NO. 8. VOL. 1.] WASHINGTON, SATURDAY, APRIL 20, 1816. [WHOLE NO. 8. PUBLISHED WEEKLY, BY JOEL K. MEAD, AT FIVE DOLLARS PER ANNUM. A HINT TO CONGRESS. Respect to the memory of those who have distinguished themselves in the service of their country, either by liberal rewards, when living, or by marble monuments when dead, is not only dictated by the nobler feelings of the human heart; but likewise equally, by the principles of justice and of sound policy. Nor do we see, what superior claim statesmen, and heroes, have over the other classes of our fellow citizens, who do their country honorable service. A man who wields the destinies of his country in the cabinet, or reaps the laurels in the field, it is true, stands in a more dazzling and prominent point of view than his fellow citizens, and this popularity is in a great measure, its own reward. Still, we are at a loss to conceive, why the author of a useful invention, who contributes to the ease and comforts of this transitory life, why those who extend the sphere of useful knowledge by discoveries in the arts and sciences; why those who may be said to prolong our existence by successful researches in medicine, or by so doing soothe the agonies of a dying hour-why he who makes a conquest in the empire of letters, and carries his serene and bloodless triumphs into the regions of the muses; why he who embodies our shadows upon canvass, and teaches them to survive our natural existence; why he who gives to human forms a still more durable existence in almost breathing marble, we say that we can conceive no reason, why all or any of these are not equally entitled to their countries homage, as those who occupy the more splendid ranks of statesmen and of heroes. We look at this Zmatter in too confined a view, when we consider such questions locally; such rewards and honors are not distributed so much to the particular indi viduals who have earned them; as to excite an honorable spirit of competition amongst others; they are given that the country may know her own strength; they are given to establish a permanent fund, on which we may rely for resources, in the hour of necessity. We think then that it is of the first importance in a young and rising country to diversify such rewards. As the case stands at present, the aspiring ambition of our youth is directed to feats of military, or of naval enterprize. || Here our young men are sure of enjoying that popular sensibility, so exquisitely alive to the touch of victory. Ever may such generous and Vol. I. H. noble souls reap the full harvest of honor! But the question recurs, what will be the consequence if all the effusions of popular sympathy are exclusively poured through such channels? the answer is easy; we shall be a nation of warriors and nothing else. We shall always be engaged in broils with foreign nations, and our government will be compelled to declare war, with, or without, any cause, to give exercise and employment to such fiery and restless spirits. Peace and the charms of social life will become strangers to our bosoms. If the statesman only is allowed to participate with our heroes in such rewards and honors, the ambition of our youth will be exclu sively directed to politics and to arms. Considering then the peculiar structure of our government, we may always expect, either foreign war, or broil, tumult and uproar at home. We certainly have no reason to complain that we have not already politicians enough: the great cause of our domestic feuds and animosities is, that there are by far too many. Every man is, more or less, a politician. The two great parties which agitate our country, are themselves divided into sections, and sub-sections, and these are again divided, until the whole continent is filled with various, compounding and contradictory uproar. Now what we propose is, that this torrent of popular sympathy that now flows like a cataract through one channel, and carries all before it, should be directed into gentle rivulets, so that the face of the whole continent may be invigorated and refreshed. If the present plan of policy is continued, we may indeed be led to glorious feats of martial or naval enterprise; but to procure this, we must haye war with all its horrors, its pains, its privations, and its consuming glories. It is prudent and wise, in cases like the present, to take counsel from foreign nations. Westminster-abbey has become the august repository of whatever has ennobled England in the arts and sciences, in legislation or in arms. ashes of Pope and of Milton, repose by the side of the proudest kings and conquerors. We have made these remarks, not in the spirit of partynot to invite invidious comparisons between the relative merits of our countrymen; but with a sincere desire to improve such honorable sensibility to the lasting benefit of our common coun try. The AN ACT duct the amount of such excess from the largest subscriptions, in such manner as that no subscrip To incorporate the subscribers to the Bank of the tion shall be reduced in amount, while any one 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. 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 shall be subscribed and paid for by individuals, companies, or corporations, in the manner hereinafter specified. : 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 exceeeding in the whole the amount required to complete the said sum of twentyeight millions of dollars. remains larger: provided that, if the subscriptions taken at either of the places aforesaid, shall not exceed three thousand shares, there shall be no reduction of such subscriptions; nor shall, in any case, the subscriptions taken at either of the places aforesaid, be reduced below that amount. 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. of them, under whose superintendence such sub scriptions were originally made, that the subscribers may thereby ascertain the number of ahares SEC. 2. And be it further enacted, That subscrip- to them respectively apportioned as aforesaid. tions for the sum of twenty-eight millions of And in case the aggregate amount of the said subdollars, towards constituting the capital of the scriptions made during the period aforesaid, at all said bank, shall be opened on the first Monday in the places aforesaid, shall not amount to twentyJuly next, at the following places that is to say, eight millions of dollars, the subscriptions to comat Portland, in the district of Maine, at Ports-plete the said sum, shall be and remain open at mouth, in the state of New-Hampshire, at Boston, in the state of Massachusetts, at Providence, in the state of Rhode Island, at Middletown, in the state of Connecticut, at Burlington, in the state of Vermont, at New-York, in the state of New-York, at New-Brunswick, in the state of New-Jersey, at Philadelphia, in the state of Pennsylvania, at Wilmington, in the state of Delaware, at BaltiSEC. 