Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-03
Twenty-Sevcnth Congress.
EXTRA SESSION.
PLAN or A FISCAL BANK OF THE UNITEl
STATES,

PLAN or A FISCAL BANK OF THE UNITED
STATES.
In the Senate, OH the l2lh inst. Mr. Walker
submitted tho following resolutions: which
we're agreed to:
Resolved, That the Solcc, Committee, to
whom was referred the question Of reporting
To the Senate on the subject of fiscal agent
for The Govern of the United States, be
directed to Inquire into the eXpedieucy Of vest
ing The control of said agency in a board Of
SIX directors, located at the city of Wushug>
ton, to be chosen by a joint vote OF both
Houses OF Congress, two uC said directors to
lie elected at each successive vote, each menI.
Der being permitted to vote only on each coca
sion for une director, so as TO prevent said board
nr:nE placed under the control OF the Execu>
ave Or OF any party.
HcsOiUeG, That said committee be also in
Slru2tsd to inquire into the expediency of ten
deriu4 10 the States branches of SAID fiscal
agency, Oh the condition precedent, that said
States have first entered into an agreement
with each other for the gradual aud prospec-
1--we Limitation OF abandonment of the banking
power Of the States.
Res0irel, That said committee be also in
strucled 10 inquire into the expedency OF con
filming said agency to the use of gold and silver,
and of bills receivable of the Government OF
the United States OF large denominations, eX-
GLIDING all the paper Of the State banks, and
as to retain an adequate supply and circulu.
loE of gold as well as silver al all times in the
United States.
Resolved, That said committee be also in
slrucled 10 inquire into the eXpediency Of APP
plying prospecnvely the bankrupt power OF
this Government to the State banks.
The CHAIR then submitted the following
communication from the Secretary Of the
Treasury:
TREASURY DEPARTMENT
June 12, 1871.
To Tie President Of Tie Senate Of The United States:
SIR: In obedience TO the directions Of the
Senate, contained in their resolution of the
7th instant, the Secretary Of the Treasury has
prepared, and herewith submits, plan OF q
Bank and Fiscal Agent.
Ia the general plan and frame Of said insti
tuition, he has endeavored to free it from the
constitutional objections which have been urged
against those heretofore created by Congress,
and as far as practicable, without mpalring its
usefulness, TO guard it in its details against the
abuses TO which such institutions are liable
And he now respectfully submits it TO the Sen.
ate with the hope that, in the process OF con-
sideralion and enactment, it 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 con
sttuiional objections, and adapted TO the want,
and convenience OF The Government.
1t is proposed to incorporate Bank in the
o. District Of Columbia by the name of the Fisca
Bank OF the United States, having a capital OF
thirty million dollars, with power 10 establish
branches or offices Of discount ond deposite in
the several States, with The assent Of the
States; that the Government subscribe one
fifth part of the capital; and on the supposlor
that it is the purpose Of Congress hereafter It
direct that the fourth instalment, appropriated
by the deposite act of June %, 1886, shall be
paid into the treasures OF the several States
il is also proposed that a subscri ption TO tina
amount be made in the name Of the UnlteC
States, for the use Of The States respectively
the stock to be assigned to, and become the
property Of such States as shall except 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 subscrl,
bed for the use Of the several States, it is pro-
posed that a stock be created, bearing an inter
est of five per cent. per annum. redeemabie a
the pleasure of the Government at any TINT
after fifteen years.
Ia case Congress should not see fit to make
such provision as is proposed for paying Il
the States the fourth ustalment under the Je
posite act, il may be wei! worth while 10 con
slider whether the States might not be permit
ted to take the stock of the Bank according tc
their respective AMOUNTS of population, 10 the
extent of ten millions in all, issuing therefor
stock of their own bearing such interest, aud
reilnbursabIe al such periods. as might be pre-,
scribed; the dividends on the shares thus hello
by the Sta'es respectively, to be applied, in the
tiIs; place, to the payment Of the interest OF
their stocks; with a further provision, i
thought necessary, that in case the proceed,
Of the public lands should be assigned 10 the
States, those proceeds should be applied Il
the reimbursement Of the principal Of theiI
debts, or stocks, created or issued tor the pur
poses aforesaid.
In the opinion OF the Secretary, it is desira-
BILE that the States should be permitted to take
an interest in one Of The foregoing modes, OF
some other mode, in the new institution; but il
Congress should think otherwise, tnen it is re
commended that the Government Of the Uni,
,ed States subscribe for Ten millions Of stock
leaving twenty to be subscribed for by ndyd-
uals.
It is proposed that the affairs Of the Bank b
managed by seven directors, two Of them +
be appointed by the President, by and with ,h
advice and consent Of the Senate, ana five t
be elected by the stockholders, al their an
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