The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-10

Agents nom becoming borrowers either directly or
indirectly to any amount Of the sgepcies during their
continuance IN Office and apply he same prohibition
to members Of Congress.
i<h' Provide foi frequent reports to be made un-
DER oath, by each Branch Board, as well as by each
nianoh treasurer TO the Secretary Of the Treasury
ana 10 me Governor and Legislature Of each State Of
me exact condition and operations OF each Branch,
eAniong the amount of specie on hand, held by the
treasurer to the credit of the United States and how
much held 10 the credit Of the cposors on certificates
the amonni and denomination Of the issues Of bills
'' '''''s acknowledgements Of profits on hand
,''oshas last made--and all other particulars which
'he secretary Of the Treasury may from time to time,
prescribe Also provide for periodical inspection Of
the Secretary of the Treasury and of the Executive
OF the States, within their respective States through
committees, OF the funds securities books records
&c OF every Branch agency as well as Of the agency
al Washington. Also, for periodical publica ton Of
statements.
18th Provide requisite penal enactments against
enbezzement, and lending, or using Of any Of the
property by any officer Of agency. by any other
person except as by them authorized
l4th Make the bills and drafts of each agency re-
ceivabe in payment of the public dues throughout the
Union
18th Leave il to the local Legislature of each State
to determine whether the Branch shall or not
receive the bills OF the specie paying banks of each
State in payment Of loans drafts made upon the
fund Of depositoIs and al the risk of such fund.-
10th. Provide that the Branch agencies shall un
der such regulations the Secretary Of the Treasury
shall prescribe transfer the funds OF the Government,
he sam mi and all no,nt in Tn;a
where such branches shall be established, without
charge, and at the pleasure of the Secretary Of the
Treasury.
18th Provide that the operations ofthe branch agen
cies contemplated by this law shall commence and pro-
coed in amount fast depostes shall be paid in,
and certificates of shares issued under the legislation
of the respective States, and no faster. Limit the
amount Of certificates be owned by any one ndiy.
dual to $4,000.
18th. Provide for the employment of clerks, &c.
under the direction of the respective boards of branch
agents,
Mr. Editor, other minor details and restrictions may
be necessary. The profits TO be divided between the
United States and the States will serve as substitute
for tax on the capital Limiting The profits on the
certificates to six per cent interest will serve TO pre-
vent the certificates from being, any considerable
extent, the subject of speculation, and, at the same
time, will insure profits beyond TO remunera,e the Fee
deral and State Governments for their expenses in
managing the agences. This of profits will al
so interest the State Governments in rhe management
of the agencies, insurng vigilance and responsibility
The treasurers have voice in the management of
the fund belonging to depositors, while the agents
have none in managing the funds belonging to the
Government in the keeping of the trcasurers. EACH
however, will have inspection of the doings of the
other. There being 29i Senators and Representa-
tives the aggregate capital authorized be employed
including million for the District Of Columbia, will
be thirty millions four hundred thousand dollars and
with fifty per cent. additional issues will be i5 Co.,
900, which will be ample for all purposes Of currency
and exchange BY authorizing the operations 10 ON.
mence and progress in each State as fast as deposes
are made within the amount apporoned to the States
and no faster, every facility for immediate supply OF
currency will be furnished, wi hout pushing an OPP
pressive transfer Of capital fom its present investment
to impose this mode of investment al once or not
at all-hus creating new pressure in the country to
meet new emergency. Limiting the amount of Ger
tiiicates which any individual may hold, will serve to
hinder monopoly of the investment. Prohibiting
agents and members OF Congress from becoming Dor
rowers while in office, will prevent corruption and "a
yortsm.
Let the reader ponder well these propositions.
Yours in haste, A. B.