The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-17
A BILL FOR THE ESTABLISHMENT
or AN EXCHEQUER.

| OF AN EACHEQU Ek.
Mr.. James HI. Plat, on leave, Intro
duced the following bill in the House
Representatives, January 90, 1874:
Be it enacted by the Senate and Hous
of Representatives of the United States {
America in Congress assembled, Tha
-, and such others as may associat
with them under this act, are hereby crea
ted and declared body corporate an
polite, by the style and under the nam
of "The Governor and Managers OF tn
Exchequer Of the United States of Amer
lea, and by that name may sue and b
sued, plead and be implicated, in all tn
courts oflaw and equity ofthe United States
or any state thereof, and have perpetual
succession to have, make, and use /,
common seal, and the same to change, alter
or renew at pleasure; to ordain and estab
fish such bylaws, ordinances, and regu
lations as they may deem fit and necessa
| ry, 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
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 contravention 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, under The supervision of
three commissioners appointed for that
purpose by the corporators, namely: Bos-
ton, 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, three-fourths in
and one-fourth in coin
Procided, that such subscription be
made bona fide by residents of the
United States; otherwise, the whole must
be coin: And prouided moreover, 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 capl-
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
hereby abandons its present organization,
and winds up its present existence, and its
owners accept 10 lieu of their present shares
n any such bank shares in this corporation
IF equal value; but no bank now existing
IAN exercise. this privilege without the con-
,urrence and approval Of the proprietors
md of the governor and managers of the
Sxchequer of the United States. If more
han one hundred thousand shares are sub.
'cribed upon the terms mentioned, then
he number of shares shall be divided pro
alta among the subscribers.
SEC. 4. That the commissioners shall
leliver the books Of subscription and the
moneys received by them to the corpora
ors, who shall thereupon call meeting of
he propretors, after giving thirty days
notice thereof, in one newspaper at least |
n each of the cities named above. Said |
Meeting shall be in the city of New York,
md the corporators shall then elect, each |
hare voting one vote, board of nine |
managers for the. chief office, which |
5 hereby located in New York,
nd five for each branch. One new mana
er other than the governor shall annually
,e elected for each branch. and the chief
ffice, who shall take the place Of one who
hall go out, each year, in such manner as
he bylaws shall provide.
Sec. 5. That the board of managers at
he chief Office shall, by majority vote,
lect the governor thereof, who shall hold
is office for one year, and the board OF
manner, make an election of one of their
lumber for the same period. The capital
hall be distributed by the proprietors as
ollows: To the chief Office in New York,
-; Boston, s.; Philadelphia,
-; Baltimore, s.: Charles
on, South Carolina, s.; Savannah,
-; Mobile, s.; New Orleans,
- Memphis, s.; Galveston,
-; st. Louis, $-; Louisville.
-; Cincinnati, s.; Chicago,
-; San Francisco, s.; Port
and, s.; Richmond, Virginia,
i-; Providence, Rhode Island,
One minor branch may be established
n each state, at such place as the governor
hereof may select and be approved by the
proprietor Of the Exchequer: Provided,
hat the managers thereof shall be elected
s the managers of the other branches of
he Exchequer may be: and provided
aoreo5er, that the issue department
hall not transcend the limits and require.
nents of the eighth section.
SEC. 6. That the corporation hereby
reated shall be divided into two depart
nantS the Ona for the husinncs of honkinu |