A History of Banking in the United States
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For the State subscription the issue of five per cent, bonds was authorized at the rate of $100 in bonds for every $83 of stock, payable at intervals of from ten to twenty-five years from their dates. These were to be sold by the bank for specie. The interest was to be paid from the dividends upon the bank stock, any deficiency that might occur being paid by the bank and charged to the account of the State. Of the thirteen direct- ors six were to be appointed by the Governor on behalf of the St...ate. Five branches were required to be opened.
In 1826 the General Assembly seems to have become provoked at the delay in declaring dividends and insisted upon the declaration of a dividend upon the State stock at least. The difficulty experienced in controlling the institution led to the appointment of a seventh director on the part of the State and an act requiring semi-annual dividends of profits. In 1827 the profits accruing to the State were sufficient to per- mit $300, 931 of the bonds to be called in and paid, which was author- ized by a resolution of March 24 of that year.
What to read after A History of Banking in the United States?
You can find similar books in the "Read Also" column, or choose other free books by Knox, John Jay, 1828-1892 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
For the State subscription the issue of five per cent, bonds was authorized at the rate of $100 in bonds for every $83 of stock, payable at intervals of from ten to twenty-five years from their dates. These were to be sold by the bank for specie. The interest was to be paid from the dividends upon the bank stock, any deficiency that might occur being paid by the bank and charged to the account of the State. Of the thirteen direct- ors six were to be appointed by the Governor on behalf of the St...ate. Five branches were required to be opened.
In 1826 the General Assembly seems to have become provoked at the delay in declaring dividends and insisted upon the declaration of a dividend upon the State stock at least. The difficulty experienced in controlling the institution led to the appointment of a seventh director on the part of the State and an act requiring semi-annual dividends of profits. In 1827 the profits accruing to the State were sufficient to per- mit $300, 931 of the bonds to be called in and paid, which was author- ized by a resolution of March 24 of that year.
What to read after A History of Banking in the United States?
You can find similar books in the "Read Also" column, or choose other free books by Knox, John Jay, 1828-1892 to read onlineMoreLess
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