of election. And stockholders actually resident within the United States, 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 three out of four 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 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 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 behaviour, 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 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 its dealings, or purchased at sales, upon judgments which shall have been obtained for such debts.

9. The total amount of debts which the said corporation shall at any time owe, whether by bond, bill, note, or other contract, over and above the debt or debts due for money deposited in the bank, shall not exceed the sum of thirty millions of dollars, 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 either of them, by any creditor or creditors of the said corporation, and may be prosecuted to judgment and execution, any condition, covenant, or agreement, to the contrary notwithstanding. But this provision shall not be construed to exempt the said corporation, or the lands, tenements, goods, or chattels, of

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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.

10, The said corporation shall not, directly or indirectly, deal or trade in anything 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 goods which shall be the proceeds of its lands. It shall not be at liberty to purchase any public debt whatsoever; nor shall it take more than at the rate of six per cent. per annum for or upon its loans or discounts.

11. The said corporation shall not, in any one year, sell any portion of the public debt constituting a part of its capital stock aforesaid, to an amount exceeding five millions of dollars, without the consent of Congress.

12. 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 any particular State, to an amount exceeding fifty thousand dollars; or to any foreign Prince or State, unless previously authorized by a law of the United States.

13. The stock of the said corporation shall be assignable and transferable according to such rules as shall be instituted in that behalf, by the laws and ordinances of the same.

14. The bills obligatory and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by endorsement thereupon, under the hand or hands of such person or persons, and his, her, or their executors or administrators, and of his, her, or their assignee or assignees, and the executors or administrators of such assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees, successively, and to enable such assignee or assignees, and his, her, or their executors or administrators, to maintain an action thereupon in his, her, or their own name or names. And the bills or notes which may be issued by order of the said corporation, signed by the president and countersigned by the principal cashier or treasurer thereof, promising the payment of money to any person or persons, his, her, or their order, or to bearer, although not under the seal of the said corporation, shall be binding and obligatory upon the same, in the like manner, and with the like force and effect, as upon any private person or persons, if issued by him, her, or them, in his, her, or their private or natural capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons; that is so say: those which shall be payable to any person or persons, his, her, or their order, shall be assignable by endorsement, in like manner, and with the like effect, as foreign bills of exchange now are; and those which are payable to bearer shall be assignable and negotiable by delivery only.

15. Half yearly dividends shall be made of so much of the profits of the bank as shall appear to the directors advisable; and once in every three years, the directors shall lay before the stockholders, at a general meeting, for their information, an exact and particular

poration hereby created, and to report whether the provisions of this charter have been by the same violated or not: and whenever any committee, as aforesaid, shall find and report, or the President of the United States shall have reason to believe, that the charter has been violated, it may be lawful for Congress to direct, or the President to order a scire facias to be sued out of the circuit court of the district of Pennsylvania, in the name of the United States, (which shall be executed upon the president of the corporation, for the time being, at least fifteen days before the commencement of the term of said court,) calling on the said corporation to show cause wherefore the charter hereby granted shall not be declared forfeited: and it shall be lawful for the said court, upon the return of the said scire facias, to examine into the truth of the alleged violation; and if such violation be made appear, then to pronounce and adjudge that the said charter is forfeited and annulled: Provided, however, Every issue of fact which may be joined between the United States and the corporation aforesaid shall be tried by jury. And it shall be lawful for the court aforesaid to require the production of such of the books of the corporation as it may deem necessary for the ascertainment of the controverted facts; and the final judgment of the court aforesaid shall be examinable in the Supreme Court of the United States, by writ of error, and may be there reversed or affirmed, according to the usages of law.

SEC. 15. And be it further enacted, That, during the continuance of this act, and whenever required by the Secretary of the Treasury, the said corporation shall do and perform the several and respective duties of the Commissioners of Loans for the several States, or any one or more of them, at the times, in the manner, and upon the terms, to be prescribed by the Secretary of the Treasury.

bank

SEC. 16. And be it further enacted, That no other bank shall be established by any future law of the United States, during the continuance of the corporation hereby created; for which the faith of the United States is hereby pledged: Provided, Congress may renew existing charters for banks in the District of Co. lumbia, not increasing the capital thereof; and may grant charters, if they deem it expedient, to any ing associations now in operation in the said District, and renew the same, not increasing the capital thereof. And notwithstanding the expiration of the term for which the said corporation is created, it shall be lawful to use the corporate name, style, and capacity, for the purpose of suits, for the final settlement and liquidation of the affairs and accounts of the corporation, and for the sale and disposition of their estate, real, personal, and mixed, but not for any other purpose, or in any other manner whatsoever: nor for a period exceeding two years, after the expiration of the said term of incorporation.

