The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-01-07
,Zas, ,ssspssss kass,qssx,..

new scheme: 1T isa an Important sugees.
sion. See tbe, ,artiele: I, r,,.>,,,r
PAx13a4sIi. Sa%asfi' f'hs hsa 4SR S3ysS sRHgH: sH:;
sanctl0nqOf his name to.s novel pIoiaci
Tor resuiption, " hlch. ity is stated. wiIl
be reported upon By the Fiparce Com.
mtttee l1f the Senate at an earlv dav.
The FgHdN6idl Chvonic,S says Il has bssn
euomietedt0 certain 4hnanbial adtborik Ii, !,
In NewiHdrs aud at, Washington, sndl IL
acknowledged, 20 .posssss s9me ispscjsl
claims % attention. The GAroniclS pro.
ceeds To explain the project, And ws 81 )
lts explanation in order 10 eniight6n our
Feaaer00nehes subjects t4sIA1il al Doi.nl
Vne nt tats.objecss is3 tp, fecilitate the
Eessoratio! OF TIE currency TO the. specie
standard, but this il by no fhn1aMasSHs fhn1aMsSH H..
sole or nSvena the chief Of ita IjtfSr rNtXs,a
sa2as. thotikh',itiisithe only ONE vw6ioh
seemed To- cQWmepd< <itself toy Mr. Sums
1er when he laid the measure before
Ooug:esH Under the mama Nof thn
"Exchedaer OF the United States of
America, ,"is proposes 70 estabIish an; In |!
stitntlon modelled, to some extent, yafta,
the English Exohequer; which is an ss.
adjustment, aa Blackstone tells us. of'
very remote antiquity, cohaistirS Of two
divisions. one. bong the otfi6e Of receip pt
OF revenue, while the other is one of the
three high courts of the realm for the
administration OF Justice. The former;
which, w. here in question, was remodeled
some years, ago, and, in it's present
modern form, consists of a comptroller
general. an assistant comptroller. and a
number Of clerks. By the new law.
every collector Of revenue throughout
tho kingdom is directed to make his pay.
ments to the Bank of England, into an
account there kept to the credit Of the
royal exchequer:i a1pi sF.i ,i!Y u%,l ;.
To adapt this British method to the
exigeneiee Of o4r Government, ia the OBJ
Ject OF the scheme before u.s., wh,oh is
comprehended in draft of an ACT 81
Congress- by che author. Mr.. Daniel II.
Londou, merchant of this city, and
formerly of Virginia. He proposes that
the capital Of. the new institution shall
be $1O0. 100000. tie Government sub.
sorihing for no shares, but the whole
membership. to bein private persons. !
Foreigners may. however; he stockhold-
ers. apd a. they are to- pay their subscrip-
ton In coin, while residents Of the
United States are allowed to pav three
tonrtts in greenbacksi and one.fourth in
coin: The new exchequer is to have it's
chief office in New York, and aubordi
nate Offices in Boston, Philadeiphia. Bal
timore, Washington, Richmond, Charles.
ton. Savannah, Mobile. New Orleans.
Memphis, Galveston. ST.. Louis, Louis.
vile. Cincinnati, Chicago, Portland and
San Francisco. Each Of these offices ia
to be divided into two departments, on.
for banking exclusively, the other for the
issue or circulating notes, The banking
department. is to be wholly under the
management of the stockholders and of
the board of direotors whom they ap-
point. Il <l7tam
The currency department is to be ma.
naged by board of three commission.
ers, to hold oftioe for q year. Que of
them is to be appointed by the Presi.
dent OF the United States, with the con.
sent OF the Senate; another By, the Go,
vernon OF the State iu which the Office or
branch is located, and the third il to ,be
appolqtedI by the governor and mana,
gers OF the institution for which he is to
act. These commissioners are empow-
cred to issue notes to the banking de.
partment in exchange for one-fourth of
the amountin gold aud rthree.four.hs in |
four nercent bonds, untilthe aggregate.
OF currency reaches 5000, ,O00. .00J; alter
wards, the commissioners are to REQUIRE
one dollar In COIN to two Of Goveftfnent.t
bonds. until the whole currency xeauhss !
*4OO. .0OO,0OO; then, il any further notes
be emitted. one dollar in coin shall be
required for each dollar of currency.
No'notes are to be- issued for less than
five dollars, aud oall notes must be paya-
ble in gold ooio, both at The Chief Office
in New YORK and at' every branch wher.
ever situated? = Failure 80 to redeem, ie,|
to work forfeiture of the charter. The
notes. like those pf the Bank OF Eug,
land, are to pc legal tender for all pay.
ments made to the bank ON Gnvernnie
account or otherwise. The Exoheau.r
ls to be- 'tax-free until Jannary' L, 1876
after which 9 an"rter per cent. A,yeas
o' on the saSs 81 aasnd af II
to be no more ey Indicate or Government
loan John, hut the Dxchequer is I'd, nsao.
tiate, Otto. redeem, or to- e4chapge any
OF the Government outstanding bonds or
securities, free OF all charge. For any of
the States of the Union, snch nesgotia.
lions OF loans are to be done at an ex.
pense MOTTO exceed quarter per cent.
In It's general banking business, the rate
OF interest on all discounts and loans to
the public is never to be more than ak
per cent. per annum. rietAg .tf9 I. /
Such are the main features of this
new. scheme. which. as will be seen. is
really a revival. with some modifica.
tons, of the old United States Bank. II
successful it would work complete
revolution in our present national bank
ing System. In anticipation of this, ma
fionai banks are to be permitted, under
certain restrictions, to merge their exist
ence IN that6f the excheqaer. What ia
10 be done with the national bank notes
does not appear, or how soon and under
what regulations they are to be redeemed
IN coin. But the, newa excheqaer notes
are to be coin notes from the start, And
to make room for them, the .greenback
circulation is to be gradually withdrawn
The section Of the proposed law, confer