The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1841-07-02

the English is estimated at 1000, and the Killed
and wounded on the Chinese are said to be very
numerous.
Secretary Ewimg'- plan Tor u Fiscal Agent
alias NATIONAL BANK!
The following plan has been proposed by the
Secretary Of the Treasury to Congress, for the
adjustment ola National Bank
1T is proposed to incorporate Bank in the
District of Columbia, by the name of the Fiscal
Bank Of the United States, having a cptal of 30
millions of dollars, with the power to establish
branches or Offices of discount and deposito in the
several states, with the assent Of the states; but
that he Government subscribe one fifth part of
the capital; and on the suppositon that it is the
purpose of Congress hereafter TO direct that the
fourth lnstaluent, appropriated by the deposit act
of June 23d, 1886, shall he paid into the treasur-
les of the several states it is also proposed that
subscription to that amount be made in the name
of the United States, for the use of thc states re-
spcctively the stock to be assigned to, and be-
come the property Of such states as shall accept
the same, in the manner and in the proportions,
and subject to all the conditions provided and i'm
posed by that act.
"Aud for the amount of the six millions to be
subscribed by the United States on her own ac-
count, and also for the amount to be subscribed
for the Of the several states, it is proposed that
a stock be created, bearing an interest of five per
cent per annum, redccmable at the pleasure of
the Government at any time after fifteen years.
ain case Congress should not see fit to make
such provision as is proposed for paying to the
state the fourth instalment under the deposit act,
it may be well worth while to consider whether
the states might not be permitted to take the stock
of the Bank according to their respective amount
of population, to the extent of ten millions in ALL
issuing therefor stock of their own, bearing such
interest; and reimluTsah'e at such periods
as might be prescribcd the dividends on the
shares thus held by the states, respectively, to be
applied, in the first place, TO the payment of in
terest on their stocks with further provision, if
thought necessary, that, in case the proceeds of
the public lands should be assigned to the states,
those proceeds should be applied to the reimburse
mcnt of the principal of their debts, or stocks,
created or issued Tor the purpose aforesaid.
ain the opinion of the Secretary, it is desirable
that the states should be permitted to take an in
tcrcst in one Of the foregoing modes, or some other
mode, in the new institution but, if Congress
should think otherwise, then it is recommended
that the Government of the United States subscribe
for ten millions of stock, leaving twenty to be sub
scribed by individuals.
1T is proposed that the affairs of the bank be
by seven directors, two of them to be
appointed by the President by and with the adj
vice and consent of the Senate, and five to be
elected by the stockholders at their annual NEE
ting. A President to be chosen by the directors
nut ofther own body.
"That the branches be managed by not more
than seven, nor less than five directors, two of
them to be appointed by the states in which the
branches may be situated, if such state be stock
holder, and the rest to be appointed by the dircc-
tors Of the Bank
at is proposed that the Banl, be the fiscal
agent of the Government That the public
moneys be deposited in it; and when there, that
they be deemed and taken to I've in the Treasury
fthe United States, and that the deposites he not
removed except by law, and that the notes of the
said Bank be receivable in the payment of public
dues and that the payments made by the Treas
urer of the United States may be by checks on
said Bank.
THAT the said Bank receive the funds of the
United States; that it transmit them from one
part of the Union to another, aud distribute them
for the payment of public creditors, and perform
the duty of pension agent free of charge.
"Thc ordinary powers and privileges of bank
ing institutions being conferred upon it, and the
ordinary liabilities and duties imposed, in order
to prevent over-banking, excessive issues, fuc,u
atoms in the price of stocks, and consequent,
spccuIatioas therein, and to secure the bill holders
and other creditors of the Bank, from danger OF
oss, it is proposed
"Io limit the dividends to six per cent per an
num, but if they fall short in any year. the def. |
'lcncy, with interest thereon, to be made after
wards good-and when surplus accommodates
exceeding two millions, the excess to be passed |
o the credit of the Treasurer of the United States
THAT tho amount of debts which it NAV |
my time owe, shall not exceed twenty million,
over and above its deposits, That the debts a,
my time due to the Bank shall not exceed the
mount OF its capital and 10 per cent. thereon: