Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-29

candid consideration of the Report, when VIII oes
enable them to comprehend the provisions and opera
ton of the ExcheGuer, and TO appreciate the
that surround the srbject, and the ability That nas
sRnessfully surmoun'ed them. ;,,, a.
8fbove all we wish the reader TO be imoueo WIN III
sn;ri oc The Report and should he fail to be convince
br its aroumen,s he could not fail to lie edited ana en-
| lnb,ened by its patriotism. 10 convince MI, 'fdhs
cends human ability; yet to accomplish any thing Of
| this subject is almost miracle
We shall not pretend to give, al this time, but very
brief and perhaps imperfect, outline OF the Report
the Bin which accompanies ii; for we are satisfied
TINT nothing short of attenvely reading and thorough
IL understanding both, win satisfy any one, who take
the least interest in ihe sahject
The Report, we IRE given TO understand, is gene
raj exposition of the views entertained by the Presiden
on the subject Of the Exchcquer und concurred nby hi
| Cabinet.
The necessity of a National currency is dwelt upol
the safety of the public treasures consdered but th
"great want of the country is the want OF confidence
says the Secretary"conldence i'll the steadlness ant
stability of the policy of the Government
The difficulty of obtaining Government loans is al
luded TO; and Bank considered as out OF the question
The provisions of the Bill next considered, which
has in view,-l The safe excepting of the public mo
neys 9 Furnishing the Government and the people
with paper currency equivalent to gold and silver
g. Provision for furnishing medium of Commercial
Exchange, safe and cheap.
The provisions of the Bill are fully explained under
these separate heads But shall not attempt to fol
low the Secretary through all his views and arguments
for no analysis could do them justice.
In reference to the safe.keeping Of the public mo-
ney we forbear to quote sentence from tie Report toe
opposite and emphatic TO be passed over:
sshe People have right to be as safe as good laws
and faithful administration can make them, against
both waste and loss. 1t remark Of the late Pre-
sident, striking by its brevty as well rs It's truth
That euery dollar lost by faitLfaness in office tends
to create neao charge uom The Psspte and this Truth
cannot be kept too fully or too constantly in view
We must now hasten 10 the prdyetsHs OF the Bill,
which oonsiate Of twenty oootiono. :.Sss.------
l. The FIRST section provides fol- he establishment
Gin the Treasury Department, al the seat OF Govern
ment, Board TO be called
The ExcmEouER OF THE UNITED STATES, COM
posed of the Secretary of the Treasury, and Treasurer
ri ocio and three commissioners whose tenure oil OIL
flee is severnlly TO be for 2, and 6years removable
only for cause-one of whom to be President of the
Board by election bennaly the Secretary of the rea-
sury TO appoint1he subordinate officers, requiring bonds
the Board receive salaries and subordinates COM
pensaton TO be fixed by the Board.
9 The Board 10 establish agencies Where deemed
expedien not exceeding two in any Slate or Territory,
and wherever required by law-the seffers TO be APP
pointed by the Secretary OF the Treasury, Oh recon-
mendation of the Board, who are tolx compensation,
and make TO be so assigned as to be
checks upon the ofcers-to be removable by the Sc
cretary for cause, reasons to be renderean the eecre
tary S annual report.
s. The Exchequer and officers TO be the general
agents of the Government for receiving, safe keeping,
and disbursing public moneys-to give bonds pre-
scrbed by the Secretary-to pay all orders or warrants
the creditor 10 have his option, OF Treasury notes, or
coin.
a. Exchecuer to perform duties Of lCs1-c snmisson-
ers pension agents. to transfer stock, pay dvlderdSN
&C. under direction of the Secretary of the Treasury
and the regulations OF the Secretary of War, &c, aps
perform all the duties relating 10 the receiving and dis
bursting the public funds
s. The Exchequer and its agencies TO receive private
deposits in gold and silver coin and bullion and issue
certificates redeemabe where ssued-the amount not
to exceed S50000 900, distributed among The agencies
propoionaby TO their businessthe premium Tor such
issues not TO exceed onc-haT per cent. All issues re-
deemable where issued unless the Board order otleT-
wise.
