Lexington union. (Lexington, Miss.) 1838-18??, 1841-07-10
Treasury DEpARTMENT.)
June II, lS4l. {
TO the President Of the Senate
Of tie United States

SrR:-In obedience to the directions OF
the Senate, contained in their resolution
OF the 7th irs., the Secretary Of the
Treasury has prepared, ard herewith
submits, plan of Bank and Fiscal
4 Agent.
In the general plan and frame Of said
institution, he has endeavored to free il
from the constitutional objections whic h
have been urged against those heretofore
created by Congress, and as far as practi-
cable, without imparing it's usefulness, to
guard it in its details against the abuses
TO which such institutions are liable
aud he now respectfully submits it TO the
Senate with the hope that, in The process
Of Consideration and enactment, it may
become, what he did not presume to prom.
Use, but which he earnestly desires TO see
in the possession Of the nation, a Bank
and Fiscal Agent, free from constitutional
objections, aud adapted to The wants Of
tbe country aud convenience Of the Gov
eminent.
1t is proposed to incorporate Bank in
the District Of Columbia by the name Of
the Fiscal Bank Of the United States,
having capital of thirty million dollars,
with power to establish branches or off.
ces of discount aud deposite in the several
States, with the assent of the States; that
the Government subscribe one.fifth par, Of
the capital; aud on tine supposi,ion that il
IS the purpose of Congress hereafter TO
direct that the fourth instalment, appropria-
ted by the depoeite act of June 23d, 1886,
shall be paid into the treasures OF the
several States, it is also proposed that a
subscription TO that amount be made ia
The name ofthe United States, for the use
OIL the States respectively; the stock to be
assigned to, and become the property Of
such States as shall accept the same, in
Inc manner and in the proportions, and
SUBJECT to all the conditions provided and
imposed BY that act.
And Tor the amount Of the six million
10 DC subscribed by the United States on
'neIr own account, and also for the amount
70 % subscribed for the use of the several
states, It is proposed that stock be crea.
'eu' bearing an interest Of five per cent
per annum, redcemable at the pleasure o.
"e government at any time after fifteen
years.
10 case Congress should not see Fl; tc
nuke such a provision as is proposed fol
paying to the States the fourth instalmen
under the deposite act, it may be wei
worm while to consider whether the State.
m'gn' not be permitted to take the stock
VI 'ne Bank according to their respective
amount M. Of population, to the extent Of ter
.I' in all, issuing therefor stock o
; own, bearing such interest, and re,
"nOu'sable at such periods as might be
prescribed the dividends on the share,
.nus held by the States, respectively, to b,
applied, IN the first place, to the payment
o. The interes, on their stocks. with n FIR.
lher provision, if thought necessary. tho,
70 case the proceeds Of the public land,
should DO assigned to the States thoe,
proceeds SHOULD be applied to the REIN,
Oursement Of the principal Of their debts
Or stocks, created OR issued for the purpo
Ses aforesaid.
In the opinion Of the Secretary, it i.
Ina. L "A
desirable that the States should be permit
yea TO take an Interest in one of the fore
gong modes, or some other mode, in III,
new institution; but, if Congress SHOULD
'alnk otherwise, then it is recommends,
anet the Government of the United State
subscribe for ten millions of stock, leaving
N"Sn'y 10 be subscribed by individuals.
F" " proposed that the affairs of III,