abraham Bishop, William W.Woolsey, Henry Jones; at New York, Robert Troup, William Paulding, Junior, Robert Lenox, John Jacob Astor, Samuel Tooker, Isaac Bronson, Henry A. Coster; at New Brunswick, James Vanderpool, John Bray, Peter Gordon: at Philadelphia, Jared Ingersoll, Thomas M. Willing, Stephen Girard, Chandler Price, Anthony Taylor, John Sergeant, Cadwallader Evans; at Baltimore, James A. Buchanan, Henry Payson, William Wilson; at the city of Washington, John Mason, Robert Brent, John P. Van Ness; at Richmond, Benjamin Hatcher, John Brockenborough, John Preston; at Raleigh, Sherwood Haywood, Beverly Daniel, William Peace; at Charleston, John C. Faber, Thomas Jones, Stephen Elliot, Charles B. Cochran, Thomas Blackwood; at Savannah, John Bolton, Charles Harris, James Johnson; at Lexington, in Kentucky, Charles Wilkins, Lewis Sanders, John H. Morton; at Nashville, Robert Weakly Felix Grundy, John R. Bedford; at Chillicothe, Samuel Finley, Thos. James, Wm. M'Farland; at New Orleans, Dominick A. Hall, Benj. Morgan, Paul Lanuse, Thos. L. Harman, and Wm. Flood: which subscriptions shall continue open every day, from the time of opening the same, from ten o'clock, in the forenoon, until 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 fair 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 shall, within three days from the closing of the same, be, by the said commissioners, transmitted to the said commissioners at Philadelphia, or to one of them; and on the receipt thereof, the said commissioners at Philadelphia, or any three of them, shall immediately thereafter convene, and proceed to take an account of the said subscriptions; and if more than the amount of forty 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 and respective subscriptions: Provided, however, That such commissioners shall, by such apportionment, allow and - apportion to each subscriber, at least one share; and in case the aggregate amount of the said subscriptions shall exceed forty millions of dollars, the said 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 shall be transmitted to the commissioners, or to one of the commissioners, under whose superintendence such subscriptions were originally made, that the subscribers may ascertain from them the number of shares apportioned to such subscribers, respectively; and if the amount of forty millions of dollars shall not be subscribed during the period aforesaid, at all the places aforesaid, the subscription to complete the said sum shall afterwards be and remain open at Philadelphia, under the superintendence of the said commissioners appointed at that place, and the subscription may be then made by any corporation, copartnership, or person, for any number of shares not exceeding the amount required to complete the said sum of forty millions of dollars. And in case of the death, or refusal to serve, of any of the commissioners, aforesaid, it shall be lawful for the President of the United States to supply the vacancy or vacancies thus created, by appointing some suitable person or persons. Sec. 2. And be it further enacted, That it shall be lawful for any person, copartnership, or body politic, to subscribe for so many shares of the said capital stock of the said bank, as he, she, or they, shall think fit, not exceeding one thousand shares, except as is hereinafter provided for the subscription on behalf of the United States; and the sums respectively subscribed, except on behalf of the United States, as is hereinafter provided, shall be payable in the manner following, that is to say: five millions of dollars thereof, in gold or silver coin of the United States, or of foreign coin, at the value heretofore established by the act of Congress, entitled "An act regulating the currency of foreign coins," passed the tenth of April, one thousand eight hundred and six; fifteen millions of dollars, thereof, in gold or silver coin aforesaid, or in any of the six per cent, stock of the United States, heretofore created, or hereafter to be created, by virtue of any act of Congress, heretofore passed, authorizing a loan or loans; and twenty millions of dollars thereof in gold or silver coin, or in treasury notes, issued under the act of Congress, entitled "An act to authorize the issuing of treasury notes," passed the thirtieth day of June, one thousand eight hundred and twelve, or issued, or to be issued, under the authority of any subsequent act or acts of Congress, authorizing or which shall authorize, treasury notes to be issued, previously to the final closing of the subscriptions to the said bank. And the said payment shall be made and completed, in the sums, and at the times, hereinafter declared, that is so say: at the time of subscribing, there shall be paid ten dollars on each share, in gold or silver coin, forty dollars in the treasury notes aforesaid, and thirty dollars in the public debt of the United States, contracted or to be contracted as aforesaid. And payments to the same amount, and in the same proportions of specie, treasury notes, and public stock, as aforesaid, shall be made on each share at the expiration of three, six, nine, and twelve calendar months, from the time of subscribing. And the subscriptions in public stock and treasury notes, as aforesaid, shall