6. The Board within three months after organization
to establish bylaws copies of which te be annually
laid before Congress.
Z Secretary Of the Treasury to prepare notes OF a
denomination not less than So, exdfdng $1,000,
to be signed by the Treasurer, and coune4sgned by the
President Of the Board, payable TO hsHorder OF the
principal agent each agency, TO be endorsed by them
when issued, redeemable in gold and sler [coinl On
demand when issued. The Treasury Mods at the seat
of Government, issued By the ExcheqoeESo he in like
form, payable the order of Commissioners, and en-
dorsabe by Of hem and edeemnble al the seat Of
Government in gold and slver-lists OF all notes, so
signed be kept at the Treasury; and all notes 10 be
re.issuablc
?. Notes outstanding not TO exceed, at any fine,
ST., 900 GOO, unless otherwise ordered by law. The
Secretary Of the Treasury authorized TO furnish sutn
BILE amounts for the Board and lis several ngences all
public dues and salaries 10 be paid optionalg, in rea-
sury notes, gold and silver, or bills of paying
ba nix, convertible where received
o. The Board and Agencies to settle weekly or Of
tener with all baiks-no individual allowed debtor
10 the Excheqncr its Agencies-the goH and silver
on hand always equal third OF the account OF ls-
sues. -,
TO- Exchequer TO draw bills or drafts any agency
and authorize any agency draw on the Board or other
agencies and SELL and authorize agencies to SELL for
premium not exceeding cost Of renting specie to place
Of payment, but in case exceeding trro per cent
| IT, The Exchequer and Agencies aulhohned 10 pur
chase BILLS OF EXCHANGE, subject ssth follow
| ing rules and regulations:
list, No bill 10 be bought payable in the sc State OF
Territory where drawn, any bill PayablSe.thn less
than - miles Of the place OF drawing. y.
ID Bills drawn on places not exceeding.5O0 miles
not 10 exceed 30 days from date; exceedn5Oo miles
not 10 exceed 80 days from sight.
\ Sd. Interest on bills not to exceed percent; pre-
MUM not TO exceed cost of renting specieSand limit
ed to 9 per cent No officer of the Board Z Agencie:
permitted to be interested in the negotiat6n OF any
bl or TO make any deposit ana no bill to purchased
or sold without the OF two members oEihe Board
| or Of two officers OF the Agency. IS
/ - No agency established in any State, SHALL con
rary to its laws, receive any other deposits but those
of the Government or negotiate bills other Than shall
be necessary for the disposition of the public funds.
- If found necessary TO carry on the operations
the Exchequer, the Secretary of the Treasury may au
lhorze The issue of certificates Of stock of the u S.
bearing not exceeding per cent interest, the amour
not exceeding S5,000,0o0 interest sem-annually, re
deenrabe after 20 years-the stock to be sold for go
or silver coin or bullion. The interest to be provided
for and the reimbursement Of the principal, from TIN
resources Of the Board and agencies but the faith oil TIT
Government pledged for both.
i H. The Exchequer and its agencies TO keep disnc
and separate sets Of books for all transactions re
nlng 10 the service Of the Government the other, 10
all accounts arising from negotiating Exchanges, ant
other transactions, not Government account. Al
profits accrung from Exchanges and deposits on prl
yate account, first TO deiay salaries and expenses &C
crung under this act and the residue TO be placed
m-annually 10 the credit of the Treasury Provided
nerertheiess, The Board may defer all credits to tn
Treasury, till the amount beyond the expenscs sha
exceed 81 900 OOO and may retain this sum 10 meet al
contingencies chargeabe the Exchequer or lis agen
cics.
H., 10