Lclter from the Secretary of the Treasu ry transmitted to the Senate, in compli ance with a resolution of that body, a plan of a Bank and Fiscal Agent. TREASURY DEPARTMENT, JUNE 12, 1841 To the President of the Senate of the U States: SIR: In obedience to the directions of the Senate, contained in their resolu• tion of the 7th inst. the Secretary of the Treasury has prepared and herewith sub— mits, a plan of a Hank and Fiscal Agent. In the general plan and frame of said institution he has endeavored to free it, from the Constitutional objections which have been urged against those heretofore erected by Congress, and as far as practi. cable, without imparing its usefulness, to guard it in his details against the abuses to which such institutions are liable. And he now respectfully submits it to the Sen ate, with the hope that, in the process of consideration and enactment, it may be. come what he did nut presume to:pi °misc. but which he earnestly desires to see in the possession of the nation, a Bank and Fiscal Agent, free from constitutional ob jeetions, and adapted to the wants of the country and convenience of the of the Government. It is proposed to incorporate a Rank in the District of Columbia by the name of the Fiscal Bank of the United States, hay ing a capital of thirty millions of dollars, with power to establish branches or offi ces of discount and deposite in the Bev-, eral States, with the assent of the States; that the government subscribe one fifth part of the capital; and on the supposition that it is the purpose of Congress heraf ter to direct that the fourth instalment, appropriated by the deposite act of June' 23d 1836, shall be paid into the treasu• I ries of the several States, it is also pro• posed that a subscription to that amount, lie made in the name of the United States' for the use of the States reepectively, the stock to be assigned to, and become the property of such States as shall accept the same, in the manner and in the pro portions; and subject to all the conditions provided and imposed by that act. And for the amount of the six millions to be subscribed by the United States on their own account, and also for the amount to be subscribed for the use of the sever al States, it is proposed that a stock be created, bearing an interest at five per cent per annum, redeemable at the pleas ure of the Government at any time after fifteen years. In case Congress should not see fa to make suet' a provision as is proposed for paying to the States the fourth instalment under the deposit act, it may be well worth while to consider whether the States might not be permitted to take the stock of the bank according to their respective amount of population, to the extent of ten millions in all, issuing therefore stock of their own, bearing such interest, and reimbursable at sdch periods as might be prescribed; thelffividends on the shares thus held by . the States, respectively, to be ap plied, in the first place, to the payment, of the. interest on their stocks; with further provision, if thought necessary, that in case the prccceds of the public, lands should be assigned to the States, those proceeds should be applied to the reimbursment of the printipal of their' debts, or stock created or issued for the purpose aforesaid. In the opinion of the Secretary, it is de sirable that the States should be permit ted to take an interest in one of the fore going modes or some other mole, in the new institution; but if Congress should think otherwise, then it is recommended that the government of the United States subscribe for ten millions of stock, leav ing twenty to be subscribed by individu-' als. It is proposed that the affairs of the bank be managed by seven directors, two of them appointed by the States in which the branches may be situated, if such state be a stockholder, and the rest be appointed by the directors of the Bank. It is proposed that the Bank be the fis cal Agent of the Government. That the public monies be deposited in it, and when there they be deemed and taken to be in the Treasury of the United States and', that the deposites be not removed except by law, and that the notes of the said Bank be receivable in the payment of public dues, and that the payments made by the Treasurer of the United States' may be by checks on the said Bank. That the said Bank receive the funds of the U. States, that it transmit them' from one part of the Union to another, and distribute them for the payment of public creditors, and perform the duty of pension agent free of charge. The ordinary powers and privileges of banking instruments being conferred up on it, and the ordinary liabilities and du ties imposed, in enter to prevent over, banking, excessive issues, fluctuations to the price of stocks, and consequent spec ulations therein. and to secure the bill holders and other creditors of the bank from danger of loss, it is proposed To limit the dividends to six per cent, per annum, but if they fall short in any year, the deficiency, with interest there on, to be afterwards made good—and when a surplus accumulates, exceeding ' two millions, the excess to be passed to the credit of the Treasurer of the United States. That the amount of debts which it may at any time owe, shall not exceed twenty millions over and above its depos ites. That the debts at any time due to the Bank shall not exceed the amoust of its capital and 75 per cent thereon. and that when the anmal 01 Its bins In lation shall exceed three times the amount of specie in its vaults, no new loan shall be made. Chat it shall not deal in any thing ex cept coin, bullion, promissory notes, and linfand bills of exchange• . . . . 