be taken and credited for the principal and so much of the interest thereof, respectively, as shall have accrued on the day of subscribing the same. And at the time of subscribing to the capital stock of the said bank, as aforesaid, each and every subscriber shall deliver to the commissioners, at the place of subscribing, as well the specie amount of their subscriptions, respectively, as the certificates of stock for the stock proportion of their subscriptions, respectively, 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, directors, and company, of the said Bank of the United States of America," as soon as the said bank shall be organized, and, also, treasury notes for the proportion of the subscriptions, respectively, payable in treasury notes as aforesaid: Provided always, That if, in consequence of the apportionment of shares in the said bank among the subscribers, in the case and in the manner hereinbefore prescribed, any subscriber shall have delivered to the commissioners, at the time of subscribing, a greater amount of specie, stock, and treasury notes, than shall be necessary to complete the payments for the share or shares to such subscriber, apportioned as aforesaid, the commissioners shall only retain so much of the said money, stock, and treasury notes, as shall be necessary to complete such payments, and shall forthwith return, on application for the same, the surplus thereof to the subscriber lawfully entitled thereto. And the commissioners, respectively, shall deposite the gold and silver, certificates of stock, and treasury notes, by them respectively received as aforesaid from the subscribers to 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 said president, directors, and company, of the said Bank of the United States of America, or to their order, as soon as shall be required after the organization of the said bank. Sec. 3. And be it further enacted, That, at the opening of the subscriptions to the capital stock of the Bank of the United States of America, the Secretary of the Treasury shall subscribe, or cause to be subscribed, on behalf of the United States, to the said capital stock of the said bank, the amount of ten millions of dollars, to be paid in public stock, bearing an interest of four per cent. per annum, from the time of subscribing the same, and reedeemable in any sums, and at any periods, which the Government may deem fit; and the certificates of such public stock, the Secretary of the Treasury shall cause to be prepared and made in the usual form, and shall pay and deliver to the president and directors of the said bank, at the expiration of three calandar months, after the time of opening the said subscription to the capital stock of the said bank as aforesaid. Sec. 4. And be it further enacted, That whenever, and as often, as any of the treasury notes, subscribed as aforesaid, to the said capital stock of the said bank, shall be paid on such subscription, it shall be lawful for the Secretary of the Treasury (and he is hereby authorized and required) to pay and redeem the same, principal and interest, by causing certificates of public stock for an equal amount, bearing an interest of six per cent. per annum, and redeemable in any sums, and at any periods, which the Government may deem fit, to be prepared and made in the usual form, and the same to be delivered to the president and directors of the said bank, in satisfaction and discharge of such treasury notes. SEC. 5. And be it further enacted, That the subscribers to the said Bank of the United States of America, their successors and assigns, shal 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 of America," and shall so continue until the third day of March, in the year one thousand eight hundred and thirty-five; 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 dɔ; subject, nevertheless, to the rules, regulations, restrictions, limitations, and provisions, hereinafter prescribed and declared. SEC. 6. And be it further enacted, That, for the management of the affairs of the said corporation, there shall be twenty-five directors, who shall be elected at the banking house in Philadelphia, on the first Monday of February, in each year, by the stockholders or proprietors of the capital stock of the said corporation, and by a plurality of votes then and there actually given, according to the scale of voting hereinafter prescribed. And the directors, so duly chosen, shall be capable of serving, by virtue of such choice, until the end or expiration of the first Monday in February next ensuing the time of such election, and no longer: Provided, however, That there shall be no election for directors, other than to fill vacancies, until the first Monday in February, in the year one thousand eight hundred and sixteen; and that, in the mean time, William Gray and Thomas H. Perkins, of Massachusetts; James D'Wolf, of Rhode Island; Archibald Gracie, Robert Lenox, John G. Coster, Isaac Pierson, Augustus Wright, Samuel Tooker, New York; Jared Ingersoll, Stephen Girard, Thomas M. Willing, William Jones, Nicholas Biddle, Thomas Leiper, James C. Fisher, Chandler Price, Cadwallader Evans, Jacob G. Koch, of Pennsylvania; Robert Gilmor, James A. Buchanan, Isaac M'Kim, Dennis A. Smith, of Maryland; John