Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-06-24
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dividuals.

dividuals.
1t is proposed that the affairs Of the Bank
be managed by seven directors, two of them
to be appointed by the President, by and
with the advice and consent Of the Senate, and
five to BIO elected by the stockholders, at their
annual meeting. Apresident to be choscnb 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 branches may be situated, if such
State be a stakeholder, and the rest to be ap-
pointed by the directors of the Bank.
It's proposed that the Bank be the fiscal a
gent OF the Government; that the public mo-
neys be deposited in it; and, when there, that
they be deemed and taken to be in the Treas
ury OF the United States; and that the depos-
ties be not removed except by law; and that
the notes OF the said Bank be receivable in
the payment of public dues, and that pay
ments made by the Treasurer of the u. States
may be by checks on said Bank.
That the said Bank receive the funds of the
United States; that it transmit their from one
part OF the Union TO another, and distribute
them Tor the payment Of public creditors, and
perform the duty of pension agent, free of
charge.
| The ordinary powers and privileges of bank
ing institutions being conferred upon it, and
tho ordinary liabilities and duties imposed in
order to prevent over-5anking, excessive is
sues, fluctuations in the price of stock, and
subsequent speculations 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 il they fall short i'm any year, the
deficiency, with interest thereon, to be after
wards made good; and when a surplus ac-
cumulates exceeding two millions, the excess
to be passed to the credit of the Treasurer of
the United States.
That the amount of debts which it NAV a,
any time owe shall not exceed twenty mill
ions over and above its deposites. That the
debts at any time due to the Bank shall not
exceed the amount of its capital and seventy
hve per cent. thereon; and that, when the a.
mount OF its bills in circulation shall exceed
| three times the amount of specie in it vaults.
no new loan shall be made.
That it shall not deal in any thing except
coin, bullion, promissory notes, and inland
bills of exchange.
That it shall take no moro than six pcr
cent. upon loans.
nat II 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 1t shall not at any time loan the Unit
ed States more than three millions of dollars,
nor any State more than 500, 900, nor either
Tor longer time than one hundred days, un-
less authorized by law.
That it shall contract no debt for a LONGER
time than one year.
| That it shall issue no note of less denom-
nation than ten dollars.
! That the officers Of the institution shall not
| be permitted TO borrow money from, or con-
tract any debt therein, in any manner what
| ever; note or bill of which such officer is
maker, drawer, endorser, or acceptor, is for
hidden to be discounted. The directors ofthe
branches not to be considered officers within
the meaning of this provision.
| 10 prevent or expose any fraud or indirec-
uon III the management of the institution, TO
prevent, also, large and improper loans to in
diyiduals, to the injury of the stockholders
and the Public, and to prevent, likewise, false
imputations when such irregularities do not
exist, 1t is proposed that the books of the in
stitution, including the accounts of all indi-
vlduals therein, be at all times open to the
inspection OF the Secretary of the Treasury of
tne united States, to commmittee of either
Rouse OF Congress, to each of the directors
OF the Bank, and to a committee of the stock
holders, with power to make public whatso-
ever they think fit.
1t is proposed to provide that the branches
snail not 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.
That the Bank shall not suspend specie
payment; that it shall not pay out any thing
but coin or bullion, or it's own notes. That
lis existence as corporation continue for
| twenty years, but that it he allowed to use IFS
corporate name for two years longer in set
Ting up its affairs.
That no other Bank be established by Con-
gress during the existence of the charter.
And providing that it shall not be deemed
an infringement of the privileges granted by
the charter, if Congress shall order the said
Corporation to place officers of discount and
deposlte wherever the same may be necessa-
rIy Tor the collection, safe-keeping, and dis
bursement of the public revenue.
All which is respectfully submitted.
Il. EWING,
Secretary of the Treasury.