New-York tribune., 1841-06-15
The Fiscal Agency OF Banh

,op.f;or OF the President a. =uos.oltlat o; - su-
p,,o ., =, jpt,oduc..or II WA.sEa Loco o; Mss 'uo
-.;,,.5 ,be following Resolution @ strongly o: g
og;e-cence III the seee,sig c; some Natsaai Bars -
our reade-s y i. .dge %. ;ler,eise-:
PesoyUe4 That ne Seize: Csse-oittee v-oH1
fer-cd ,le question Of r-poae t senate ,e sub
iect Of fiscal gen. :o Tie o. te astea States
be directed 10 inquire to ;c e:e1ieac Of Tcss re con
tro Of sd ageucv il board q directors, ecaiea a. @
City 4 Washington Be chosen y JON; vote o ooiA
House, of Congres. O. sad dector7 to 70 eeee7 Al
each successive vote eac rac beng permitted 10 so-e
only Oh each occasion or director. 90 rFcnt a1
board beng placed -aae- - -ca.-o .: The -7e % q
any paTty.
Resol,ed That sad Committee be 45o Instructed 20 IL
aure uts the @pedeacy o rendering 70 TIE State branches
f sad fiscal arcncy OF he condition precedent. hat SAID
States have f-,t entered into ~ agreement VIZ; each o
for IT,. gradua aad prospective limitation o. aoAndonaelt
of the banking power Of the States
Peso{pe4 Tha. Cs-1rlee be also Instructed 70 ~
o,e INTO the expedie.cy conIag said agency me
Of gold and silver and OF bills receivable OF tie oreraeni
Of the sacd States Of denominations c1cuaug ri
the ar OF the State BaEks. ac retain al adequate
sppy and circulation Of gold vol a silver at al times
Pe.oired Tha. said Committee Dc Instructed IL
oure into the e~pedec o applying Prospsct'e the bank
rup, roYer Of this Government 70 The Site baES'
These Resolutions we're agreed to.
The Presid,u; (Nr. SoUTHAao) taea ssos',si % lie
Senate The following communications
Tsz.5ueY DEPARTMENT, Jsae -, i7ii.
To I'll, pr,..de-: Of ~, ssra'e Of he lS:d states
SR II obedience the directions Of tue Senate contain
ed n tEeir resolution Of the 7 insiant Ee Secretary OF II"
Treasury has preraret, and he:e"Ia submits -i' oi q
Bank and Fiscal Agent
L. the general plan and frame Of aid institution. 80 has
endeayoreI rom the constitutional objections "fea
have been Urged agas; those eTetoter created o5
and a, lar as practicable. without imPaag ~ usefulness 70
yia Il III n, details acaist tie abuses lcr s1c ia
,aoas arr ;1ble And he respectfully submits y 10 tie
Sesa,e with ;Le hope tat. u The 3Tocea. ot cons Iteration
and enactment may became "t1ai re da not presume 20
nyore but which he earnestly desires 70 IN tie posse
sion of The nation bank and fiscal agent, res .oe coat
rona objections and adapted the wants o The country
and convenience OF the government.
1t proposed Incorporate bans III TIE D'ct OF -
unbia v the name of the Fiscal Bank OF the United State
having capital of thirty millions ci dollars, wit power %
establish 5rancc, or Offices Of discount and depos a ne
several States. with the OF the State that the Gov
ernrnent subscribe eaeh part q the capital and on M
,uppos;ton that the purpose OF Congress hereafter
direct that the fourth nstaicu appropriated by the epo
lite act Of June 23d 1886 shall be paid INTO the treasures
the several State, also proposed that subscription
tha; amount be made in the name OF the United States re-
spectively the stock % DC assigned to- ana become e pro-
pcr,v Of such States shall accept the tie
and in the proportions and subject all the conditions pro-
vided and iraposed by that aet
And for the amount OF six million, be subscribed BY the
United States on their and also Tor the amount
TO bc subscribed for the Of the several States, bearing
interest OF vo per cent per rcdceroblc tie plea
sure of the Government any tine after sitecn
Congress -EOuO not see III 70 make SUCH
yisi as is proposed payug tie States The i-urth L.
,,arscnt under tire deposic ma be we'll sort. while
TO consider whether the States might not ue permitted 10
take the stock of the Bank according thcis respective
Of population the extent OF Ten m IONS IN all iSs
ing therefor stock Of their bearing such interest and
renbur,ably al c periods. sgE ice prc-c.ibcd the
dividend, on tho shares thus held by the States respectively
20 be applied the place to tnc payment o. the c;er-
est on their stocks ,h further I'roy:-ionr il thought
necessary that ia tie proceeds Of tic public lands
shouI b. assigned to States, those proceeds ,hosd be
applied to the reimbursement Of the principal OF their debts
or stocks created issued for the purpose aforesaid
In the opinion the Secretary, desirable tiat the
States should permitted take interest in one Of the
foregoing lnodes other mode IN tie Institution
but if Congress should think otherwise then 1t rece1-
euded that the Government Of the United States subscribe
for millions OF stock, leaving twenty to be subscribed by
individuals.
1t is proposed that the affairs Of the Bank be managed by
seven directors, If be aPPointej b. thc Prcsi-
dent by and with the advice and OF the SENATE and
five be elected by the stockholders at their annua! meet
ing President 70 BE- chosen by The directors oct OF their
body.
That the branches be managed by not than seven
nor than five them % be appointed by
the States in which the brancle, may be situated II such
State s,ockhoder and the rest be appointed by the
directors OF tho Bank.
II is proposed that tie Baa!, be the fiscal agent Of the
Government Thp the public moneys be deposited III It
and when there that they be deemed taken 20 De
the Treasury o. the United States. o the depos.te be-
.ot removed except by law ard dat M notes o. ;e said
bank be receivable in die payment ot public dues and that
payments made by the treasure % te lacd states n
be bv checks SAID Bank
that i. transmit them par, OF the aioi another
aud distribute them Tor e Payinea' OF puoc credi-ors and
perform the duty of pension agent tree OF cAa' &C.
The ordinary power, and privileges OF 7alns Institutions
being conferred npoa asd the ordinary liabilities aad dy
imposed IN order 70 prevent o'e-banns excessive l.
sues fuetnteus in the pc: OF stocks and consequent spec
uations therein and the bl-ho.dcrs and other
If -ha fr,u,t :