The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-20
A BILL FOR THE ESTABLISHMENT
OF AN EXCIIEQUER.

OF AN EXCIIEQUER.
Mr.. James II. Platt, on leave, intro
duced the following bill in the House of
Representatives, January &c, 1874:
Be it enacted by the Senate and House
of Representatives of the United States of
America in Congress assembled, That
-, and such others as may associate
with them under this act, are hereby crea-
ted and declared 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 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-
lish 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
tions 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. Q. 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, undrer The supervision Of
three commissioners appointed for that
purpose by the corp orators, 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 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
legal-tenders and one-fourth in coin
Provided, that such subscription be
made bona fde by residents of the
United States; otherwise, the whole mus
be coin: And provided moreover, that mo-
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 KEEP
open for --- days, and the whole capl
tai be not subscribed, then any nationa
bank now existing may subscribe, on the
same terms, the whole or any part of it
capital, and consolidate and become merged
into this corporation: Provided, that i
thereby abandons its present organization
and winds up its present existence, and it
owners accept in lieu Of their present share
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 proprietor
and of the governor and managers Of tn
Exchequer Of the United States. If mor'
than one hundred thousand shares are sub
scrbed upon the terms mentioned, thel
the number Of shares shall be divided pr
rata among the subscribers.
SEC. 4. That the commissioners shall
deliver the books of subscription and thu
moneys received by them to the corpora
tors, who shall thereupon call meeting Q
the proprietors. after giving thirty days
notice thereof, in one newspaper at leas
in each of the cities named above. Sal
meeting shall be in the city of New York
and the corporators shall then elect, eac
share voting one vote, board OF min
managers for the chief office, whic
is hereby located in New York
and five for each branch. One new mana
ger other than the governor shall annual
be elected for each branch, and the chi
office, who shall take the place of one VII
shall 90 out, each year, in such manner 6
the bylaws shall provide.
Sec. 5. That the board of managers {
the chief office shall, by majority vot
elect the governor thereof, who shall no
his office for one year, and the board
managers at each branch shall, in lil
manner, make an election of one of the
number for the same period. The capt.
shall be distributed by the proprietors
follows: To the chief office in New Yorl
s.; Boston, s.; Phlladelphi
s. Baltimore, S.: Charlie
ton, South Carolina, s.; Savannah
-; Mobile, s.; New Orlean
s.; Memphis, s.; Galveston
s.; st. Louis, s.; Louisvill
s. Cincinnati, s.; Chlcag
s.; San Francisco, s.; POI
land, s.; Richmond, Virgini
s.; Providence, Rhode ISLAM
s..
One minor branch may be establish
in each state, at such place as the govern
thereof may select and be approved by I
proprietor of the Exchequer: Proride