Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-06-17
rLANoF A BANs AND ttscAL AcENr.

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TIC - a. Nssafs. ucu.5Aasse usik q r,sslali..
SSa' esfy. pias u 3D. ed FssoaiA-ssL
Tsrssvss nxrsxr~r~r. Ju~E ne. is4i.
70 tAs Pr.ssies, II a. Ss.-,s ~ a. q. Sts,ss.
Sta In Vb~iien,s o. a. dlr~rfturls 90 ne senate
cania,bed thsir E--aut,an ~ ne 7h insi.nt M
Secretary ci me Treasufy has prepared ssd here
with sotsuus. Plsn ~ hank AID Ftscai Agent
In the rea-rsi Iisn snd irsrns ~ sad In.iitu,,,u
he hss sudsatufrd - Tee % IRON me cgnsttut.na
oigcciiuns WhiCh have hcen urged against tis.-.
beF,tusorc cresiol ~ Conrr--. snd a. FAR .. rr.e
t'cahle, w''tcut iupairiuE u.efuin~.. o. gerard
against the abuses D. vhtsh sush in-iitutis,. are
liable. All he respectfully subsnii. d % the
>cnais ~ th the hope that. the pr,-re-. II c,,n
s'dera'ion anal ensciment. % nay l,svasn~ whsi
he did me- prcsome psomiss. hat Nhrrh b. eus.
Mostly aesifes iosee IN TIE pS-.e--iu uf ne nson
n bsnk and Fiscal Agent. Tree from constitutional
objections. stid atsPied 10 the II Inc ooun.
Try aud the cOnvsniercc 81 the Government
Hs proPo-ed 20 inrcTr rate q Bank n the Dc
trict ct COuras'a by tire uasne ~ ne Fsral Rank
OF the United States having capital II thrriy ma
lions Oi dollars. with rover O. establish hranfhss
or Office. of discount snJ dep-a m the several
staies, with the of the Sstes; that the Gov.
ernmrni subscribe iith T'au OF the capital. and
on the suPpositon that the purg--s OF Csngrss.
hereafter 90 direct that the iourth insia neut r.
Proprihted 10y the deposit act uf June p sac
~ fAAA INV Alf HfNtiiftes OF fnn several
States. II Is nlso pnposel that suh-rripton 70 that
amount be made IN the name OF the United St,tes
Toe the use OF the States respectively. the Stock O.
he assigned 20. and become the property az sufh
States rs shall accept the same in the manner anl
m the proportions and subject % all the conditions,
provided and imposed by that act.
And for the amount OF the ara million. 10 be s,b-
.crbed by the United States on their own account.
aud also tor the amount 60 be sah.crned tor tie
several States, u Is proposed that stock be crra.
ted. bearing interest of per cenIum PER nnnuu
oedeemab'e ut the pleasure OF the Government al
any time after fifteen years
In case Congress should not IL 90 make such
provision a. Is proposed iar paying q the State,
the fourth Estament under the deposII act u 90 ~
be we'll worth while To corsider whether the States
might not he permitted o. take the stock OF the
Bank according To their respective amount OF popu
atIon 70 the extent Of ten mIllIpn, IA ALL issuing
therefor stock OF thcir own bearing such interest,"
aud reimhursab'e at such p-riuds as might he pr,.
scrIbed; the dividends the shares thus held by
the States, respectively 20 be applied in the r,t
place. 10 the payment OF tie interest on their sto
with further prov sIon, II thought necessary that
IN case the proceeds of the public lands should be
assigned 10 the STATES these proceeds should be an
Piled To the reimbursement of the principal of their
debts, or stocks, created issued for the purposes
aforesaid.
In the opinion Of the Secretary il i. desirable
that the States should he permitted 10 take mn ma.
teres IN Que Of the foregoing modes. OF some other
mode III the institution; hut ifCOncrcss should
1 ihIak otherwise then II Is recommended thar the
Government OF the United States subscribe for ten
millions Of stock, leaving twenty tn be subscribed
0 by individuals.
u IL is proposed that the afiIirs Of the Bank be
managed 10y seven directors, two of them 10 bo nm.
