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

made which certificates shall always be rcdefne 7
/ presentation at the agency where issued bu
/ amount so deposited shall never exceed IN the vi
/ fifteen millions of dollars, 10 be distributed \, !
Board among the several agencies according 10 n. ]
tent oftheir business respectively and for ssuins
certificates no higher premium shall be demand,a
shall be sufficient 10 indemnify against tho hsl
loss and remuneIated for the saie-keepng the te
and in no instance 70 exceed the ohe-hdif OF On,
cent But paper issued by the Board and H. -,
agencies whether ia the form of bills Of cen,t.
of deposit shall be redeemable DULY at the place at
issued unless the Board shall see cause to order A.
4 wise.
/ Sec g. And be IL further enacted, That At .s L
the duty of the said Board Of Exchequcr vi hla h.
months after its first organization TO establish sysA
\ laws and rules of proceeding as II may judge oil.
ent and proper for the regulation OF It's concern, Il
the government Of its agencies; and copies oi a II
sling by laws and regulations shall be LAID before
! gress every year at It's annual sessir n.
! Sec. 7. And be il further enacted, Thatlhe n,
tary Of the Treasury is hereby authorizes pnl df,g
TO cause to be prepared Treasury notes Of demon \
tons not less than five dollars nor exceeding me d
sand dollars which notes shall be signed by he n.
/ surcr of the United States and counterslgnG rs
| President of the Board of Exchequer, aud made L
! able TO the order of the principal agent at each Il
cy, and shall be by him endorsed when issued d, !, L
/ agency and which notes shall be redeemabe and L
! be redeemed IN gold and silver, on demand N Il
] v
| be issued by the Board of Exchequer at tie vi, /
Government shall be in like form, and sh' te g. /
/ bic to the order Of the Commissioners and sts i
| endorsed by some one of them W hen issued and /
be redeemable and redeemed, at said Board 10 II
mand, in gold and silver; and exact and perfect s
all notes SO signed shall be kept at the Tieasa
and all Treasury notes issued under the au horn
this act may, when redeemed be reissucd blythe B 4
and its agencies respectively
Sec. 5. And be IL further enacted That the aA. ii
of Treasury notes issued and outstanding shat i \
at any one time, exceed the amount of fifteen unl
Of dollars, unless otherwise ordered or poude Il
law and the Secretary ofthe Treasury is auihorl
from time TO time on the application Of the Blan
Exchequer, TO furnish for It's own use and that |
several agencies suitable amount of such notes q |
used in the transactions of its business and an
to the United States, or any officer or deIarGtI
thereof may be paid gold silver coin, in lie
ry notes issued under this act, in The notes ofuA
which shall be Immediately convertible into SPECIE y
the place where received
Sec. 9. and be itfurlher enacted, That the B
Of Exchequer at the seat of Government and eac4
its agencies shall settle weekly, or oitener with n
banks in their neighborhood whose paper they nii
have received, and pay collect the case may /,
all balances between it and said banks; and 10 in'
vi ual shall be allowed atany time to stand as dt6r
the Exchequer or any of It's agencies IN accouu.
and il shall be the duty Of the SAID Board Of ENc4s
quer and each of its several agencies, at ali tine,
to limit its issues that It's gold and silver Oh handsA
be equal to one-thlrd the amount of such ISSUES at.
standing.
Sec 10. And be II further enacted, That the sal
Board Of Exchequer may draw bills OF drafts on Oh
of its agencies and may authorize any agency 10 rst
bills or drafts on the Board or any other agency al
may sell and authorize It's agencies sell such bs
drafts for premium not exceeding the fair cost d! 4
hitting specie to the place of payment, and "a.
to exceed two per centum on the amount OF such 4
or draft
Sec ii. and BET frti1r enacted, That 4 shall
lawful for said Board of ENchcquer and each STA
agencies to purchase domesi c bills OF exchange III.
jet toihe following rules and regulations
L. No bill of exchange shall be bou lit which
payable in the same State or Territory iii ", iti b.
drawn, nor any bill paya lie within less Than ----
miles of the place OF drawing
Bills drawn on places not more than FIVE hui
dred niles distant from the place Of dra~nu SHAH Il
be drawn for longer time than thirty days ION ia
and bills drawn places more than FIVE i.uhd,,
miles from the place of drawing shall not tie draw
for a longer time than thirty days from sigh
3. In no instance shall more be demanded 'front.'
seller of such bill by way of interest or eXCliuE
than an interest not exceeding six per cent per H.
mum for the time which the said bill has 10 run a.
a rate of exchange never exceeding the cost oi 3
hitting specie, and in no casc'to exceed two per cot
And it shall not be lawful for the Board Of Excl
9per or any to neef fhaF Rx h or n
such member or officer shall in any way be inter,
ed nor TO receive any deposit Of any money be6rr
ing to any such member or officer And no bin Ma
be purchased, or draft sold at any agency, NTH.
the assent of at least two of the officers Of ,4o
agency ;-nor by the Board Of Exchequkr without IA
assent Of two of its members.
e Sec y lind be II Ctnther enacted That no agtlt
established in any State under the provisions ot Z,
act shall contrary TO any law which such STATE Qs
enact receive any other deposits than those Of
| nited States, or make or sell drafts or plrcIa,
bills other than such as shall be necessary in the
lection transfer, and disbursement of the prE
funds.
Sec 10. Ind be ii further enacted That fiat 81
time II shall be found necessary to carry on ht *
raions Of the Exchequer Board, and It's a2cnc,
hereby created, the Secretary Of the Treasury ua
cause TO be prepared, issued, and delivered l6,L
ENchcquer Board ceitit Gates OF stock of the air
States, N the usual form, bearing interest al l.tlt
not exceeding five per ccntum per annum,
amount not exceeding five millions OF doll 4, Il
interest of which shall be payable sem-anmially in
the principal shall be rcdcemablo at the pleasure
the GoNernmeat after the expiration Of twcnN Il .
from the issue thereof And il shall be Iaw If
the said ENchequer Board to sell and tra,il t
said stock for gold or silver coin or bullion. it
shall be the duty of the ENchequcr Board to If.,sl
Tor the plnetual payment of the interest Oh lie I'll
stock as 1t shall become due, and for the rtinlu.f
menl of the principal from the profits and ~
means and resources of the Board and its agc6.t
But the faith Of the Government, nevertheless,
be pledged for the payment of the interest aid n
principal of such stock
Sec IA md beafurfhcr faarted, That the + "A,
OF Exchequr and It's several agencies shall keep .,
rate and distinct sets of books for the purpose at ID
'tfng and recording, IN one set all transactions .
9Poctng the collection, keeping, and discussing ~ t
putHc revenue, and transmitting the public monty
from place TO place for the service OF Governmcu
and IN. another, all transactions and nccoun
arising from dealings in exchange and othC
not on Government ac count An
a profits accrulns fom dealing in exchange .
Individual account ond from private deposits shOI
DC applied in the first place to pay all saarc
and computations, and TO dtfray all exp.ns,s ii
,urred under the authority Of this act and the r.,
Tue thereof shnlibe placed semi annually tothc ga.
IF the Treasurer 1.-THE UnlcG States PrtrtitG 6,
rerMciess, That the said Board may defer all ,ur
'redtts to the Treasurer, until the anount,of w.1
'toresald beyond expenses shall executive mllAat
u dollars md may retain said amount Of tso nt.lea
Is fund 10 meet all contingencies chargcobc On Il.
txchequer and its agencies,
Sec 10 And be further enacted That il It sbt