Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-29

surer of the United States and counie5signed by thu
President OF the Board Of Exchequer, and made pay
able 10 the order OF the principal agent at each agency
and shall be by him endorsed when issued al suci
agency and which notes shall be redeemabe, and sinai
redeemed in gold and silver, on demand at the asen
cy where issued aud Treasury notes intended 10 pt
issued by the Board of Exchequer at the Seal OF 20
vernment shall be in like FORM and shall be payaoe !,
the order of the Commissioners, and shhi be ehuofseo
bv some one Of them when issued and shall De euee
able and redeemed at said Board, on demena IN s"iu
and silver and exact and perfect lists OF al notes So
signed shall be kept at the Treasury anu az
otej issued under the authority OF thus act may, "eh
redeemed, be re-issued by the Board and It's agencies
respectively. a., .nor,t ~
Treasury notes issued and outstanding sha hot' q. any
one time exceed tue Of fifteen millions Oh do!.
,rs nnless otherwise ordered providedby law ana
the Secretary of the Treasury is authozed from Tune
n fine ON the application of the Board OF Exchequer,
n furnish for its own and that OF its several agen-
cies suitable amount OF such notes. 10 DC usea III Tue
transactions of its business and oil dues to the United
States or any officer department thereof may be PAID
in gold or silver CON- in Treasury notes issued unoer
This act or in the Of banks which shall be imme-
diaely convertible into specie at the place where re-
ceived.
Soc o AMI be Il further enacted That the Board of
| + ycheoucr at the Sent of Government and each OF
its agencies shall settle weekly, ottener, with all
Banks in their neishborhood, whose paper they may
have received and pay collect as the case may be- all
balances between IL anu Sulu Uuuhb auu
shall be allowed at any time TO stand debtor to the
Exchequer or any Of It's agencies in account and IL
shall be the duty of the said Board Of Exchequer, and
each of It's several agencies at all times, SO to limit its
issues that gold and silver hand shall be equal TO
one third the amount of such issues outstanding.
4 Sec lG Ind be il further enacted That the said
Board of Exchequer may draw bills drafts any Of
lis agencies, aud may authorize any agency to ORA"
bills drafts on the Board any other agency, and
may sell and authorize its agencies to sell such os or
nr tha pN n 70
mttug specie to the place of payment, and in no case
10 exceed two per centum the amount OF such bill
| or draft.
See H. ind be it further enacted, That it shall be
lawful for said Board OF EScheqncr and each OF IT'S
agencies purchase domestic bills oil exchange, sub
| iect 10 the following rules and regulations
l. No bill of exchange shall be bought which is pay
able in the same State Territory in which is drawn,
nor any bill payable within less than - miles OF
the place of drawing.
. Bills drawn on places not more than five hundred
miles distant from the place of drawing shall not be
drawn for longer time than thirty days from date
and bills drawn places than hive hundred miles
from the place Of drawing shall not be drawn Tor a
longer time than thirty days from sight.
2, In no instance shall more be demanded from the
seller OF such BILL by way Of interest exchange, than
an interest not exceeding six per cent per annum for
the time which the said bill has TO run, and rate OF
exchange never exceeding the cost Of renting specie,
and in no case to exceed two per cent And it shall
not lawful for the Board OF Excheqner or any agen-
CIV To purchase any bill drawn by upon any member
or officer thereof or in which such member officer
shall in any way be interested nor TO receive any de-
post OF any money belonging to any such member or
officer And bill shall be purchased, or draft sold at
any agency without the assent OF at least two oil the
officers of such agency nor by the Board OF EXche-
cuer without the assent Of two Of It's members.
Sec. H. .4nd be II further eRortsd That no agency
established in any State under the provisions OF this
act SHALL contrary 10 any law which such State may
enact, receive any other deposits than those oil the
limited States make sell drafts or purchase bills,
other than such as shall be necessary in the collection,
| transfer and disbursement of the public funds
! Sec H. find be II further enacted That If at any
time il shall be found necessary to carry on the opera
tons of the Exchequer Board, and its agencies hereby
created the Secretary of the Treasury may 10 be
prcpared issued and delivered TO the Exchcqner Board
certificates of stock of the United States, III The usual
form, bearing interest at rate not exceeding 1--we per
centum per annum, to an amount not exceeding nVe
millions of dollars the interest of which shall be pay
able sem-annually, and the principal shall be redeem
able at the pleasure Of the Government after the exp-
ration Of twenty years from the issue thereof And It
shall be lawful for the said Exchequer Board to sell and
transfer the said stock for gold silver corr or bullion
And il shall be tie duty Of the Exchequer Board 10 pro-
vide for The puncual payment of the interest on the
said stock as shall become due, and Tor the REM
of the principal from the prohts and other
means and resources oil the Board and it4 agencies
But the faith Of the Government nevertheless shall be
pledged Tor the payment VI tue 'e'es' wv NV I'e'
pal oil such stock.
| Sec H. Ind be IL further caacind, Tia, the Board oi
EycheGuer its several agencies shall Keep separate
and distinct sets Of hooks, Tor The purpose oil entering
and recording set all transactl"na respecting
lie collec,ion keeping, and dlsbursng al the pub.
:, lie revenue and transmitting the public moneys from
place to place for the service OF Cover and IN
another all transactions aud accornts at'' from deal
ings i'm exchange aud other tranGactons n on Govern
mept account. Aud all profits accruInS from dealing
u al mi anuiT
noss shall be applied IN The first place IL pay all saa-
r,es and compensainns and 10 delray all expenses IN
CURED under the authority d: thu act aud tue residue
,bcreo; shalt he placed s"mi.annuay I" The credit oil
the Treasurer Of the n'icd States; fr0fdfa ntffHh
less That the SAID Board NAY deter all such credits to
. The Treasurer untbe amount Of prohh aforesaid be
vond expenses shall exceed two millions If dollars anc
RI may retain said amount OF two millions as fund te
, meet all contingencies chargeab!e OH The Excheqne
, and its agencies n
.n y'f s a!es. st '"si :H1
of exchange C. other debt liability a!sng out OF any
transactions under the provisions Of this ACT such sui
RI may be brought in the Of the u , in any ClrcuI
Court of the H. S. or any State Court having comPe
tent jurisdiction.
Sec &C. ind be 1t further enacted, T,at the necessa
~ rooms and vaults for The afekeeFng of the public
moneys and for the transaction Of th business OF tn
Board Of Exchequer and its agencies Shall h provided
by the Treasury Department at the CITY Of Washing
other public buildings belonging 10 the u. s., SO far
the same shall be furnished without lcriment 10 thu
public service and where the same cannot be so fur
= nshed, the said Board may provide others.
Sec H. ind be il further enacted That il shall b.
lawful for the sad Board Of Excheqner to appoint a
= aren't FOR tho Board any specc.paying in any
- State in cases where it may 10. be deemed expeden
TO establish an Office agency Of the said Board, n
lereubefore provided hu, such bank shall not be an
thorzcd in ans event 10 receive deposits or TO pur
/, ~, pfnFf bn RaorI n
. Exclequer
r Sec IL. find be ii further enacted, That full ant
: exact accounts of the proceedings Of the board ant
it's several agencies shall be furnished to the Secrear
of the Treasury often he may prescribe and
shall he the duty Of the said Secretary 10 lay abstract
of Tie same before Congress at the commencement 0
n each annual session. and TO furnish full and parlicua
accounts and statements nr The transactions OF TN
Board and rs agencies when required by Congress
and the amount Of reasury notes outstanding at th
end Of every quartz. shall soon, thereafter the
: may be nsceriain be published by the Secretary o
the Treasury. r..