Western Sun, Volume 4, Number 4, Vincennes, Knox County, 27 July 1811 — Page 1

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EACH CENTURY HAS ITS PECULIAR MODE OF DOING BUSINESS, AND MEN GUIDED MORE BY CUSTOM THAN BY REASON, FOLLOW WITHOUT ENQUIRY, THE MANNERS WHICH ARE PREVALENT IN THEIR OWN TIME.— HUME..

VOL. IV.

SATURDAY, JULY 27, 1811.

NO. 4.

THE WESTERN SUN, IS printed weekly at TWO DOLLARS per annum, paid in advance or an attested NOTE, payable at the end of the year. for TWO DOLLARS & Fifty CENTS. NO Subscription will be received for a less term than one year—and will not be discontinued until all arrearages are paid. WHERE papers are sent by Post, the person subscribing must pay the postage. ADVERTISEMENTS of no more Iength than breadth will be inserted three times for ONE DOLLAR, and TWENTY-FIVE CENTS, for every after insertion. TO avoid unpleasant disputes, it is requested of Advertising customers that they particularly specify the number of times their Advertisement's are to be continued.—Those sent without such directions will be continued until forbid and must be paid for accordingly.

ALL Letters addressed to the Editor must be Post paid or they will not be taken out of the office.

(BY AUTHORITY.) LAWS OF THE UNITED STATES.

AN ACT concerning the Bank of Alexandria. BE it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the corporation heretofore created by the name and syle of the President Directors and Company of the Bank of Alexandria, by an act of the legislature of the commonwealth of Virginia, passed in the year 1792, entitled, 'An act for establshing a bank in the town of A I ' x mdri a thr capital Hock of which faid b..nk hath bcc.j intrcaf d to 5 CO 000 dollar: ; and which Hi id corporation was, by an act of faid cir.M.ionwe:.lih, pfV ed in thr year 1201, continued until the 4th day uf Muuh, 18 11. he, ar.d the faid corporation fh ill, by the u-wer ;,nd P.yle ;.farefaid, be ftr. ther cc:.ti:.:...d from tb.r 4th day of March next, unii! tht 4t!idy oi March 1 82 1 , (ubi-ct to th; regulations- uieluibed by, and m..dc in the i;:a;..er provided by this act. I

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gaged to them by way oc fecurity, or conveyed to them in fatisfadlion lor debts previoufly ron tracked in the courfe of their dea. lings: Provided also, That the prrfident U. directors fhall not putchafe any geeds, chattels or effects, unlefs fuch as are fold by virtue of an execution, upon judgments ohtained by them,exrrpt fuch articles as may be for them in transiting the bufinefs of the bank ; but it fliall be lawful for them to receive and hold fuch fecurities, goods, chattels and effects, by WHy of depofit for advances made by them to any perfon or perfons, and on failure of payment, the lame to fell and difpofe of at public file. Sec. S. And be it further enact cdt Thst the capital ftork of faid bank hhall confiH of 500,000 dollars, in (bares of 200 dollars each. Sec. 4. And be it further enacted, That

every ftockhrlder fliali he entitled to vote by

a fpecial meeting at any other time they may think ncceifaiy. Sec. 7. And bejt further enacted, That' the board of directors hull determine the manner of doing bufinefs, and the rules and forms to be puifued ; appoint and pay the various officers which ihcy may find nctef fary ; nd difpofe ot the money and cicdit ci the bank, at a rate not exceeding fix per ciitumpcr annum; ami mke lull yeaily dividends of the profits, or of fuch part thereof as they may think, prudent. Sec. 8. And be it further enacted, That in the appointment of calhier of the faid hank, a majority of the votes of fevcii directors fhrtli be uccepary to a choice. Sec. 9. And be it further enacted, That the boa:d (hall at every oiarteily meeting, choofe three directors to mfpeCt the buunefi of the bank, for the enfui:) three months ; and the infpeitors fo chofen, vr any two cf them, (lull, on the evening- cf cveiy S.ttir-

irw ;. , , exaniine i,.to the iUteof the calh ac. his hand 8c ica!, at all elcctiont n virtue of . r . -ul .

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tiiis act ; and OmII have as many votes is lie has fliarcs, nr. far as ten (hares, and not more than on? vote for every five flrares thereafter; and every uocLholdcr tnny fell & transfer his Hoc!: in the bank, or any p:vrt thereof, at his p!ei.lure, not bving lefa than one complete funic, or (hares; the transfer to be n:ad- in th buik hocks, in the prefence, and with the approbation of the proprietor or his lawful attorneyand the purchafar then to be entitlrd to all the rights which the criminal proprietor? enjoyed. SfiC5. And be it further exacted, That a meeting of the tfockholJers, at the town of Alexandria, Hi all be held annually, on the third Monday of January, in every yar during the continu-nue of this zt ; previous notice whereof iLail be publifned in f me newfpaper, printed in Alrxandrh, :chmot.d, Wiiu itt iirr or the c ity of Walhington, far the fpicc of four weeks fucceilive!v ; 'and th llockholdrr:, stTemhlrd in confrquir.ce of Git h notice, li-dl choofe by ballot, fon among thrmfelver, by a majority of votes of fuch (i)ill be prffant, or by proxy, nine directors, being c itiz"n: of the United States, far the term of one year thereafter, and on the fame day annually, for and during the continuince of this act, a lik? eh dtion (h dl he in tde ; and in cafe of rcfufal death, refigntmn, difqu .l;(ic:ition or removal out of the diflridi ot (Columbia, of ary ciirector, thr remaining dircd.ors, at their next lii-rcting thereafter, flidl elect ny b;i!!ot rnoti;er p- ion, qualified as aforelaid, in U placr, far thr rriidue of tlr year. Thr directors, or a -y 7 of ttiem, fi.ail, at their I'.ril meeting after evrry genr ral eh fuo;i, eleit hy 3 mj-'Jrity ol membr rc, preient bv t!lot, fri-.m Ui !ng t!e ttockholders, a prrfident, wiio !!i.'iS, uhetber a director or

