Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-06-29
EwING's FISCAL AGENT.
aa H TREASURY DEPARTMENT,

aH EWlNO'o FISCAL AGENT.
aa ~ TREASURY DEPARTMENT,
n1tta June IL, lS4l.
Toathe President Of the Senate ofMe u
States: G9 .r. -
Sir: In obedience to the directions
of the Senate, contained in their resolu-
tion of the 7th instant, the Secretary
of the Treasury has prepared ,and herewith
submits plan Of a Bank and Fiscal
Agent. q,
In the general plan and frame Of said
institution, he has endeavored TO free it
from the constitutional objections which
have been urged against those heretofore
created by Congress, and as far as pract
cable, without imPairing its usefulness, 10
guard it in its details against the abuses
to which such institutions are liable. And
he now respectfully submits it to theSen.
ate with the hope that, in the process Of
consideration and enactment, il may be-
come, what he did not presume to prom
ise, but which he earnestly desires to see
in the possession of the Nation, a Bank
and Fiscal Agent, free from constitution
al objections, and adapted to the wants of
the country and convenience of the Gov
ernment. @'"
1t is proposed to incorporate Bank in
the District Of Columbia by The name of
the Fiscal Bank Of the United States, hav-
ing capital Of thirty million dollars, with
power to establish branches or Offices OF
discount and deposite in the severalStates
with the assent Of the States; that the
Government subscribe one-fflh part Of
the capital; and on,the suppositiOn that it
is the purpose Of Congress hereafter to
direct that the fourth installment, appro-
priated by the deposite act of June 23d,
1885, shall be paid into the Treasures of
the several States, it is also proposed
that subscription to that amount be made
in the name fthe United States, for the
use Of the States respectively, the stock
TO be assigned 10, and become the proper
ty of, such States as shall accept the
same, in tho manner and in the proportions
and subject TO all the conditions provided
and imposed by that act. t Fs. fzg
And for the amount of the six millions
to be subscribed by tho United States on
their own account, aud also for the amount
tobe subscribed for the use of the several
States, it is proposed that stock be crea-
ted, bearing an interest of FIVE per cent.
per annum, redeemable at the pleasure
of the Government at any time after Is
i years. r.zz..-,9.'.
In case congress should not see fl to
make such provision as is proposed for
paying to the States the fourth installment
under the deposte act, it may be well
worth while to consider whether theStates
might not be permitted TO take the stock
of the bank according to their respect
i've amount Of population, 10 the extent
of ten millions in all, issuing therefor
stock of their own, bearing such interest
and reimbuFsable at such periods, as might
be prescribed; the dividends on the shares
thus held BY the States, respectively, to
be applied, in the 6rst place, to the pay
.ment of the interest on their stocks; with
= 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 10 the
Teimburseme nj ofthe principafof their
debts, or stocks, created or issued for the
spurposesaforesaid.
ID In the opinion the Secretary, it is de-
Girable that the States should be permit
ted 10 take an interest in one Of thefOre-
going modes, Or some other mode, in the
new institufi0n; but if Congress should
think Otherwise, then it is recommended
that the Government of the United States
subscribe for ten millions. of stock, leav-
ing twenty ODE subscribed by individ-
uals. aa .0l4 epeflcz ea .,..I
80 tits proposed that the affairs Of the
Bank be managed by seven directors, two
eofthem 10 be appointed by the President
6y and with the advice and consent Ofthe
Senate and five to be elected by the
0stockhOldeTs, at their annual meeting.--
A President TO be chosen by the directors
oQt oftheir own body. ga.I
That TIE btanchesbe managed BY not
mere than seven, nor less than FIVE d.
TectOts, two of them 10 30 appointed by
the States in which the branches may be
asSs1 = 2 sse. 4 4