The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-06-24
Extra Sessions ational Bank--Another mon.

Extra sessiOn..Na ational Bank.-Anotherm mon-
ster trampling upon the constitution.
To day we lay before our readers Mr. Ewng's plan
for a NFlSCALAGENT," or rather Henry Cay's last
attempt to create National Bank, after il has often
been repudiated BY the American people. We ask ev.
cry man to read il, and if is not even greater
monster than that killed by general Jackson-iit does
not as triumphanty trampe upon the cOnstituon-fit it
cannot be easily converted into the Yrant the
rency-ifit can not be as easily made political engine,
an instrument offraud bribery and corruption, as ever
was that mother Of pipe layers-the late U. S. Bank
Here it is: -"e,
PLAN OF A FISCAL BANK OF THE U. STATES.
TREASURY DEPARTMENT, June l2, 1s4I.
To the President of,he Senate fte United Stptea:
Stain obedience to the directions of the Senate,
contained in the resolution of the 9TH inst the Secrea-
ry of the Treasury has prepared and herewith submits
plan Of Bank and Fiscal Agent.
In the general plan and frame oil said institution, he
has endeayored to free it from the constitutional obiec.
tons which have been urged against those heretofore
created by Congress, and far practicable, without
mpairng its usefulness, to guard il in its details against
the abuses to which such institutions are liable. And
lie respectfully submits it to the Senate, with the
hope that, in the process OF consideration and enat
meni 1t may 5econe, what he did not presume to prom
se but which earnestly desires TO the possession
othe nation Bank and Fiscal Agent free from con.
siituonal obeCOus and adaptsd TO the wants of the
country and convenience fhe Government
II is proposed to incorporate Bank in the District of
Columbia, by the name Of the Fiscal Bank of the u
States, having capital OF thirty million ofdoars with
power to establish branches or offices of discount and
depOss IN the several States, with the assent of the
States; tn the government subscribe fifth part of
tho capta aud on the supposon that is the purpose
of Congress hereafter direct that the fourth nstament
appropriated by the deposte act oJune 3d. 1885, shall
be paid into treasures OF the several States, 1t is also
proposed that subscription to that amount be made In
the ofhe United States, for the Of the States
respectively; the stock TO be assigned to, and become
the properly Of such States 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 to be subscr.
bed by tile United States their account and al
SO for the amount TO be subscribed for the of the
several States il is proposed that stock be created
bearing an interest of five per cent per anum, redeem.
able at the pleasure Of the Government at any time after
Is years.
la case Congres should not roe fit to make such pro.
vision as is proposed for paying the Stalos the fourth
instslmenl under the depOste act may be we'll worth
while 10 consider whether the States might be per-
ued to take the stock Of the Bank according to their
respective amount population, to the extent Of ten
millions in ALL issuing therefor stock of their own; bear
ing such interest," and TeimburSabe at such periods
might be prescribed; tho dividends on the shares thus
held by .ths SlSes respectively to be applied, in the
first place to the payment ofthe interest their stocks;
with further provsion Thought necessary, that, in
Casebe proceeds Of the public lands should be assigned
10 the Sntes those proceeds should be applied to the
reimbursement of the principal oetheir debts or stocks
created or issued for the purpose aforesaid.
In the opinion Of the Secretary, ills desirable that the
States should be permitted take an interest in one of
the foregoing nudes or some other de, in the insti
hllion; Lu il Congress should think Otherwise, then il
1~.l, ,l, al, IS Nl,n IL
States subscribe for ten millions stock leaving
ty to be subscribed by individuals.
II is proposed that the affairs Of the Bank be managed
hy seven directors two of them 10 he appointed by the
President by and with the advice and consent Of the
Senaie and FIVE to be elected by The stockholders, at
their annual meeting. president to be chosen by the
directors out cf their own body. VIM
That the branches be managed by not more than sew
tn nor lessilai five directors, Of them to be ap>
pointed by the States in which the branceI may be st
<aed if such State be astockholder and the rest be
appointed by The directors the Bank si j.
II is proposed that The Bank be the fiscal agent Of the
Government. That the public moneys be deposited in
it; and when there that they be deemed and taken TO
he in the Treasury the United States. and that the
depo.itss be moi removed excephy law, and thar the
notes ofthe said Bank be receivable ia the payment Of
public dnos, and that payments made by the Treasurer
ofe United States may DO by checks on said Bank.
That the said Bank receive The funds Of the United
Siaes that it transmit them from one part ofthe Union
to another, and dstibueth for the payment pub
lie creditors, and per orm The duty Of pension agent free
of charge es
The ordinary powers and privileges ofbankiDg ,instl.
tutOns being conferred upon ii aud The ordinary liabil.
iss and duties imposed IN order to prevent over banks
ing institutions being conferred npon IL and the or9na-
ry liabilities and Imposed in order to prevent over
banking. excessive issues fluctuations in the prices Of
Stocks and consequent spseulatons heren and to So
curethe bill holder and other creditors Of the Bank
from danger Of loss, il Is proposed
To limit The dividend to six per cent per anu, hut
ifiheylfa short in any year, the deficiency. with
iefest thereon, 10 beaGerwards made good and when
surplus accumulRlsss exceeding Two millions, the e1s
cess 70 be passed to The credit ofie Treasurer Of tho
United States, ls ts8 w
That the amount Of debts which Il may at any time
Dwe shall not exceed twenty millions over and ABOVE
its dsposes. That the debts atany time due to the
bank shall moi exceed The amount ofils oa,iia and sew.
eniy.fse per cent thereon ndihot whoa The amount
oils billsin circulson shall exceed hreb times the a.
oant Of specie in ils vaults, no new oan shall be
made q
That IL shall not deal ibany,hing exempt coin, bull,
liop, promssory noieAand inland bilaio exchange
That II shall take no more than six isr cent. upon
laans,
Nhpi il s1Il discount no pFofnissory note and pur-
I'll n IN ofexcItanfe which has more than one hun