The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-08-25
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PROJET
FISCAL BANK OF THE UNITED STATES.
Ma. POPE, OF KENTUCKY,

FISCAL BANK VI IHE u IIED . "A les.
Mr.. PofE. Of Kentucky, on Monday, sd August,
gave notice the House tina, he had prepared bill
to establish Fncsl Bank which, If The bill under
consideration should fail, he intended 10 offer He
said that purpose was TO give The whole people OF the
United Stairs the benefits resulting from the Bank
and 10 create an institution which will aid the Gov
eminent IN time Of war, and in peace give cheap
safe and uniform currency; sustaining the credit and
currency OF this country against the revulsons and
coDtrsctions Of foreign specnlations.
One Of the prominent features of this Bank u.s. that
j, 10 he under the control Of directors appointed by
the States There - to be private stock, and the
dividend. be distributed among the States, and
thus constituting one Of The strongest bonds Of the
American u MON.
The following is abstract Of its prominent fea-
lures
A BILL to establish Bank for Fiscal purposes, and
for the benefit Of the People be called rhe Fiscal
Bank Of the United States.
The Leading principles and features of the bill are
the following
LIST IL 10 10 be under the guarantee and supervision
of the Federal Government to be the receiver, keep
er and disburser Of the public money and to furnish
the necessary facilities for transferring the public funds
from place place where wanted and required by the
Government
ID The Bank is to have capital ofthry millions,
be increased fifty millions in ten years, at the
Of two millions year, and to be based on the
proceeds Of the public lands and the surplus profits
OF the bank per cent which are 10 be set
apart and pledged FOL the use and support OF the lnst
tuition and for the interest and principal Of such debts
may be incurred by the Bank to and increase
Their capital
Sd There TO be private stockholders, bet il is
TO be created for the OF the Government and for
The benefit Of the States and the People
duh The Primary Board Of Directors, or the Mo-
thrr Bank TO be located at the city Of Washington
with power 10 establish branches Of discount and de-
posi-, 10 The several States and Territories where
anil lint hFnn IN he ateIl
any State withou, the previous consent OF such
State.
5th The Bank and branches to be under the super
vision and inspection of committees of either House
OF Congress, who may inspect all the affairs public
and private accounts of the Bank and branches, and
OF the Secretary Of the Treasury, who may, by him.
self or agent inspect the fame from tine TO time,
when be mat deem il expedlent and for that purpose
shall be deemed ex ofIicIo Director of said Bank
and he may require annual monthly, or weekly re-
turns his Department. of the condition and affairs
Of the institution.
9Th The Bank TO be under the management and
control Of twenty directors To be appointed by the
several States, To be deemed and held body polite
and corporate with the usual powers and privileges Of
cOrporston and all of the said Directors to reside
the city OF Washington, and 10 receive fixed com
pepsation for their services but not to be permitted to
borrow money, directly Or indirectly, of the Bank
any Of It's branches, and to continue in Office for four
years. unless sooner removed by twothirds Of the
Beard for reasonable cause
nh. i he profIts oil the BANK 10 ne DIVIDED matt
YEARLY among the several States according to the
number Of Senators and Representatives IN each
state the d. dends TO exceed at The rate OF
per cent annually to be suspended during war with
a foreign Power.
sth The Primary Board, or Paren, Bank, shall not
lend money or discount notes except 10 the Federal
Government or State Governments; of not more than
one milton to the United States, one hundred thou
tand dollars to State, unless author zed by act OF
Congte.r.
OH One of the Directors Of the Primary Board
sha be chosen PrescnI Of the institution, by said
Board aud The President aud each Director, before
he enter on the dutict of his office, shall make oath
before OF the Judges OF the Supreme Court, or a
Judge OF the District Courts Of the United States that
ne Sl support the Constitution of the United States
and fhluy and mpartsIly discharge the duties OF
his office.
ION. The Bank shall have power TO lend money
md discount notes for po,iud not exceeding
kupdred and eighty days, aud at of interest
exc, eding per cent per annum TO deal in bills Of
exchange, foreign and domestic; in gold and silver,
hullon Sc and Issue notes payable on dem. nd, to
afd,r OF bearer which shall be receivable in oil dues
IL the Government, and for debts and balances due
the Bak ana branches, wherever ado payable bur
NOE 10 he issued Of less denomination than i've dol
lars suffice, 10 future alteration by Congress.
ilh The circulation never 10 exceed three times
thu amount Of the specie IN their vaults; and, m the
,sen OF such excess il shall be the duty Of the Bank