Mobile register and journal., 1841-12-31

he richest articles for ornament and use and t!ero e universal expectation, that there will be brlai i' gathering of loulh and fashion and bcaaty,
 We do mol know where the closing evening of Il.
 year, could be spent agreeably, than in such ,l cheerful place, nor useulIy than in aiding tn |, charitable purposes 10 which the profits of the Fai o are to be applied. new year could hardly be com .. menced more auspiciously, than with the refectio
 that portion of our substance has been bestowe upon the Orphan
 e The Bill accompanying the Secrelary's Repor
 creating new Fiscal Agent, to be called " The Ex f chequer of the Uuited States" contains twenty scc - tions.
 Q The first section creates Board in the Treasur,
 Department. composed of the Secretary of the Trea snty, inc Treasurer of the United States and thre,
 Commssioncrs--to be arpoin;ed by the Pfesiden, 0
 the United States with the of the Senate.- The first Board to be chased, that new ap pomment shall take place every two years each t appointment 10 be for six years and the President of the Board be elected every two years, by the members. The Secretary of the Treasury to appoint
 all inferior officers.
 Section second empowers the Board to appoint off ces agencies, not exceeding two in each State or Territory; and also, where directed by law. The officers and agents to be appointed by the Secretary of the Treasury, the nomination Of the Board.
 It directed in general terms, that the duties of the officers or aeents shall be so assigned, that each may be check upon each other, in their books and ar- counts
 Section third makes the Board of Exchequer and
 its agencies, the general agent of the Government o the United States, lorreceiyng, saekeep'ng, dsonrs- ing transferring &c. the public moneys of the United States all drafts orders warrants to be pa'd, at the option of the holder, in gold and silver coin or treasury notes.
 Section fourth makes the Board and its Agencies' Commissioners of Loans, and Pension Agents.
 Section fifth authorizes the receipt oi specie on private deposite from individuals, for which certh- cates are to be issued redeemable only where issued the whole not to exceed fifteen millions of dollars, at q charge not to exceed half of one per cent.
 Section sixth gives the power to make bylaws for the agencies, to be laid annually before Congress.
 Sections seventh and eighth, direct the issue o' treasury notes, exceed fifteen millions of dollars in amount, unless otherwise ordcrcdby law, Tn deno- minations not less than five loars or more than thousand dollars; to be prepared at the treasury, signed by the Treasurer, and issued on the request of the Board of Exchequer, to be then counersgned by the President of the Board-and made payable to, and countersgned by the principal agent of the office where paid out; the notes to be redeemable on de- mand, in gold silver where issued, and may be re- issued after being paid in.
 To the eighth section is appended, the direction | 4. IT,: al or officer thereof shall be paid in gold or silver, or treasury notes or bank notes convertible into specie | immediately at the place where received.
 The ninth section directs weekly settlements with the Exchequer Offices, and all banks with which they dea and immediate payment of balances; and forblds any individual to become debtor to the office. It re- oures them to limit their issues that they shall al ways have on hand specie onethlrd of the amount of their issues.
 The 10th section authorizes the drawing and sell
 ling o bills and drafts by the Board the agencies and on each other, at premium not exceeding the cost of transmitting specie, and never exceeding tive per cent.
 The eleventh section authorizes the purchase of domestic bills of exchange, not payable in the State or Territory where drawn, or within - miles ot place of drawing, not having longer than thirty days from date to run when payable within five hundred miles of the place of drawing; thay' '''rty days from sight, payable over five hundred miles off; the rate is never exceed six per cenum for inter- est, and the cost of remting specie, not exceeding two per cent for exchange. The officers of exchequer and agencies prohibited from having yinterest
 in bills bought sold, or any deposite made.
 Section twelfth provides that of the functions of the Exchequer, except those which relate excu- svey to the funds and finances of the United States, shall be carried in any State, contrary to any law of the State
 Section thirteenth auhorses the creation of five per cent. stock to the of five millions, redeem able after twenty years, be exchanged by the Se- cretury for gold and silver, whenever il may become necessary carry the operations of the Exchequer Board the interest be provided for out of the pro- fits of the Exchequer.
 Section fourteenth directs the keeping of separate books for the government account and the exchange dealings of the Board and agencies the profits of the
 latter be appropriated to the expenses of the Ex- chequer, and the surplus carried semiannually into the treasury; they may be retained until they reach | Section fifteenth authorizes the Board to in the , name of the United States.
 Section sixteenth directs the of rooms in the 5 Treasury building at Washington, in the custom f houses and hints, and other pubic buildings in the United States, for the Exchequer; andauhorses the provision of other when necessary Section seventeenth authorizes the Board to ap- point specie-payng bank as its agent, if thought expedient but without the power take deposites or buy or sell bills account of the Exchequer.
 Section eighteenth requires the Board and it's agen. ces report all their accounts and proceedings to the Secretary of the Treasury, as often as he may directs abstracts of the same to be laid before Congress at the commencement of every session; and full returns whenever called for The amount of out standing treasury notes to be published quarterly.
 By the nineteenth section, embezzement by any officer or agent is made felony, punishable by imPr
 sonment and fine to the amount of twice the amour embedded; and by the twentieth section the issuing of false certificates or the delivery of any bill with out having received value, and properly entered it or 3 tue books, is made msdemeanor punishable by i'm prisonment from one to seven years and fine equal tine amount of the responsibility incurred to the Ex chequer.
 By several sections, it is directed that the varou offices created by the law, shall give bond and secu rty for their fidelity. The President may remove the members of tn Board only for physical inability, ncompetency, violation neglect of duty; reporting the said cause to the Senate and the Secretary of the Treasury ma remove the officers and agents for the same cause l only reporting also the causes to Congress.