Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1841-06-17


4 %. purpo.s. e sA.. Fsdssui party At
hr Bsulss called fer Ne yeas ana
nays.
ton 90 tho table. snd asked Sor the ayes
and nsys. vhsn the qussiioa being iaksn.
Il wns decided IN The asgattvs-eyes ~.
nays ~.
After some further eoatersssiss. the
resolulion vas 90 modiGed e. 70 6gpse Co
take up Ihs unfinished business aflsF
the moraing hear. when the Rssolalion
Wss agreed 70.
Mr.. EwINoy PLAN or FISCAL
BANK OF THE UNITED STATES.
The Prssidsal presented 10 The Ssnats
the following communication from the
Secretary Of the Treasury. respecting .
National Bank:
TREAsURY DEpxRrnrxT,
Isa< ~. 1871.
To - Prssiksni Il ~ Ssnats u - Usissf SlaIsS
Sin: In obsdienes to the direeiloes N
the Senate, contained in their resolution
Of the 7th insisni, the Secretary Of the
Treasury has prepared, and herewith sub
mits, q plan Of . Bank and Fiscal Ageni.
10 the general plan end frame Of said
institution. he has sndssvofed 10 free IL
from the constitutional objections which
have been urged Sgsinst those heretofore
created by Congress. and a. faE a. praeii-
cable. without impsirine is nsefOlness. 70
guard IL In lie details against the abusas 10
which such institutions sfo liable. AID
he nor respectfully submits il 20 the Sc
nate With The hopsthSi. 10 the process Of
IeonsidsraiiOn and enSeimsnt, Il may be-
come. What be did not presume TO prom
Use, bat which he earnestly desires 20 see
in the possession Of The nation, Bank
and Fiscal Agent. free from constitutional
objecticns and adapted 10 the vants Of the
country and eonvenienes Of the Govern
meat.
II is proposed 10 incorporate Bank In
the District Of Columbia by the name Of
the Fiscal Bank the United States, hav-
ing capital Of thirty million dollars. with
power 10 establish Branches OF Sliees Of
discount and dePosite in the several
States. With the ssssni Of the States; that
the Goverpmeat subscribe one-Glth part
Of the capital aad on the Superstition
that ]: Is the purpose Of Congress heFeaf-
ter 10 direct that the fourth inslalment. ap-
PToPrisied by the deposiie act Of June
23d. 1886, shali be paid into the trea.
surieS Of the several States, 10 IL aiso pro-
posed that subscription 10 that amount
be made 10 the name Of the United States,
for the use Of the States respectively; the
stock TO be assigned 10. and become the
property Of such States ss shall accept
the zane, in the manner and in The pro-
portions, and subject to ali the conditions
provided snd imposed by that act.
And Tor The amount of tbs six millions
TO Be subscribed by the United States on
their owa account, and also for the amount
10 be subscribed for the use OF the seVe.
raj States. Il is proposed that a stock be
crested, bearing 20 interest Of Eve per
cent. per annum, FedesAable At Tie
pleasure Of the G0VsFn1ent ct any time
afleF 6fIesn years.
Ia ease Congress should not see 81 %
make such . prOvision ss is proposed Eor
paying 10 The States the fourth instalmsnl
under the dePooite act, Il may be vall
worth while 20 consider whether the
States might not Be permitted % take che
stock Of the Bank according 20 their re-
sPeeiivs snOaDt Of population. % The sx-
isnt Of ten millions In all, issuing sherefor
stock Of their own. bearing saeh interest,
and ReimbuFsabla 81 sseh periods. q
might be prescribed The divijends on
the shares thus held By The States, re-
speetively, to Be spplie9. ia The Grss place,
10 The payment Of the istsrssi on shsfS
stoeks; wish . further provision, q
thought necessary, that, 10 case he pro-
eeeds Of the public lads shoaid De a.
signed 10 The States, these proceed,
Should be spilled 70 TIE FeimbnFssmenl
Of the pFineipal q their dsbss On stock
created o. issued for ths purposes aforesaid
! Ia the opinion Of the Secretary, Il /,
desirable that the States shoala bs pes.
@ilied 10 take en- interest IN oae of The
foregoing modes. OF some OtaeE node, q
the new inslitslion bot, IL co1gFss.
should ihink other size, thea Il is recon.
mended that The Government of the D.
Sssiss ssbsesibe fog isa nillions Of stock
leaving iwsnly 70 Be Subscribed By indi.
vidssIs.
u Is proposed that the saaiss Of a.
Bank BE- msoagsd By seven disaesors. ~,
Of them 70 Be- sppeinted by TIA President
by sad with he advice sod eoassat a
the Ssnsts, and ave "a, Be elected Nv shs
stockholders. 81 their snnusl meetise.-
A presideEt 10 b chosen by The director,
out Of their oWs body.
That che hranehss BE- mensrsd by no,
more ihaa ssvea, nor lees lhas 6vs "A.
EeeioIs, iso q them 10 b appointed B.
sos states - ~hsch the bFanehss may
be sisua.sd, u spch State Be stoekhsiI
81, aad The rest 70 b eppoinlsa by ~
directors Of ihe Bsnk.
/ II is proposed thsl the Bsnk bs the e..
epl sgsni o. ths GogegnmsnG Tbsi me
public moBeys Re deposited Il Il; 80
whsn there, that they bs dssBsd 80
tahen 20 b n ths TFsssory % he UniipS
States. and that The dsposiiss b aaf ~
moved except 81 lsw. end that The note.
Of ne seid Back BE- fscsivable ia the pav-
meat ofqubiie does. sod that psvme6i,
made By ihe Treasurer % ne b state,
mag b By cheeks o. said Bsnk.
Tbsi ths said Bank receive The fpud,
. ~ NEm "a