'fliat it it shall take no more than six per cent upon loans. That it shall discount no promissory note, and purchase no bill of exchange which has inure than one hundred and eighty days to run or make any loan for ;1 longer time. That no debt shall be renewed That it shall not any time loan the U. States more than three millions of dollars ,nor any State more than one hundred thousand dollars, nor either for a longer time than one hundred days unless au thorized by law. . . _ . _ That if shall contract no debt for a longer time than one year. That It shall issue no note of a less de nomination than ten dollars. 'That the officers of the institution shall not be permitted to borrow money from or contract any debt therein, in any man ner whatever; a note or bill of o hich such officer, as maker, drawer, endorser, 3r ac-• cepter, is forbidden to be discounted. The directors of the branches not to be considered officers within the meaning of this provision. To prevent or expose any fraud or in direction in the management of the insti tution; to prevent, also, large and impro ver loans to individuals, to theinjury of the stockholders and the public, and to prevent, likewise, false imputations when such irregularities do not exist, it is pro posed that the books of the institution, in sluiling the accounts of all individuals therein, but at all times open to the in spection of the Secretary of the Treasury of the United States: to a committee of either House of Congress; to each of the directors of the Bank, and to a committee of the stockholders, with power to make pubic whatsoever they think fit. It is proposed to provide that the branches shall not issue notes or bills a. dapted to, and intended for, circulation; hut may sell drafts, not less in amount than fifty dollars, lot the:purpose of trans mission and 'exchange. That the Bank shall not suspend spe cie payment—that it shall not pay out any thing but coin or bullion, or its own notes. That its existence as a corporation con• tinue for twenty years—but that it he al lowed to use its corporate name for two' years longer in settling up its affairs. That no other bank be established by Congress during the existence of the char ter. And providing that it shall not be dee• med an infringement of the privileges granted by the charter, if Congress shall order the said corporation to place offices of discount and deposite wherever the same may be necessary for the collection (safe keeping, and disbursement of the ( public revenue. And which is respectfully submitted. 'l'. EW ING. Secretary of the Treasury. ELECTION OF COUNTY TREASU RERS. As this bill has received the approval of the Governor, and much anxiety per vades the community to ascertain its pro visions, we give place to it below. It will be seen by it, that on the second Tuesday of October next, in addition to the other officers to be elected, each county will vote for a Treasurer to serve two years. This is an other inducement for the friends of Reform to prepare for the con test, and elect responsible men to these trusts.-7'elegrap_ii: AN ACT Relating to the election of County Trea surers, and other purposes, . . • SECTION 1. Be it enacted by the Sen ate and House of Representatives of the Commonwealth of Pennsylvania, in Gen eral Assembly met, and it is hereby en. acted by the authority of the same. That on the second Tuesday of October next, and on the same day every two years thereafter, it shall be lawful for the quali fied voters, in the several counties of the Commonwealth, to elect a suitable person to serve as County Treasurer, who shall enter upon the duties of his office on the first Monday in January next after his election, and perform all the duties en joined by law in the several County Trea surers of this Commonwealth, until the first Monday in January two years next after his induction into office as aforesaid. Sac. 2. The election shall be held, and, returns of election made, in the manner prescribed by law in the case of the County Commisssioners, and the validity of the election or• return be subject to like trial and examination in case of contest. Sac. 3. No Judge, Clerk or Prothona tory of any Court, Register of Wills or Recorder of Deeds, County Commission. er or County Auditor, shall