The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-10-14
THE ExcHEoUER OF THE U. STATES
No. l.

OCTOBER 18TH lS4l.
sa In submitting the following scheme for
uoyfaNMEsr AGENcY AND NATIONAL CuRagscY TO
'he consideration of the public il will hardly be
Peceu Should at the time, enter upon any ella
oorae explanation defence of it. But, though the
present occasion may not call for il, am well aware
mat future one will demand IT, before the scheme
pass the ordeal of an enlightened public opinion
ordeal that may for while be evaded but never ut-
mately, escaped.
II may be necessary to premise, however, Ito adopt
the language of the constuton) in order to secure
to authors and inventors the exclusive right TO their
respective writings and discoveries, that the subject
OF tins sche me was first suggested to me by gentle
man from New York, on the evening Of the goth of
June while sauntering in tie gardens Of the Capitol
For him. therefore, enter carsat, against any later
authors or inventors The present shape in which
the scheme is now presented, without claiming any
particular merit must hold myself responsible for.
This scheme was explained as early as the 23l
June, to several Members Of Congress, and TO many
others, during July and August and before the pas
sage Of the last Bank BILL copy Of il placed in
the hands Of a Senator from Virginia, and subse-
quenty another copy was placed in the possession of
Member Of the House. Whatever resemblance,
therefore, this scheme may bear to that of A Fs-
CAL AGENT FOR THE GOVERNMENT, AND CURRENcY
FOR THE PEOPLE" published in the Madisonian of
the 18th ult, by 7" A Member Of he 9Th Congress-
the foregoing circumstances may perhaps have ten
dency TO explain BAY STATE
P. s. should be particularly obliged TO the Editors
Of the Mem York Herald and Erening Post, the Bos-
ton Courier and Morning Post, if they would copy
the foregoing, and the following into their columns
EXCHEQUER OF THE UNITED STATES,
For receiring, s0fe-keeping and disbursing
the Public Rerenne, and receiping private
deposits 10 furnish a medium Of Exchange.
1. To be established at Washington d. c., with
Offices or agencies wherever necessary and proper,
and authorized by law.
?. The capital basis Of issues to consist solely OF
the public Revenue, and private deposits in gold and
silver coin and bullion.
3. The Secretary of the Treasury to authorize the
issue Of bills Of the denomination of IS and upwards
signed by the Treasurer and countersgned by the Re-
gister of the United States, payable on demand, in
gold and silver coin, at the identical place of deposit
and receivable for the public revenue and all Govern
ment dues every where
T. The amount of bills in circulation any time
not to exceed ST. 900 0OO Cor any limit under $780,
0000O0) and per cent. agio, premium, Cor any
less per centage to be paid for all amounts Issued,
whether to private depostors or public creditors
$. Three commissioners to be appointed to manage
the concerns of the Exchequer, and the like ndmber
for each Office or Agency to be severally denomina-
ted Receiver Ds'rurser, and Auditor, Of the Reve-
and Deposits, to give separate bonds and receive
salaries.
6. Offices Agencies of the Exchequer to be es-
tablshed at the following ports of entry and places,
viz; Boston, Mass; New York, N "; Philadelphia,
Pa; Charleston, s. c.; New Orleans La Cincn-
natl, Ohio, Cor Louisville, Ky) Detroit Mich, Cor
Chicago, llll; and wherever public interest and con-
venience shall render offices necessary and proper
and authorized by law.
l. The Secretary OF the Treasury, from time to
time, to direct the Treasurer to transmit suitable
amount of bills TO the Commissioners of any Office
Agency when public interest and convenience shall
require it, to be exchanged for deposits in gold and
silver coin and bullion be dsbursed to public
creditors.
All bills transmitted to the Commissioners of any
Office or Agency, to be made payable on their face
TO their order; and, when exchanged disbursed to
be severay endorsed by them ALL payable to the order
of the person persons receiving the same.
g. The Commissioners to act in all cases as the
General Agents Of the Treasury for receiving safe
keeping, dsbursing transferring, and transmitting the
public moneys and other securities, under the direction
of the SECRETARY of the Treasury.
10. Separate duties to be assigned to each Commits
sioner, viz to one, the duty of receiving all moneys
or other securities to another that of paying trans
eiring or transmitting the same to the other that of
keeping the account books, journals, auditing the
counts, and making out weekly Cor semi-monthly) re-
turns of oil the dongs of the Office or Agency
which shall he signed by all the Commissioners, and
published, officially weekly, Cor semmonthly } both
at Washington, and at the place Of the Office or
Agency.
IL. All public moneys, received from whatever
sources, to be paid to the Co nmissoners of any
Office Agency where the collecting officers reside
within convenient distances under the direction of the
Secretary of the Treasury.
IL. For the safe keeping of the public moneys, de-
posts, securities, books accounts, and whatever else
appertains thereto, strong and fire. proof vault
safe shall be provided for the Exchequcr and each
OF its onces u Agencies, having three several and
dss'mar locks, the several keys of which shall be
separately kept at all times by the three Commission
ers, one of whom shall but under penalty of dis
mssal from Office entrust his proper key either
oil the others, to any other person; and for the
safe-keeping of the contents of the vault all the
Commissioners shall be jointly and severally respon-
sible.
10. Any POPULATION, ENLIGHTENMENT or private use of
any of the public moneys deposits, securities or pro-
perry, of the Exchequer, any gifts Offices Agen
ces any forgery of lis bills or securities shall be
deemed felony and subject the offender 10 two-fod
restitution and Imprisonment and hard labor for life