Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-15

mention from the Secretary oil the treasury
Treasury DEPARTMENT
June II, ISL.
tn The President of the Senate Ct The L. s:
SIR: In obedience TO the directions OF the Senate,
contained in their resolution of the 9Th lns the Secre-
tary ofhe Treasury has prepared and herewith SUBMITS
plan Of Bank and Fiscal Agent.
In The general plan and frame OF SAID institution he
has endca yored to free from the constitutional obec-
tons which have been urged against those heretofore
created by Congress- and far practicable, without
,uparing its usefulness, TO guard 1t IN ITS details
auanst the abuses which such institutions are liae
And he now respectfully submits II to The Senate with
the hope that the process OF consideration and en-
actment !, NAV become what he did not presume 10
nromise but which he earnestly desires to see IN the
nossession Of the nation Bank and Fiscal Agent Tree
from constitutional objection, and adapted 10 Inc wants
Of the country and convenience OF the Government
II is proposed to incorporate Dank III lhe o'sf,c'
If Columbia by the name of The Fiscal Bank OF the
II s HAVING Il capital OF thirty million oi dollars win
mower to establish branches Offices OF discount ana
deposite the several States, with the assent OF inc
States; that the Government subscribe onc-hih part
Of The capital and the supposltion That IS II The Pur
,ose nj Conpres hereafter direct that the fourth IN
slment appropriated by the depose act Of June sd
s shall be paid into the treasures OF the several
States il also proposed that subscription to that
amount be made in the name of the I. s., Tor the use
of the States respectively; the stock to be assigned
TO- and become the property Of such States as sha ac
ce nj the same in The 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 SUBJ
scrbed by the United States their own account,
and also for the amount to be subscribed Tor The use Of
the States il proposed that stock be created
bearing an interest Of five per cent. per annum, re-
deemable at the pleasure of the Government al any
time after fifteen years. In Congress should mol
see fit to make snch provision rs IS proposed or pay
inp TO the States the fourth nsaimen under the deo
site act it NAV be we'll worth while 10 consider whe,nel
the States might be permitted 10 take Inc s'ocS u
the Bank according to their respective amount :" o
pulaon, to the extent Of ten millions IN az 'ssu
therefor stock of their own, bearing sucn n'e'es''
and rembursabe at such periods, as might ue pre-
scrbed the dividends the shares thus heia oS Tue
States. respectively be applied, IN tie hfst place,
the payment of the interest on their siocks' WIN
further provision if thought necessary that, 10 case
the proceeds of The public lands should be assigned 10
The States those proceeds should be applied to the re
mbursement of the principal of their debts OF STOCKS
created or issued for the purposes aforesaid
In the opinion of the Secretary, IS desirable ina
the States should be permitted TO take an interest IN
one of the foregoing NODES some other mode IN the
rev institutions but, if Congress should think other
wise, then ii is recommended that the Government o
The L. S. subscribe for ten millions Of stock, leaving
twenty to be subscribed BY individuals.