Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-06-17

N.E. ENiNb'S PLAN bf icIAh DANh
or THE UNIFIED STATES.
The President presented 70 The senate TIE toll
iowieg communication from abe SeefetaEy Of the
/ Treasury, respecting National Bank
TRxAsrRr DErARrsssr
June -, 1871.
TO Tie Presidsaf eftss Seaate Of ne Z. S;atss;
SIR: In obedience to the directions OF
the Senate, contained in their resolution
of the 7th instant, the Secretary Of the
Treasury has prepared, and herewith SUBJ
mits, plan OF Bank aud Fiscal Agent.
In the general plan and frame Of said
institution, he has endeavored TO free II
from the constitutional objections which
have been urged against those heretofore
created by Congress, and as faT as Pracii.
lcable, without impairIog its usefulness, 10
guard il in its details agains, the abuses
TO which such Institutions arc liable.
And he now respectfully submits i, to the
Senate with the hope that, in the process
of consideration and enactment, u may
become, what he did not presume 10 prom
Use, but which he earnestly desires 10 see
in the possession Of the nation, Bank
and Fiscal Agent, free from constitutional
objections, and adapted 10 the wants Of
the country and convenience Of the Cow
ernment.
1t is proposed to incorporate a Bank in
the District of Columbia, by the name of
the Fiscal Bank Of the United States, hay.
ing capital of thirty million dollars, with
power to establish branches or offices of
discount and deposte in the several States.
with the assent Of the States that the
Government subscribe one-fith part OF the
capital; and or the supposition that il is
the purpose Of Congress hereafter TO d..
rect that the fourth instalment, appropri-
ated by the deposite act OF June 23j. 1896,
shall be paid into the treasures OF the sew
eral States, it is also proposed that sub.
scription to that amount be made in the
name of the United States, for the use oil
the States respectively ; the stock To be
assigned to, and become the property of,
such States as shall accept the same, in
the manner aud in the proportions, aud
subject 20 all the conditions provided and
imposed by that act.
And for the amount Of the six million
TO be subscribed by the United States on
their own account, and also for the a.
mount to be subscribed for the use OF the
several States, it is proposed that stock
be created bearing an interest of five per
cent. per annum, redeemabe at the plea
sure of the Government at any time after
fifteen years.
In case Congress should not see fiji to
make such provision as is proposed for
paying to the States the fourth nstalment
under the deposite 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 re-
mbursable 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 pay.
ment of the interest on their stocks with
a 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 re-
endorsement of the principal ofther debts
or stocks, created or issued for the pur-
poses aforesaid.
In the opinion Of the Secretary, il is de.
sirable that the States should be permitted
to take an inert st in one Of the iorego-
ing modes, or some other mode, in the
new institution; but, if Congress should
think otherwise, then il is recommended
that the Government Of the United States
subscribe for ten millions OF stock, leaving
b. kaH bxyt nd ,ti1 10,
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 advice and consent Of the
Senate, and five to be elected by the
tockholders, at their annual meeting. A
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 direct
ors, two Of them to be appointed by the
States in which the branches may be stu
ated, if such State be a slockholder, and
the rest 10 be appointed by the directors oil
the Bank.
1t is proposed that the Bank be the fs-
cal agent Of the Government. That the
public moneys be deposited in ii and
when there, that they be deemed and ia.
ken to be in the Treasury OF the United
States, and that the deposites be not re.
moved except by law, and that the notes
of the said Bank be receivable in the pay.
ment of public dues, and that payments
made by the Treasurer 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 par, oflhe Union 10 another, and
distribute them for the payment Of public
creditors, and perform the duty of pension
agen; free Of charge.
The ordinary powers and privileges os
banking institutions being conferred upon
il, and the ordinary liabilities and duties
imposed IN order TO prevent over banking,
excessive issues, fluctuations in the price Of
stocks and consequent speculations there
IN, and to secure the bill holders and other
creditors of the Bank from danger Of loss,
it is proposed
To limit the dividends to six per cent.
per annum, but il they fall short IN any