The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-06-25


f'ISCALBANK OVTHE UNITED STATES.
The Chat: communicated to the Senate the fol-
lowing letter from the Secretary Of the Treasury
accompanied by bill of "A sections,
TREASURY DEPARTMENT, June II, 1911,
To the Presiieat Of The Senate ofhe U. States:
SIR,-ln obedience to the directions of the
Senate, contained in their resolution Of the 7th
inst, the Secretary of the Treasury has prepared
and herewith submits, plan ola Bank and Fiscal
Agent
In the General plan and frame of said institution,
he has enleavorcd TO lIee it iOm the constitutional
objections which have been urged against those
heretofore created by Congress, and as far as
practicable, without impuiring its usefulness, to
guard it in its details against the abuses to which
such institutions are liable. And he now respect
fully submits it to the Senate with the hope that in
the process of consideration and enactment, II MAY
become, what he did not presume to promise, bat
which he earnestly desires to see in the possess
sion Of the nation, Bank and Fiscal Agent free
fom constitutional objections aud adapted to the
wants Of the country and convenience Of the Gov
eminent
1t is proposed to incorporate Bank in the Dis
trict Of Conmbia, by the name Of the Fiscal Bunk
ofthc United States, having capital of thirty
millions ld0'Iars, with power to establish branch
es or Offices Of discount aud dcpose in the several
States, with the assent Of the States; that the
government subscribe one-fiih part Of the capital
aud on the suppOsiiOn that it is the pnrpUsc Of
Congress hereafter to direct that the fourth install
ment appropriated by the deposto act Of June
3D. 1886, shall DO paid into the treasures Of the
several STATES, il Is also proposed thata suhscip-
ton to that amount be made in the name of the
United States, for the use of the States respective
ly; the stock to be assigned TO-. and become the
property of, such States shall accep, the same,
in the manner and in the proportions, and subioc,
TO ali the conditions provided and imposed by that
act
And for tho amount Of the six millions to be
subscribed by The United States on thier own uc-
0out, and also for the amount to be subscribed lGI
the use ofthe several States, it is proposed that
stock be created bearing an interest Of five per
cent. per uunum, redeemuhie at the pleasure Of
the Government at any time after fifteen years.
In cuse Congress should not see fit TO make such
provision as is proposed for paying to the States
the iOur,h iHstalnent under the dcpnsite att il may
lie well worthwhile 10 consider whether the ;'tu'cs
might not be permitted to take the stock Of the
bank according TO their respective amount ofpop-
uaton, to the extent of ton millions in all, isSu-
Ing therefore stock of their own, bearing such in
terest, and reimburslbe ut such periods, us might
be prescribed; the dividends on the shares thus
he'd by the States, respectively, to be applied, in
the first place, to the paymentor the interests on
their STOCKS with further provision, If thought
necessary, that in case the proceeds OF! the pub
lie lands should be assigned to the States, those
prooeeds should be applied to the reinbugsemc,s
OF the Pym'ipaI oil ihe'f dents, or stocks, created
or issued for the purposes aforesaid.
In the opinion OF The Secretary,i Is desirable
that The states should be permitted to take an IN
interest IN one Of lha foregoing modes, or some
other mode, ~ th9 new Institution but, if Con-
greSss should link otherwise. then II Is iecom-
menncd that the Government Of the United States
subscribe Tor ten millions o! stock leaving twenty 10
be subscribed by individuals.
1t Is proposed that the affairs oflho Bank be
managed by seven directors, two oflhem to be APP
pointed by tho President, by end with the advice
and consent Of! the Senate, and Iye 10 be elected
by the Stockholders at their annual meeting. A
president 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 directors, two Of
them TO be appointed by the states in which the
branch may be situated, if such State bra stock
holder, and the rest 10 be appointed by the dircc-
tors OF the Bank
Its proposed that the Bank be the fiscal agent
oGthe Government: That the public MONEYS be
deposited in IL; and when there iatthcy be deem
cd and taken TO be in the Treasury Of the United
States, and that the dcposlies be not removed cx-
cept BY law, and that the notes orlhe said Bank be
receivable in the payment of public dues, and tina,
payments made by the Treasurer of tho United
States may be Ivy checks on said Bank.
Tint tho said bank receive the funds of the
United States; that it transmit them from one
part of the Union 10 another, and dirtrhute them
for the payment Of public creditors, aud perform
the duty of pcnson agent free orchargc.