Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-06-24

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TREASURY DEPARTMENT.,
June IL, l84l:
To the President ofthe Senate Of the Uni.
ted States: 80 80. s.,
Sixth obediencetto the directions of
the Senate.e contained inlheir resolution Of
the 9Th instant. the Secretary of the Treas :
ury has prepared, and herewith submits,
a plan of Bank aud Fiscal Agent.
In the general plan and frame of saidin-
stilution, he has endeavored TO free il from
the constitutional; objections which have
been urged against those heretofore crea-
ted bv Congress, and as far as practicable,r e
without impairing its usefulness, to guard,
it in itssdetails against the abusessf
which such institutions are liable. Andhe s
now respectfully submits ittoihe Senate &
with the hope that In The process OF con-
sideration and enactment, it may become, g
what he did not presume to promise, bur I
which he earnestly desires to see in the
possession .ofthe nation, a Bank. and Fis-.T
cal Agent, free from constitutional objec-,s
tions and adapted to the wants of the eoun.
try and convenience of the Government
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tits proposed to incorporate Bankiin: ]:
the District of Columbia by the name of
the Fiscal Bank ofihe United States, hav.;,
ing capital Of thirty million dollars, with
power to establish branches or Offices of
discount and deposite in the several States
with the assent Of the States; that The ]:
Government subscribe one-6fth part of the. /
capital; and on the supposition that itisthe
purpose of Congress hereafter to direct that
the fourth instalment, appropriatediby the
deposile act Of June 3d., 1886, shall be
paid into the treasures of the several
States,i is also proposed that a subscription;
10 that amount be made in the;nameof the
United States, for the use of the States
respectively; the stock to be assigned 70,
and become the property ofsuch States as
shall accept the same, il the manner and
in the proportions, and subject TO all the,
conditions provided aud imposed blythe act,
And for the amount of the six millions
to be subscribed by the United States on
their own account, and also for the amount
to be subscribed for the use Of the several
States, it is proposed that stock be crea-ss
ted, bearing an interest Of five per cent,
per annum, redeemable at the pleasure Of
the Government at any time after htteenS
years.
In case Congress should not see fit to
make such provision as is proposed Tor
paving to the States the fourth instalment
under the deposite act, itmay bewell worth
while 10 consider whether the States might
not be permitted 10 take the stock OF the
Bank according to theirrespectiyes amount
of population, to the extent OF ten millions
in all, issuing therefor stock ofstheir own,
bearing such interest, and re-imbursabie at
such periods; as might be prescribed; the
dividends on the shares thus held by the
States, respectively, to:be applied, in the
I FIRST place, tothe pay mentof the interest on
their stocks: with a further provision, u
thoughtnecessary that, inease the proceeds !.
of the-public lands -should. be assIgnsdto
theStaies, those RrpceeAs shnlld Sc
tosfhe reimb b1rseInent sof the ptInclpaEo
their debts, or stocks, created orissued. d.tor
the purposes aforesaid. -.
Inthe opinion of the Secretary 1T lssde- 3
sirable that the States should be permitted:
:totake an intercstin one Of the foregoing
modes, or some other mode in the new ln-
slitution, but, il Congress should think
otherwise, thenitis recommended that the
Government Of the United States subscribe
for ten millions Of stock, leaving twenty to
be subscribed BY individuals.
1t is proposed that the affairs OF the
Bank be managed by seven directors, two
ofthem to be appointed by the President,
by and with The advice and consentotthe
Senate, and FIVE to be elected by the stock
holders, at their annual meeting. A pres
ident 10 be chosen by the directors out Of
their own body.
That the branches be managed by not
more than seven, nor less than five direc-
tors, two Of them 10 be appointed by the
States in which the branches may be sltu-
ated if such State be Stakeholder, and
the rost TO be appointed by the directors
of the bank.
1t is proposed that the Bank be the fiscal
agent Of the Government. That the pub
lie moneys be deposited in IL; and when
there, that they be deemed and taken to be
in the Treasury of the United states' and,
that the deposiles be moi removed except
by law, and that the notes of the said Bank
be receivable in the,payment ofpublic Dues
and that payments made by the Treasurer
of the United States may bc by checks on
said Bank.
That the said Bank receive the funds OF
the United States; that it transmit Sthem u1,
from one part of the Union to another, ana
distribute them for the payment 9: Puollc
creditors, and perform the duty OF pension
agent free of charge.
The ordinary powers aud privileges ol
banking institutions being conferred upon
it, and The ordinary liabilities and duties
imposed in order to prevent over banhiag,
excessive issues, fluctuations in the pr'ee :;
of stocks, and consequent speculations
therein and to secure the bill holders ana
other creditors Of the Bank from dangero Oh
loss, it is proposed.
To limit the dividends to six per cent
per annum, but ifthey fallsh many year
the deficiency, with interest thereon, 70 oe
afterwards made good and when surplus