Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-06-30
Fiscal Agency of the United States.
Treasury DEPARTMENT, June IL, ls4l.

i
S1R:-In obedience 10 the directions of the
Senate, contained in their resolution of The 7th
instant, the Secretary of the Treasury has pre-
pared and herewith submits plan Of a Bank
and Fiscal Agent
In the general plan and frame Of said instiu-
ton, he has endeavored TO free 1t from the con-
stiutional objections which have been urged
against those heretofore created by Congress,
and as far as practicable, without impar,ing its
usefulness, to guard 1t in It's details against the
abuses 10 which such institutions are table,
And he now respectfully submits 1t to the SEN
ale with The hope that, in the process OF con-
sideraton and enactment, il may become, what
he did not presume TO promise, but which he
earnestly desires to see III the possession oil
the nation, Bank and Fiscal Agent, free from
constitutional objections, and adapted to the
wants of the country and convenience OF the
Government
1t is proposed TO incorporate Bank in the
District of Columbia, by the name of the Fiscal
Bank of the United States, having capital OF
thirty millions dollars, with power TO establish
branches or Offices of discount and deposie III
the several States with the assent of the States;
that the Government subscribe one-hlh part OF
the capital; and on the supposilion that 1t Is the
purpose of Congress hereafter TO direct that
the fourth instalment, appropriated by the de-
posite act of June 23d, 1886, shall be paid into
the treasures of the several States, 1t Is also
proposed that a subscription TO that amount be
made in the name of the United States, for the
use of the States respectively; the stock be as
signed to, and become 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 imposed by that 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 sub
scribed for the use of the several States, 1t Is
proposed that stock be created, bearing an
interest Of five per cent. per annum, redeema-
bic at the pleasure of the Government at any
time after fifteen years.
In case Congress should not see fit to make
such provision as is proposed for paying to
the States the fourth instalment under the de-
posite act, it may be we'll worth while TO con-
slider whether the States might not be permit
ted TO take the stock of the bank according TO
their respective amount of population, to the ex-
tent of ten millions in ALL issuing therefor stock
of their own, bearing such interest, and relm-
bursabe at such periods, as might be prescribed,
the dividends on the shares thus held by the
States, respectively, to be applied, in the first
place, to the payment Of the interest on their
stocks; with further provision, If thought ne
cessary, that, in case the proceeds of the pub
lie lands should be applied TO the reimburse
ment of the principal of their debts, or stocks,
- ;eeroJ Cor tbn Durpoces aforpsaid
In the opinion of the Secretary, it is desira-
BILE that the States should be permitted to take
an interest in one of the foregoing modes, or
some other mode, in the new institution; but, If
Congress should think otherwise, then II is re-
commended that the Government of the United
States subscribe for ten millions of stock, leav
ing twenty to be subscribed by individuals.
1t is proposed that the affairs of the Bank be
managed by seven Directors, two of them TO be
appointed by the President, by and with the ad-
vice and consent of the Senate, and five to be
elected by the stockholders at their annual
meeting. A president TO be chosen by the di-
rectors out Of their 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, II such State Dc a
stockholder, and the rest to be appointed by the
directors of the Bank.
1t is proposed that the Bank 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 be in the Treas
ury of the United States, and that the deposlies
be not removed except. by law, and that the
notes of the said Bank be receivable in the pay
ment of the 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 10 another, and distribute
them for the payment of public creditors, ant
perform the duty Of pension agent free of charge
The 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, fiuc