Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-15
Fiscal AoaNr-sR.re,t Of & s.er.iar, Of

q the Treasury.
Late las' evening, we obtained a Globe of S.,
'u'uay evening, which contained the Report Of MIR
EWING IN reply to the call of the Sonatc--rurnish.
ing plan Tor Fiscal Agent To the exclusion,
" o'"er matter IN type, VIC insert il this MORNING.
we oare'y had an opportunity to glance over il.
ana nave had no time to consider and dyest i,s y,
r'ous propositions. We observe, however. thu, 4,
near'"y damned 10y the Globe, and th,t pr;m,
"eie guarantee that II is the right thing But
oil this hereafter The Globe says alt will be found
the most gigantic scheme OF and eor,u-
'ioh ever suggested in this country. The repor, wa
take 1t, is MIR Clay's, called out by him. tbro,.h
the Secretary, to eonncct it in some sor, with ,
, Administration" In another passage. the GIoh.
quakes with fear, lest being great engine of "b,;.
berry and corruption" the Democrats should Il,
bought up We like to see such lears-thousb VIC
do not wish to he understood US concurring in ,h
'mPutauon upon the Democrats--being willinc 10
f s'''' w" 'hey are unpurchaseabe patriots and
not vcndiblc commodities,
fLAN OF "A FISCAL BANK OF THE UNI.
TED STATES.
The CHAIR then submitted III, e,Ilox,ir, oo,,
h'un'eation from the Secretary ofthc Treasury:
TREASURY DErARrMrsr.
June I2, ISL
Sne president q The Senate Of the United States.
Slr-in obedience to the directions of the Sen,tc
contained IN their resolution of the 9Th inst,n, H.
secretary OF the Treasury has prepared, and here
win submits, plan Of Bank and Fiscal asent'
IN the general plan and frame of said Institute,
he has endeavored to free IL from, IN. cons,;,,,;
objections which have been urged no,inst ,hnsn
tS'o'e crested by Congress. and rs far as prnc,i.
enoIe' without impairng its usefulness, TO Guard il
! W us "DETAILS against the abuses to which such in
su'utlons are liable. And he now resnec,G,lI,, sI
ml's II TO the Senate, with the hope that in The pro.
,rS ., consideration and enactment, it may become,
"H uiI nor presume to promise, but which he
nes',y desires TO see IN the possession of the m,
'on' Bank and Fiscal Agent free from cons,,', |
uona objections, and adapted to the wants of The
country ana convenience of the Government.
proposed to incorporate a Bank in the Dstric,
1I Coiumoa by the name of the Fiscal Bank of ,he
onNeu states, having capital of thirty million dol
Ias WIN power TO establish blanchc or Offices of
discount and deposi,e in the several S,,,es III
the assent of the $ ates; that the Governn,.,', -
sc'loe one-hith part of the capital; and on the en-
position that II IS the purpose OF Congress be,c,c
yer 10 direct that the fourth instalment appTonr,
eu oy inc depoSite act of June 231 lS3G Sb,II Lo
pald into the treasures of the several S,ies !, :;
also proposed that n subscription TO that omnnn,
oe made IN the name Of the United States for The
oi '.e states respectively; the stock to I've as
ssneu TO- and become the property Of such States
us snail accept the same, in the manner and i'm tho
proportions, and subject to ali the conditions pro
'ided and imposed by that act. r
hhu Tor the amount of the six millions In lao s,L
scFlbed by the United States on their oyv, 1919.
anu also Tor the amount to he subscribed for Tho |
use OF the several States il is proposed th,t ST.
oe created, Bearing an interest Of five per cent per
"inuihI redeemhble ut the pleasure of the Govern
ment nj any time after fifteen years
In case Congress should not see fit TO make sucb
provision as Is proposed Tor paying TO the States
the fourth instalment under the tjenos;,e &c, !,
may DC well worth while to consider whether Tho
states might not I've permitted to TAX. the s,nrl, ~
inc Bank according to their respective nmount of
Popuatlon TO tue extent of ten millions i'm ali ie
SUNG therefor stock of their own bearing such in
lCIcSt, ana rclmsuTSlDle n urh
De prescribed the dividends on the shares inns
neIu by the States, respectively, TO be npnlrd in
.Io h'st pace, TO the payment OF the interest on
'helr stocks, with further provision if thought
necessary, that, in the proceeds OF In. nu5c
lands should be assigned to the States, thoss nrn-
ceeds should be applied to the reimbursement of the
principal OF their debts or stocks created or ;sn"J
Tor the purposes aforesaid.
