The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-08-20
THE FEDERAL GOVERNMENT LOAN.

At q meeting Of bank officers, held al the
American Exchange Bunk, in New York, on
Th1rsday, the 18Th instant, 1T which thirty
nine banks of ,hat city were Iepresen ted. the
following plan for assisting the Uaitsd states
Government was adopted
SEcTIoy l. An i'm ii editte issue be made by
the United States Treasury Department of
treasury notes, dated August IL, 1851, bearing
interest from that da Ia ~ 80 per cent to the
extent of fifty millions OF dollars.
SEQ 2. The banks of New York, Bos ton and
Philade phia associated to take jointly this
fifty millions at par, with the privilege OF
taking at par an additional nifty millions Octo
Der Is, by giving their decision to the Depart
meht October |; and also at par fifty millions
December 10, by giving their decision Decem-
Der l, unless SAID amount shalt have been pre-
viously subscribed as a national loan. 1t be-
ing understood and agreed that n other Gov
eminent stocks, bonds or treasury notes IL
cept treasury notes payable on demand and
the Oregon war loan shall b. negotiated or
paid out by the Government until February
l. lsca should the associates avail of both
privileges or until December l5 1851, shou Id
they avail of the first only, or Unui October
To- 1854, il they take bat the present fifty mil
lions, except that the Government may neso-
tiate III Europe, or through subscriptions to
the national loan.
SIC J. An appeal 10 the people TO- subscrip-
tons to the national loan to be made by tue
Government, and rs the subscription for the
notes progresses and the moneys are paid i'll
the same shall be paid over TO the Govern
ment or deposited with banks selected by the
Secretary of the Treasury, with the concur
renee of a committee OF the aBsocia tes; and
SO much of the proceeds OF said loan as shall
be required for the purpose shall oe applied
in reimbursement OF the associates for sub
5criptlon by them paid in and not otherwise
reimbpr sed. The Treasury notes issued 10
tn. associates, SO far the New ! ork banks
are concerned, shall be received by the Loan
Committee OF New York banks 1t 30 per cent,
as q basis for Issuing clearing house CertIfi-
Gates to any bank desiring, under the exist
ing arrangement, (which Ii ust necessarily be
continued,I and the subscription Of the banks
shall be III the proportion OF capital--eXcept
that the IL terest and proportion Of no one
institution snail eAcecd one tenth or the
whole NIty millions.
SEC /. On tne l3t Of October, sEould the
assoc ates tor any cause decide not TO avail OF
the privilege of taking the second Htty mil
lions then the balance OF note, remaining OF
the fifty millions already taken by them shall
tie Il ppOrtioned and divided among them, {pro
r;lta) aEC they shall make payment tor Their
res pective proper lions.
SEC. 3. OF he sums suoscr bed by Tie as5J.
ciates, tea per cent. shall be paid for thWith
u the 4 ssis Lant Treasurer at New York, BJs-
ton or Palladei ph III, and the residue shall be
placed to the credit OF the United States on
the books of the banks OF subscribing. Ger
tifcates shall be issued To each subscriber,
stating the amount 30 paid in and deposited;
and Us the deposits shall be withdrawn or
paid into The treasury, (Which shall De, US
nearly aS may De, III proportion or the several
subs triptions,) treasury notes bearing 80 III
terest shall De issued IN equal amounts 10
the subscribers respec tiyely. And when the
deposits shall be entirely paid 10 the United
States, treasury notes tor the ten per cent.
originally paid shall also he issued, and all
notes issued TO such subscribers shall bear
even date with the certificates, and carry in
tereSt from sucn DATE.
SEC. .. In part payment of deposits for the
first fifty millions OF dollars, the Treasury De-
partment viii receive from the associates any
past due Treas ury not96 or co days Treasury
notes. Should the second amount of fifty mil
lions of dollars be taken by the associates the
Dapar tlnent will receive on account of deposits
a,iy Treasury notes outstanding except $50
per cent. notes
SsJ :. The transactions on the part of the
associates may be conduc ted by & committee in
New York, in which the banks OF Boston and
Philadelphia should be represented which
committee should meet daily Tor The airec tiou
Of details aud at least weekly tor deli bera ton
and coz sideratIOn Of important business.
SEC s. In addition 10 the banks OF New
York. Boston and Philadelphia, it woutd be
des .rable that other parties should become
associates, say trust companies, savings banks
insurance companies ald private bunker.
who, III lieu OF pro rata OF CAPT tai should
designate when joining the association what
amount OF interest they decide TO take
SEC. 2. The capital CT the banks OF Nav
York boston and Philadelphia, and tina r.-
suectiye proportions under a pro rata division
would be as tclloWs