Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-06-29
the rest to be appointed by the directors Of

tits proposed that the Bank be the fisca
agent of the Government. That the pub
lie moneys be deposited in It; and wheI
there, that they be deemed and taken tC
be in the Treasury of the United State,
and that the deposites be not removed ex
cePt by law, and that the notes of the
said Bank be receivable in the payment Of
public dues, and that payments
made by the Treasurer of the Uni
ted States may be by checks on said
Bank.
That the said Bank receive the funds
of the UnitedStates; that it transmit them
from one part Ofthe Union 10 another, ,and
distribute them for the payment of public
creditors, and perform the duty of pension
agent free Of chsrge.
The ordinary powers and privileges oil
NEUTRALITY-SUSPICIOUS. being conferred upon
it, and the ordinary liabilities and duties
imposed in order to prevent over banking
excessive issues, fluctuations in the price
OF stocks, and consequent specuIalions
therein, and to secure the bill holders and
other creditors Of the Bank from danger
of loss, it is proposed .....
To limit the dividends TO six per cent
per annum, but if they fall short in any
year, the deficiency, with interest there
on, TO be afterwards made good--and
when a surplus accumulates, exceed
ing two millions. the excess 10 be posed
10 the credit of the Treasurer of the Uni.
ted States. a... r.......,
That the amount ofdebts which it may
at any time owe, shall not exceed twenty
millions over and above its deposites.--
That the debts at any time due TO the
bank shall not exceed the amount of its
capital and twenty FIVE per cent. thereon \
and that when the amount ofits bills in
circulation shall exceed three times the
amount of specie in its vaults, no new
loan shall be made. ,a tTs.
That it shall not deal in any thing ex,
cept coin bullion, promissory notes, and
inland bills of exchange.
That it shall take no more than six per
cent. upon loans. a@
That it shall discount no promissory,
note and purchase no bill of exchange
which has more than one hundred and
eighty days to run, or make any loan for
longer time.
That no debt shall be renewed.
That it shall not at any time loan the
United States more than three millions
ofdollars, nor any Stale more than l00,-
600 dollars, nor either for a longer time
than one hundred days, unless authorized
by law. 5tf96Ta aa>.
That il shall contract no debt for lon
ger time than one year.
That il shall issue no note of less de-
nomination than 10 dollars. ZIP +s5#
That the officers of the institution
shall not be permitted to borrow money
from, OF contract any debt therein, in any
manner whatever; note or bill of which
such officer, as maker, drawer, endorser,
or acceptor, is forbidden to be discounted.
The directors of the branches not to be
considered officers within the meaning of
this proyi sion.
TO prev ent or expose any fraud or in
direction in the management of the insti-
tuition; to prevent, also, large and improp-
er loans to individuals, to the injury of
the stockholders and the public, and 10
prevent, likewise, false imputations when
such Irregularities do not exist it is pro-
posed that the books Of the institution, in
cluding the accounts of all individuals
therein, be at all times open TO the in
spection of the Secretary of the Treasury
Of the United States; to committee Of
either House of Congress; to each Of the
directors of the Bank; and TO a commit
tee Of the stockholders, with power to
make public whatsoever they think fit
1t is proposed 10 provide that the branch
es shallnot issue notes or bills adapted
to, and intended for, circulation; but may
sell drafts, not less in amount, than fifty
dollars,for the purpose of Transmission and
exchange. Fi pal ~ 'f Ia.aa
That the Bank shall, not suspend spe-
cie-payment2zthat it shall not pay out any
thing but coin or bullion or its own notes.
That its existence as corporation contin-
ue for twenty yeals--but that it be al
lowed to use its corporate name for
two years longer in settling up its af-
fairs. aua $3.50
That no other Bank be established
by Congress during the existence Of. the
charter. III n,.a5..{, v-.,,gt@..
And providing thatit shall not be deem
ed an infringement ofthe privileges gran
ted by the charter,if Congress shall or
der the said corporation to place Offices
Of discount and deposFte wherever the
same may be necessary for the collection
safe keeping, and disbursement of the
public revenuea a yal
All which is respectfully submitted.
IA IT. EWING,
.a Secretaru Ofth Treas,tr,,.