LANGDON CHEVES,
Speaker House of Representatives.
JOHN GAILLARD,

President of the Senate, pro tem. The PRESIDENT's objections were also again read; and on motion, by Mr. BARBOUR, the further consideration thereof was postponed to, and made the order of the day for, Thursday next.

WEDNESDAY, February 1.

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dise, manufactured, within the United States, was read a second time.

On motion, by Mr. GILES, two members were added to the Committee on Military Affairs; and Messrs. SMITH and VARNUM were appointed.

A message from the House of Representatives informed the Senate that the House have passed a bill, entitled "An act giving the right of preemption in the purchase of lands to certain settlers in the Indiana Territory;" also, a bill, entitled "An act to authorize the payment for property lost, captured, or destroyed by the enemy, while in the military service of the United States;" in which bills they request the concurrence of the Senate.

The two bills last mentioned were read, and passed to the second reading.

Mr. VARNUM, from the Militia Committee, reported a bill to authorize a detachment from the militia of the United States; and the bill was read.

Mr. TAIT, from the Committee on Naval Affairs, to whom was referred the bill, entitled "An act concerning Matthew Guy, John Woodward, Samuel Tennison, and Wilfred Drury," reported it with amendments.

Mr. TAYLOR, from the committee to whom was referred the bill, entitled "An act to amend the act, entitled 'An act to provide additional revenues for defraying the expenses of Government, and maintaining the public credit, by laying a direct tax upon the United States, and to provide for assessing and collecting the same;" and the act, entitled "An act to provide additional revenues for defraying the expenses of Government, and maintaining the public credit, by laying duties on household furniture, and on gold and silver watches," reported it with amendments.

The Senate resumed, as in Committee of the Whole, the consideration of the bill, entitled "An act for the better regulation of the Ordnance department," together with the amendments reported thereto by the select committee; and the amendments having been agreed to, the President reported the bill to the House accordingly.

On motion, by Mr. GILES, the bill as amended was recommitted to the Committee on Military Affairs, further to consider and report thereon.

The Senate resumed, as in Committee of the Whole, the consideration of the bill making appropriations for repairing or rebuilding the public buildings within the City of Washington.

On motion, by Mr. MASON, that the further consideration thereof be postponed to the second Monday in March next, it was determined in the negative-yeas 7, nays 22, as follows:

YEAS-Messrs. Dana, German, Hunter, King, Lambert, Mason, and Wells.

NAYS-Messrs. Barbour, Bibb, Brown, Chace, Condit, Daggett, Fromentin, Gaillard, Giles, Goldsborough, Horsey, Kerr, Lacock, Morrow, Roberts, Smith, Tait, Taylor, Turner, Varnum, Walker, and Wharton.

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[There took place on the subject an interesting debate. Messrs. LACOCK, BARBOUR, DAGGETT, and KERR, were the principal advocates of the bill, and Messrs. MASON, DANA, and GERMAN, its principal opponents.]

DEFENCE OF THE CITY OF BALTIMORE. Mr. SMITH presented the memorial of the Committee of Vigilance and Safety of the city and precincts of Baltimore, praying effectual protection against the enemy, as is stated in the memorial; which was read, and on motion, by Mr. SMITH, ordered to be printed for the use of the Senate, and that it be referred to the Committee on Military Affairs, to consider and report thereon by bill or otherwise.

The memorial is as follows:

To the President of the United States, and the Senate and House of Representatives of the United States of America, in Congress assembled, the memorial of the Committee of Vigilance and Safety of the city and precincts of Baltimore.

Your memorialists beg leave to draw your attention to the necessity of providing a force adequate to the defence of the city of Baltimore, during the next campaign, and, in doing so, they would take the liberty to submit the following statement and reflections for your consideration:

Nothing has so strikingly illustrated the easy accessibility of the city of Baltimore to an invading enemy, as the demonstration made upon it during the last Summer. It then appeared that large frigates, and any number of bomb vessels, could, without molestation from the shore, approach and lie within shell range of Fort McHenry, the chief strong hold of the city; and that, unless the channels should be seasonably and effectually obstructed, they might approach within reach of the city itself along a prong of the Patapsco, called Ferry Branch. It also appeared that any number of troops may with ease be landed on that long narrow slip of land, called Patapsco Neck, the most remote point of which is about twelve miles from Baltimore, and that, when landed, unless checked or repelled by an equal or superior force, they may, in a very short time, be marched to the assault of any part of the city. Thus much has been clearly evinced by the late attack of the enemy. The other directions from which assaults were seriously apprehended, it might be highly imprudent to point out and explain in a paper, with the contents of which the enemy may hereafter become acquainted; and the more especially since that enemy, everywhere barbarous and malignant, may well be supposed to cherish a peculiarly rancorous spirit of hostility against a city from which he has been driven back with disappointment and disgrace, and to be anxiously attentive to all the means by which he may best explore every avenue to assault, and be enabled to select the weakest and most vulnerable.

The people of Baltimore, apprized of the power and temper of the enemy with whom they had to contend, have, during the last Summer, exerted every means in their power to render their city as strong and as defensible as possible. They hold in readiness obstructions prepared to be thrown into the channels of the river leading to the city, at the shortest notice; have, chiefly by their own personal labor or contributions, caused forts, redoubts, or breastworks, to be thrown up, and nearly completed, under the direction

FEBRUARY, 1815.

of the military authority, round about the whole extent of the city; and they have aided, as far as in their power, in procuring and mounting the ordnance necessary and suitable to the works so erected. When those lines and forts shall be well and fully manned, Baltimore will feel perfectly secure; its citizens may then with confidence set the enemy at defiance; but not till then.

Your memorialists deem it unnecessary to state the strength of the regular force now stationed here, because the most correct sources of information upon this subject are at the seat of Government. It is, however, confessedly very inferior, and inadequate to the defence of the city. Your memorialists have not been able to ascertain with precision the number of men requisite for the defence of Baltimore; but from a consideration of the ease with which the city may be approached, both by land and water, as manifested in the late attack; of the various points to be defended; of the reported threats and disposable force of the enemy; and also of information obtained from some of the most experienced and intelligent military characters, they are strongly impressed with a belief that a considerable permanent force of regulars is indispensable to the safety of the city. Whether such a force can be detached from the military establishment now on foot, is more than your memorialists can undertake to say; but every expectation that it would be done, has thus far been withheld from them, and they have uniformly been given to understand that their reliance must be placed, during the next campaign, as heretofore, on the militia to be called together as occasion may require. Against such an arrangement your memorialists, on behalf of their fellow-citizens, the people of Baltimore and its precincts, must beg leave warmly to remonstrate and most decidedly to protest. The inefficiency of militia alone for any regular or important operation of war, has been so often and so fully tested that it cannot now be necessary to adduce either proofs, or arguments, to show what has been so long and universally admitted. The experience of this, as well as that of the Revolutionary war, shows that, to repel the hasty predatory incursions of an enemy, militia may often be brought to act with much effect, and that they are a useful, and often powerful auxiliary force in partisan warfare; it also shows that it would be extremely unsafe to rely upon them solely for the defence of the extensive lines of a large city against any very considerable invading regular force. An army of militia, to be equal in strength to that of a regular one, must always be vastly superior in numbers; yet, however, the history of military affairs in all times has shown, that a mere mass of armed men, or undisciplined militia, beyond a certain number, brings with it little or no additional strength. Taking this principle as correct, your memorialists do humbly conceive that scarcely any militia force that could be hastily collected about their city, could secure it against a large invading army of well disciplined regulars. Your memorialists have no reason to doubt the courage of their fellow-citizens composing the militia; far otherwise; they insist only that, without the combined movement, concert, and discipline of a regular army, courage can do nothing, and numbers produce only confusion and disorder. A militia force, hastily assembled, is not only the most unsafe, it is also the most expensive. They are not, it is true, usually retained in service during a whole campaign; but being necessarily far more numerous than regulars, and infinitely more wasteful of all the muni