The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1862-01-16
The Financial Scheme before Con.
yTeSs.


WAsHTNGToN, Jan. 6.
The bill to provide national currency,
secured by a pledge OF United States
stocks, and to provide for the circulation
and redemption thereof. under considera-
tion N the Committee of Ways and Means,
provides for the establishment, in the
Treasury Department, OF separate bu-
reau for the execution of this and all laws
that may be passed by Congress respect
ing the issue and regulation of national
currency, secured By pledge of United
States stocks. The Chief of the Bureau
is denominated the United States Bank
Comptroller. to be appointed by the Presi.
dent, at an annual salary of $1,000. and
a deputy at a salary of SO. 500, with the
necessary clerks. DC. 1t provides that
any chartered bank or banking association.
whose capital is not less than one hundred
thousand dollars. may. upon application
in the manner prescribed, avail itself Of
the benefits and privileges of the act
Under the provisions Of the act, banking
associations my be formed by any number
of persons. not less than FIVE. upon the
conditions set forth. Thirty per cent of
the capital is to be paid in at the begin.
ming. and the remainder iD installments Of
at least ten per cent. at the end of each
succeeding ninety days. Every associa-
tion organized under this act shall be a
body corporate. entitled TO exercise all the
privileges of banking. under the restric-
tons imposed in the act. Opon compli-
ance with the preliminary provisions re-
quired. an the delivery to the Secretary
of the Treasury of auy number of United
States stocks bearing interest, the associa-
tion shall receive from the Bank Comp
troller circulating notes of different de-
nominations, equal in amount TO the cur.
rent value. but not exceeding the par
value. of the stocks deposited, and also
not TO exceed the amount Of capital paid
in. These notes a:e to be flied up aid
signed by the President, Vice President,
and Cashier Of the association. They are
made receivable at par in all parts of The
United States in payment Of taxes. excise
public lands, and all public dues. aud
made legal tender for all debts and
money demands. The associations are
required to make quarterly reports to the
Comptroller, ard those located in New
York, Philadelphia, and Boston are also
required TO publish once week daily re-
ports Of the average amounts Of loans,
discounts. specie. deposits, and circula-
tion. Failure at any time to redeem any
Of the notes put in circulation by an as.
sociation, when payment is lawfully de-
manded. TO work a revocation of the privi.
leges granted. Provision is made for the
redemption of the notes of failing associa-
ton, and for winding up its affairs. The
interest upon the stocks deposited NAV be
drawn by the association. Upon depre-
citation of the value of the stocks at the
Stock exchange of New York city for four
consecutive weeks, the interest is te be
retained by the Comptroller until the de-
probation shsll have been compensated,
the sums thus retained to be invested every
three months in similar stocks; and upon
the rise Of stocks for four consecutive
weeks to the price at which they were
pledged. the surplus interest accumulated
and invested 10 be returned TO keep on
hand lawful money of the United States
equal TO twenty-five per cent. of its out
standing circulation. Dividends are 10
be declared semi annually, in May and
November The associations TO be sub
ject 10 examination at the will Of the Ssc-
retary OF the Treasury. and the Com prro!-
er is 10 make an annual report TO Con.
gress.