Mobile daily commercial register and patriot., 1841-06-23
From the Baltimore Republican. PLAN OF FISCAL BANK OF THE


 From the Baltimore Republican.
 PLAN OF A FISCAL BANK OF THE
 UNITED STATES. We give below the "plan o Fiscal Bank of the United Ststes,' reported to Congress by the Sec retary of the Treasury, and have only time to remark that upon the first glance, il strikes us as
 A monster of so hideous mein,
 That to be hated, needs but to be seen
 It is in oar mind an agent, whose Brlarlan hands are to steal away the independence of the States and the liberties of the people.
 The Glole says, Mr. Ewng's report of Fiscal Bank of the United States, introduced and read from the Clerk table. MT. Walker had preceded it by resolutions contemplating Fiscal Agency, dives ted ofbankng powers, and putting the public treasure under the immediate custody of Congress, both parties in the body heinz of equal participation in its and custody by the mode of electng the cus tOdiers."
 But the monster which MT. Clay has called forth from the TrearTy, shows how utterly hypocritica have been all the Federal pretences against concentra ting power, Government power, in its fiscal agent That now proposed by Mr. Ewing coyerty consoli- dates all the power of every fatal measure, which has been predicted by the Democracy would make part of the Federal policy to enslave the country. On the
  bribery and corruption of the State makes the most striking feature in the project The United States are make national debt, to give nine millions of depostes to the States part of their capital in the bank. The public domaia is to he distributed to form another fund for the States in the capital of the bank this is to take in such States would stand out on their principles. This bank capital for the States is to be provision for paying interest state debts to effect an as sumption of these debts and bribe them and all the holders of State stocks to make cause in subyefting the Constitution of the country. But we give ilie measure proposed having only time to listen it, to read it. Our impression is, that it will be found the gigantic scheme of conso dation and corruption suggested in this country. The report we take it, is Mir. CIay's, called out by him. through the Secretary to connect it in with the Administration.
 SATURDAY, JUNE 12. In the Senate after presentation of memorials, pe- titons, and the transaction of their business, the CHAIR, submitted the following communication from the Secretary of the Treasury.
 TREASURY DEPARTMENT,
 June l2, l84l.
 To the President of the Senate of the United States
 SIR:-In obedience the directions of the Senate, contained in heir resolution of the 7th insant the Secretary of the Treasury has prepared and herewith submits plan of Bank and Fiscal Agent.
 In the general plan and frame of said institution, he has endeavored to free it from the constitutional ob jections which have been urged against those hereto fore created by Congress- and far practicable, without imparing its usefulness, guard it in its de- tails, against the abuses to which such institutions are liable. And he respectfully submits it the Senate with the hope that, in the process of consd eration and enactment, it may become, what he did not presume to promise, but which he earnestly de- sres to see in the possession of the nation Bank and Fiscal Agent, free from Constitutional objections and adapted to the wants of the country and fence of the Government.
 It is proposed to incorporate Bank in he District of Columbia by the name of the Fiscal Bank of the United States, having capital of thirty million dol lars, with power to establish branches offices of discount and depose in the several States with the assent of the States that the Government subscribe one fifth part of the capital and the suppostion that is the purpose of Congress hereafter to direct that the fourth nstalment, appropriated by the deposite of June 23d, 1886, shall be paid into the treasures of the several States, it is also proposed that sub scrpton to that amount be made in the name of the United States for the of the States respectively; the stock be assigned to, and become the proper ty of, such states shall except the same, in the manner and in the proportions, and subject to all the conditions provided and imposed by that act.
 And for the amount of the six millions to he sub scribed by the United States their own account, and also for the amount to be subscribed for the of the several States it is proposed that stock be created, bearing interest of five per cent per am nun, redeemable at the pleasure of the Government at any time after fifteen years.
 In case Congress should not see fit to make such provision is proposed for paying the States the fourth nstalment under the deposite act it may be well worth while consider whe ,er the States might not he permitted to take the stock of the Bank ac- cording to their respective amount of population, to the extent of millions in all, issuing therefor stock of their own, bea, ing such interest, and reim- bursabe at such periods, as might be prescribed; ; the dividends the shares thus held by the States, respectvely be applied, in the first place, to the of the their stock with a firther provision, if thought necessary that in the pro- ceeds of the public lands should be assigned the States, those proceeds should be applied to the re- imbursemen of the principal of their debts, stocks, created or issued for the purpose aforesaid.
 In the opinion of the Secretary, it is desirable that the States should be permitted to take an interest in one of the foregoing modes, some other mode, in the new institution; but, if Congress should think otherwise, then it is recommended that the Govern ment of the United States subscribe for millions of stock leaving twenty to be subscribed by individ- uals.
 It is proposed that the affairs of the Bank be ma- naged by seven Directors two of them to be appoint ed by the President by and with the advice and sent of the Senate and five be elected by the stock holders at their annual meeting. president to be chosen by the Directors out of their own body.
 That the branches be managed by not more than seven, nor less than five directors, of them to be appointed by the States in which the branches may be situated, if such State be sockholder, and the rest to be appointed by the directors of the Bank.
 It is proposed that the Bank be the fiscal agent of the Government. That the public moneys be depo- sited in it and when there, that they be deemed and taken to be in the Treasury of the United States and that the despostes be not removed except by law, and that the notes of the said Bank be receivable in the payment of public dues, and that payments made by the Treasurer 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 and distribute them for the payment of public creditors, and perform the duty of pension agent free of charge.
 The ordinary powers and privileges of banking institutions being conferred upon It, and the ordinary liabilities and duties imposed in order to prevent over-banking excessive issues, fluctuations in the price of stocks and consequent speculations theren and secure the bill holders and other creditors of the Bank from danger ofloss, it is proposed
 To limit the dividends to six per cent. per annum, but they fall short in any year, the deficiency with interest thereon, to be afterwards made good.and when surplus accumuates, exceeding two millions,