Third National Bank of the United States
Section 1 Stock sale
1:1. Congress will sell common stock at $1.00 per share to persons who are electors for the U.S. House of Representatives.
1:2. Congress will sell preferred stock at $100 per share to the general public and the purchase of common stock may not prevent any person from purchasing preferred stock.
1:3. Proceeds of the stock sale will be used to retire the federal debt.
1:4. The Federal government will purchase an amount of common stock equal to the amount sold to the general public, using the Treasury Department's gold and silver reserve, providing that the valuation of that reserve is achieved by using the currency ratio which Congress establishes for members of the Third National Bank of the United States.
Section 2: Accounts
2:1. Each executive department and each federal department that may be established by Congress shall maintain an account in the Third National Bank of the United States.
2:2. All banking and financial institutions that maintain branches in more than one state must become a member of the Third National Bank of the United States by maintaining an account therein. Other banks and lending institutions may become a member of the Third National Bank of the United States by maintaining an account therein.
Section 3: The Board of Directors
3:1. The board of directors shall consist of a number of persons determined by Congress and who shall serve with the qualifications established by Congress providing that no person who is a stockholder or employee of the Third National Bank of the United States, or a stockholder, corporate officer or employee of any member of the Third National Bank of the United States or a stockholder thereof, or who holds any office of public trust under or is employed by the United States or any of the several states shall be a director or officer of the Third National Bank of the United States.
3:2. The President of the United States shall appoint, with the advice and consent of the Senate, one half of the directors, who shall serve a term of six years, providing that one third of such directors are appointed every second year.
3:3. The holders of common stock shall elect the remaining members of the board of directors and these directors shall serve a term of two years with one half of these directors being appointed every year.
Section 4: Powers
4:1. The Third National Bank of the United States is empowered to provide loans and financial services to its members.
4:2. The Third National Bank of the United States is empowered to provide loans to corporations, which are chartered by Congress, to the governments of the several states and to entities created by the constitutions and legislative authorities of the several states.
4:3. The Third National Bank of the United States is empowered to provide loans to corporations which are chartered by the governments of foreign nations providing that such corporations are registered with the federal government under such regulations as Congress shall establish.
4:4. The Third National Bank of the United States is empowered to provide loans to the governments of foreign nations with the advice and consent of two-thirds of the members of both Houses of Congress.
4:5. The Third National Bank of the United States is empowered to establish account reserve requirements for its members.
4:6. The Third National Bank of the United States shall sell the bonds and securities of the United States as directed by Congress.
4:7. The Third National Bank of the United States and the members thereof shall have concurrent power to conduct the exchange of United States and foreign currency at rates determined by Congress.
4:9. The Third National Bank of the United States is empowered to issue United States currency and to coin money as determined by the currency ratio established by Congress according the gold and silver deposits in the Third National Bank of the United States.
Section 5: Specie Redemption
The Third National Bank of the United States may not redeem any currency or coin in gold or silver.
Section 6: Profit distribution
6:1. No less than one quarter of the profits generated by the Third National Bank of the United States shall be reserved for distribution to its members in proportion to the value of the members' respective accounts, and such profits shall be used to procure gold and silver at market prices for the purpose of maintaining a bouillon reserve or issuing United States currency and coin.
6:2. No less than one quarter of the profits generated by the Third National Bank of the United States shall be reserved for distribution as dividends to the holders of preferred stock.
6:3. The Third National Bank of the United States may, at the direction of its board of directors, distribute any profit, not otherwise reserved, as dividends to its common stockholders and any dividends which accrue to the government of the United States shall be used to redeem the debt of the United States until such time as no debt exists, whereupon such dividends shall be appropriated in a manner determined by law.
Section 7: Deposit insurance
Each member of the Third National Bank of the United States must establish and maintain a reserve account of gold and silver therein, as Congress shall direct, for the purpose of insuring their customer accounts and no currency or coin shall be issued for such gold and silver except to meet the member's obligation to its depositors in the event that the member becomes insolvent.
