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AMERICAN HISTORICAL ASSOCIATION.
A Territorial bank will be more advantageous then any Other- because the Name of the Terrjtory annexed to the Charter will give Credit, to the Not.es and Value to the stock, but it aught to be so guarded as not to give the legislature too great and commanding controle over the bank and at the same time retain such authority as will cause the directors to discount generally for the Country as well as town The following General rules may be usefull to you 1- the charter should be for as many Years as can be obtained say not less than Twenty 2-- the stock should be equal to the commerce of the country to obtain this fact make an estimate of the exports of both this and Illinoies Territory making a proper allowance for fast improvement 3- the shares should be small say 50 Dollars each this gives an Opportunity to many persons to become stock holders that can not If the shares were 100 Dollars and the more stock Holders, the greater number you have to support the Credit of your stock and also the bank p1tper, for no stock Holder will refuse the Notes of his own Bank- 4-- All directors should be stock Holder of 10 Shares at least 5- the Precs. ident should be a stock Holder of at least 1000 Dollars, or, f0 shares 6- In regulating Votes each share should have a vote up to ten . shares, after which the ratio aught to be regulated by the Albany bank or the charter now in force for the St Louis bank. 1- Votes aught to be given by proxy if demanded by a stock Holder when the Directors are chosen. 8- the charter should provide Directors for the first six month, after which they should be chosen by the stock holders each year and to continue in office a Year 9- Six directors aught to constitute a board of Directors, on discount Days, but when by laws are m~de, the whole board should be called, and all by laws should be concured in by 3/4 of the Direc- tors, and on such occasions a Notice should be given at least 1§ Days to all the directors and If after being so Notefied 3 di:fferant times and they do not attend they aught to be discontinued as directors 10- the Legislature aught to have the power of Nameing at least 5 or 4 Directors • 11- the board of Directors are commonly 13 in Number less then 5 would not give the Territory an equal ballance of Power 12- The Territory aught to hold as much stock as she can com- mand money to Purchase.
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