The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-19
A BILL FOR THE ESTABLISHMENTS
or AN EXCHEQUER. .

oFAN EXCHEQUER.
Mr.. James II. Plat, on leave, intro
duced the following bill in the House O
Representatives, January 90, 1874. al
Be it enacted by the Senate and House
of Representatives of the United States o
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 and 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 oflaw and equity of the United States
or any state thereof, and have perpetual
succession; to have, make, and use q
common seal, and the same to change, alter
or renew at pleasure to ordain and estab.
lish such bylaws, ordinances, and regu.
lations as they may deem fit and necessa-
ny, 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 Prorided, 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. 3. 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 corp orators, namely E: Bos-
ton, Massachusetts New York Phil
adelphia, Pennsylvania Baltimore, Mary
land Washington city, District of Column
bia; Richmond, Virginia; Charleston,
South Carolina Savannah, Geor-
ga Mobile. Alabama; New Orleans,
Louisiana; Galveston, Texas !; Memphis,
Tennessee; louisville, Kentu eky 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 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-iourths in
legal-tenders and one-fourth in coin
Provided, that such, subscription be
Iln;ted States. othoru;eo tha 1ybo,a uust
ha coin !. Ind ,,ro,;JeJ o,nreo,,e,, thot not
lace Than threol fonrtbs ~ tho co,,;tni sho1i
Of oil t;meS ho hold hy o;I;zo,,s of Tho I1n;,ad
States If ,ftar The hnoL . have hean liant
onan s,r days ond tho Who'll oa,,.
taI he not subscribed " Then .nu nat;opal
hank now eyisting nav subscribe m Tho
saoe terms tbo Che or INV nart IF tic
can;t.i and cnnsol;dato and haco, No. ,nerooJ
into Ibis cornoration ProIdea that #
tberehy aha n,lons II, nresant ors,n;zat;o,
and winds m rs nreSopt ox;S,sroa ond ;ts
ownors oo.an AZ ~ Iiar of thar se,t Shars.
in anv sncb hank shares IN tbis cornora t,
Of ennal valna hnt no hank now ex;st;ng
can eva,c,se tbis nriv,age without tba cone
currenca and annrovaI of the nronrietors
and Of the oovrrpnr and manaderS Of The
Excheousr of the Tinted States IF move
than one hundred thousand shares are sub.
scrihed mon the terms ,naht;onad tben
the number of shares shall be divided nro
rata among the Subscribers hers ~ " ''NS' '''
Srr That tho commissioners sba1
deliver the hooks Of subscr;ntion and the
monevs received nv them tn The cornora-
tors Who shall therennon call a meetino of
the nronriet ors. after g;vinp thirty days'
notice thereof in nne newsnanar at least
in each of The cities named above. Said
meeting shall be in the citv of New York.
share voting one vote a hoard Of nine
managers for the chief office, which