Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-06-24
PLAN OF A BANK AND FISCAL
AGENT.

Letter from the Secretary Of the Treasury,
transmitting TO tie Senate, in compliance
aciM resolution 0f that body, a plan for a
Bank and Fiscal Agent.
TREASURY DEPARTMENT., JUNE IL, 1871.
10 tie President Of the Senate ofMe U. s.
SIR: In obedience to the direction Of the
Senate, contained in their resolution of the
9TH instant, the Secretary of the Treasury has
prepared, and herewith submits, plan of a
Bank and Fiscal Agent.
In the general plan and frame of said insti-
tuition, he has endeavored to free it from the
constitutional objections which have been ur-
ged against those heretofore created by Con-
gress, and, as far as practicable, without I'M
pairing Its usefulness, to guard it in its de-
tails against the abuses to which such insti-
tutions are liable. And he now respectfully
submits it to the Senate, with the hope that,
in the process of consideration and enactment,
1t may become, what he did not presume to
promise, but which he earnestly desires to
see in the possession of the nation, Bank
and Fiscal Agent, free from constitutional OBJ
Iections, and adapted to the wants Of the
country and convenience ofthe Government.
1t IS proposed to incorporate Bank in the
District of Columbia by the name of the Fis-
cal Bank ofthe United States, having a capt.
tai OF thirty millions ofdoilars, with power to
establish branches or officers Of discount and
deposit In the several States, with the assent
OF the States; that the Government subscribe
one-iiith partof the capital and on the suppo-
stion tina; tits the purpose OF Congress here
after to direct that the fourth instalment, APP
proprlated by the deposit act Of June %, 1886,
shall be paid into the treasures of the sever
al States, 1t is also proposed that subscrp-
lion to that amount be made in the name of the
United States, for the use of the States res
pectively; the stock to be assigned to, and
become the property of, such States as shall
accept the same, in the manner 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 subscribed by the United States on their
own account, and also for the amount to be
subscribed for the use of the several States,
1t is proposed that stock be created, bearing
an interest OF five per cent. per annum, re-
deenabie at the pleasure of the Government
at any time after fifteen years.
In case Congress shonid not see fit to make
such provision as is proposed for paying to
the States the fourth instalmcnt under the de-
posiie act, it may be well worth while TO con-
slider whether the States might not be permit
ted to take the stock of the Bank according to
their respective amount OF population, to the
extent OF ten millions in all, issuing therefor
stock OF their own, bearing such interest, and
reimDursah'e at such periods, as might be pre-
scrlbed; the dividends on the shares thus |
held by the States, respectively, to be appli- |
ed, in the first place, to the payment of the |
interest on their stocks; with further proyi- |
sion, if thought necessary, that in case the
proceeds Of the public lands should be ASSIGN
ed TO the States, those proceeds should be an
pied to the reimbursement of the PRINCIPAL of
their debts, or stocks, created or issued for
the purpose aforesaid.
In the opinion Of the Secretary, it is desi-
rabie that the States should he permitted TO
take an interest in one OF the fo!eooino modes
or some other mode, in the new institution |
but if Congress should think otherwise, then |
1t is recommended that the Government oftbo
United States subscribe for ten millions Of
stock; leaving twenty to be subscribed by in J