Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-25

4 two millions as a fund to meet all contingencies
| ehs'geahle an the Exchequst and its agencies.
Sec. Is. Aod lie It further enacted, That if il,
shal At any time become necessary tn bring suit on
| any bill OF exchange or Other dc0i or liability arts
ing out OF any Transactions under the provisions
Oh thus Nct, such sui: may be brought IN the name
., The unHed States IN any Circuit Court Of the
| on"ed Sif'es,cr any State Court having competent
jurisdiction.
Sec i6. And hc i, further enacted, Tha, the nc.
eessary rooms and vaults for the safe kecpiry Of he
public moneys AMI for the tr,n.pctton of mn, iu>i
| ness ct the Bnarf OF Exchequer, and its agencies
shall be provided by the Treasury Department at
the ci,y ~ Washington, and in the custom houses
! mint branch mints, and other public bui' dines be-
lons'ns To the United States su far as the same can
,urnished without detr,mcni the public service
and where the same be so furnished the said
Board may provide others.
Sec. ~. And be It further enacted, That IL shall
| be lawful for the said Board of Exchrouer Ia an.
point as agent 'or the Board any sp-c,, Main,
bank IN any Safe IN cases where il may MOI IA.
deemed oxpcient tn establish an Office or agency of
the sad Bo"d, as hcrcnbeforo provided; bu, such
bank snail not I've authorized IN any event Co rec,iy.
deposits or to purchase or sell bills or drafts ON n
coInt o' the Beard Of Exchequer.
See. - And I've Il tuGther enacted, Tint full and
exact accounts OF the proceed nss uf the Bo and
It's scvctI JycrcicS shall lie furnished To the Score
t'ry oi the Treasury as often as he NAV p,r,crh.
ard Il shalI bc the duty OF said Secretary TO Law cb.
s'racts OF the same b'u,o Con at the comm mes,
ment OF each annual session, and furnish cl ard
particular accounts and statements of the tr,ns,c
TONS 81 the Bls-d an its AGENCIES wiz, ,.,u,,,,
hy Congress- and the amount OF rrca,nry mole,
ouS AIMING az inc end Vt every quarter shalt. so
so''n hetei'er US the same may he aScettalned, be
puo''sAc'' 10y the 5 -cretaTy ot thc Treasury
Sec ~ And he " further enacted, TIM, Il urv
member OF tbs ESchequer Bnari, az any officer O,
clerk Dyed IN It's business or any OF II, ,r,n
C'eS sn"i convert 10 his own use, la ANY way any
money or security deposited with q. bel min, =,
d AZ AN ~ at tfs
10 the Uuurd States, 90 any other pe,S,r mr. -, =
sons dealing or depc>ng with the sas B,,ru OF any
agency, he shall I've deemed guilty IT felony nnS
y" CONVICTION ihereoi before any cNuu oil ,hc Uni;rd
states of competent iurisdc,ivn shlil 10 s,n.enc a
To Improvement Tor n term not lrss than - mar
'nore than - wears, and To , fine cnnal 10 twice
the sum or value of the property crlbcy,.l.I
sec. ~. .ias b.u further enacted, That u ,ny of
nicer or mc'nOer az the boari OF E.x-h-cusr mr. ,,y
lts agencies established under the nroyi,,ors Of ~
act, -ha,. give or s,:n false ccsi.ti o.. den ,.,,
h'''c cHen In"uc with any a:srcv, o. sinai! is,,-
"rueUSeT any diait OF biii of eScn,U.c .uhoi hay
l's received the tul amouNt thereof aud c,u.. ia.
receipt al the same to b. daily cEr,ei n In. h,,ts
oil the said agency, or shall be ga Iy cf any o;bsr
mal pracucc by which any r.suonsinitv Of Mn.
s''d agency, or ~ the Bhrri OF TX h,l or Of t,
United states, shall ur imprc.crly created mr. ,o
c'easedre shat oe deemed guilty Of Il N: deme,,,,r
Hhn' "n convection heteci any court vi IN, Uu,ie
states oi competent JuTlsicIIun, stat I've sentenced
l" f'rr sonnent ihr lem not less than ono yea
u fl Il 81,
'hc a'n"u7f {" the false cer,ih at. tn Given n. of
tie bill o. dr.it issued or delivered W. ., H..
amount ut ms RE- possibility created or ,,r-..si
IN ~ rs pl'p5,cs, 1t looks to cu--cn,y md d,
cheh'ns,' not 10 'en'ing or To discount. And II
may well lie a matter of rious cor.id,r,,i,n
whe her such large powers oi dis cunt can n. sat-
~ ,oissh ~ pris'te INSTITUTIONS, viii the hover nj
mixing such discounts by the use of their ow,
no:cs N" wv"
Tue supervision and regulation of curr,,cv h.
afr.