be eligible to election as County Treasurer during their continuance in office, nor shall any Coun ty Commissioner or County Auditor be eligible until the expiration of one year next after the term for which they be e lected, nor shall any County Treasurer serve in such office more than two years in any term of four years. SEC. 4. Each person elected a County Treasurer shall, before entering into the duties of his office, give bonds with secu • rity in the manner and on the conditions prescribed in the thirty-third and thirty fourth sections of an act entitled "An act relating to counties and township officers," passed the 11th day of April, 1834; and it %hall be the duty of the County Com missioner, after the bonds and sure( v are given and approved, to give the person so elected a certificate of his appointment, in the form and manner prescribed by the 31st section of the last act aforesaid, and forward a certificate them eof to the Audi tor General in the manner therein prey scribed, and such certificate sl.all be re- I corded as in said act is directed. Sac. 5. In case any person so elected County Treasurer shall be declared in eligible, refuse to give bonds according to law, die, resign, remove from the county, or be removed from office on account of any delinquency or misdemeanor, it shall be lawful for the county Commissioners to appoint a suitable person to fill said of fice until the expiratton of the term for which such County Treasurer shall have been elected, and the person so appointed shall conform and be subject to the laws of this commonwealth in relation to Coun ty Treasurers, and be subject to like renio-, vat : Provided, -no person shall be ' ap pointed declared by law ineligible to election. Sze. 6. If the Commissioners of any county shall believe the County Treasurer is embezzling, wasting, or improperly managing the public moneys committed to his charge, or that from the insufficien-• cy of his security the public interests are l likely to suffer, it shall be lawful for said Commissioners to petition the Court of Quarter Sessions of the proper county, setting forth the facts complained of, and it said Court shall believe said complaint well founded, it shall make such order for the removal of such Treasui er, or re quire additional security, as to said Court shall appear just and proper in the premi • ses. SEC. 7. If any County Treasurer : e• lected or appointed under the provisions of this act, alter taking on himself the du ties of the office, shall neglect or refuse to perform any duty required of him by law,' he shall on conviction be fined in any sum not exceeding three hundred dollars, , and be forthwith removed from office. Sze. 8. Every County Treasurer here tofore elected or appointed, and now holding his office under the provisions of the existing laws of this Commonwealth, shall be, and hereby is, continued in office until the first Monday in January next, unless sooner removed according to the provisions of this act: Providd, said Treasurer shall give bond, according to the terms and provisions of the law under which he was elected or appointed, con ditioned for the faithful performance ofl his duties, as provided by existing laws, the present County Treasurer of the Coun ty of Philadelphia shall continue in office' until the third Tuesday in October next, when his successor shall be qualified; and at the said general election, the present County Treasurer shall not be eligible to said office; and it shall not be lawful fors any CountyrTreasurer, County Commis• sioners, or any Collector of taxes in any township, ward or district, nor for any. other purpose on his or their behalf, to re ceive payment, or give any receipt for the payment of any taxes that have not been duly assessed, and returns of said assess ment made according to law, nor shall zany such Treasurer, Commissioner Com- Imissioners or Collector, or other person, l on his or their behalf, receive payment or give any receipt for the payment of any taxes, from the payment of which the par ty assessed has been exonorated accord • ins to law, unless the party so exonorated shall himself appear, in his own proper person, and tender payment of the taxes from which he has been exonorated. And it shall not be lawful for any Commission er or Commissioners of any county, or for any person on his or their behalf, to add any name or names to the duplicate return or lig. of taxables, made or furnish. ed by the Assessor or Assistant Assessors of any township, ward or district, and if any such Treasurer, Commissioner, Corn inissioners or Collector, or other person on his or their behalf, shall violate any of the provisions of this section, he shall, up on conviction thereof before any Cou rl having competent jurisdiction, pay a fine of one hundred dollars for the use -of the Commonwealth, and shall moreover be forthwith removed from office, and the vacancy thereby occasioned in either of said offices shall be filled