STATUTE III. [Expired.] Consent to an act of Maryland. CHAP. V.-An Act declaring the consent of Congress to a certain act of the state of Maryland. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the consent of 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 tenth day of January next, and from thence until the end of the then Act of March next session of Congress, and no longer. Limitation. 13, 1792. STATUTE III. Feb. 11, 1791. [Expired.] Appropriations of money for, the civil list; purposes; war; APPROVED, February 9, 1791. CHAP. VI.—An Act making appropriations for the support of Government during the year one thousand seven hundred and ninety-one, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there be appropriated 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 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 exceeding 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, pursuant 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 sixtythree dollars and sixty cents, being the amount of one year's pensions to invalids, together with the contingencies of the said department, which are hereby authorized: Which several sums shall be paid out of 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 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 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; "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. pensions to in valids; and out of what funds payable. 1790, ch. 34. 1789, ch. 23. 1790, ch. 4. 1790, ch. 46. APPROVED, February 11, 1791. CHAP. VII.-An Act for the admission of the State of Vermont into this THE state of Vermont having petitioned the Congress to be admitted a member of the United States, Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, and it is hereby enacted and declared, That on the fourth day of 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. CHAP. VIII.-An Act to continue in force, for a limited time, an act passed at the first Session of Congress, intituled “An act to regulate processes in the Courts of the United States." (a) Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That an act passed on the twenty-ninth day of September, in the year one thousand seven hundred and eighty-nine, intituled, "An act to regulate processes in the courts of the United States," shall be, and the same hereby is continued in force, until the end of the next session of Congress, and no longer. APPROVED, February 18, 1791. CHAP. IX.-An Act regulating the number of Representatives to be chosen by the Feb. 25, 1791. [Obsolete.] Kentucky and Vermont enti Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That until the Representa- er to two retives in Congress shall be apportioned according to an actual enumeration of the inhabitants of the United States, the states of Kentucky and Vermont shall each be entitled to choose two Representatives. APPROVED, February 25, 1791. CHAP. X.-An Act to incorporate the subscribers to the Bank of the United WHEREAS it is conceived that the establishment of a bank for the United States, upon a foundation sufficiently extensive to answer the 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, presentatives. Act of April 14, 1792, ch. 23. STATUTE III. Feb. 25, 1791. [Expired.] Preamble, Establishment of a Bank of the U. States, and amount and di vision of its of subscribing. stock, and time SECTION 1. 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 shall be established; the capital stock whereof shall not exceed ten millions of dollars, divided into twenty-five thousand shares, each share being four hundred dollars; and that subscriptions, (a) Act of September 29, 1789; act of May 8, 1792, chap. 36, sec. 8. (b) 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. Act of March 2, 1791, ch. 11. By whom to be subscribed. Proportions of gold and silver and the public 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 purpose by the President of the United States (who is hereby empowered to appoint the said persons accordingly); which subscriptions shall continue open, until the whole of the said stock shall have been subscribed. (a) SEC. 2. And be it further enacted, That it shall be lawful for any 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 that the sums, respectively subscribed, except on behalf of the United States, shall be payable one fourth in gold and silver, and three fourths in that part of the public debt, which, according to the loan proposed 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. debt to be sub. scribed, and Subscribers to litic. By what name and how long to continue. Powers. 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 name and style of The President, Directors and Company, of the Bank of the United States; and shall so continue, until the fourth day of March, one thousand eight hundred and eleven: 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 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, defend 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 put in execution, such by-laws, ordinances and regulations, as shall 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. and establish by-laws. Number, and time of electing directors. SEC. 4. And be it further enacted, That, for the well ordering of 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. Osborne v. The Bank of the United States, 9 Wheat. 738; 5 Cond. Rep. 741. Monday of January next ensuing the time of such election, and no longer. And the said directors, at their first meeting after each election, shall choose one of their number as President. Proviso. When $400, 000 in gold or silver shall be subscribed, notice be given, &c. How directors and time of service. SEC. 5. Provided always, and be it further enacted, That, as soon as 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, notice thereof shall be given, by the persons under whose superintendence the same shall have been made, in at least two public gazettes printed in the city of Philadelphia; and the said persons shall, at the 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 election to be then and there made; and the persons, who shall then shall be chosen, and there be chosen, shall be the first directors, and shall be capable of 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 removal of a director by the stockholders, his place may be filled up, by ed up. a new choice, for the remainder of the year. Vacancies fill &c. Directors to 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. Articles of SEC. 7. And be it further enacted, That the following rules, restrictions, 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, shall be according to the number of shares he 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, 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 suffrage, which shall not have been holden three calendar months previous to the day of election. Stockholders actually resident within the United States, and none other, may vote in elections by proxy. Stockholders how to vote, in what proportion to sum subscribed, and in certain cases may vote by proxy. Number of II. Not more than three fourths of the directors in office, exclusive of the president, shall be eligible for the next succeeding year: but the electors eligible director, who shall be president at the time of an election, may always be re-elected. III. None but a stockholder, being a citizen of the United States, shall be eligible as a director. IV. No director shall be entitled to any emolument, unless the same R for ensuing year, and who as direc tors. Compensation shall have been allowed by the stockholders at a general meeting. to be allowed, How to constitute a board. Number of stockholders empowered to call a meeting, &c. Cashier and bond. The stockholders shall make such compensation to the president, for his extraordinary attendance at the bank, as shall appear to them reasonable. V. 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 nominate for the purpose. VI. Any number of stockholders, not less than sixty, who, together, shall be proprietors of two hundred 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 gazettes of the place where the bank is kept, and specifying, in such notice, the object or objects of such meeting. 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 property; and of debts time owe. In case of excess, directors accountable in private capaci ties and VIII. 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 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. IX. The total amount of the debts, which the said corporation shall they shall at any at any time owe, whether by bond, bill, 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 contracting of any greater debt shall have been previously authorized by a law of the United States. In case of excess, the directors, under whose administration it shall happen, shall be liable for the same, in their natural and private capacities; and an action of debt may, in such 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 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 for and chargeable with the said excess. Such of the said directors, 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. cuted. Exception in favour of absen tees at time of excess. Corporation may sell public debt and part of its stock, but not purchase, X. The said corporation may sell any part of the public debt whereof its stock shall be composed, but shall not be at liberty to purchase any public debt whatsoever; nor shall directly or indirectly deal or trade in any thing, except bills of exchange, gold or silver bullion, or in the sale of goods really and truly pledged for money lent and not redeemed in 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 per annum, for or upon its loans or discounts. &c. and take not cent. per an. 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 |