Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-12-31
TIE NEW FINANCIAL AGENT.

agcment Of the finances, as maturcd bv him,
with the aid of his legal advisers, was COM.
municatcd to the House of Representatives
on Tuesday last by the Secretary Of tho
Treasury, in the form ola bill, accompanied
by an explanatory report.
The bill proposes that there shall be os-
tablislicd in the Treasury. Department a,
the seat of Government, Board, TO be call
ed the Erchequcr ofthe United States, to bo
composed of the Secretary of the Treasury,
the Treasurer of the United States, and thrse
members to be appointed by the President,
with the advice and consent of the Senate
Inc three members first appointed to be for
TWO, lour and six years, and as tho terms
respectively expire, their SUCCESSORS for six
years. One of the three members to be ap-
pointed by the Board President, for Two
years. Inferior officers, judged nccessar, by
the Board, to be appointed by the Secretary
OF the Treasury, to receive salaries fixed by
the Board; and give bonds as the Secrcta-
ny of the Treasury may direct. The menu
bcrs, or Commissioners to receive an anual
salary oi:-dolars.
The Board of Exchequcr is to have pow
err to establish agencies or Offices in such
places as they may judge expcdlent, no, OK
cecdlng two in any State or territory, and
wherever Congress may require and on tho
recommendation of the Board, the Secreta-
ry ofthe Treasury will appoint the neces.a-
ny officers agents. The Board to fix the
rates OF compensation, and to establish reg.
ulatlons tor managing their agencies and
rendering their accounts. The duties to be-
so arranged, and accounts so kept, that ono
officer or agent shall be check upon tho
other. The Secretary of the Treasury to
have the power of removal for physical in
ability or lncompctency, or neglect or VIOLA
ton Of duty, reporting his reasons there
for.
The Exchequcr and ITS offices are to DO
the general agents of the Government, for
! receiving, keeping, discussing, transferring
and transmitting the public monies, under
the direction of the Secretary of the Treas
ury, and to them are to be paid all the public
monies received from every source. The
principal officers employed in the agencies
TO give bonds, in such amount and in such
amount and in such form as the Secretary
of the Treasury shall prescribe. The Board
or its agents to pay all warrants, drafts or
orders thereon by the Treasurer Of the Uni
ted States, and by the distursing officers and
agents of the Government, having authority
to make the same. All payments to bo
made, at the option of the person entitled to
receive it, in gold or silver coin, or in Treas
ury notes.
The Exchcquer and its officers arc to per-
form, under the direction of the Secretary of
the Treasury, the duties Of commissioners Of
loans, disburslng agents and pension agents
1t will be lawful for the Excheqncr a, tho
seat of Government and its several agencies
to receive gold and silver coin or bullion, the
property Of individuals, on depositc, for con-
vcniencc and security, and TO issue certif-
icates, atcsting such deposte, which GER
ticates shall be redeemed on presentation
at the agency where delivered. The acgre-
gate of deposites is never to exceed SIS, 900
900, and this amount TO be distributed by
the Board among its agencies, according to
The extent their business respectively. No
higher premium than one alf of one per cent
to be taken for such dcposiles and issuing
the certificates therefor. Paper issued by
the Board and its agencies, whether in tho
form ofbills or certificates of deposite, to DO
redeemable only al the place where issued.
unless the Board shall see cause to order
otherwise. 1t is made the duty Of the Board
10 establish bylaws.
The Secretary of the Treasury is to have
prepared Treasury Notes. of denominations
not less than five dollars, nor greater than
one thousand, to be signed by the Treasurer
Of the United States, conntersgned by tho
President of the board Of Exchequer, and
endorsed by the principal agent, Of lheagen-
cy at which they shall be issued, and re-
deemable in gold or silver at the agency.
where issued. Such notes when issued at
the Exchequer in Washington to be en-
dorsed by one of the Commissioners. All
such notes when redeemed may be rcissucd
by the board and its agencies.
=, The amount Of such notes outstanding at
any one time, not to exceed Sl5,00O,0OO,
unless otherwise provided by law. Tho
Secretary of the Treasury is authorized from
time to time, on application Of the board. to
furnish for its own use and that Of its agency
suitable amount OF such notes, to be issued
in the transaction of its business. All dues
20 the United States may be paid in coin, in
these treasury notes, or in the notes Of banks
Immediately convertible into specie at the
placc where received.