3. And be it further enacted, That it shall more, in the state of Maryland, at Richmond, in be lawful for any individual, company, corporation, the state of Virginia, at Lexington, in the state of or state, when the subscriptions shall be opened Kentucky, at Cincinnati, in the state of Ohio, at as herein before directed, to subscribe for any Raleigh, in the state of North Carolina, at Nash-number of shares of the capital of the said bank, ville, 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 five commissioners at Philadelphia, and of three commissioners at each of the other places aforesaid, to be appointed 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, for the term of twenty days, exclusive of Sundays, 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 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 de not exceeding three thousand shares, and the the payments of the said subscriptions shall be or bullion, the funded debt subscribed to the capimade and completed by the subscribers, respec-tal of the said bank as aforesaid: Provided always, tively, at the times and in the manner following: That they shall not sell more thereof, than the sum that is to say, at the time of subscribing there of two millions of dollars in any one year; nor sell shall be paid five dollars on each share, in gold any part thereof at any time within the United States, or silver coin as aforesaid, and twenty-five dollars without previously giving notice of their intention more in coin as aforesaid, or in funded debt as to the secretary of the treasury, and offering the aforesaid; at the expiration of six calendar months same to the United States, for the period of fifteen after the time of subscribing, there shall be paid days at least, at the current price, not exceeding the further sum of ten dollars on each share, in the rates aforesaid. 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 ten 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. time of making such payment on account of the said subscription, 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 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, on the first day of January, one thousand eight hundred and seventeen, which said stock it shall be lawful for the said president, directors, and company to sell and transfer for gold and silver coin or bullion at their discretion: Provided, they shall not sell more than two millions of dollars thereof in any one year. SEC. 6. And be it futher 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 subsribed, on behalf of the United States, the said number of seventy thousand shares, amounting to seven millions of dollars as aforesaid, to be paid in gold or silver coin, or in stock of the United States, bearing interest at the Sec. 4. And be it further enacted, That at the rate of five per centum per annum and if payment time of subscribing to the capital of the said bank thereof, or of any part thereof be made in public as aforesaid, each and every subscriber shall deliv-stock, bearing interest as aforesaid, the said interest er to the commissioners, at the place of subscrib-shall be payable quarterly, to commence from the ing, 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, directors, and company of the bank of the United States," 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 herein before 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 necessary to com- SEC. 7. And be it further enacted, That the subplete the payments for the share or shares to such scribers to the said bank of the United States of subscribers apportioned as aforesaid, the commis- America, their successors and assigns, shall be, and sioners shall only retain so much of the said gold or are hereby created, a corporation and body politic, silver coin, and funded debt, as shall be necessary by the name and style of "The president, directors, to complete such payments, and shall forthwith re- and company of the bank of the United States," turn the surplus thereof, on application for the and shall so continue until the third day of March, same, to the subscribers lawfully entitled thereto. in the year one thousand eight hundred and thirtyAnd the commissioners respectively shall deposite six, and by that name shall be, and are hereby made the gold and silver coin, and certificates of public able and capable, in law, to have, purchase, receive, debt by them respectively received as aforesaid, possess, enjoy and retain to them and their sucfrom the subscribers to the capital of the said bank, cessors, lands, rents, tenements, hereditaments, in some place of secure and safe keeping, so that || goods, chattles and effects, of whatsoever kind, nathe same may and shall be specifically delivered, ture and quality, to an amount not exceeding, in and transferred, as the same were by them respec- the whole, fifty-five millions of dollars, including tively received, to the president, directors, and com- the amount of the capital stock aforesaid; and the pany of the bank of the United States, or to their same to sell, grant, demise, alien or dispose of; to order, as soon as shall be required after the organ-sue and be sued, plead and be impleaded, answer ization of the said bank. And the said commis- and be answered, defend and be defended, in all signers appointed to superintend the subscriptions state courts having competent jurisdiction, and in to the capital of the said bank as aforesaid, shall re- any circuit court of the United States: and also to ceive a reasonable compensation for their services make, have, and use a common seal, and the same respectively, and shall be allowed all reasonable to break, alter and renew, at their pleasure: and charges and expenses incurred in the execution of also to ordain, establish and put in execution, such their trust, to be paid by the president, directors, by-laws, and ordinances, and regulations, as they and company of the bank, out of the funds thereof. shall deem necessary and convenient for the govSec. 