Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-06-22

- h.bs, lie hops that In process Of considerations
49, saari,nout Il may become. (whsi he did not pte.
ns 80 pfoniic bu, which he earnestly desires 10 see
tle possession of the nAtionl bank and fiscal agent,
zee ',nn constitutional ohicciions and adapicc ~ the
varts 4 The country and convenience Of the govern
ucai
$50 proposed 10 incorporate bank IN the district OF
Cl.,iia b, Tho name Of the Fiscal Bank Of the INIT
e. STATES having capital 81 thirty millions dollars,
w.,s power establish branches Offices Of discount
I'D 5cp1s,ie "a the several states with the Of
,e iaes hat the government, subscribe iith part
fe capits and the supp0siiion that IL the puf-
t.e of Congress hereafter 10 direct that the 4ih in
alncn' Appropriated by the deposie act Of June ed
l-si sal 10 paid into the treasures Of the several
siars. Do rs asu proposed that subscription to that a.
aaari hc made so the Of the United States for
thc states respectively. the stock 10 be assigned to-
aht become the property Of such States US shall &C
rti thc same, IN the manner and In the proportions
sa. sabect to all the conditions provided and imposed
81 Nv plai act
N Ard for the amount Of tho millions to be sub
scflcI by the United States their account and
sso af he amoun, 10 be subscribed for the Of the
several states is proposed that stock be created,
beauug interest OF five per per anbum. redeem
s5e AZ the pleasure OF the government at any time az
IA nf fifteen years.
"a 10 Congress should not see tit to make such
provision is proposed FOR paying the states the 4th
III a,tamenl under the doposiie act may be we'll worth
III Whale consider whether the States might be per.
& med 90 take the stock Of the bank according TO their
W respective amount Of population. the extent Of ten
III millions IN all issuing therefor stock Of their bear
Nc such Interest and re-mbursabe such periods
VI might De subscribed. the dividends the shares thus
he bY the States respectivey to be applied in the
place to the payment of the interest their stocks
~ created or ISSUED for the purpose aforesaid.
In The opinion of the secretary II is desirable that the
States should be permitted to take nieres, IN Of
I'll the foregoing modes, other mode IN the
Institution, but il Congress should think otherwise then
' recommended tina, the government, Of the United
States subscribe for millions OF stock leaving 30 TO
ia be subscribed by individuals.
III It Is proposed that the affairs ofthe bank be manag
Cd by directors, two OF them be appointed by
IA the PRESIDENT by and with the advice and consen, Of
the senate and five be elected by the stockholders
a, their annual meeting president TO be chosen by
n the directors out OF their own body.
Ia That the branches be managed by not more than :
nor less than directors two of them to be appointed
by the States in which the branches may be situated,
If such state be stock holder and the rest to he APP
M pointed by the directors of the Bank.
III II proposed tina, the bank be the fiscal agent OF the
goyemmont. That the public moneys be deposited in
H. and when there that they be deemed and taken to
He IN the treasury of the L. S, and that the OF
sad bank be receivable in the payment public debts,
rs that payment made by the of the u. $. may
a Me made 10y checks on said bank
That said bank receive the funds OF the U. S that il
'r,nsmlt them from one par, of the Union 10 another,
Rnd distribute them for the OF public creditors,
nl perform the duties OF pension agent free of charge.
The ordinary powers and privileges OF banking in
fuu,ons being conferred upon II, and the ordinary IL
liabilities and duties imposed in orderto prevent
1nNng excessive issues, fluctuations in the price of
socks and consequent speculatons therein. and TO
the bill holders and other creditors of the bank
Effum danger or loss, II is proposed
To limit the dividends TO @ per cent per annum but
they fall short any year, the deficiency with n,eres,
8cleon, TO he afterwards made good-and when
lbs accumulates, exceeding two Millions the excess
"a be passed to the credit Of the United States.
M That the amount Of debts which it may anv time
4Ne, shall not exceed twenty millions and above
II depos,es That the debts at any time due 10 the
bank shall not exceed the amount of lis capital and
ID evenly five per cert. thereon; and that when the
3nount in circulation shall exceed three times the
moun, Of specie in its vaults, new loan shall be
1ade
That il shall not deal in any thing except COIN bull
Don, promlssory notes, and inland bills OF exchange.
IA That II shall take no more than six per cent upon
bans.
IN That II shall discount promissory note, and pur-
phase no bill Of exchange which has more than one
gndred and eighty days to rum make any loans for
longer time.
2# That no debt shall be renewed.
~ That II shall not any time loan the United States
ore Than three millions of dollars, any State more
han 100000 dollars nor either for longer lime Than
ne hundred days, unless authorized by law
That II shall contract no debt for longer time than
poe year
That il shall issue no note OF less denomination than
3en dollars.
That the officers of the institution shall not be per
li,ed 10 borrow money from, contract any deb
tielu, IN any manner whatever; note or bill o.
ch such officer, as maker, drawer endorser or &C
tlof is forbidden to be discounted. The directors
NE branches not TO be considered officers within
Ioprevcnt or expose any fraud or ndirection in the
anagemen OF the institution; TO prevent also, large
~ improper loans individuals, TO the injury Of the
ockhoders and the public, and TO prevent likewise
Lee imputations when such irregularities do not eX-
p Il is proposed that the books of the institution, in
udng the accounts OF all individuals therein, be a
times open the inspection Of the Secretary OF th'
feasuTy Of the United States 10 a Commitee OF Ell
Per House Of Congress; To each of the directors o
be bank, and to a committee OF the stockholders, witt
INet % make public whatsoever they think ut.
II proposed TO provide that the branches shall no
:''1e notes or bills a1apted to, and intended for crcu
3Aaon but may sell drafts, less IN amount than nj
collars, for the purpose OF transmission and exchange
lha' TIC Bank shall suspend specie payment
AZ Il shan uo' pay DOT any thing but coin or bulio
" Us o~n notes That lis existence corporate
an continue for twenty yeaTs-but that 1t be Above
Use as oorpolate name for two years longer IN sci
ag up It's affairs
That 40 other bank be established by Congress dun
y The existence OF the charter.
And providing that It shall not be deemed II
nsemeni OF the privileges granted by the charter,
'-strss shall order the said corporation place of
of discount and dePoslie wherever the same ma
1@'"NsaTy Tor the collection, safe keeping, and On,
isencut OF the public revenue
..aN