Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-06-21

million dollars, with power to establish branches
or Offices OF discount and dcposite in the several
States, with the assent of the Stntes that the
Government subscribe ore fifth part of the cnpi-
tai 4; and on the supposition that il is the purpose
OF Congress hereafter TO direct that the fourth in
sialmcn', appropriated by the dcpoSlte act Of Juno
3d. 1886, shall be paid into the Treasures oflhe
several States, It is also proposed that a subscrip
ton 10 that amount be made in the nnmo OF tho
United Stnes respectively the stock to be
signed TO-, aud become the properly of, such states
MS shall accept Tie same in the manner and in the
| proportions, and subject 10 all the conditions pro-
vidod aud imposed by thut act
| And for the amount of six millions 10 he sub
scrbed Ivy the United States on their own account,
and also for The amount TO bo subscribed for the
Use OF The several States, bearing mn interest of
hvc rcr cent per nnnun, icdeemublo at the pleas
ure of the Government ut any time after fifteen
years.
IN case Congress should not sec fit TO mako such
provision ms Is proposed for paying TO the States
The fourth lnstaent under the de,,osite act, it may
he well worth willie to consider whether The States
might not bc permitted 10 take the stock OF the
Bank according to their respective amount OF pop
ulation, to The extent of ten millions in ALL issuing
therefor stock OF their own, bearing such interest,
and rcinlhrsahlr Mt such periods, as might he
pruScrhpt; tho dividends OH shnrcs thus held Ivy
the Stars, respectively, 10 he applied, III the first
plncc, TO tie payment Of the interest on their
stocks; with fntlIer provision, il thought nc
cesSnry, that IN cnse the proceeds OF tho pubic
lands should he assigned To the States, those pro-
ccc'ls should be applied 10 the reimbursement of
the PRINCIPAL Of their debts, or stocks, created or
ISeicd for the purpose aforesaid
In tic opinion of the Secretary, it is desirable
that the states should he permitted to take an in
tcresl IN one of the foregoing modes, of some
4 other mode, in the now institution hut, if Con-
gress should think otherwise, then it is recon-
mended that the government o the United States
mr. fnu a
~ to lie subscribed by individuals.
IL is proposed that the affairs of the Bank he
managed by seven directors, two Of them TO he
appointed 10y The President, Ivy and with the adj
vice aud consent OF the Senate, and five to lie
elected by the stockholders n, their annual meet
| ing. President TO be chosen by the directors
out o! their own body.
I That the branches I've managed by not more than
seven, nor less than five directors, TWO of them
be appointed by the States in which the branches
may be situated, il such state he n stakeholder,
and the rest 10 BE- appointed by the directors of the
Bank.
1t is proposed that the Bank be the fiscal agent
lot the Government. That the public moneys be
'depoScd in it; and when there, they may he
deemed and taken TO I've in the Treasury of the
United ctuics, md that the drposcs he not re-
moved except by law, and tlnt the notes of the
said bank be receivable in The payment of public
dues, ami that payments made hy the Treasurer
Bank.
That the said Bank receive the funds of the
United States; that it transmit them from one
Part of the Union to another, aud distribute them
for the payment OF public creditors, and perform
the duty oI pension agent free of charge.
! he ordinary powers and privileges of bunk
ing institutions being conferred upon il, and the
ordinary liabilities and duties imposed in order TO
prevent Over-bahkin., excessive issues, iluciun-
lions in The price OF stocks and consequent spec
ulaiions therein, End TO the bill holders and
other creditors of the Bank from danger of loss,
it is proposed
| 10 Iiini, the dividends TO six per cent per an
mum, bur II they fall short in any year, the def.
cheney, with interest thereon, To he afterwards
I made sood-and when a surplus accnmulates,
Exceeding TWO millions, the excess he passed TO
the credit of the Treasurer Of the United Strtcs.
That the amount OF debts which it may ut any
time owe, shall not exceed twenty millions over
aud above headquarters. That the debts any time
due to the bank shall not exceed the amount OF its
capital and seventy five per cent thereon and
that when the amount OF its bills in circulation
shall exceed three times the amount Of specie in
It's vaults, no new loan shall be made.
/ That II shall not deal in any iling except coin,
bull ion, promissory not, s, and inland bills of ex
. change.
E Tint it shall take no more than six per cent
= upon loans.
That i. shall discount promissory note, and
3 purchase no bill of exchange which has more than
one hundred and eighty days 10 run, or make any
: loan for u longer time.
n That debt shall be renewed
That IL shall not at any time loan the United
States more than three million of dollars nor any
= Stale more than one hundred thousand dollars
: nor either for longer term than hundred DAYS
n unless authorized hy law.
o That il shall contract no debt for longer time
: than year.
}. That it shall issue notes Of less demo nina
e tion than ten dollars
T. That the officers of the institution shall not lie
r. permitted 10 borrow money from, or contract any
h debt thcreilI in any manner whaiever;a note OF
bill OF which such officer, as maker, drawer, cndor-
l. ser, or accepfor, is forbidden to he discounted
The directors OF the branches not to be consider
cd officers within the meaning ofhs provision.
e TO prevent or expose any fraud or indireciior
n in the management Of the institution TO prevent
h also, large and improper loans 10 individuals, &c
: the injury OF the stockholders and the public, and
r 10 prevent, likewise, false imputaons when sucl
&c irregularities do not exist, it is proposed that tho
y books OF the institution, including the accounts
N all nd, duals therein, be at all times open to the
4 Inspection Ofthe Secretary OF the Treasury ofiht
y United States ; 10 n committee of either House u
he Congress TO each Of the directors of the Bank
and 10 n committee oil the stockholders with pow
al er TO make public whatsoever they think fit.
'e Ills proposed TO provide TINT lie branches sbal
- no, issue notes bills adapted TO intended for
'H|""'ioH nH may SUI uIhils HOt icoo w oiiioun
n than fifty dollars, for the purpose OF transmission
i aud exchange.
Is That the bank shall not suspend specie pay
lDenllini il shall not pay out nml thing bn col
or bullion Drills own notes. That lis existing n
rs cor Grafton continue for twenty ycnrs-bui thu
J. il he allowed 10 its corporate name for NV,
IN yenys longer in settling up lis affairs.
l. That no other bank he established by Congress
K during the existence OF The charter.
g, Aud providing that il shall not he deemed al
infringement of The privileges granted by the char
Or ter, if Congress slnll order the snd corporation II
of Place Offices OF discount and Opposite whereve
m tho s iie may be necessary for the collection
he saic-kee?ng, and disbursement of the public reye
me.
All which is respectfully submitted.