Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-12-30

Judge expedienl and proper for the reguia-
ton Of lis concerns and the government
of its agencies and copies oil all existing
by la as and regulations shall be laid be-
fore Congress every year at lis nnu
session.
SIC. z. And Be Il farfke- enacted, That
the Secretary of the Treasury IS hereby
auihorlzed and directed to cause to be
prepared Treasury notes ofdenomlnations
not less than five dollors nor exceeding
one thousand dollars, which notes shall be
signed by the Treasurer Of the United
States aud countersigned by the President
ofthe Board ofExchequer, and made pay
able TO the order of the principal agent at
each agency, and shall be by him endors-
ed when issued al such agency, aud which
notes shall be ~redeemable and shall be re-
deemed in gold and silver, on demand, at
the agency where issued and Treasury
notes intended to be issued by the Board
Of Exchequer at the seat of Government
shall be in like form, and shall be payable
TO the order Of Commissioners, ana shall
be endorsed by some one Of them when
issued, and shall be redeemable and re-
deemed at said Board, on demand, in gold
and silver and exact and perfect lists OF
all notes so signed shall be kept at the
Treasury, and all Treasury notes issued
under the authority Of this act may, when
redeemed, be re-issued by the Boa and
its agencies respectively.
SIC. 8. And be it further enacted, That
the amour, OF Treasury notes issued and
~outs,andng shall not, al any one time,
exceed the amount Of fifteen millions OF
dollars unless otherwise ordered or pro-
vided by law and the Secretary OF the
Treasury is authorized from time TO time,
on the application of the Boaro oil Elk.
chequer, to furnish for its W use and
that of its several agencies a suitable
amount of such notes, TO be used IN the
transaction oil its business and all dues
to the United States, or any officer or de-
partment thereof, may be paid in gold or
silver coin, in Treasury notes issued under
this act, or in the notes Of banks which
shall be Immediately convertible into spe.
Gle at the place where received.
SEC. 8. And be it further enacted, That
the Board Of Exchequer at the seat oil
0UVGTiltHtIt uiDu tdNh q NO SShN'NS $500
settle weekly, or oitener, with all banks
in their neighborhood whose paper they
may have received, and pay or collect, as
the case may be, oil balances between II
and said banks and no individual shall
be allowed at any time 10 stand as debtor
to the Exchequer or any OF ITS agencies
in account. and it shall be the duty OF the
said Board Of Exchequer, and each oi its
several agencies, at all times so TO limit
its issues that its gold and silver on hand
shall be equal to one-third the amount OF
such issues outstanding.
SIC. 10. And be 1t further enacted, That
the said Board of Exchequer may draw
bills or drafts on any Of its agencies, and
may authorize any agency to draw bills
or drafts on the Board or any other agen-
cy, and may sell and authorize It's sgen.
cies to sell such bills or drafts for a pre-
rnium not exceeding the fair cost Of remit
ting specie to the place of payment, and in
no case to exceed two per centum on the
amount of such bill or draft.
Sec. IL. And be it further enacted,
That il shall be lawful for said Board oil
Exchequer and each Of its agencies TO
purchase domestic bills Of exchange, SUBJ
iect to the following rules and regula-
lions:
1. No Jill of exchange shall be bought
which is payable in the same Stale or Ter
ritory in which il is drawn, nor any bill
payable within less than - miles oil
the place of drawing.
2. Bills drawn on places not more Than
five hundred miles distant FROM the place
of dra wing shall not be drawn for a long.
er time than thirty days from date; and
bills drawn on places more than five hun.
6red miles from the place OF drawing
shall not be drawn for a longer time than
thirty days from sight.
3. In no instance shall more be de-
manded from the seller Of such bill, by
way of interest or exchange, than an IN.
terest not exceeding six per cent. per an
rum for the time which the said bill has TO
run, and a rate of exchange never ex-
ceeding the cost o. renting specie, and
IN no case to exceed two per cent. And
it shall not be lawful for the Board OF
Exchequer or any agency, 10 purchase
any bill drawn by or upon any member
or officer thereof, or in which such mem
Der or officer shall in any way be inter-
ested ; nor 10 receive any deposite OF any
money belonging 10 any such member or
officer. And no bill shall be purchased
or draft sold a, any agency, without the
assent of at least two of the officers oil
such agency /; nor by the Board OF Ex-
chequer without the assent Of two OF It's
members.
Sec. IL. And be ii further enacted,
That no agency established in any State
under the provisions of this act shall,
contrary to any law which such State
may enact, receive any other deposites
than those of the United States, or make
or sell drafts, or purchase bills, other than
such as shall be necessary in the collec-
ton, transfer, and disbursement Of the
public funds.
Sec. Is. And be it further enacted
That if at any time it shall be found me-
cessary to carry on the operations OF Tue
Exchequer Board, and its agencies hereby
created, the Secretary Of the Treasury
may cause to be prepared, issued, e de,
livered to the Exchequer Board certlh-
.. ,ha limited States. in the