= pointed 10y the President 10y and with the advice
aRd consent of the Senate, aud five 10 he elected
= by the siockholSers al their annual meeting A
president To DC chosen by the directors out OF their
OSn body.
That The branches be managed by not more thnn
seven nor less Than five dIrectOrs at them To be
appointed by the States ia which the branches may
nc situated, II such Slate he siOskhJlder, and the
rest Ia DC appointed by the directors uf the Bank
IL is proposed that the Bank he the fiscal agent O
the Governments hat the public moneys be epu.ite
IN II; and when there, that they be deeme aud IA
Ken To be IN the Treasury of the United States; and
: that the depo'Ies be not removed except by law
and thai the mites of the saj Bank be receivable n
payment ui public dues, and that payment, mad,
, by the Treasurer OF the United States may be b,
checks said Is INK.
That tho SAID Bank receive funds of the I-nitcl
States that II transmits them from one part of the
Union 10 another, and distribute them Tor the nav
mcnt of public creditors. and perform the duty OF
pension agent free of charge.
The ordinary powers and privileges of hankio,
institutions being conferred upon a. aud the orIinn
~ Liabilities and dUIies imposed 10 prevent over.
b1nkiDg. excessive Isses, fluctuations IN the n,icc
OF stock, aud consequent speculatOns therein and
10 secure the bill holders and other creditors Of the
Bank FROM danger Of loss II is proposed
To limit The dividends 10 sir per cent per nnnuu,.
but Ii they fall short IN any year, tho deficiency
with interest thereon TO be aiterward, made p,od.
and when surplus sccumulaies exceeding two
millions the excess TO be passed the credit Of the
( United Siaies.
| That the amounr Of debt. which il nav a, any
time owe shall not exceed twenty millions over and
above It's deposies. That the debts at any time due
TO tho Bank shall not exceed the amount Of lis cap
Iial and seyenty-hve per cent. thereon, and that.
when the amount offs bills ia circulation shall ex-
coed three tmes the amount OF specie in its vaults
no new loan shall he made.
That shall not deal IN anything e1ccr, coin bull
hon. promlssory notes and inland bills Of exchange
r That II shall take than sir per cent mon
, loans
: That Il shall discount no pruris,ory note AMI
I purchase bill Of exchange which has moro thar
T one hundred and eighty days TO run, or make any
/ loan for a longer time.
That no debt shall he renewed
Thatit shall not my time loan tho limited
states than three mioes Of nor STATE
more tbnn 100000, either for longer tim,
4. than one hundred days, unless authorized by law
Thst u shall contract debt COR q longer tim,
than one year.
That IL shall issue no note ola less denomination
That the officers offhis institution shall no, he per
0 miiied 10 borrow money from. contract any deb
therein. m any manner whatever; note or bill OF
which such officer = maker, drawer. en2orSer or &C
cepior, Is forbidden to be discounted. The dtrec.
tors OF the branches not 20 be considered officers
within the meaning Of this provision.
/ To prevent or xpose any fraud or nlirecti0n IN
the management Of The institution. % prevent also
large and improper loans TO individuals 60 the iui,.
~ Of tho stakeholder aud tho public and 10 prevent
likew Ise, false impuiation when such irregularities
do not e1isl, u Is proposed that the bDOks Of the in
siutlon, including the accounts Of all individual.
therein, be ut all times open 30 the inspection NJ The
Secretary tho Treasury Of tho United States 10 a
committee OF either House of Congress. b. each Of
the directors Of the Bank. and 10 a committee ofths
stockholders. with power o. make public whaisosv.
er they think g.
10 = proposed to provide that the branches shall
not issue notes or bills adapted 90. and intended Jr
rIfrU nftuu but may sell dra0e NOT toes IA sttrf