5. And be it further enacted, That it shall ernment of the said corporation, not being contrary be lawful for the United States to pay and redeem to the constitution thereof, or the laws of the Unitthe funded debt subscribed to the capital of the said ed States: and generally to do and execute all and bank, at the rates aforesaid, in such sums, and at singular the acts, matters and things, which to them such times as shall be deemed expedient, any thing it shall or may appertain to do; subject, neverthein any act or acts of congress to the contrary there-less, to the rules, regulations, restrictions, limitaof notwithstanding. And it shall also be lawful for tions, and provisions hereinafter prescribed and dethe president, directors, and company of the said clared. bank, to sell and transfer for gold and silver coin, least two newspapers printed in each of the places (if so many be printed in such places respectively) where subscriptions shall have been made, and the said persons shall, at the same time and in like manner, notify a time and place within the said city of Philadelphia, at the distance of at least thirty days from the time of such notification, for proceeding to the election of twenty directors as aforesaid, and it shall be lawful for such eleċtion to be then and there made. And the president of the United States is hereby authorized during the present session of congress, to nomi the senate, to appoint five directors of the said bank, though not stockholders, any thing in the provisions of this act to the contrary notwithstanding; and the persons who shall be elected and appointed as aforesaid, shall be the first directors of the said bank, and shall proceed to elect one of the directors to be president of the said bank: and the directors and president of the said bank so appointed and elected as aforesaid, shall be capable of serving in their respective offices, by virtue thereof, until the end and expiration of the first Monday of the month of January next ensuing the said appointments and elections; anl they shall then and thenceforth commence, and continue the operations of the said bank at the city of Philadelphia. SEC. 8. 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, being stockholders, shall be annually appointed by the president of the United States, by and with the advice and consent of the senate, not more than three of whom shall be residents of any one state, 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, other than the United states, and by a plurality of votes then and there actuallyg iven, accord-nate, and by and with the advice and consent of ing to the scale of voting hereinafter prescribed: Provided always, that no person being a director in the bank of the United States, or any of its branches, shall be a director of any other bank: and should any such director act as a director in any other bank, it shall forthwith vacate his appointment in the direction of the bank of the United States. And the directors, so duly appointed and elected, shall be capable of serving, by virtue of such appointment and choise, 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 directors 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 also, that the first appointmentness of the said corporation, and to allow them and election of the directors and president 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 said bank, should not be so made as to take effect on any day when, in pursuance of SEC. 11. And be it further enacted, That the folthis act, they ought to take effect, the said corporation shall not, for that eause, be deemed to be dis-lowing rules, restrictions, limitations, and provisolved; but it shall be lawful at any other time to make such appointments, and to hold such elections, 1. The number of votes to which the stockhold(as the case may be,) and the manner of holding the elections shall be regulated by the by-laws and ers shall be entitled, in voting for directors, shall be according to the number of shares he, she, or ordinances of the said corporation: and until such appointments or elections be made, the directors they respectively shall hold, in the proportions and president of the said bank, for the time being. following: that is to say; for one share and not shall continue in office: And provided also, that in more than two shares, one vote; for every two case of the death, resignation or removal of the shares above two, and not exceeding ten, one vote; president of the said corporation, the directors shall for every four shares above ten, and not exceeding proceed to elect another president from the direc-thirty, one vote; for every six shares above thir tors as aforesaid: and in case of the death, resigna-ty, and not exceeding sixty, one vote; for every tion, or absence from the United States, or remov-eight shares above sixty, and not exceeding one al of a cirector from office, the vacancy shall be supplied by the president of the United States, or by the stockholders, as the case may be. But the president of the United States alone, shall have power to remove any of the directors appointed by him as aforesaid. SEC. 10. 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 busi 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 officers of the said corporation, as shall be prescribed, fixed, and determined by the laws, regulations, and ordinances of the same. sions shall form and be fundamental articles of the constitution of the said corporation, to wit: 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 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, and none other, may vote in elections by proxy. SEC. 9. And be it further enacted, That as soon as the sum of eight millions, four hundred thousand dollars in gold and silver coin, and in the public debt shall have been actually received on 2. Not more than three fourths of the directors account of the subscriptions to the capital of the said bank (exclusively of the subscriptions afore-elected by the stockholders, and not more than said, on the part of the United States) notice four-fifths of the directors appointed by the prethereof shall be given by the persons under sident of the United States, who shall be in office whose superintendence the subscriptions shall at the time of an annual election, shall be elected have been made at the city of Philadelphia, in at or appointed for the next succeeding year; and no director shall hold bis office more than three. Such of the said directors, who may have been years out of four in succession; but the director absent when the said excess was contracted or who shall be the president at the time of an elec-created, or who may have dissented from the retion may always be re-appointed, or re-elected as solution or act whereby the same was so contractthe case may be. ed or created, may respectively exonerate them3. None but a stockholder, a resident citizen selves from being so liable, by forthwith giving noof the United States, shall be a director; nor shall || tice of the fact, and of their absence or dissent, to a director be entitled to any emolument; but the the President of the United States, and to the directors may make such compensation to the pre-stockholders at a general meeting, which they sident for his extraordinary attendance at the shall have power to call for that purpose. bank, as shall appear to them reasonable. 