Tie sins and lending Of mOney tn Inu,y,Ga,iS
And pHthips no convection - more r,pd!v ,,L.,.
nnssrSslon OF mlnd o., en .ht-ned ~, ,n,n IN -
Government should not commit the liyh al J ammo,
tht junction OF experimenting aud regulating lin.
currency oi country TO the hands of tho>. vbo..
orcupii ion consists IN making loans and dscolnrs
wnfher on promiSsnry no or h'lls on time
whenever n binn makes a luan, or , II,cou,t L
We issue at It's bulls, It adds mach TO The circ
ting medium ~ the county; ard IN the ausea,e NJ
q" o'her regulation or restraint, se-c.al Aunuser
"ahNS whose rtIpahle interest IL TO Increase I;c
amount Of circuiu1n, To decide e,oh IN IN. ~
eIC'Ne o. us own discretion, 10 ex ent that uu
/ men'aiion shall lie Carried. ThlI 10 slcb -, So,
there must be some check Of that ~ lie asenc. nj
a" Such ehecK, the emission OF paper will be con in
u',y te"dnS 10 excess, must be manifest TO eyerv
reh'ctns mind u Is pronosed 10 cn,er r.Il,,
!Hio tins subject a, prcs-n; but MS il has nr,,i, -
olher countries, So " must ntcesslriy e., ln,D !,
thi', command the most attention of Cover,
TCn,.
pgsNs
congress wi! have some eff c. az lets, IN conn.r
ac'Ing the tendency to excess in biuk is,,s
VINE u may not accomplish all that it Is 10 he de
N'reu, - believed u wall effect some hIrg To
we TX eht o. Us means employed, lis Operations
VIII ne calcula;cd To rcS'-lin issues and ,n c,,,,
excuses; because IN the frsr place every acc. 10,
VI @"1u currency 10 the general mass tends cib.r
10 render the bad wor HESS, ilt in time II sblI
give way to better, or - compel hose ,gao tS,ua
such old currency TO raise las value By n-cn,rn,
lor ITS redemp.I o". II good currency conId IL 49,,
"to circulation IN such quantity as to meet IN, "a
OF the country, II must Of course cxp.i The lad 80
"''hS aoonl change ut its character; al hougi n -
equ''ly true That, while the great mas he had ,,
Will e II yet c!rcuates, not hiying bccone ..,,,, w
Woih'GSs It IS difficult for a small amount of ro,d
currency "a snare IA the general circulation. sine i
IS iole la DC to'eCicd fOm the mass for nnrpnso,
which InaE mass will NOT answer And ~ ,h
second place, the ExchCqI,r wl act len. 6,iaIlv in
THIS respect by holding al State hanks with which
Nmhy nave dealings 10 a punctual Performance oC
'hcif Obligations. and bringing hem 10 an inm.di !
a'e seou-nent i1f such Of their bills as may fad
thcr way INTO II, or into any Of its Agencies
IL Is not intended to say tina, the proposet mo,
sure vii Of Itself be able to orrcs, the progress os
the great evil Of excessive hank issue, or maj c.
rernmsns may not be Obliged, hereafter TO adopt
oenef measures. on me contrary, as already sug-
ses'od, It Is appFehended that these evils NAV w.,
inPsrHtivey c'Il ior other remedies b., il is 6r
lieved that v will have considerable eG-ct sbouIi
us operations be AZ successful as anticaared IN !
'"cCN'"s hlu uniting Whlt II may be able
tEeiY to suppress.
butthere Is another very impor'an, consideration
connected with THIS part of the subject. O1e gre,,
OBJECT OF he whole measure itto furnish sound
currency in the form Of Treasury notes redeemabls
on demhnd IN specie These noe, c,n oct into rir
cn'1'lnn, and be kept in u, only in two -nys, f,s
by pfYmsht m such notes oT debt, and nds nm
the Treasuryi md second, by buying domes ic |
exchange. And It is the lost of these modes which
IS most cpndeotiy looked u NJ furnishing IN active
and continual circulation of ihiI paper when j, |
sued IN Government payments, at distant po,nt, |
the general tendency ni the nnres wi bc from those
points 70 the great Atlantic cti.s accordlog 10 IN.
course 81 trades nus leaving ihs place az their first
issue without the benefits 1T their ciTcu itinn Rut
u ~ "v1rnt thar the agencies NJ those J.t,n, roin,
shall he au horzed 90 purchase bills Of eYchnngo.
new source for the issue Of souu circuiany Mans,
will ne opened, and the cx.hinge thus bon IN, |
would he RENTED, whenever the dc hands of trade
should call Tor y.
IN country Of such vari-d productions as the U |
states, some paris being highly Commercial others |
manufacturing, and Others yielding va,; amounis IN |
"a" mueuhl, the current and course Of exchange /
has perlodic1! changes. IL flows one way o. the |
other' or ~ the sumo way with more or less force
according IN the SEASONS. Nor is this course agays
direct but On the contrary often crcuitous wind NJ !
rssi through several distant markets CnmuoJ, |
ties in many DIFF rent paris Of the Yves, sseknea
IN The South, not expecting payment in Southern
products, ~ in m ans available in the North and /
IN the Eost. This happy diversity of products, an / |
these useful r1miicStons of internal trade dem nd
lmPeraiivey, not only currency satisfactory TO n
but The mans also nf easy, cheap and safe DEALING
N exchange And these two Oii-cfs assist ,arh |
u'ner. a good currency entities him WIN u.r,ls