IV. The Government to guarantee this subscription money to the proprietors, at the rate of one for twenty; that is, to engage, at the dissolution of the Bank, to make good to them the sum of ten millions of dollars, in lieu of the two hundred millions subscribed, payable in Spanish milled dollars, or a currency bona fide equivalent to them.
V. The taxes raised in money annually, to be thrown into stock.[8]
VI. All the remaining paper to be called in (at the option of the possessor), and bank notes issued in lieu of them, for so much sterling, payable to the bearer in three months from the date, at two per cent. per annum interest. A pound sterling to be estimated at two hundred and sixty-six and two-thirds of the present dollars.[9] The interest to be punctually paid in specie at the end of the three months; when it shall be at the choice of the possessor to have the bank notes renewed, or to receive the sum deposited, in the old paper.
VII. All the money issued from the Bank, to be of the same denomination, and on the same terms.[10]
VIII. The Bank to furnish Congress with an annual loan of two millions sterling, if they have occasion for it, at four per cent. interest.
IX. The whole, or such part of the stock as is judged necessary, to be employed in commerce, in the manner, and on the terms, which shall be agreed upon, from time to time, between the Company, and a Board of Trade to be appointed by Congress.
X. The Bank to issue occasionally, by permission of Congress, such sums as may be thought safe and expedient, in private loans, on good securities, at six per cent. interest.
XI. The Government to share half the whole stock and profits of the Bank.
XII. The Bank to be managed by the trustees of the Company, under the inspection of the Board of Trade,[11] who may have recourse to the Company books whenever they think proper, to examine the state of its affairs. The same is done in England, and in other countries where Banks are established, and is a privilege which the Government has a right to demand for its own security. It is the more necessary in this case, from the commercial nature of the Bank.
To give an idea of the advantages