or supplied as in other cases of vacancies in such office. Sec. 9. All special acts authorizing the election of County Treasurers and all other laws of this Commonwealth, which are altered or supplied by the provisions of this Act, be and the same are hereby repealed, Provided, however, that in the counties of Lycoming and Clinton the election under this law, shall be first held on the second Thursday in October, 1843, and the term of the present Treasurers of said counties, rs hereby extended until. the first Monday in January, 1844. Sac. 10. It shall not be lawful for any Guardian of the Poor, Inspector of the Prison, Controller of Pnblic schools, Mem • bee of the Board of Health, nor tor any person employed in the Sheriff's Office or Treasurer's Office, County Commission. er's Office or Treasurer's, of any county, to hold the office, or perform the duties of Auditor detach county; and if anycounty 'Treasurer elected or appointed under the provisions of this act, after taking upon himself the duties of the of f ice, shall em bezzle, misuse or waste the public moneys committed to his charge, he shall, on con viction, be fined in a sum not less than one hundred dollars, and not more than two thousand dollars, and be imprisoned for a time not less than three months nor more than two years, the amount of said term of imprisonment to beat the discre tion of the Court, SEc. 11, &c. relating to other por (loses.--LApproved, 27th May, 1841, Steamship President-opin.! ion of Captain Booking. L•pon the arrival of the Great Western, Mr. Buchanan, the British Conon', hand ed to Captain Hoskins, the N. Y. Herald, containing the report of the investigation recently held at the office of the British Consulate, relative to the President. Af ter a careful perusal thereof, he gave the following as his opinion as to her fate.-- A, Y. Herald. 'Some of the opinions given in the course of the inquiry I differ from most distinctly, and those opinions would, no doubt, have a strong though very errone ous impression on the public mind, if al lowed to pass without notice from some' one placed in a similar position to me, who, from very many years experience of all description of vessels, sailing and steam, has had opportunity of forming a good judgment on the subject. The opinions to which I allude are those of Capt. Cole, of the packet ship Orphes us, who, by the report, said "that the, President }hen must have been shipping' seas heavily and fast—that probably these huge bodies of water worked through into the engine room or fire room, and extin guished the fires, in which case the steam er would have been comparatively help less." That the President was shipping water there is no doubt, but I do feel a perfect conviction she did not ship sufficient to extinguish the fires. The fire places are put upon the platform of the fire room, and the platform put upon the bottom of the ship (in the Great Western—the Presi• dent's I think higher)—the openings to the engine and fire rooms are so small, as to'render it quite impossible that a body of water sufficient to overflow the fire places could find its way below, even with imprudeuce, but with the necessary precaution, in such weather, of battening the hatches, 4-c. down, the supposition of such a result is perfectly chimerical.•-•, Captain Cole's opinion appears (by the re port) to have been coincided in by other gentlemen, certainly good sailors; bat with every respect for Captain Cole, and those gentlemen, I must say they are not competent judges in this steamship case. I fully and entirely believe a geed steamship the safest vessel that ever went to sea, and there are numerous instances where they have been placed in situations from which no sailing ship, however well managed, could escape. A case in point occurred at Barbadoes, during the last tremendous hurricane in the West Indies. H. M. steamer Spitfire, and many ships were lying in Carlisle Bay—the ships were all ost or stranded ; the Spitfire slipt her cables and put to sea, in the face of the hurricane—her decks were swept —her boats and paddle boxes washed away, yet she never had her fires extin guished, but weathered it all by means of the steam power, which alone saved her. If the engines are damaged, still steam ships are sate and good sea boats with their sails. I was once, in the Great Western, compelled to stop the engines at a moment, in a heavy gale of wind, which was heaving her on the eastern edge of the batik of Newfoundland. Imatedi.. ately got storm aft sail on her, and for two hours—the time we were stopt--she lay to beautifully, as snug and as dry as any ship I was ever out in, in similar weather. Ido not know the exact pro portion of losses between sailing and steamships, but I am quite sure it is very much in favor of steam. lam not called upon, nor do I feel justified, in givinn- ' at.) , opinion respecting what may have haps pened to the President, which I yet be lieve is above water, possibly a log work ing about at the mercy of the winds and waves, as the Sit perior (a vessel belonging o this port) did, some time since, for 'eventy days, before she reached St. Tho mas, and ninety days before she was heard of here. Captain Roberts is a sail or, with energy of character and resour ces, from long experience, which is a strong inducement fir hope that the Pres• ident will yet be heard of." Tn DIFFERENCE.