Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-02-22
MR.. EvERErr'S PROPOSITION.
HOUSE, OF REPRESENTATIVES,.
january I7,ls43

January Ia, 1s43
MIR. Everett submitted the following,
which he intends offering as a substitute
TO the Exchequer bill, (Mr Cushing's.;
NorE.-The passage printed in ital-
les to be considered as in blank. The
last section is in substance the plan of
Mr. D-of New York I
A Bill TO revive and establish the Pub.
lie Credit.
Sec l. That there be, and hereby is
created public stock Of one hundred
millions dollars, bearing interest, for the
term Of ten years from the 30th day Of
June Eext, at the rate Of two and half
per cent. per annum, payable at the
Treasury semi annually; and that the
public 'ands be, and hereby are, pledged
for the redemption and payment of the
PRINCIPAL and interest OF said stock, as
hereinafter provided
Sec 2. That said stock shall be disiri
outed among the several States in pro-
portion to their respective federal num-
bers according to their census; that the
unit Of distribution shall be script of
forty dollars, and the fractional units
shall be allowed to the States having the
largest fraction number: and that the
Secretary Of the Treasury shall, on or
before The 30th day of June next. issue
TO each State a certificate for its proper
ton of said stock, upon which interest,
at the rate and for the term aforesaid,
shall be paid out Of the cash proceeds of
the sales Of the public lands.
Sec 8. That the Secretary ofthe Urea.
sury shall, on the first day Of July in
each Of the first five years of said term.
issue 10 the several States, in script of
the denomination Of forty dollars, Tor at
The request Of any STATE, of denomina ions
Of not exceeding sir hundred and foriv
dollars nor less than fUe dcllars,l the
amount of one fifth part of their respec-
tive proportions Of said stock, which,
when endorsed by the order Of State,
shall be available 10 the beaIer, without
interest, and shall be receivable in pay
ment Of four fifths ofthe amount of any
sale OF the public land ,nntil the first day
of July, 1913, and after that time for
t%o-hfths Of the amount of any ouch
sale
Sec 4. That the Secretary of the
Treasury, shall, on the request Of any
State, issue TO such State on the first day
of July, in either Of the four first years
of said term, tho full amount Of its pro
portion of said stock then unissuad, in
script Of the denominations aforesaid,
and which shall be available and receiv-
able as aforesaid ;and the interest on the
certificate for the stock Of such State
shall cease dt the end Of FIVE years from
the time the full proportion of such State
OF said stock shall have been issued in
script.
Sec 5. That the Secretary of the
Treasury be, and he hereby is, author
lied 10 issue Treasury notes 10 the a.
mount of Fl teen millions. in denomina
tons not exceeding ono thousand dol
lars nor less than five dollars, and to re.
issue TIE same until the sOth day of June
1916. and which shall be receivable in
payment for all public dues.
Sec. 6. That the Secretary Of the
Treasury and Treasurer Of the United
States shall be appointed during good
behaviour for the term of six years, and
shall be removable from Office only by
impeachment, or by the President on
the address of two thirds of the House
Of Representatives
Sec a. That there be. and hereby is
established Fiscal Agency Of the Uni
ted States, for receiving, safe keeping
and disbursing the public revenues, to
be conducted under the superintendence
OF the Treasurer, under the powers
rules, and regulations following:
|. The Treasurer shall, by the agen
cy, receive, keep, and disburse the pub
1 al oh IL. IL.
ted States.
2. All property and effects OF the u
gency shall be held, and all its contracts
made and enforced, in the nameof "the
Treasury Of the United States" who, by
that name may sue aud be sued on all
contracts or causes of action made by or
arising from any right Of against said
agency.
3. The United States shall have lien
or all the property and effects Of said a.
gency for all their deman DIS against it.
a. The agency shall be based on a
capital Of thirty millions of dollars, one
third OF which shall be subscribed by the
United States in six per cent stock and
two thirds by citizens of the United
States, in shares ofone hundred dollars
payable in specie, by such instruments
and under such regulations as he Trea-
surer shall prescribe.
5. The agency shall not 60 into oper-
alton until one third Of the capital shall
have been paid in.
6. The agency shall be managed by a
board Of thirteen directors, Of which the
Treasurer shall be one; and Of The re-
mainder four shall be appointed by the
President,by and with the consent Of the
Senate, and eight by the shareholders,
in such a manner as they by their laws