11. That the inspectors so chosen shall, on the evening of every day, Sundays excepted, deliver to the superintendent of the finances of America, a state of the cash account, and of the notes issued and received.
12. That the bank notes, payable on demand, shall by law be made receivable in the duties and taxes of every State in the union, and from the respective States, by the Treasury of the United States, as specie.
13. That the superintendent of the finances of America shall have a right at all times to examine into the affairs of the bank, and for that purpose shall have access to all the books and papers.
14. That any director or officer of the bank, who shall convert any of the property, monies, or credits thereof to his own use, or shall any other way be guilty of fraud or embezzlement, shall forfeit all his share or stock to the company.
15. That laws shall be passed making it felony, without benefit of clergy, to commit such fraud or embezzlement.
16. That the subscribers shall be incorporated under the name of the President, Directors and Company of the Bank of North America.
17. That none of the directors shall be entitled to any pecuniary advantage for his attendance on the duties of his office of director, or as president, or inspector, unless an alteration in this respect shall hereafter be made by the consent of a majority of the stockholders at a general election.
18. That as soon as the subscription shall be filled, Mr George Clymer and Mr John Nixon shall publish a list of the names and sums respectively subscribed, with the places of abode of the subscribers, and appoint a day for the choice of directors, to whom, when chosen, they shall deliver over the money by them received.
Observations on the above Plan.
Art. 1st. The objects and use of a bank are too obvious to need illustration. But it may not be amiss to take notice, that the first moment of its getting into action, the credit arising from its funds can be made use of by the government of the United States in anticipation of taxes, in consequence of special agreements to be made between their superintendent of Finance and the directors for that purpose; and as the capital and credit of the bank increase, so may this mode of anticipation be increased, to answer all the purposes of government. It is, however, evident at the first view, that four hundred thousand dollars are not sufficient for those purposes, nor those of private commerce, because no considerable circulation of paper can be founded on so narrow a basis; yet it is dangerous to attempt more. It is not possible to determine what is the highest sum, that could speedily be obtained by subscription. To ask more than could be obtained would have a fatal effect; to ask less is a partial evil. It is, however, an evil which admits of a remedy, as is provided in the plan.