Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-03-17
THK FkDKRAL FINANoE BILL.

/ IHh FEDERAL FINANCE BILL.
After much tribulation the Federal Congres
perfected q financial scheme Of the most nagnif
cent prOportisns which entirely eclipsss th
fabulous conceptions Of GEORGE Law, in til
hours of his most unlimited prosperity. 81
its provisions the government assumes the en-
tire control of the circulation Of the country
OF rather forces private capital engaged II
banking operations to become means BY
which the enormous debt Of the Federal treasury
may be held. The object is to secure the absorp-
ton of public bonds, and the effect viii be
to sdd to the superabundance Of treasury notes
now sfost, private circulation almost equal
to the bonded debt. With this facility, sddsd
to CHAsE's capacity to print sign and SOW
broadcast a treasury circulation, the expansion
that must follow cannot be estimated. If the
North is hereafter found deficient in eirculst-
ing medium, certainly no blame can attach to
the currency tnkers at Washington; who, BY
the way, also undertake to legislats for the
rebel States, and have graciousIy permitted
them to invest their surplus means in the q
gsntie sehme.
The bill provides for bureau in the Treasury
Department., under the title of controller Of the
currency, nominated BY the Secretary of the
Treasury, and appointed by the President and
ssBste salary, 5000; bonds, 100000; to
mold Office for Eve years to have deputy clerks,
sle.; none of whom shall be interested ia any
banking under this act The controler Is to
provide scales, forms, etc. Associations for
banking may be formed by any number
Of persons not less than i've, who shall
make certificates, specifying the name Of the
association, its location, amount Of capital,
which shall be not less than S5O,O0O (and in
cities Of over 100, 600 population, not less than
$500, ,000); names, residence and number Of
shares of stockholders, and time Of beginning
business this certificate TO be legally ae-
l1nowle5ged Thirty per cent Of the capitol
stock to be paid in at commencing, and the re.
msining capital at ten per cent every two
months until paid up.
When the controller is satisfied that these con.
disions are complied with, he shall give the asso
ciafion & certificate authorizing them to com
menee business, which fact shall be advertised
for sixty days All these associations are en-
thorized to doBusiness in the usual form, sue and
be sued, and to perform all the ordinary func-
tions of banking. Theirsbaros are transferable,
personal property carrying their liabilities with
them. Capital may be increased from time to
time as may be deemed expedient They may
hold real estate necessary for their business
such as may be mortgaged as security for loans,
such as may be conveyed for debts, aud such as
may purchase under their mortgages, but no
other. Preliminary to commencing, they de-
liver 70 the United States Treasurer interest
bearing bonds Of the government to the speei-
fed amount, and receive euTency-circulating
notes in blank, registered aud eouutaTsigned,
equal to 80 per cent of the current value Of the
bonds deposited, but Tot exceeding the par.
value, and at no time shall such notes exceed the
capital stock paid in. The entire smoant shsn
not exceed $500, ,OOO, ,oOO-- $3.50 600 oO9 to asso-
Citations in States and territories, according to
representative population; the other $780,
O0O 600 to be distributed with regard to existing
bank capital and interest.
The following table shows the proposed dis
tTibution among the Siates-lst, the amount
allotted according to Congressional representa-
tioni ID, the amount to be allotted according
to bank capital: