The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-06-23
: POLITICAL.
TREASURY DEPARTMNT,
Juue 10: 1871.

of the 7th instant, the Secretary oil the
Treasury has repared, and herewith sub,
mits. plan of Bank and Fiscal Agent.
In the general plan and tra:ht of said
institu,ion, he has endcavered TO free it
from the constitutional objections which
. have been urgedagainst those heretofore
. created by Congress. and as far as prac-
! ticable, without impairing lis usefulness,
TO guard it in details against the sbuses t."
Which such instituti6nsare liable. And he
now respectfully submits i, to the Senate
with the hope that, in the process of con-
sideration and enactment, il may become
what'he did no, presume TO promise, but
which he earnestly desires tn, see in the
possession of the nation, Bank and Fis-
cal Agent, free from constitutional objec-
tions, and adapted to the wants of the
country and conveniences of The Govern
ment.
II is proposed to incorporate Bank in
the District Of Columbia by the name Of
the Fiscal Bank Of the United States, hav-
ing a capital Of thirty million of dollars,
with power to establish branches or offices
Of discount and .depcsite in the several
States, with the assent of the States; that
the Government subscribe one-tlith part oi
the capital: and on the suppositlon that
tits the purpose of Congress hereafter t"
direct that rthe fourth instalment, appro-
priated hv the deposite act of June 23d,
1886. shall be paid into the treasures of
the several Stales. tits also proposed mat
q subscription 10 that amount be made IN
the name Of the United States, for the
use of the States respectively; the stock
TO be assigned to, and hec"me the proper
" Of such States as shall accept The same,
in the manner and in the proportions and
subject 10 all the conditions provided and
Imposed! by the act.
AMI FOR he amount Of the six millions
to be subscribed by the United States on
their own account, and also for the a.
mount to be subscribed for the use OF the
several States, tits proposed that stock br
created, bearing an interest Of FIVE per cent
per annum. redcemable at the pleasure of
the Government at any time after fifteen
years.
In case Congress should not see fit to
make such a provision as is proposed for
paying 10 the States the fourth instalment
under the deposile act, it may be well
worth while 10 consider whether The States
might.be permitted to take the stock of
the Bank according to their respective a
mount of population, to the extent of ten
millions in all, issuing therefor stock Of
their own, bearing such interest, and re-
imbursable at such periods. as might be
prescribed; the dividends on the shares
thns held by the States, respectively, to
be applied, in the first place to the pay
ment OF the interest on their stocks; with
a;further provision, if thought necessary.
that in case the proceeds of the public
lands should be assigned to the States,
those, proceeds should be applied 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
desirable that the States should be permit
ted TO take an interest in one of the fure-
going modes, or some other mode, in the
new institution, bnt, if Congress should
think otherwise, then it is recommended
! that the Government Of the United States
subscribe for ten millions Of stock, leaving
twenty to be subscribed by individuals.
1t is proposed that the affairs Of the
Bank be managed by seven directors, two
of them tobe appointed by the President,
, by and withihe advice and consent Of the
Senate. and five 10 he elected by the stock
holders, at their annual meeting. A presi-
: dent to be chosen by the directors out of
their own body.
That the branches be managed by not
more than seven, nor less than five direc-
Tors, two Of them to be appointed by the
States in which the brarches maybe situa-
ted, if such State be Stakeholder. and
the rest to be appointed by the directors
Of the bank.
tits proposnd that the Bank be the fiscal
Il agent Of She Government. That the pub
/: lie moneys be deposited in it; and when
Z there, .that they be deemed and taken to
!. be IN the Treasury Of the United States,
z and that the dep sites be not removed 'ex.
cept by law, and that the notes of the said
Bank be receivable in the payment Of pub
lie 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; thatit transmit them
from one part of the Union 10 another,