9. The said corporation shall not, directly or 4. Not less than seven directors shall constitute indirectly, deal or trade in any thing except bills a board for the transaction of business, of whom of exchange, gold or silver bullion, or in the sale of the president shall always be one, except in case goods really and truly pledged for money lent and of sikness or necessary absence; in which case his not redeemed in due time, or goods which shall be place may be supplied by another director, whom the proceeds of its lands It shall not be at liberty he, by writing under his hand, shall depute for to purchase any public debt whatsoever; nor shall that purpose. And the director so deputed may it take more than at the rate of six per centum per do and transact all the necessary business belong-annum for or upon its loans or discounts. ing to the office of the president of the said corparation, during the continuance of the sickness or necessary absence of the president. 10. 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 exceeding five hundred thousand dollars, or of any particular State to an amount exceeding fifty thousand dollars, or of any foreign prince or state, unless previously authorized by a law of the United States. 5. A number of stockholders, not less than sixty, who together, shall be proprietors 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 newpapers 11. The stock of the said corporation shall be of the place where the bank is seated, and speci-assignable and transferable according to such fying in such notice the object or objects of such rules as shall be instituted in that behalf, by the meeting. laws and ordinances of the same. 6. Each cashier or treasurer, before he enters 12. The bills obligatory and of credit, under upon the duties of his office, shall be required to the seal of the said corporation, which shall be give bond, with two or more sureties, to the satis-made to any person or persons, shall be assignafaction of the directors, in a sum not less than fif- ble by endorsement thereupon, under the hand or ty thousand dollars, with a condition for his good hands of such person or persons, and his, her, or behaviour and the faithful performance of his du- their executors or administrators, and of his or ties to the corporation. their assignee or assignees, and so as absolutely to 7. The lands tenements, and hereditaments, transfer and vest the property thereof in each and which it shall be lawful for the said corporation every assignee or assignees successively, and to to hold, shall be only such as shall be requisite enable such assignee or assignees, and bis, her, or for its immediate accommodation, in relation to their executors or administrators, to maintain an the convenient transacting of its business, and action thereupon in his, her, or their own name or such as shall have been bona fide mortgaged to it names: Provided, that said corporation shall not by way of security, or conveyed to it in satisfac- make any bill obligatory, or of credit, or other ob. tion of debts previously contracted in the course ligation under its seal for the payment of a suin of its dealings, or purchased at sales, upon judg-less than five thousand dollars. And the bills or ments which shall have been obtained for such debts. notes which may be issued by order of the said corporation, signed by the president, and counter8. The total amount of debts which the said signed by the principal cashier or treasurer there. corporation shall at any time owe, whether by of, promising the payment of money to any person bond, bill, note, or other contract, over and above or persons, his, her or their order, or to bearer, althe debt due for money deposited in the bank, though not under the seal of the said corporation, shall not exceed the sum of thirty-five millions shall be binding and obligatory upon the same, in of dollars, unless the contracting of any greater 1.ke manner, and with like force and effect, as updebt shall have been previously authorised by a on any private person or persons, if issued by him, law of the United States. In case of excess, the her or them, in his, her or their private or natural directors under whose administration it shali hap-capacity or capacities, and shall be assignable and pen, shall be liable for the same in their natural negotiable in the like manner as if they were so isand private capacities; and an action of debt may sued by such private person or persons; that is to in such case be brought against them or any of say, those which shall be payable to any person or them, their or any of their heirs, executors, or ad- persons, his, her or their order, shall be assignable ministrators, in any court of record of the United by endorsement, in like manner, and with the like States, or either of them, by any creditor or creeffect as foreign bills of exchange now are and ditors of the said corporation, and may be prose-those which are payable to bearer shall be assigncuted to judgment and execution, any condition, able and negotiable by delivery only: Provided, covenant, or agreement to the contrary notwith-that all bills or notes, so to be issued by said corpostanding. But this provision shall not be construedration, shall be made payable on demand, other to exempt the said corporation or the lands, tene-than bills or notes for the payment of a sum not ments, goods, or chattels of the same from being al-less that one hundred dollars each, and payable to so liable for, and chargeable with, the said excess. the order of some person or persons, which bills or |