-A correspondent of the Boston Journal who is exceeding severe upon the conduct of the crew of the Wm, Brown's long boat gives the fol lowing as a fact: What think you of the following little in,ident related to me by a passenger from Liverpool, a year or two since. The fine ship * * * • was bounding swiftly a cross the Banks. when a thick fog came' up, and the thermometer indicated ourl approach to ice. My friend was keeping the night watch in company with the skit. ful master of the ship, and noticed that all the palings, but one, over the two bun Bred steerage passengers were carefully secured, and that bars were close at hand to fasten 'down the remaining one. He inquired the cause of this arrangement. Sir, said the captain, in case we get in trouble among the ice, my mate orders first of ell, to fasten down that grating and then the steerage passengers will be kept below until the cabin passengers and crew are in the boats, then we shall take oil the gratings and save as many of them as the boat will hold. One Term.—The friendsof Judge Banks in Berke county, have taken ground in favor of one term. This is right. The movement properly followed up, will give the Judge an addition of five thou sand votes. We shall allude to the mat ter again, --Penna Insiter4 Go, and you will find that the still small voice of truth has long ago convinced the people, that what you call slander, is as true as holy writ. Your prospects in this county will not brighten, by any attempt to excite the sympathy of your old friends, by any al. lusion to the facts as they were proven, wren if you do apply the epithet slander. Our prospects are bright enough. Every day tells us that not only the truth as re gards moral character, but those of the po litical course of Gov. Porter, have tended to urge him along the downhill side of popularity. We did not expect that we should so soon be called upon to allude to utrullis" of '3B,—nor did we anticipate that in this county, where the people knew what we asserted to be true, any man who valued 4111 of Jul i his reputation for truth and veracity, A meeting will be held at y. the house of 'would call that slander, which is univer evening sally admitted to be true. We are wild Christian Ceuta, on Thursday next, for the purpose of making arrange- ling to say, however, that our neighbor ment for the celebration of the lOurth.— may be unacquainted with the facts, and. The attendance of Mechanics, without consequently considers them false. It quested. distinction of party, is respectfully re this be the case, he deserves Si) censure ~..,., %., —, . -i, , 7Nt s ,„„„ 4- '4,-44,---.4--1,3.-.--,,gfa'AY4-,4-_44-.l_ THE JOURNAL. one country,one conetitution one destin Illunlingdon June, 23, 1541. Democratic Candidate FOR GOVERNOR, JOHN BANKS, OF BER,(S COUNTY MANY MECHANICS Huntingdon, June ,U,1841. “Our Prospecto,” Too. We observe an article in the last "Watchman" of our Borough, headed "our prospects." We deemed it nothing more than fair that we should give our prospects, too. We consider ourself bound to limit our remarks to the same objects as our cotem porary. Each succeeding ddy brings us the cer tain intelligence of the decreasing popu larity of Gov. Porter, and the cheering assarance that the people of the State, like those of this county, know him ; and and that consequently, none who are ho nest themselves, and know his character, can or will sustain him for a second term. In our little town and county, there are hundreds who three years ago were his .most active and ardent supporters, who now without any hesitation declare them selves his unrelenting opponents. Truth has at length triumphed ; and that which they imagined to be the it! conceived slan. tiers of party politics, has assumed such a permanent character for truth, that with . a unanimity and enthusiasm, which defies. opposition, they have united to hurl from his high office, the very man their own sufkages elevated; and by so doing, ma. king an atonement for their sins of I'B3B. Our neighbor says the "slanders against his private character wrankle green as ev er in the bosoms of an insulted communi• ty." This may answer for foreign mar ket, but it will not suit the atmosphere of old Huntingdon. The slanders, indeed! Will our friend of the Watchman enu merate what he deems the slanders of 1839? If his recollection should fail hint, we will call his attention to some of the charges! aye, charges which are entered on the hooks of the recording angel, as ho ly truths. Does he deem them slanders, let hint say so. Was it a