Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-15

1t is proposed that the afiirs Of tie Bank Be ma
naged by seven directors two of them 10 be appointed
by the President, BY and with the advice and consent
81 the Senate, and five to be elected By the stockholders
al tneir annual meeting president ID be chosen By
the directors ont Of ther owa body
That the branches be managed by not than
seven, nor less than five directors two of them be
appointed by the States in which the branches may b.
situated II such State be stock holder and the rest
be appointed by the directors of the Bank
IL IS proposed that the Bank BE- the fiscal agent OF
the Government. That the public moneys be deposit.
ed in H. and when there that they be deemed and taken
be in the Treasury OF the u S. and that the deposites
be not removed except ey law, and that the notes ii
the said Bank be receivable in the payment Of public
dues and that payments made by the Treasurer Of tho
L. 5. may be by checks on said Bank.
That the said Bank receive the funds OF tha L :;
That It transmit them from part OF the mon T.
another, and distribute them for Inc payment Of pubic
creditors, and perform the duty Of pension ugen, free
OF charge.
The ordinary powers and privileges Of banking instr
.uos being conferred upon il, and the ordinary liabi
es and duties imposed in order prevent bank
ing excessive issues, fluctuations the price Of stocks
and consequent speculaons therein and 10 secure the
bill holders and other creditors of the Bank from dan
ger Of loss, 1t IS proposed
10 lmt the dividends 10 six per cent. per annunI,
but II they fall short in any year, the Deficiency with
interest thereon, to be afterwards made uood--and
when surplus accumulates, exceeding two millions,
TIE excess 10 be passed 10 the credit OF the Treasurer
the l. s.
That the amount of debts which It NAV at any time
owe, shall not exceed twenty millions and above
IT'S deposes That the debts at any time due to the
oahR shaii not exceed the amount OF lis capital and
seventy.hre per cent. thereon and that when the
amount Of lis bills in circulation shall exceed three
umes the amount OF specie in lis vaults, loan
Shall be made.
That II shall not deal in any thing except coin, bull
hon, promissoy notes, and inland bills Of exchange
That II shall take than six per cent. upon
loans.
That it shall discount promissory note and pur.
chase no bill Of exchange which has more than one
hundred and eighty days to rum make any loan Tor
longer time.
That no debt shall be renewed
That IL shall not al any time loan the L. 5 more
than three millions of dollars nor any State more than
one hundred thousand dollars, nor either for longer
time than one hundred days, unless authorized BY
That II shall contract no debt for longer time than
one year.
That il shall issue no note of less denomination
than ten dollars.
That the officers Of the institution shall not be per.
mtled 10 borrow money from, or contract aay debt
therein, IN any manner whaever-a note or bill Of
which such officer maker, drawer, endorser or &C
cepor IS forbidden 10 be discounted The directors
Of the branches not 10 he considered officers within the
lnraning Of tins provision
To prevento expose any fraud or indircc,on in the
management oil lhe institution 10 prevent, also, large
and improper loans 10 individuals, the injury Of The
Stockholders and the public, and TO prevent, Likewise,
false lmpuiaons when such irregularities do exist
il proposed that the books of the institution nclu.
ding the accounts of all individuals therein, be al all
times open 10 the inspection Of the Secretary OF The
Treasury of the United States; 10 committee oieither
House Of Congress to each of the directors Of the
Bank, and To committee OF the stockholders, with
power to make public whatsoever they think lit.
II is proposed TO provide that the branches shall not
issue notes bills ada pied to- and intended for
aton; but may sell drafts, not less III amount than
fifty dollars, for the purpose Of transmission and ex
change
That the Bank shall not suspend specie payment
hat It shall not pay out any thing but CEN bullion
,r It's notes That It's existence corporation
continue for twenty years--but that il be allowed TO
use It's corporate for two years longer III settling
Up It's affairs
That no other bank be established by Congress du-
Ing the existence of the charter.
And providing that il shall not be deemed in
rngement Of the privileges granted by the charter, #
Congress shall order the said corporation to place Oil
.es 0fdscount and deposite wherever the may bc
for the collection safe keeping, and dlsbursc
ne Of the public revenue.
All which is respectfully submitted,
7. EWING,
Secretary THE Treasury
On motion of Mr.. CLAY of Ky, the report and
bill were referred 10 the Select Committee
IN the subject, and 500 additional copies ordered to
DC printed.