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and fee that thofe accounts arc regularly balanced and transferred. Sec. 10. And be it further enacted, That any diredtor, officer cr other perfou holding any (lure or capital of the faid Hock, who flu 11 commit. any fraud or embezzlement, touching the money or property of the laid bank, (hall be liable to be prolVcuted in the name of the United States, hy indictment for the fame, in any court ot law, in the diftrict wherein the olfance lhH be committed ; and upon conviction thereof, (hall, befjdes the remedy that may b, had by action, in th; name of tht prefldrnt, diirctors Sc company of the bank of Alexandria, for the fraud aforefaid, forfeit all his (hare and itock in the faid bank to thr company Sec. 1 1. Andbt it further cnucted, That it fiiall not be lawful lor the bank hereby incorporated to loan "by difcnunt cr otherwile more than twice the amount of its capital (tec!: actually paid in. Sec. 12. And be it further enacted, That no AockhwUer or member oi thr i'uci company Hull be anfwernnlc far any lofs, ckht-i-encies cr failure of the capital ti.nk oi lid bank for any more or larger (urn or furrs ot rnonev vwhatfoevcr, than thr amount el the Ihnk, ltocks or Antes, which (lull apper by the bocks of th; faid company to belong to him at tlie tiineortitr.es when luch lids or loiles (hall be fultinrd, except as is hereafter excep'cd, that is to f 1)' if the total aniount of debt which thi faid comp.ny fh Jl at any time owe, w briber l y bona, bill, note or ctner contract fhall exceed dmKlr the amotin; cf crtpit..l flue k wf tbe faid hank actually pr.id ir.,ovrr and above the nionirs -ctually depofited in t!ie bank far fafe keep itur, then in i afe of liuh excrfs, thr dircctors, under whofe -dnini(dation rt fh Jl lup

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contracted or created, may refpectively exdneratc themfelves from being fo liable, by forthwith giving notice of tire f-ct, and of his bfence or ditlYiit, to the mayor ot the town of Alexandria, for the time being, Sc to the doc kholders at a general meeting, which he or tney (hall he power to call for th;.t puipof . AndiniiTe thr directors, by whofr ct fui h excifa (lull be occafionrd, lhallnot have property fufficient to p-y thr amount of fuch excefi, then each c every (totkholder (hall be liable in their private capacities for the deficiency, in proportion to their refpective (hares in faid bank. Set. 13. And be it further enacted, That the piefident and directors (hall not iflue any note for a fmaller fum than five dolhis ; and the prefidtnt and directors Hull, once in every year, lay f-cfarr thr fecretary of the tredury an account, truly lbting thr (unation of the bank. ud its funds, tf required. Sec. 14. And be it further eticcttd. Tint no director (hall he enith d to ny emolument, unlefs ihr fame Hull have been allowed by a majority of the flockholders t a general m eting. The directors (hal! rmke luch compenfation to thr prtfidrnt, far Ins

rxtrr.oidiiury Cervices and attei.dancr at th bank, as hVll appear to th.em rrfanable. Sec. 15. And be it further enacted. That none hut a fiofkholder. b-ing a rrfalent of the diOnct of Columbia, (lull he eligible as a prrfident or director. Sec. 1(1. And be it further enacted, That every cfiiirr or trrafurer, before he enters upon .thr dutir ; cf his r ffice, fliall give bond with two or more (Vruriries, to the fatisfadion of the directors, for his good behavior in office. See. 17. And be it further enacted, That in cafe it hVll at any time lupprn, that an election of directors fliall not rnr mtdr on any day w hen, pui fuant to this Let, it ouht to be made, it Dull ii d nny he lawful on any other dy to hold and nukr -n elect inn of directors, in fuch manner as (lull have been regulated y the laws and ordinances of the faid prrfident and directors. See. 18. Arid be it further erected. Tint prnceb of Uw ft rvrd ti the prrfi :nt far the time ucintr, (hrti! be dr"i rd d'ffi lent farvice, and flirll .ivl in hke m-r . "t, is if it had been frrved on all thr f.iu-etnrs to tt; intent and purprfr cf m king the faid corporate to.npaiiy re (per f;h!e. Sec. 19 And be it further enacted, That whenever any i.o'.r ha!l l r iven tcw;tainin;r exprefs tonferit in writit, that it may h: ir-t.ctiahle at thr faid ba' k, and the fame (h ti be endtjrftd, if p-ymtnt be refufad or nrgdeted to be mvdr wt the timr it (lull have bC nie dur, ihr lik- prrr eedir ps are to be Ind out of court, and fait rr.y b- profacu'ed aaioil thr tdawer and etitiorfer, jointly or leparsttelyi in iik mmuer s if tl;e fame w.s a I ill of rxcl -rv r Sec. CO And Is it f rthcr enacted. That thr fii I b-rk tf il rMtiiu' to trap Oct ij bufiiu U of d.fcru:-? d-p:ifit in th- rou.ity of Ah xndiia, m thediSWiil A (I -luml in, J. H. V AKN'U.M. -,i Iff f ' ' '. f '.'".- c , " ' t T - ii . U . C i. i Ji Cy ..'. . . . C;hO : CL!N t ON V.:c Preader.i of the Vr'.t.t' St ct a-d Px-idtt-.: f :nc ? ...T.

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