slander to say that he claimed to be rich, while lie still owed the orphan child for the daily toil of his aged and de ceased father? Was it slander to say that he refused the payment? Is it slan der to say that ho plead the statute of limitations on that debt? Is it slander to say that when he took the oath of an in solvent, that he secreted his property, and afterwards claimed and enjoyed it? Is it slander to say that the person who does so, may be fearlessly branded as a perju i red knave? Perjured for what but gold! Is it slander to say now that the Jury of Huntingdon County pronounced a ver dict of "Not Guilty" in a suit where the Governor himself was allowed to swear for two hours, that he was an honest man? and is it slander to say that that verdict says in plain language that a jury of twelve men did not believe what he there said on his oath? These are plain and direct questions, that it may be not so easy to answer in a manner that will suit the "prospects" of Mr. Porter! These slan ders, as they see fit to call them, have tat ken a deep root in the minds of the peo ple, and they will wrankle green as ever in the bosom of every honest mar, acquain ted with the facts. We in this county alone knew the truth, but they have grown up and spread out like a green bay tree, and thousands of his for•rner partisans now say "the Books were in the garret!" The affidavits and certificates are again appealed to by our neighbor. Trust us, friend, when we assure you that you will fled what we say, to be true. If you will take the old certificates of character pub lished in the "Advocate," and call upon the signers and obtain dick opinion now. further than not having made himself ac— quainted with them. When he shall have the goodness to let us know what he means by the "slanders," we will, should we deem it necessary, furnish him with a little proof of the truth of our insirma 'tions. We arc not over anxious to enter into a campaign of the same kind as that of 't3B, nor shall we, unless driven into it.— IWe then proved what we asserted, and 'that proof is sufficient for our purpose,— nor du we propose to call it up again.— Yet, when we hear the truth declared !slanderous, and its propogaters slander ens, we think it to be our duty to let our (voice be heard above the houtings of party strife, as still fearless in the defence of iitruth. Loco roc° Fairness. The' papers which supported the re-e -lection of Mr. Van Buren, at the last election, are daily calling upon the peo ple, to see if any of the promised reform ihas taken place, since the election of General Hari ison. They assert tha t "better times"—"confidence"--" prosper ilk" and .higher wages" were all promis ed, and they now exclaim, where are they ? Is it possible that there is any man so consumately a fool, or a knave as to think that three months of an administration could remodel all the mat practices of a corrupt Government, and restore every thin , "" to a healthy and sound condition, l in that short time. By way of illustration let us ask any man of sense, if be'presumes that the:most skillful and eminent physician can restore a weak and disordered frame in two or three days'? A patient that has been prostrated with the nostrums of charlatan quacks, may be restored, but it takes a skillful and able practitiofier months be fore lie can remove the effects of the ig norant and infamous practice, of his predecessor. So it is with the govern. ment. Every thing connected with, and dependent on the Government has bee n ruined—Agriculture, commerce, manu factures arid our finances, have all been crippled, enfeebled, and in fact destroyed, and no one supposes that they can be re -stored at once. It must take years we may say, ere all the evil entailed on us by the extravagance, corruption, and manifest folly or madness of our prede cessors can be removed. Does any man of sane mind call it any thing like fairness in these loco locos, to pretend that three, four, or even twelve months are sufficient to crush a disease which has been festering like a cancer for years upon the body politic ? We feel assured That there is to much good sense in the people of Pennsylvania to be de ceived by such shallow tricks of Politi cians. Borough Notes We regret to see that some of the Bor oughs in our state have commenced again the issue of small notes or Shin Plasters. Three or four years ago there seemed to be some excuse for such an issue. The Banks had all suspended, and there was at that time no legal means of furnishing, a substitute for the precious metals. Ne cessity knows no law ; and the demands of the community tolerated the miserable apology for money. Now an act of the Legislature, has furnished a safe, and withal a respectable currency, to supply the place of change, and we cannot con not conceive why the Boroughs in Penn sylvania, should ever stop the rights of . their incorporation, and inundate our attic
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