Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1841-07-08
THURSDAY, :::::;: JULY 8, is4i.

Bile. And no now respectfully submits
the Senate, with hope, in the process
consideration and enactment, it may b
come what he did not presume to promis
but which he earnestly desires to see
the possession of n nation, Bank and
fiscal agent, free from constitutional oh
jections, and adapted 10 the wants of tn
country and convenience Of the Govern
ment.
1t is proposed to incorporate bank i
the District Of Columbia, by the name O
the Fiscal Bank Of the United States hav
ing a capital Of thirty millions Of dollars
with the power to establish branches o.
offices of discount and deposte in the
several States, with the assent of The
States that the Government subscribe
one fifth part Of the capital and on the SUP
position that it is the purpose of Congress.
hereafter TO direct that the fourth install.
ment appropriated by the deposit act, OF
June the 22d 1886, shall be paid ieto the
Treasures of the different States respect.
lveIy, the stock to be assigned to, and be-
come the properly Of such States as shall
Saccept the same, in the manner and pro-
portions, and subject to all The conditions
provided and imposed by that act.
And for the amount of six millions to
be subscribed by the United States, on
their own account, and also for the amount
to be created, bearing an interest of five
per cent. per annum, redeemabIe at the
pleasure Of the government, at any time
after fifteen years.
In case Congress should not see fit to
make such provision as is proposed for
paying to the States the fourth instalIment
under the deposit act, it may be we'll worth
while to consider whether the States might
not be permitted to take the stock accord
ing to their respective amount Of popula- F..
ton, to the extent Of ten millions in all,
issuing therefore stock Of their own, bear
ing such rate Of interest, and reimburse.
able at such periods as might be prescrib- F.
ed the dividends on the shares, thus held
by the States respectively, to be applied,
in the first place TO the payment OF the
interests on their stocks, with a further
provision, if thought necessary, that in
Ase the proceeds of the public lands .
be assigned to the States, those proceeds .
be applied to the reimbursement of the
principal of their debts, or stocks, created
Or issued for the purposes aforesaid.
I'm the opinion of the Secretary it is de-
Sirabe that the States should be permit
ed TO take an interest in one Of the for
going modes or some other mode, in the
lew institution, but, if Congress should
think otherwise, then it is recommended
hat the government of the United States
for ten millions of stock Ieav.
ng twenty to be subscribed for by indi-
'iduaIs.
1t is proposed that the affairs of the
Bank be managed by seven directors, two
If them to be appointed by the President,
~ and with the consent Of the Senate, :
md five TO be elected by the stockholders, G
It their annual meeting. A President to
re chosen by the directors, out Of their
wn body,
That the branches be managed with ;
lot more than seven, nor less than five :,
rectors, two Of them to be appointed by q
he States in which the branches may be !;
ituated, if such State be stakeholder, !
nd the rest be appointed by the directors n
# the Bank. =
Iti proposed that the Bank be the fs, {.
al agent of the government. That the
public moneys be deposited in it and
when there, they be deemed and taken TO -.
re in the Treasury Of the United States, !
md that the notes of the said Bank be Il
ecevabe in the payment Of public dues, 7
nd that payments made by the Treasurer !
f the United States may be made by .
hecks on said Bank. "
That the said Bank receive the funds of
he United States, that it transmit them
rom one part Of the union to another, Z
nd distribute them for the payment Of !.
ublic creditors, and perform the duty Of =
ension agent, free Of charge.
The ordinary powers and privileges Of r
anking institutions being conferred upon
;, and the ordinary liabilities and duties q
imposed. in order 20 prevent overbanking, \
yceesive issues, fluctuations in the price q
stocks and consequent speculations
herein, and to secure the bill holders,
nd other creditors of the Bank from dan.
er Of loss, it is proposed
To limit the dividends 10 six per cent r.
ar annum, but if they fall short in any
ear, the deficiency thereon, to be after
ards MADE good-and when a surplus &C.
lmulates, exceeding two millions, the ex-
ss to be passed to the credit of the Treas.
'er OF the United States.
That the amount of debts which i. may
any time owe, shall not exceed twenty
ilIions ever and above its deposites. -
hat the debts, at any time due to the J.
INK shall not exceed the amount of its NJ
pital and seventy>tive per. cent, thereon,
ID that when the amount Of its bills in
shall exceed three times the
Mount Of specie in its vaults no new loan
all be made.
That it shall not deal in any thing ex.