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commissioners of loans for the several states when required by law.

21st, The deposits of public money in the United States to be made in the said bank or its branches, unless otherwise ordered by the secretary of the treasury, who is to lay immediately before congress the reasons of this order.

22d, The corporation is not at any time to suspend or refuse payment in gold and silver, of any of its notes, bills, or obligations, nor of any monies received upon deposit. The refusal or neglect to pay such bills, notes, or obligations, to entitle the person to twelve per cent. per annum, from the time the demand was made. Laws on this subject may be hereafter enacted by congress.

23d, The forgery or counterfeiting of notes of this corporation to be punished as felony; the person to be imprisoned and condemned to hard labour not less than three years, nor more than ten; or imprisoned not exceeding ten years, and fined not more than 5000 dollars. The courts of the individual states to have jurisdiction in such offences.

24th, The engraving of any of the said notes and bills with the intent of forging or counterfeiting the same, or possessing any metallic plate or paper for this purpose, to be convicted by due course of law, sentenced to imprisonment, and kept to hard labour for a term not exceeding five years; or imprisoned five years, and fined in a sum not exceeding 1000 dollars. 25th, In consideration of the exclusive privileges and benefits conferred by this act, the president, di

rectors, and company of the bank, are to pay to the United States, out of the corporate funds thereof, the sum of 1,000,000 dollars in three equal payments; 500,000 at the expiration of two years, a like sum at the end of three years, and a third at the expiration of four years after the organization and operation of the bank.

26th, No other bank to be established during the continuance of this corporation. Congress, however, may renew existing charters for banks in the district of Columbia, not increasing their capital; and may establish any other banks in said district, if expedient, with capitals not exceeding in the whole six millions of dollars. The corporate name of the corporation may be continued two years after the expiration thereof, for the final settlement and liquidation of its affairs and accounts.

27th, The act of corporation may be declared null and void within twelve months, provided the subscriptions and payments are not completed, or that the bank has not commenced its operations before the 1st Monday in April next.

28th, It is declared lawful to inspect the books, and examine the proceedings of the corporation by a committee of congress appointed for that purpose, and to report to the president of the United States, whether the provisions of the charter have been violated; and if this committee report, or the president has reason to believe that it has been violated, the congress may direct, or the president may order, a scire facias to be sued out of the circuit court of Pennsylvania, in the

name of the United States, which is to be executed on the president of the corporation fifteen days before the commencement of the term, calling on the corporation to show cause why the charter 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, provided that every issue of fact which may be joined between the United States and the corporation be tried by jury; the books of the corporation to be examined for the ascertainment of the controverted facts, and the final judgment of the court to be examinable in the supreme court of the United States, by writ of error, by which it may be reversed or affirmed according to the usages of law.

CHAPTER XLVIII.

ON THE STAte of EduCATION, KNOWLEDGE, MANNERS, AND THE ARTS.

THE progress of the Americans has been greater in the useful arts than in the fine arts, or the sciences, though their advances in the latter are respectable, considering the shortness of their career. The state

of knowledge and education generally, the improvements and inventions which have originated in the United States, and the efforts made to extend and promote those originating in other countries, have been mentioned in the course of the work. To repeat what has been already stated would be superfluous; and, therefore, it is only meant, in this chapter, to throw together a few particulars in relation to these subjects, chiefly of recent date, and either altogether omitted, or slightly noticed, in the preceding chapters.

The education of youth, which is so essential to the well-being of society, and to the developement of national wealth, has always been a primary object of public attention, in the United States. Since the year 1800, especially, great additions have been made to the number of schools and academical institutions; to the funds for supporting them, and to all the means

for providing instruction, and disseminating information. In 1809 the number of colleges had increased to twenty-five, that of academies to seventy-four. Those institutions are incorporated by the legislature of each state, and are subject to its inspection, though placed respectively under the direction of boards of trustees. Several attempts have been made to establish a national university at the seat of government, under the auspices of the legislature, agreeably to the plan suggested by the illustrious Washington. In 1811 the president of the United States, in his message to congress, recommended this subject to their attention; but the select committee, to whom it was referred, in their report to the house of representatives, observed, that, though congress might establish a university within the limits of the district of Columbia, yet its endowment is not one of the specified objects for which congress is authorized by the constitution to make drafts upon the treasury. In the beginning of 1816 another committee reported on this subject, and recommended that a university should be established ; and that, to provide funds, the lots of ground reserved for the United States, in the city of Washington, should be sold, and the proceeds applied to this object.

In the western states congress have reserved 640 acres of the public land in each township for the support of schools, besides seven entire townships of 23,040 acres each, two of which are situated in the state of Ohio, and one in each of the states and territories of Michigan Indiana, Illinois, Mississippi, and Louisiana. In

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