Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-06-19
From The u. s. Gazette.
PLAN OF A FISCAL AGENT.
Walker moved the following :

Resolved, That the Select Committee, to whom
~as referred the question ofeporting.t the Senete
the subject Of fiscal agent for the Government
of the United Sta,os be directed to inquire into the
cxpediency of vesting the control Of said agency in
hoard Of six directors, located at the city of WASH
igton, to be chosen by joint vote of both Houses
of Congress- two of said directors to be elected at
each successive vote, each member being permitted
10 vote snly each occasion for one director so
10 prevent said board being placed under the con-
troll of the Executive or Of any party.
Resolved, That said committee be also nstruc
tod to inquire into the expcdiency of rendering to
the State branches of said fecal agency, the
'lion precedent that said States have first entered
into an agreement with each other for the gradual
and prospective limitation or abandonment of the
banking power of the States.
Resolved, That said committee be also instruc-
eed to inquire into the the expediency Of confning
said agcncy to the use of gold and silver and Of
hills receivable of the Government Of the United
States of large denominations. excluding all the pa
per of the State bank, and so as to rcai& hide
qhesuPply and circulation of gold as well as silver
at all times in the United States.
Resolved, Tha, said committee be also instructed
10 inquire into the expediency of applying prospcc.
lively the bankrupt power of this Government to
the State banks.
The resolution was agreed to.
PLAN OF Fiscal Bank oft the United states.
The Chair then submitted the following commu>
nicalion from the Secretary of the Treasury:
TnEAsunr DEPARTMENT.
June IL, ls4l.S
To the President of The Senate Of the United
States:
Sir-In obedience to the directions Of the Senate,
contained in their resolution Of the fth inst. the
Secretary of the Treasury has prepared, and here.
with subnits, plan of Bank and Fiscal Agent.
In the general plan and frame Of said institution,
he has endeavored to free it from the constitutional
directions which have been urged against those
heretofore created By Congress and as far prac-
licable without mpairing its usefulness to guard it
IN its details against the abuses 10 which such ins
ti;ionst are liable. And he respectfully submits it
Ia the Senate, with the hope that, in the process
consideration and enactment, it may become, wha,
lie did not presume 10 PROMISE but which he earnest
~ desires to see in the possession of the nation
Bank and Fiscal Agent, free from constitutional
objections, and adapted 10 the wants of the coun-
Try, and convenience of the Government.
1t is proposed to incorporate Bank in the Dis
'rct of Columbia by the name of the Fiscal Bank
of the United States, having capital of thirty mil
lion dollars, with power to establish branches OF
offices of discount and dcpose in the several States
with the assent of the States; that the Government
subscribe one fifth part of the capital and on the
supposton that it is the purpose of Congress
hereafter to direct that the fourth ins,almen, appro-
priaed by The dcpose act Of June 49, 1885, shall be
pail into the several treasures of the several States
it is also proposed that subscription TO tina, a.
mount be made in the name of the United States
for the use of the States respectively the stock to
he 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 10 be
subscribed by tho United States on their own &C.
count and also for the amount TO be subscribed for
the use Of the several States it is proposed that a
stock be created bearing an interest of five per cent,
per annum, redeemabe at the pleasure of the Gov
eminent at any time after fifteen years.
In case Congress should not fit to make
such provision as is proposed for paying to the
states the fourth instament under the deposite act
1t may be well worth while to consider whether the
States might not be permitted to take the stock of
the Bank according to their respective amount of
population, to the exten, of ten millions in ALL is
suing therefore stock of their own, be airing such
interest, and rembursable at such periods as might
Ire prescribed; the dividends on the shares thus
held by the States, respectively, to be applied in
lie first place, in the payment Of the interest
'L,ir stocks; with further provision, if thought
nccessary, that, in the proceeds Of The public
pls should be assigned to the States, those pIo-
'rcds should be applied to the reimbursement Of
I1a principal Of their debts, stocks created iS-
sued for the purpose Aforesaid.
In the opinion Of the Secretary, il is desirable
hu' the States should be permitted to take an in
tc'c,t in one Of the foregoing NODES or some other
az, lie, in the new institu lion but, if Congress
shuuid think otherwise, then il is recommended
srrIt,s for the ten millions of stock, leaving TWEEN
y to he subscribed by individuals.
i - proposed that the affairs of the Bank he
managed hy seven directors, two Of them to be ap.
POINTED by the President, by and with the advice
"'d consent of the Senate and five TO be elected by
ne 'tockhoider9 al their animal meeting. A Pres
@ont to be chosen by the directors Of Their own