P. Van Ness and Thomas Swann, of the District of Columbia, be, and they are hereby declared to be, directors of the said corporation. of SEC. 7. And be it further enacted, That, as soon as the sum of twenty millions of dollars, in gold and silver coin, and in the public debt and treasury notes, shall have been subscribed, and the first payment actually received on account of the subscriptions to the said capital stock, (exclusively of the subscription aforesaid, on the part of the United States) notice thereof shall be given by the persons under whose superintendence the subscriptions shall have been made at Philadelphia, to each of the directors aforesaid; and the persons herein before named to be the first directors, shall proceed to elect one of their number president of the said corporation, and they shall be capable of serving until the end and expiration of the first Monday of February, in the year one thousand eight hundred and sixteen; and shall forthwith commence the operations of the said bank, at the said city of Philadelphia: Provided always, That, in case it should, at any time, happen that an election of directors and president of the said corporation should not be made upon any day when, in pursuance of this act, they ought to be 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 and president of the said corporation, (as the case may be) in such manner as shall have been regulated by the by-laws and ordinances of the said corporation; and until such election be so made, the directors and president, for the time being, shall continue in office: And provided, also, That, in case of the death, resignation, or removal of the president of the said corporation, the directors shall proceed to elect another president: And provided, also, That, in case of the death, resignation, or absence from the United States, or removal of a director from office, the vacancy shall be supplied by the stockholders. SEC. 8. And be it further enacted, That the directors, for the time being, shall have power to appoint such officers, clerks, and servants, under them, as shall be necessary for executing the business of the said corporation, and to allow them such compensation for their services, rsepectively, 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 prescribed, fixed, and determined, by the laws, regulations, and ordinances, of the same. SEC. 9. And be it further enacted, That the following rules, restrictions, limitations, and provisions, shall form and be fundamental articles of the constitution of the said corporation, to wit: 1. The number of votes to which the stockholders shall be entitled, in voting for directors, shall be according to the number of shares he, she, or they, respectively, shall hold, in the proportions following, that is to say: for one share and not more than two shares, one vote; for every two shares above two and not exceeding 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, copartnership, or body politic, shall be entitled to a greater number than thirty votes; and no share or shares shall confer a right of voting, which shall not have been holden three calendar months previous to the day of election. And stockholders actually resident within the United States or the territories thereof, and none other, may vote in elections by proxy. 2. Not more than three-fourths of the directors in office at the time of an annual election, shall be elected for the next succeeding year, and no person shall be a director more than two out of three years; but the director who shall be the president at the time of an election, may always be re-elected. 3. None but a resident citizen of the United States, and holding, at the time of his election, not less than ten shares bona fide in his own right, shall be a director; and if any director shall cease to be a stockholder to that amount, he shall cease to be a director. 4. No director shall be entitled to any emolument. The stockholders may make such compensation to the president, for his extraordinary attendance at the bank, as shall appear to them reasonable. 5. Not less than seven directors shall constitute a board for the transaction 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 depute for the purpose. And the director so deputed, may do and transact all the necessary business belonging to the office of the president of the said corporation, during the continuance of the sickness or necessary absence of the president. 6. A number of stockholders, not less than sixty, who, together, shall be proprieters of one thousand shares or upwards, shall have power, at any time, to call a general meeting of the stockholders, for purposes relative to the institution, giving at least ten weeks' notice in two public newspapers of the place where the bank is seated, and specifying, in such notice, the object or objects of such meeting. 7. Every cashier or treasurer, before he enters upon the duties of 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 a condition for his good behavior and the faithful performance of his duties to the corporation. 8. The lands, tenements, and hereditaments, which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation in relation to the convenient 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 |