The second Bank of the United States was incorporated by act of congress on the 10th of April, 1816; with a charter to extend until the 3d day of March 1836, of which the following are the principal outlines. Capital 35 millions of dollars, divided into shares of 100 dollars each, to consist of 7 millions of specie, 21 millions of the 6 per cent. funded debt of the Uni ted States (or an equivalent in 3 and 7 per cent. stock) to be subscribed by indi viduals, corporations, or states, and 7 mil lions of stock bearing five percent. inter est to be subscribed by the government. The whole, except the sum subscribed by the government, to be paid in instalments as follows, viz. 30 per cent. at the time of subscribing, of which five per cent. to be in coin; 35 per cent. at the expiration of six months, of which 10 per cent. to be in coin, and 35 per cent. at the expi ration of twelve months from the time of subscribing, of which 10 per cent. to be .coin. The bank to be managed by tw en. ty-five directors, 5 of whom are to be ap pointed by the president and senate, and twenty to be chosen by the stockholders annually, on the first Monday in January. The president of the bank to be appoint. ed annually by a majority of the board of directors. No stockholder to be entitled to more than 30 votes. The bank never to be in debt over and above its deposit money, more than 35 millions of dollars, and to be allowed the privilege of establishing branches upon certain conditions. No
note to be issued for a less amount than five dollars. The notes of the bank to be received in all payments to the United States, unless otherwise directed by act of congresS. The bank, in case of refusal to pay its notes or deposit money agreeably to contract, to be liable to an interest of 12 per cent. per annum during the sus pension. A bonus of 1,500,000 dollars to be paid to the government for the char. ter, which is declared to be exclusive.
In pursuance of the provisions of the act incorporating the bank, the books were opened by the commissioners ap pointed for the purpose, at the principal city or town of each of the states, on the first of July, 1816. The result was, a de ficiency of subscriptions to the amount of 3,044,800 dollars, which, upon the re opening of the books at Philadelphia, on the 26th day of August following, was readily supplied. The first election for directors is to take place at Philadelphia, the seat of the bank, on the 28th day of October, and it is expected that the bank will go into operation prior to the first of January, 1817.
All the banks in the United States, ex. cept those of the New England States, suspended specie payments in the months of August or September, 1814, and have not yet (Sept. 1816,) resumed them, al though it is probable that such an ar rangement will be effected on or before the 1st of July, 1817.