Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-06-18

of the Senate and five to be elected by the stock
holders, at their annual meeting. president to be
chosen by the directors out Of their own body.
That the branches be managed by not more than
aevcn nor less than five directors two of them to be
appointed by the states in which the branches may be
situated, If such state be stakeholder 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 depos.
tied in it and when there that they BE- deemed and
taken to be in the Treasury of the United Staies and
that the notes of the said Bank be receivable IN the
payment of 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 II transmit them from one part OF the
Union TO another and distribute them for the payment
of public creditors, and perform the duty of pension
agent free of charge.
The ordinary powers and privileges of banking in
situations being conferredupon it, aud the ordinary Ii
abilities and duties imposed in order to prevent over
banking, excessive issues, fluctuations in the price of
stocks, and consequent speculations therein, 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 if they fall shortn any year. the deficiency with
interest thereon, TO be afterwards made good-and
when surplus accumulates, exceeding two millions,
the excess to be passed the credit of the Treasurer
| of the United States.
That the amount of de- is which il may al any time
owe, shall not exceed twenty millions over and above
its deposits. That the debts at any time due to the
bank shall not exceed the amount OF its capital and
| eny-five per cent thereon ; and that when the
amount ofis bills in circulation shall exceed three
times the amount of specie in its vaults, no new loan
| shall be made.
That it shall not deal in any thing except coin, bull
lion, promssory note, and inland bills Of exchange
That it shall take no more than six per cent upon
| loans.
That it shall discount no promssory note and pur-
| chase no bill of exchange which has more than one
| hundred and eighty days to run, make any loar
| for longer time.
| That no debt shall be renewed.
That it shall not at any time loan to the U. States
more than three millions of dollars, nor any Statt
more than 100000 dollars, nor either for a Longer
time than one hundred days, unless authorized by
| law.
That it shall contrac, no debt for longer time thar
Thatit shall issue no note of less domination thai
| ten dollars.
That the officers of the institution shall not be per
mted to borrow money FROM or contract any deb
therein, in any manner whatever note or bill o
which such officer, as maker, drawer endorscr o
acceptor, is forbidden to be discounted. The directors
of the branches not TO be considered officers within
| the meaning of this provision.
To prevent or expose any fraud or ndlrecton in tn
management of the institutions to prevent, also
large and improper loans to individuals to the nJur!
of the stockholders and the public and to prevent
likewise false mputations, when such irregularities de
not exist it proposed that the books of the nsttu
ton, including the accounts of all individuals therein
be at all times open to the inspection of the Secctar.
of the Treasury Of the United States; TO commlttc
Of either House of Conyre to each OF the director
of the Bank, and to committee of the stockholders
with power to make public whatsoever they think fit
1t is proposed to provide that the branches shall no
issue notes bills adapted to, and intended for, cir
cnation but may sell drafts not less in amount thai
fifty dollars, for the purpose of TRANSMISSION and ex
change
That the Bank shall not suspend specie payment
that it shall pay out any thing but coin or bullo
or its own notes. Thatits existence corporatio
al, ha .
use its corporate name for two years longer in sci
Ting up its affairs.
That no other bank be established by Congress
during the existence ofts charter.
And provided that it shall not he deemed an nrIr
cement of the privileges granted by the charter
Congress shall order the said corporation to place o.
fees of discount and deposite wherever the same ma
be necessary for the collection, safe keeping an
disbursement of the public revenue.
All which is respectfully submitted.
T. EWING, Secretary of the Treasury.