The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-04-20

Correspondence ofthe Journal OF Commerce.
WASHINGTON, April II.

Cnrrru tsordrrcc OF the JOuIuAL VI COMMERCE.
WASHINGTON, April II.
novel financial plan has been sub.
mitted 10 the Secretary Of the Treasury
3r MS examination. It will be presented
and referred to the appropriate commit.
tees in both Houses Of Congress at the
next December session. The author, who
is New York banker, has not yet re.
ceiyed the opinions OF officials, nor have
any names Of corpoEtors been affixed 10
the bill.
Il proposes to establish u corporation to
be called "The Governor and Manager Of
the Exchequcr OF the United States Of
America" with capital Of one hundred
millions ofdOllars, 10 be divided in shares
of $1,000 each. Subscription books
would be opened in the different cities
under the supervision Of commissioners,
and subscriptions would be payable 10
per cent DOWN three.iOurths in legal ten
der notes and One.iOurIh in coin, rom
citizens or corporations In the United
States, or all coin from foreigners.
II after the books should remain open
- DAYS the whole amount Is not sub.
scribed, then any national bank might
subscribe upon the same terms the whole
or part Of It's capital and consolidate and
become merged into the corporation :
provided the bank winds up its present
existence, and its owners accept in lieu Of
their present shares in any such bank,
shares In the corporation OF equal value /;
but no bank could exercise that privilege
without the consent Of the officers OF the
corporation. II more than 100, 900 shares
should be subscribed upon those terms
within the stated period, then the number
orshares should be divided pro rata among
the subscribers. The principal Office
should be in New York, and the capital
would be distributed in EOther cities as
Congress should determine in the act Of
incorporation.
The corporation would be diYided into
two DEPARTMENTS, one for the business Of
banking, including the discount Of nego.
liable notes, bills Of exchange, drafts, &c.
which would be limited in amount 10
twice the capital, and TO one half Of one
per cent, as the rate Of interest for thirty
uulbt uO QlsCUuQl " BS ulh4G lOl lgubEA
than six months. The other department
would be called the issue department.
The commissioner Of the issue depart.
ment would issue notes TO the banking
department, whenever the latter delivered
gold coin to the extent Of one fourth oil
the amount required and the other three.
iourths in bonds Of the United States, in.
I'll the issues reach two hundred millions
ofdollars. For oil issues beyond that till
the aggregate reaches four hundred mil
lions Tie issue department shall require
one dollar ofcoin 10 two Of bonds, and
beyond that dollar Of coin for each dol.
lar of bonds till il reached in the aggre.
gate six hundred millions; after that, o
dollar in coin for each dollar in notes IS
sued. No note 10 be less than five dollars.
All notes 10 be redeemable in coin.
After January 1876, bonus Of I OF l
per cent out ofany dividend declared by
the corporation would DO passed TO the
credit Of the United States government In
liquidation Of all taxes on capital and div
idends.
The above Is the skeleton oil the plan
To say the least Of il, the idea Is vast in
conception and il would require u great
amount Of discussion before Congressman
could be made to understand 1t. c.