The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-06-24
Plan Of a Bank and Fiscal a.e,..

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resolution 81 that body, plan Of a BssE@.s
Fiscal Agent 1"a
TREASURY DEPARTMENT, JuSE 10, ls4I
TO the President Of ihe Seaats,of The ~;
ted Sidtes.
SIR la obedience to the direction. :
the Senate, contained IN their rcsoL,,;os
OF ,he 9TH instant, the Secretary AZ H.
Treasury has prepared, and herewith s,n
mits, a plan of Bank aud Fiscal Aoea,
In the general plan and frame Of said s
stiiulion, he has endeayored to free !, e..
the constitutional objections which bs.a
been urged against those heretofore crca,
cd by Congress, to guard II in its detail.
against the abuses to which such insl,,n
tions is liable. Aud he now respec,C,na
submits It TO the Senate, with The ~
that, IN the process Of consideration IA
enactment, II may become, what he diS
not presume TO promise, but which he earn
estly desires to soc IN the possession or ~
nation, a Bank and Fiscal Agent, free from
constitutional objections, and adap,ed =
the wants OF the country and conyenienee
Of the Government.
II Is proposed TO incorporate Bank IN
the District of Columbia by tie name q
the Fiscal Bank Of the United States. Ia
ing a capital of thirty millions Of dollar,
with power TO establish brauches or otlic,s
of discount and deposile in the sever
States, with the assent Of tho States; ia,
the Government subscribe one.iiflh Dart AZ
the capital and on the superstition tia, i
is the purpose of Congress hereafter To d.
rect that the fourth lnsialneni, appropr,a,.
cd by tho depo~ite act Of June W. i~se
shall be paid into the treasures Of the srt.
eral States, II IS also proposed that sui,
scnpiion - that amount be made N he
unme Of the United States, for tic use !,
the States respectively the stock 10 e. \,
signed To, aud become the property Of. ~ /
States as shall aecep, tho same, 10 lle
+ manner and IA the proportions, aud sabac
to all the conditions, provided aud imposed
by thai act.
Aud for tho amount OF the SIX mi,.lfss
10 he subscribed BY tho United STATE "a
their own account, and also for the amount
10 he subscribed for the use of the several
States, il is proposed that stock be cfcal
, ed, Bearing an interest Of lYe per cent. psf
annum, redeemablc at the pleasure Of The
, Government at any time after fifteen years
+ In case Congress should not sec 81 u
/ make snch provision as Is proposed IL
, paving to the States the fourth ins,aIaonl
under the dcposlic act, Il may he well world
r While 10 consider whether the States mgt
/ not b. permitted 10 take the stock d ite
+ Bank according to their respective amolai
OF population, TO the extent Of ten f.3ots
N all, issuing therefor stock Of their gsa,
bearing such interest, ard reimbUrablg Al
/ such periods, as might b. prescribed tae
dividends 90 the shares thus held by ia
= States, respectively, 10 be applied, 10 Ia
iifsi place, TO the payment Of lhe inle'es; "a
/. their stocks; with further prousloa d
I thought necessary, that, in case the pro-
! cerd- Of the public lands should b. a,s,-n
. cd 10 The States, those proceeds should te
a applied 10 the reimbursement, Of the pna-
cIpal Of their debts, OF stocks, created Ct
issued for The purposes aforesaid.
To the opinion Or the Secretary. It y De
sirabe that the Sin,cs should h. eernaltt
70 take an interest IN one OF tue foregoing
modes, or some other mode, in the roS 70
-'tuuon; bat Il, Congress should lh'na a'l
erwtse, then i j. recommended that ia
Government Of the United States mbSn.e
tai ten millions of stock leaving twenty e
bc subscribed l'y iudiyiial-.
Il IS proposed that the aiiar 4 i1e
Bank b. managed hy seven DIRECTOR, lso
Of ,hem to be appointed b. the PrCsldct'
hy and with the advice and consent Of q.
senate and FIVE 10 be elected BY ibe 49,
holders, at tbc.f annnal meeting. Apes
dent 70 be chosen by tic directors on q
their own body.
That the branches be managed By y
more than seyen nor Ices tbn I've tGtt
tors two OF them to be appointed by III
states 10 which the branches may Be- siis''
ed. IL such State b. stakeholder, ADD TIE
rest 10 b. appointed by the directors o. I've
Bank.
II l. proposed that the Bank be tie r.
cal agent Of the Government that TIE PSo-
tic moneys be deposited in II aud "aea
there, that they be deemed and taken p s
/, N the Treasury Of the United States aAa
that the dcposItes be no, removed cAceP
BY law and that the notes Of the said fanA
be receivable ia the payment Of public dae'
aud that payments made by the Treasure
Of the United States may be BY checks %
SAID Bank.
: That the said Bank receive the iund' .
tie United States; that j, transact iheo
+ ON one part Of tho Union to another aop
stnbuie them for the payment Of pioF
srodi,ors, md perform the duty o. pension
agent, free of charge.
The ordinary power and privileges .
banking Institutions being conferred uP"
It, and the ordinary liabilities and daue'
imposed in Order 10 prevent oyor. bapA'os'
excessive issues, fluctuations IA The PRIV
a stock, and consequent specula'lon' ''s'e,
IN, and to secure the bill-holtlers and ONE
creditors Of the Bank from danger oil loss
II Is proposed