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Book Ref No. - 5766 |  |
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- [MECHANICKS' BANK] An Act to incorporate the president, directors, and company of the Mechanicks' Bank, in Newburyport. Passed, June 23, 1812. Exeter: printed by C Morris & Co, 1813 8vo, 16pp, old [original?] marbled wrappers, slight foxing else an excellent copy. First edition (?) Not in Kress or Goldsmiths. Only microform copies in COPAC: not found in NSTC. The start-up capital stock of this Massachusetts bank was "not less than $200,000 in gold and silver". Financial controls included the rule that "the total amount of the debts which the said corporation shall at any time owe, whether by bond, bill, note or other contract, shall not exceed twice the amount of their capital stock actually paid in ...". The Cashier himself to give two sureties of not less than $50,000. Refusal by the bank to pay gold or silver for one of its notes or bills properly presented for payment during normal banking hours shall make the bank liable "to pay as additional damages at the rate of 24% per annum" until payment is made. The Act provides a whole raft of detailed regulations related to stockholders, accounts, liabilities, staff appointments etc. An interesting and relatively early document. Price - £250 |
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