Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-04-02

SEcrioN l6sh-is rather more mystical
than usual, but il the writer understands il
corrsctly, the Secretary Of the Treasury is
authorized to designate the repositories
where payments of public dues shall be made
by the public officers end debtors.
SKcrioS l7--requircs each receiving ON
Ger Ia keep in ioriting on smount Of the des-
crlpton Of currency received, or disbursed,
and his using or loaning any part Of II, ID de-
clared felony and punishable by fine and ian
prisoDment.
SxcrIoN l6-prorides, that until Offices
are built and vaults contracted, the secretary
Of the treasury may Contract for suitable
rooms and vanlts-fhe expense TO be paid by
the u. States. For instance, il the President
of the Bank Of America should he the recei
yer general at New York, the secretary Of
the treasury will have the power to hire vaults
in that institution, or the Manhattan il neccs.
sary--or the same with regard to the Com
monwealth or Lafayette banks in Boston,
should either Of their present or former presi-
dents be appointed Receiver General al that
point.
day OF June, lel0, eDs fourth part OF oil pub
'p ouSS sbuu NC puIu tu TIC Icgui CuVTenCy
of the United States; after the 30lh Of June,
l64l, one other fourth part after the 30lh Of
June, lS42, one other fourth part; and after
the 30lh Of June, lS43. the whole revenues,
OF erery description, shall be collected in gold
and siiver ONLY.
SECTION 20 cnssts, that after June 30tb,
lS43, all disbursements made on account Of
g'Sernmsnt, shall be in siirer and gold only,
and makes it the duty of the secretary of the
treasury, 10 report to the President and To
Congress, any departure from this mode Of
payment by any disbursing officer:-a hos0.
ever provides no punishment for the delin-
qutnis.
SECriON ~ enscts, that no exchange of
funds shall be made by any disbursing Off
cerr, or agents Of the Government. Of any
Sradc or denomination iohaisoeper. or connec-
tod with any branch Of the public service,
"ther than an exchange for gold and siiper
and every such disbursing officer, when the
mcans for his disbursements arc furnished to
him in currency legally receivable under the
provisions Of this act, shall make his pay
ments in the currency so furnished, or when
those means are furnished to him in drafts,
shall cause those drd/ts to he presented at
their place OF payment and property paid ac-
co'ding to the law, and shall make his pay
'neDts in the currency so received for the
drafts furnished, UNLESS. in either case, he
can exchange the MEANS in his hands for
GOLD AND SILVER AT PAR, and SO as 10 facili-
tate his payments, or otherwise acconimo.
date the public service and promote the cireu-
iafion Of a metallic currency. And il shall be,
and is hereby made, the duty Of the head OF
the proper Department Immediately to sus
pend from duty any Disturbing officer who
shall violate the provisions Of this section,
and forthwith TO report the name Of the Off
Ger, or agent, TO the President, with the fact
OF the violation and all the circumstances ac-
companying the same and within the know;-
edge of the said Secretary, 10 the end that
such officer, or agent, may be promptly reno
red from office, or restored TO his trust and The
performance Of his duties, as to the President
may seem Just and proper"
This section is perhaps the most cunning
ly worded OF any section in the bill. II ap-
pears that all dsbursing officers shall present
all the drafts they may receive from the Sec
retary OF the Treasury, or other officers of
Government, at tho places where they are
payable, "UNLESS they "ean exchange
said drafts for gold and siiper al par"-if at 4
premium Of course it will be perqusite OF
the officer, for his accommodation Of the
=" Public serrice for which again read Pre-
sident's seivice') and also a reward for his
laudable efforts in promoting Z" The circulation
Of metallic cmrrtncy"-as these drafts with
proper management will always be above
par from the same causes that the Prussian
Treasury notes are above par-there will il
is presumed be no great difficulty in procur-
ing the specie for them, without resorting 10
demand on the repositories of the sub trea-
sury on which they may be drawn, more
especially as the neighboring banks may be
much more convenient to procure the specie
from, than public depository which perhaps
IS l2 or 1900 miles distant, that the Presi.
DENTS service" rendered il necessary the draft
should be drawn upon.
SECTION % snacts, that no distinction in
funds shall be permitted in payments Of pub.
lie dues.
OF the Secretary Of the Treasury to issue end
publish regulations to enforce the speedy
presentation Of all Government drafts for
payment at the place where payable, and to
prescribe the time, according to the different
distances Of the Repositories from the sent Of
Government, within which all drafts upon
NV uo phy-
ment; and, in default of such presentation,
to direct any other mode and place of pay
ment which he may deem proper. But in all
those regulations and directions it shall be
the duty Of the Secretary OF the Treasury to
guard, as far as may be, against those drafts
being used or thrown into circulation, as
paper currency or medrm of exchange"
1t will be seen by this section that the
President has the whole power through his
"unit," the Secretary Of the Treasury, OF
naming the mode Of payment of any transfer
or other drafts not presented in the prescribed ID
time at the depository on which they are
drawn. The writer has seldom been dece-
we'd in his conclusions with regard to the in-
tsntions Of either the past or the present adj
lnistrr'ion-excepting when he has suppo-
sed their statements to tho people to mean
what by plain Interpretation the language
in which they are made would seem to imply.
From this section, he would suppose the
President through his secretary, would so
order the payment Of these drafts as to ope-
rate rather as a reward to the delinquenis
than otherwise-pcrhaps provide that they
shall be paid at one grand central point, sup.
pose for instance at Washington-which ma
be made TO correspond with Berlin in P,us.
sid-and where the treasures of silver and
gold drawn from the country and the Banks.
may be concentrated.
SKcrioN 24-Gives annually 1000 dollars
Of the "spoils" to the Receiver General at
New York, and also increases the present