Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-03-24
lyERErrs PLAN OF A FISCAL ACRNCr.
Hossf or RspassrsrAr,yr, March ID

hoesf OF REPREsrsTATivrs, March ID.
'mmitted to the Committee of the Whole on
the state Of the Union.
The Treasurer Of the United States 10
I'D his office during good behavior, but re.
o'ablc on the address of two.ihirds nuior.
OF the House Of Representatives.
u The Treasurer TO receive, keep, and dis
rse the revenue through the agency, without
largc TO the United States.
8. The Treasurer TO be the Comptroller Of
. agency; all its effects to ho held by him in
ist; aud all its contracts to be- made and en-.
reed IN his name, as ComPtrolIer Of the
ency.
4. The United States, ,throush the Treasurer,
have lien on all the etisois of the agency,
vii its debts due to The United States.
D. The agency to be based on a capital of
bo,OOO,OOO; one third To bo subscribed by the
nlted States in six per cent. Government
ock, aud the residue by individuals, in
lecie, by instruments, within three wears, to
mnence operation when one third is paid in
D. The agency TO be managed by beard of
rectors, one-third appointed by the President
pa Senate, the residue by tho individual
ockhodcrs.
7. The board Of directors to establish Offices
such places as the Treasurer shall deem
'ce'sary aud proper, for the receipt, safe
feP'ng, or disbursement Of the revenue and
appoint the managers of such Offices, aud all
:ressary agents aud servants, und fix the rate
Their Compensation.
o" .,HI dealings Of the agency to be limited,
Z. To the receipt, safe keeping, and disburse-
ent ofrhe revenue.
~ To the purchase, sale, and receipt on de.
ps'te, of bullion and foreign and domestic
bins.
M. To the sale Of its bills of exchange.
~. To The purchase of domestic and inland
lis Of exchange, founded on business transac-
ons, at sight, or having not more than ninety
ays to run, payable M any Of its offices other
nan at the one where purchased. The maxi.
nn rates of discount and premiums on bills
be fixed by law.
9. The agency 20 be authorized TO issue bills
circulation for special depositcs, aud TO
wee the amount Of the specie paid in by the
hdividual Stockholders Prorided, That the
mount Of its bills Of circulation shall not ex-
iced twice the amount Of its specie on hand.
10. Its bills of circulation wherever paya-
le, to be receivable at all its Offices for Gov.
|rnmcnt debts, aud for debts due the agency
ii. Holders of bills Of circulation, W wherever
|ayable, TO the amount of s 900, to be entitlcd
p receive at any office where presented, a.
|on-assignablc certificate, bearing interest at
our per cent, payable in one year al the office
Ehere issued, or, at the election of The holder,
any other Office at three per cent.
IL. All profits over seven per cent to be
assed 10 the credit Of the United States.
H. The Treasurer and the stockholders at
u times TO be entitled TO the inspection of all
|he accounts, records, books, and papers Of the
|gency. =
Ia. Tho board of Directors to make month,
statements Of the condition of the agency,
b. by him laid annually before Congress.
10. The act establishing the agency TO be
rpealablc NJ the pleasure of Congress; but ifI
pe'icd within twenty years, the United
ales 10 refund to tho private stockholders all
rohts over six per cent. on the Government
tock rncclved by or passed to the credit Of the
United States, Or on hand, und To secure to
hem their just share Of the effects Of the
gency.