The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-23

blishment sin the Treasury Department, al the
seat Of Government" aboard TO be called
The ExcHEauER OF THE UNITED STATES com
posed of the Secretary Of the Treasury, and
Treasurer, er oficio; and three commissioners,
whose tenure of Office is severaly TO be Tor
2, A, and years, removable only for cause-one
of whom to be President of the Board by cleo
ton, biennially; the Secretary OF the Treasury
10 appoint the subordinate officers, requiring
bonds; the Board to receive salaries, and sub
oIdinates compensation to be fixed by the
Board.
2. The Board to establish agencies where
deemed expedient, not exceeding two IN any
State or Territory, and wherever required by
law-the officers TO be appointed by the Secre-
tary of the Treasury, on recommendation oil the
Board, who are to fix compensation, and make
regulations-duties TO be SO assigned as TO be
checks upon the oflicers-to be removable by the
Secretary, for cause, reasons 10 be rendered IN
the Secretarys annual report.
| g. The Exchequer and officers 10 be the
general agents fthe Government, for receiving,
saie-keeping, and discussing public moneys
pay all orders or warrants-the creditor to have
his option, Of Treasury notes, or coin.
4. Exchequer to perform duties of loan COM
mlssloners, pension agents, TO transfer stock,
pay dividends, &c under direction Of the Secre-
tary of the Treasury, and the regulations Of the
Secretary of War, &C., and perform all the du-
ties relating TO the receiving and disbursng the
public funds.
5, The Exchequer and its agencies, 10 receive
private deposits in gold and silver coin and bull
lion, and issue certificates, redeemable where is
sued-the amount not TO exceed $l5,000,000
distributed among the agencies proportionably
to their business-the premium for such issues
not to exceed one half per cent All issues re-
deemable where issued, unless the Board order
otherwise.
6, The Board within three months after or.
ganization to establish bylaws, copies Of which
TO be annually laid before Congress.
7. Secretary of the Treasury 10 prepare notes
of denomination not less than S. nor exceed
ing $1,000, 10 be signed by the Treasurer, and
countersigned by the President of the Board
payable to The order of the principal agent at
each agency, to be endorsed by them when is
sued, redeemable in gold and silver [coin1 on
demand, when issued. The Treasury notes at
the seat of Government, issued by the Exche-
quer, 10 be in like form, payable TO the order Of
Commissioners, and endorsable by one of them
and redeemable at the seat of Government in
gold and siver--lists of all notes, so signed 10
be kept at the Treasury and all notes to be re-
issuable
! S. Notes outstandingnot 10 exceed, at any time
SIS, 100000, unless otherwise ordered by law
The Secretary Of the Treasury authorized to
furnish suitable amounts for the Board and its
\ several agencies; all public dues and salaries to
be paid optionally, in Treasury notes, gold and
silver, or bills of specie-paying banks, converti.
bic where received.
| g. The Board and Agencies to settle weekly
or oflener with all banks-no individual allowed
as debtor to the Exchequer or its Agencies-the
gold and silver on hand always to equal one
third of the amount Of issues.
10. Fxchcquer to draw bills or drafts on any
agency, and authorize any agency to draw on
the Board or other agencies and sell, and au.
thorize agencies to sell, for premium not ex-
ceeding cost of RENTING specie to place of pay
inert, but in no case exceeding t,ro percent
H. The Exchequer and Agencies authorized
to purchase BILLS OF EXCHANGE, sub
ject to the following rules and regulations
lst, No bill to be bought payable in the same
State or Territory where drawn, nor any bill
payable within less than -- miles of the place
of drawing.
I'd. Bills drawn on places not exceeding 500
miles, not to exceed 30 days from date; exceed
ing 500 miles not to exceed 80 days from sight
3D. Interest on bills not to exceed per cent;
premium not to exceed cost of RENTING specie,
and limited to 2 per cent. No officer of the
Board or Agencies permitted TO be interested in
the negotiation Of any bill, to make any de-
posit and no bill TO be purchased or sold with
out the assent of two members of the Board. or
of two officers of the Agency
II. No agency established in any State, shall
contrary to its laws, receive any other deposits,
but those of the Government, or negotiate Bills,
other than shall benecessary for the disposition
of the public funds.
10. If found necessary to carry on the opera
tons of the Exchequcr, the Secretary of the
Treasury may authorize the issue Of certificates
of stock of the United States-bearing not ex-
ceeding per cent. interest, the amount not ex-
ccedung S5,0o0,0o0, interest scmi-annualIv, re-
deemable after 20 years-the stock to be sold for
gold or silver coin or bullion, The interest to
! be provided for, and the reimbursement of the
principal, from the resources of the Board and
agencies but the faith Of the Government
pledged for both.
II. The Exchequer and its agencies TO keep
distinct and separate of books one for all
transactions relating TO the service of the Gov
lnrnmcnl; the other. for ali accnunts arisinn