The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-23
A BILE FOR THE ESTABLIsHMENT
OF AN ExCHE1UER.

Mr.. James II. Plat, on leave, intro
duced the following bill in the House OF
Representatives, January 90, 1874:
Be it enacted by the Senate and House
of Representatives of the United States of
America in Congress assembled, Tha.
--, and such others as may associate
with them under this act, are hereby crea-
ted and declared a body corporate and
polite, by the style and under the name
of "The Governor aud Managers of the
Exchequer of the United States of Amer
ica," and by that name may sue and be
sued, plead and be impleaded, in all the
courts law and equity of the United States,
or any state thereof, and have. perpetual
succession to have, make, and use a
common seal, and the same to change, alter,
or renew at pleasure; to ordain and estab-
lsh such bylaws, ordinances, and regu-
lations as they may deem fit and necessa-
~, and generally to execute all and every
corporate power and privilege necessary
to carry into full operation the corpora
ton hereby created, and specially such by
laws as shall enable the Exchequer to have
a correct knowledge Of the daily transac-
tons of its assistant branches and depart
ments Provided, That such bylaws and
ordinances, regulations, powers, and privi-
leges be not in contraventon of the laws or
constitution of the United States.
SEC. 2. That the in.put or capital of
the said governor and managers of the Ex-
chequer OF the United States of America
shall be one hundred millions of dollars,
divided into shares Of one hundred dollars
each.
Sec. 8. That books of subscription
shall be open, at such time as may be
designated by the corporators, in the fol.
lowing cities, undrer the. supervision of
three commissioners appointed for that
purpose by the corp orators, namely Bos-
ion, Massachusetts,; New York Phil
adelphia, Pennsylvania Baltimore, Mary
land Washington city, District of Column
bia; Richmond, Virginia; Charleston,
South Carolina Savannah, Geor-
gia Mobile. Alabama; New Orleans,
Louisiana; Galveston, Texas Memphis,
Tennessee; Louisville, Kentucky /; Cincin-
natl, Ohio Chicago, Illinois Saint Louis,
Missouri San Francisco, California Port
land, Maine; Concord, New Hampshire !;
Rutland, Vermont, and in such other places
in the United States as a majority of the
corporators shall appoint for the purpose !;
and said subscription shall be payable
three-fourths in the legal-tender notes is
sued by the government of the United
States and one-fourth in gold coin of the
United States. Ten per centum upon each
share subscribed shall be paid down at the
time of the subscription. th-ee-fourths in
legal-tenders and one-fourth in coin !:
Provided, that such subscription be
made bona iide by residents of the
United States; otherwise, the whole must
be coin And prouided noreoUer, that not
less than three-fourths of the capital shall
at all times be held by citizens of the United
States. Ii after the books have been kept
open for -- days, and the whole capI-
tai be not subscribed, then any national
bank now existing may subscribe, on the
same terms, the whole or any part of its
capital, and consolidate and become merged
into this corporation: Provided, that it
thereby abandons its present organization,
and winds up its present existence, and its
owners accept in lieu of their present shares
in any such bank shares in this corporation
of equal value but no bank now existing
can exercise this privilege without the con-
currence and approval of the proprietors
and of the governor and managers of the
Exchequer of the United States. If more
than one hundred thousand shares are sub.
the number of shares shall be divided pro
rata among the subscribers.
SEC. 4. Trait the commissioners shall
deliver the books of subscription and the
moneys received by them to the corpora
tors, who shall thereupon call meeting Of
the proprietors, after giving thirty days
notice thereof, in one newspaper at least
in each of the cities named above. Said
meeting shall be in the city of New York,
and the corporators shall then elect, each
share voting one vote, board of nine
managers for the chief office, which
is hereby located in New York,
and five for each branch. One new mana
ger other than the governor shall annually
be elected for each branch, and the chief
office, who shall take the place of one who
shall 90 out, each year, in such manner as
the bylaws shall provide.
Sec. g. That the board of managers at
the chief office shall, by majority vote,
elect the governor thereof, who shall hold
his office for one year, and the board OF
managers at each branch shall, in like
number for the same period. The capital
follows: To the chief office in New York,
I'o6toh, uhauo'piho;
g. Baltimore, S.: Charles
ton, South Carolina, s.; Savannah,
g.; Mobile, -; New Orleans,
S.; Memphis, s.; Galveston,
s.; St. Louis, S.; Louisville,
s. Cincinnati, s.; Chicago,
land San f'a"f RieSno s 7iri foGs,
s.; Providence, Rhode Island,
s.,
One minor branch may be established
in each state, at such place as the governor
thereof may select and be approved by the
proprietor of the Exchequer: Propided,
that the managers thereof shall be elected
as the managers of the other branches OF
the Exchequer may be: And prouided
moreooer, that the issue department
shall not transcend the limits and require
ments of the eighth section.
SEC. G. That the corporation hereby
created shall be divided into two depart
ments, the one for the business of banking
exclusively, including the discounts of ne
gotiable notes, bills of exchange, drafts,
and other evidences of debt, which is here.
by limited to twice the capital in amount,
except upon obligation of the government
of the United States, and to one-half of
one per centum as the rate of interest for
thirty days, provided that not over ten per
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