Richmond palladium., 1841-06-26
PLAN OF A BANK AND FISCAL AGENT.

Latter from He Secretary Of Gse Irsatry, Transmitting
70 The Se'tate, IN compliance tri resolution Of that
body, plan Of q Bank and Fiscal .dgeTst.
Treasury Department, june 12, 1871.
To the President Of t.e Senate Of tie United States:
SIR: In obedience TO the Instruction of the
Senate, contained in their resolution Of the 7lh
Instant, tho Secretary of thu Treasury has pre-
pared and herewith submits, plan Of Bank and
Fiscal Agent.
In the general plan end frame of said institu
tion, he has endeasored TO free il from the
s;itutional objections which have been urged a.
gainst those hero ed by Congress, and,
a. far as practicable, without importing It's use
funsss, to guard i, in its details, against the nhu
sos to which such institutions are liable. And he
now respectfully SUBMITS IL to the Senate WIN
the hope that, IN tho process OF consideration and
esaciment, II may become, what he did not pre-
sumo TO PROMISE but which he earnestly desires
70 see in the possession of tho nation, Bank
and Fiscal Agent, free from constitutional ohlec-
tions, and adapted to the wants of the country,
and convenience of tho Government.
1t is proposed to incorporate Bank in the Dis
trot of Columbia by the name OF the Fiscal Bank
Of ,he United States, having capital of thirty
million dollars, with power 10 establish branches
or Offices Of discount and deposie IN the several
States, with the assent OF the States; that the
Government subscribe one-fiflh part OF the capital,
snd on the supposition that is is tho purpose Of
Congress hereafter TO direct that tho fourth in
ssamenf appropriated by tho dcposlte act Of
Jrne 23d. 1896, shall bo paid into the treasures
of the several States, is is also proposed that n
subscription TO that amount be made The name
of The United States, for the uso of the States
spectively; tho stock 10 be assigned 10, aud be-
the property of, such States as shall accept
the same, in the manner ana in the proportions,
and subject TO all the conditions provided and i'm
posed by that act.
And for tho amount of the six million TO be sub
serbed by the United States their own account
ana also for the amount TO be subscribed for the
use Of the sevral States,i Is proposed that stock
be created, bearing an interest of five per cent
per annum, redeemable at the pleasure of the
Government at any time after fifteen years.
In case Congress should not SEQ fit 10 make
sssh provision as is proposed for paying to the
States the fourth instalmsns under the dcposte
act, 1t may be well worth while TO consider wheh-
or tho States nigh: not be permitted 10 take tho
stock of the Bank according their respective
amount OF population, to the exent of ten millions
in oil, issuing therefor stock of their own, bear
ing such interest, ond reimbursable q, such peri
cd, as might be prescribed; the dividends the
shares thus held by the States. respectively, 10
be applied, in tho first place, to the paymon, Of
the interest on their stocks; with further pro-
vision, II though. necessary. that, E the pro-
eceds OF the public lands should be assigned to
the States, those proceeds should be applied the
reimbursement Of the principal of their debts, or
stocks, created or issued for tho purposes afose-
said.
In the opinion of the Secretary. il is desirable
'uab tHe States siiouio DC permitted 10 take an III
terest In enc o. the foregoing NODES or some 9TH
er mode, ia the new institution; but, if Congress
should think otherwise, then it is recommended
that the Government of the United States sub
scribe for ten millions of stock, leaving twenty 10
be subscribed by individuals.
IL IS proposed that the affairs Of tho Bank be
managed by seven directors, two of them TO be
appointed by the President, BY aud with tho ad-
vice aud consent OF the Senate. and FIVE to be g.
lecfed by the stockholders, a, their ounua! meet
ing. president to De chosen by tho directors
out of ther own body.
That the branches be maaged by no, ,noro than
soven, nor less Than five directors two of ,hs,n 10
be appointed by the States IN which the brnrcb-s
may be situated, il such Stale be stockhoI9er
and the rest 10 be appointed BY the directors Of
the Bank.
j. is proposed that the Bank 5c tbs fiscal .7sn,
OF the Government, That the public moneys be