The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-18
BILL FOR THE EMBELLISHMENTS
nls,Asi OFAN EXCHEQUER. .--.

BILL FOR THE EMBELLISHMENTS
nstA OFAN ExCHEQUER. @
Mr.. James ii. Plat, on leave, intro
duced the following bill in the House of
Representatives, January 26, 1874:
Be it enacted by the Senate and House.
of Representatives of the United States OF
America in Congress assembled, Thai
-, and such others as may associate
with them under this act, are hereby crea-
ted and declared o body corporate land
polite, by the style and under the name
of stThe Governor and Managers OF the
Exchequer of the United States of Amer
ica,D and by that name may sue and be
sued, plead and be implicated, in all the
courts law and equity of the 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 ordaln and estao-
lsh such bylaws, ordinances, and regu-
lations as they may deem tit and necessa-
nv, 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 oil
the said governor and managers of the Ex-
cheauer 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-
ION, Massachusetts,; New York Phil
adeiphia, 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 Cncin-
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 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 ceptum upon each
share subscribed shall be paid down at the
time of the subscription. three-fourths II
lepal.tenders and one-fourth in coin
Propided, that such subscription bt
made bona fide by residents OF thu
United States otherwise, the whole mus
be coin: And provided nloreocer, that no
less than three-fourths of the capital shall
at all times be held by citizens of the Unite'
States, Ii after the books have been KEEP
open for days, and the whole capl
tai be not subscribed, then any nations
bank now existing may subscribe, on tn
same terms. the whole or, any part OF 1t
capital. and consolidate and become merge
into this corporation: Provided, that
thereby abandons its present organization
and winds IN. its present existence, and II
owners accept ia lieu of their present share
in any such bank shares in this corporatio
of equal value but no bank now exlstin
can exercise this privilege without the COZ
currence and approval of the proprietor
and of the governor and managers OF IL
sExcheouer Of the United States. III NOR
than one hundred thousand shares are sui
scribed upon the terms mentioned, the
the number of shares shall be divided pr
rata among the subscribers.
SEC. q That the commissioners sha
deliver the books of subscription and IL
moneys received by them to the corpor'
tors. who shall thereupon call meeting
the 5nronrietors. after giving thirty day
notice thereof, in one newspaper at lea
in each of the cities named above. pa
meeting shall be in the city OF New forl
and the corporators shall then elect, eat
share voting one vote, q board OF NIL
managers for the chief office, viii
ia hereby located in New foI
and five for each branch. One new man
ger other than the governor shall annual
be elected for each branch, and the Oh
office. who shall take the place of one W
shall 20 out, each year, in such manner
the bylaws shah provide. "a..
Sec. s. That the board of managers
the chief Office shall, by majority 70
elect the governor thereof, who Shall NJ
his office for one year, and the board
managers at each branch shall, in Il
manner, make an election of one OF tn
number for the same period. The capl
shall be distributed by the proprietors
follows: To the chief office in New fo
s.; Boston, s.; Ph'ladelpl1
s.; Baltimore, So: Charl
ton, South Carolina, s.; Savanna
e. Mobile, 8; New Orlea
S.; Memphis, s.; Galvest
s.; St. Louis, -; Louisvl
s.; Cincinnati, So; chlea