Section 1 Stock sale
1:1. Congress will sell common stock at $1.00 per share to persons who are electors for the U.S. House of Representatives.
1:2. Congress will sell preferred stock at $100 per share to the general public and the purchase of common stock may not prevent any person from purchasing preferred stock.
1:3. Proceeds of the stock sale will be used to retire the federal debt.
1:4. The Federal government will purchase an amount of common stock equal to the amount sold to the general public, using the Treasury Department's gold and silver reserve, providing that the valuation of that reserve is achieved by using the currency ratio which Congress establishes for members of the Third National Bank of the United States.
Section 2: Accounts
2:1. Each executive department and each federal department that may be established by Congress shall maintain an account in the Third National Bank of the United States.
2:2. All banking and financial institutions that maintain branches in more than one state must become a member of the Third National Bank of the United States by maintaining an account therein. Other banks and lending institutions may become a member of the Third National Bank of the United States by maintaining an account therein.
Section 3: The Board of Directors
3:1. The board of directors shall consist of a number of persons determined by Congress and who shall serve with the qualifications established by Congress providing that no person who is a stockholder or employee of the Third National Bank of the United States, or a stockholder, corporate officer or employee of any member of the Third National Bank of the United States or a stockholder thereof, or who holds any office of public trust under or is employed by the United States or any of the several states shall be a director or officer of the Third National Bank of the United States.
3:2. The President of the United States shall appoint, with the advice and consent of the Senate, one half of the directors, who shall serve a term of six years, providing that one third of such directors are appointed every second year.
3:3. The holders of common stock shall elect the remaining members of the board of directors and these directors shall serve a term of two years with one half of these directors being appointed every year.
Section 4: Powers
4:1. The Third National Bank of the United States is empowered to provide loans and financial services to its members.
4:2. The Third National Bank of the United States is empowered to provide loans to corporations, which are chartered by Congress, to the governments of the several states and to entities created by the constitutions and legislative authorities of the several states.
4:3. The Third National Bank of the United States is empowered to provide loans to corporations which are chartered by the governments of foreign nations providing that such corporations are registered with the federal government under such regulations as Congress shall establish.
4:4. The Third National Bank of the United States is empowered to provide loans to the governments of foreign nations with the advice and consent of two-thirds of the members of both Houses of Congress.
4:5. The Third National Bank of the United States is empowered to establish account reserve requirements for its members.
4:6. The Third National Bank of the United States shall sell the bonds and securities of the United States as directed by Congress.
4:7. The Third National Bank of the United States and the members thereof shall have concurrent power to conduct the exchange of United States and foreign currency at rates determined by Congress.
4:9. The Third National Bank of the United States is empowered to issue United States currency and to coin money as determined by the currency ratio established by Congress according the gold and silver deposits in the Third National Bank of the United States.
Section 5: Specie Redemption
The Third National Bank of the United States may not redeem any currency or coin in gold or silver.
Section 6: Profit distribution
6:1. No less than one quarter of the profits generated by the Third National Bank of the United States shall be reserved for distribution to its members in proportion to the value of the members' respective accounts, and such profits shall be used to procure gold and silver at market prices for the purpose of maintaining a bouillon reserve or issuing United States currency and coin.
6:2. No less than one quarter of the profits generated by the Third National Bank of the United States shall be reserved for distribution as dividends to the holders of preferred stock.
6:3. The Third National Bank of the United States may, at the direction of its board of directors, distribute any profit, not otherwise reserved, as dividends to its common stockholders and any dividends which accrue to the government of the United States shall be used to redeem the debt of the United States until such time as no debt exists, whereupon such dividends shall be appropriated in a manner determined by law.
Section 7: Deposit insurance
Each member of the Third National Bank of the United States must establish and maintain a reserve account of gold and silver therein, as Congress shall direct, for the purpose of insuring their customer accounts and no currency or coin shall be issued for such gold and silver except to meet the member's obligation to its depositors in the event that the member becomes insolvent.