Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-06-22
PLAN OF A BANK AND FISCAL AGENT.

Ase'F J'oH Iae Secretary o. Che ITenSUry transmit
nngto ne Senate. 40 compliance Nth a resol1iio,
81 oat body. plan Of a Bank and Fiscal Agent
Treasury DEPARTMENT. JuSE IL. IS4l.
40 me PrssSfenf Of the Senate of he u. Suites.
SIR; In obedience 10 the directions OF the Senate
contained m their resolution of the 9Th instant the
Secretary at tie Treasury has prepared. and here
with submits. plan Of a Bank and Fiscal Agent
In The genrral alan and frame of said institution
ne has endeavored to free At from the constitutional
objections which have been urged against those
heretofore created by Congress and as fur a. prac-
iicable, without impairing its usefulness 20 guard
against the abuses to which such institutions are
IIaoie' AND he now respectfully submits it to the
Senate. with tho hope that, in the process of can
siderat'on and enactment. At may become what
ne uiu not presume 10 promise. but which he eur
nesty desires TO IN the possession Of the nation
4 Bank and Fiscal Agent. free from constitutional
objections and adapted to the wants of the coun
Try and the convenience Of the Government
J IL IL proposed TO incorp.rste Bank i'm the Dis
! irci OF Columbia by the name Of the Fiscal Bank
OF The United States. having capital Of thirty mil.
hons Of dollars with power 10 establish branches
or Offices Of discount and deposit m the several
States. with the Of The States; that the Gov.
ernment subscribe one fifth part Of the capital; aud
on The superstition that is the purpose OF Congress
hereafter 10 direct that the fourth insialmenI IN
proprated by the deposit oct OF June 90 1896
shall be paid into the treasures of the several
n
amount be made in the name Of the United States
Tor the OF the States respectively; the stock 20
Oe assigned To, aud become the property Of such
states as shall accept the same. in The manner and
M the proportions. and subject TO oil the conditions
provided and imposed by that act.
And for the amount of the sir millions 10 be sab.
scribed by the United States on their own account
and also for the amount 10 be subscribed for the
several States, IL is proposed that stock be crea-
ted bearing an interest of per centum per annum
redeemable at the pleasure of the Government nj
any time aler fifteen years.
In case Congress should not see ft 10 make such
provision rs is proposed for paying 10 the States
The fourth iEstalment under tho deposit act il NAV
be well worth while consider whether the States
might not be permitted TO take the stock of the
BANK according To their respective amount of popu-
ation, 20 The extent Of ten millions in all issuing
therefor stock Of their own, bearing such interest
aud Feimbursab!e at such periods, might be pro-
Scribedi the dividends the shares thus held by
the States, respectively 10 be applied, in the first
place. 10 the payment OF tie interest on their stocks
wiih further visOn, il thought necessary that
IN case the proceeds of the public lands should be
assigned 10 The States these proceeds should be M
Piled to the reimbursement Of the principal Of their
debts or stocks, created issued for the purposes
Aforesaid.
In the opinion of the Secretary, il is desirable
that the States should he permitted to take IN in.
ieresi IN one OF the foregoing modes some other
IN de, IN the new institution; but ifCongress should
think otherwise, then il Is recommended that the
Government of the United States subscribe for ten
millions OF stock, leaving twenty be subscribed
by individuals.
IL is proposed that the offIirs Of the Bank be
managed by seven directors, Two of them 10 be I'D
pointed 10y the PRECEDENT, by and with the advice
anu consent OF the Senate, and five To he elected
by the stockholders, at their annual meeting a
president 10 be chosen by the directors out OF their
own body.
That the branches be managed by not more than
seven nor less than Two dIrecOrs two of them To be
appointed by the States in which the branches NAV
be situated, Il such State be siockhOlder md the
resi- To be appointed by the directors Of the Bank
IL is proposed that this Bank be III, isc al agent
the Government; that the public moneys be Deposited
IN II; and, when there, that they be deeme aud Ia
ken TO be in the Treasury OF the United States; and
that the deposIies be not removed except by law:
and thai the notes of the said Bank be receivable m
payment of public dues, and that payments made
by the Treasurer of the United States may be by
checks OF said Bank.
That the said Bunk receive funds ofIhe United
States that il transmits them from one part of the
Union To another, and distribute them for the nay
ment of public creditors. and perform the duty OF
pension agent free Of charge
The ordinary powers and privileges Of banking
institutions being conferred upon it and the Orlna-
~ liabilities and duties imposed prevent over
banking, excessive isses, fluctuations ia the price
of stock, and consequent speculations therein and
to the bill holders and other creditors Of tho
Bank from danger Of loss. IL is proposed
To limit the dividends 60 sir per cent, per annun
but II they fall short in any year, tho deficiency.
with interest thereon, TO be afterwards made good;
and when surplus accumulaes exceeding two
millions, the excess 10 be passed 10 the credit Of the
United States.
That the amounr Of debts which il may nj any
time owe shall not exceed twenty millions over and
above its depOsies. That the debts at any time due
TO the Bank shall not exceed the amount Of its cap
iial and seventy-Gve per cent. thereon; and that
when the amount offs bills in circulation shall
coed three times the amount of specie in its vaults
no new loan shall be made.
That IL shall not deal in ANYTHING exceuf coin bul.
lion. promssory notes, and inland bills of exchange
That II shall take no mere than SIX per cent upon
Ions.
That il shall discount promissory note, and
purchase no bill Of exchange which has more than
one hundred and eighty days TO run, or make any
onn for a longer time.
That 10 debt shall be renewed.
Thaiit shall not any time loan the United
states than three nor any states
moro than 100000. nor either for longer time
than ons hundred days, unless authorized by law.
That it shall contract debt for a longer lime
than one year.
That it shall issue no note ola less denomination
That the officers ofthis institution shall not be pei
mtied 10 borrow money from, contract any debt
therein. ia any whatever; note or bill Of
which such officer is maker. drawcr. endorser OF nc
ceplor. Is forbidden TO he discounted. The dlrec-
tors Of the branches not 20 be- considered officers
within the meaning Of This provision.
! TO prevent Or expose any fraud OF ndireciion in
the management Of tho institution, to prevent also,
large and improper loans to individuals TO the inju-
~ Of the siOckhOder and the public and 10 preven,
kew Use. false impulation when such irregularities
do not cTsI, u proposed that the books Of the IN.
siitution, including the accounts Of all individuals
therein be al all times open 70 the inspection Of the
Secretary Of tho Treasury Of the United States 10
committee Of either House of Congress. 10 each Of
the directors of the Bank. and 10 COMMITTEES Of the
stockholders, with power t. make public whatsoev
e. they think ~
Il j. proposed to provide That the branches shall
not issue notes or bills adapted 30. and intended fo
circulation but may sell drafts not less IN amount