Southern pioneer, and Carroll, Choctaw and Tallahatchie Counties advertiser. (Carrollton, Miss.) 1840-1842, 1841-05-15
From the National Intelhgencer.
PLAN FOR A NATIONAL BANK

GENTLEMEN:-A crisis has now occurred in
our monetary affairs which renders it necessa-
nv, in the opinion of rejecting men of all par
ties, that something should be done to restore
TO the country currency of uniform value,
and TO equalize the domestic exchanges
Upon this point there is no diversity of senti-
ment; but when you come to consider the
remedy for the evil, you will find the opinions
of intelligent and upright men as opposite as
The poles. In this state of things, 1t seems to
me that the only means OF arriving at con.
clusion is 10 have full and free interchange
and comparison of plans, with the hope that
some one may suggest something which may
form the basis of a practicable scheme for the
relief of the country. In this spirit, now ask
leave to present to the country, through your
columns, plan of a bank of the United States.
1t is, no doubt, very imperfect in many of Its
fea ures, and my great desire is to draw pub
lie attention to it, that it may be seen whe
it cannot be so moulded by some OF the mas
terminus of the country as to be useful to the
! Government and the People.
The outline of the plan is as follows:
Let the Government of the United States
borrow the sum of fifty millions Of dollars in
gold and silver, or their equivalent, to consti
tute the banking capital. and pledge the pro-
leeds of the public lands for its repayment.
Let forty millions of this constitute the fix
led pital of the bank, and the remaining ter
millions floating or transferable capital, to be
used as circumstances may requiem the
South, when the cotton, tobacco, sugar, ane
rice crops come in; in the East, when the in
terestS of commerce require it there; and tht
West, when the pork, beef, and grain market
require extraordinary accommodations.
Let there be central bank in the Distric
of Columbia, and branch in each State with
a fixed capital proportioned to its CONNER
cial necessities Let the central bank have
well guarded control over the general opera
tons of the branches, such, for example, as t
prescribe the maximum of the line OF discount:
but taking especial care to leave the branche
as independent as would be consistent wit
the general interests of the institution.
- Let the branches be under the control {
J. directors chosen entirely by the State author
!; ties, and continue in office for term of year
! so as to give something like stability to the
u operations. Let them be well paid, and
n: compelled to devote, if necessary. the who
y of their time TO the management OF their re
lie pecuve branches. and in case Of mismanag
e. ment or negligence whereby loss is INQUIRE
n, let their salaries be forfeited. Let them r
ne port weekly or monthly to the Central Boa
I'd and to the Executive of the State in. which Il
f. branch is situated.
M Let the Central Board be composed of ~
ut chambers, upon the principle of the Senate al
of House of Representatives of the United Stat
Il one to be composed Of one or more directo
~ chosen by the directors of each branch, and .
by other composed Of adirector chosen by the p
n ecu,ive or Legislature of each State; or il tn
III would make it too numerous and unwieldy
e. body, let the United s'tates be land offinto d
" tricts, and one director be selected from ca
ce district.
ce Let all these director be chosen for lo
to term of years. one-third to 60 out every att
in nate wear. but be re-eligble. Let them
n ceive ample salaries, and be prohibited BY y
10 land be required to take an oath to that ette
N from becoming borrowers from the bank
ID any of its branches, either directly or 10
$ rectly, or as principals or endorsers; and
10 case Of encouragement or negligence 'es IN