The Debates and Proceedings in the Congress of the United States, Thirteenth Congress, First and Second Sessions Page: 1,583
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1083
HISTORY OF CONGRESS.
H. op R.
National Bank.
1584
February, 1814.
ble and chargeable for such excess; but such of the
said directors as shall have been absent when the said
excess "was contracted, or who may have dissented
from the resolution or act whereby the same was so
created, shall not be liable.
Sec. 11. Be it farther enacted, That the officer at
the head of the Treasury Department of the United
States shall be furnished, from time to time, as often
as he may require, not exceedihg once a week, with
statements of the amount of the capital stock of the
said corporation, and of the debts due to the same, of
the moneys deposited therein, of the notes in circula-
tion, and of the cash in hand ; and shall have a right to
inspect such general accounts in the books of the bank
as shall relate to the said statements: Provided, That
this shall not be construed to imply a right of inspect-
ing the account of any private individual or individuals
with the bank.
, Sec. 12. Be it further enacted, That the corporation
hereby created shall loan to the United States, over and
above the amount loaned them for the payment of their
subscription to the capital stock of said company, such
v.sum or sums of money as may be required, so that the
'whole amount owing therefor by the United States to
the said bank shall not exceed, at any one time, the
sum of fifteen millions of dollars, exclusive of the mo-
ney loaned for making the said payment; and for the
amount of the said loan or loans the United States shall
issue a transferable stock, on the same terms and con-
ditions as the loan for seven and a half millions was ob-
tained, in pursuance of the act, entitled "An act author-
izing a loan, for a sum not exceeding seven millions five
hundred thousand dollars:" Provided, however, That
all loans made to the United States by the said bank
shall be fully paid and discharged, with the interest due
thereon, at least one year before the time hereinbefore
limited for the duration of this corporation: And pro-
vided further, That such incorporation shall continue
until one year after such loans are paid, anything in
this act to the contrary notwithstanding.
. Sec. 13. Be it further enacted, That the said cor-
poration shall not demand any greater interest for any
loan or discount than at the rate of seven per cent, per
annum; such interest payable in advance. And half-
yearly dividends shall be made of so much of the pro-
fits of the bank as shall appear to the directors advisa-
ble; and once in every three years the directors shall
lay before the stockholders, at a general meeting, for
their information, an exact and particular statement of
the debts which shall have remained unpaid after the
expiration of the original credit, and of the surplus of
profit, if any, after deducting losses and dividends. If
there shall be a failure in the payment of any part of
any sum subscribed by any person, copartnership, or
body politic, the party failing shall lose the benefit of
any dividend which may have accrued prior to the
time for making such payment, and during the delay
of the same.
Sec. 14. Be it further enacted, That the bills, oblig-
atory and of credit, under the seal of the said corpora-
tion, which shall be made to any person or persons,
shall be assignable by endorsement thereon, under the
hand or hands of such person, and of his, her, or their
assignee or assignees, and so as absolutely to transfer
and vest the property thereof in each and every as-
signee or assignees respectively, and to enable such as-
signee or assignees to bring and maintain an action
, his> her, or their own name or names.
Ana bills or notes which may be issued by order of the
said corporation, shall be binding and obligatory upon
the same in like manner, and with like force and ef-
fect, as upon any private person or persons, if issued
by him or them in his, her, or their private or natural
capacity or capacities, and shall be assignable and ne-
gotiable in like manner as if they were so issued by
such private person or persons; that is to say, those
which shall be payable to any person or persons, his,
her, or their order, shall be assignable by endorsement
thereupon, in like manner, and with like effect, as for-
eign bills of exchange now are ; and those which are
payable to bearer shall be negotiable and assignable by
delivery only.
Sec. 15. 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 pur-
porting to be, a bill or note issued by order of the pres-
ident, directors, and company of theNational Bank, or
any order or check of the said bank or corporation, or
any cashier thereof; or shall falsely alter, or procure to
be falsely altered, or willingly aid or assist in falsely
altering, any bill or note issued by order of the presi-
dent, directors, and company of the National Bank, or
any order or check on the said corporation, or any
cashier thereof; or shall pass, utter, or publish, as
true, any false, forged, or counterfeited bill or note, pur-
porting to be a bill or note issued by order of the pres-
ident, directors, and company of the National Bank;
or any false, forged, or counterfeited order or check
upon the said bank or corporation, or any cashier there-
of, knowing the same to be falsely forged or counter-
feited, or shall pass, utter, or publish, as true, 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 National Bank; or any falsely alter-
ed order or check on the said back 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, every such person shall
be deemed and adjudged guilty of felony, and being
thereof convicted, by due course of law, shall be sen-
tenced to be imprisoned and kept to hard labor for a
period not less than three years nor more than twenty
years, or shall be imprisoned not exceeding twenty
years, and fined not exceeding five thousand dollars;
Provided, That nothing herein contained shall be con-
strued to deprive the courts of the individual States of
a jurisdiction, under the laws of the several States, over
the offence declared punishable by this act.
Sec. 16. Be it further enacted, That the bills or
notes of the said corporation, payable on demand, shall
be receivable in all payments to the United States; and
that after the present session of Congress no other
bank shall be established by any future law of the
United States, during the continuance of the corpora-
tion hereby created; for which the faith of the United
States is hereby pledged: Provided, however, That
nothing herein contained shall be construed to prevent
the renewal of the charters of any banks now incorpo-
rated in the District of Columbia.
Sec. 17. Be it further enacted, That if the corpora-
tion hereby created shall be dissolved by limitation of
time or otherwise, it shall be lawful for the president
and directors thereof, for the time being, to sue and be
sued in any court or place by their corporate name, for
and upon any cause, matter, or thing, arising previous
to such dissolution, in like manner as they might have
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Gales and Seaton. The Debates and Proceedings in the Congress of the United States, Thirteenth Congress, First and Second Sessions, book, 1854; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc30354/m1/74/: accessed April 24, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.