In the opinion of the Secretary, il is Desirable
That the States should be permitted 10 take an ;ne
resi- IN one OF the foregoing modes, or some other
loue, IN the new institution; but If Compress sbouIJ
think otherwise, then 1t is recommendel Inn, ,hc |
Government OF the United States subscribe for ten
millions OF stock, leaving twenty to be subscribed
by individuals.
managed by seven directors, two of them to Inc an
po'n'tu oy the President, by and with the advice
ana consent OF the Senate, and five TO he eIec,cd
oy 'he stockholders, at their annual meeting A |
own body. N' VI '"ei'
That the branches be managed by not more than
seven, nor less than FIVE directors two Of Ihcm 10
be appointed by the States in which tho hr,n"LHS |
may be situated If such State be n s,ockLnIJnr
Bank. " N''e''''S VI tue
IT'S proposed that the Bank be the fiscal oeent If
The Government. That the public moneys he a. |
posted IN II; and when there that they l.. dcen,cd
ana taken 10 he IN the Treasury ofthe United
states, and that the depostes be not removed e.-
eep' oy aw and that the notes of the said Bank be
receivable IN the payment of public dues and Thai
payments made by the Treasurer of the United
states may DC by checks on said Bank
nat the SAID Bank receive the funds OF the Uni
teu Statesi that II transmit them from one part OF
the Union TO another, and distribute them Tor the
payment OF public creditors, and perform the Jutv
oi pension agent free OF charge.
Inc ordinary powers and privileges Of banking
institutions IelnS conferred upon II, and the ordina-
Ty Liabilities and duties imposed in order Ia prevent
oVer-oankns, excessive issues fluctuations in the
price oil stocks, and consequent speculnons therein
ana TO secure the bill holders and other creditors OF
the Bank from danger or loss, it is pro posed
10 limit the dividends to SIX per cent per snnun,
out ihey iall short IN any year, the deficiency
with interest thereon, to be afterwards made GOOD
an1 "hen a surplus accumulatos exceeding two
Millions the excess be passed TO the credit oC tLe
Treasurer Of the United States.
That the amount of debts which i, NAV nj INV
time owe, shall not exceed twenty millions over and
above ITS deposiics. That the debts at any time
due to the bank shall not exceed the amount Of its
capital and seventy-fve per cent. thereon and tb,t
when The amount Of its bills IN circulation shall cx.
csed three times the of specie in its vaults
no new loan shall be made.
That II shall not deal IN any thing except coin.
bullion, prommlssory notes. and inland bills of ex-
change. " -
That 1t shall take no more than six per cent up
loans. ~
That It shall discount no promissory note. and
purchase no bill OF exchange which has more than
one hundred and eighty daysto run, or make any
loan fora longer time
That no debt shall be renewed.
That II shall not at any time loan the u Stntes
more than three millions Of dollars nor any State
more than 100000, nor either for a longer time
than one hundred days, unless authorized by law.
That II shall contract NJ debt for a longer time
than one year.
That It shall issue no note Of a less denomination
than ten dollars.
That The officers the institution shall not be per-
United TO borrow money from, or contract any debt
therein, IN any manner whatever a note or bill of
winch such officer, as maker, drawer, endorscr or
accoptor IS forbidden TO be discounted. The dlrec.
tors OF tho branches not to be considered officers with
IN the meaning of this provision.
10 prevent or expose any fraud or indirecton in !
the management Of the institution; 10 prevent. also
large and improper loans to individuals to the iniu-
~ OF the stockholders and the public and 10 prevent
likewise, false imputatiOns when such irregularities
la nOfr Vfaf % 4 ~. Al. |