Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-12-30
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THURSDAY MORNING, DEC. 81
The New Financial Agent.

The project of the President, for the man.
ngelnent of the finances, rs maturcd by
him, viii, the aid of his legal advisers, was
to the House Of Representa-
lives on Tuesday Of last week, by the Secre-
,ary o! the Treasury, in the form Of bill,
accompanied by an explanatory report. The
public will thus be in possession of all The
views of the Executive on this subject.
We have not room for the report in full,
but the substance OF The bill We give below,
from the Boston Daily Advertiser.
The bill proposes that there shall be esiab-
lshed in the Treasury Department ut the
seat Of Government, u Board, to be called
composed Of the Secretary of the Treasury,
The Treasurer of the United States, and three
members to be appointed by the President,
with the advice and consent of the Senate.
The three me mbcrs first appointed To be for
two, tour and six years, md as the terms re-
spectyey expire, their successors for Elk
years. One Of The three members to be ap.
appointed by the Board President, for two
years. Inferior officers judged necessary by
the Board, to be appointed by the Secretary
Of the Treasury, 10 receive salaries fixed by
the Board and give bonds as the Secretary
of the Treasury may direct. The members,
or Commissioners 10 receive on annual salary
of - dollars.
The }csrd Of Exchcquer is to have power
to establish agencies or Offices in such places
as they may Judge expedent, not exceeding
b Itxpf, inn All
Congress muy require; and OH the recon.
incubation OF ihe Board, the Secretary oi the
Treasury viii appoint ,hc necessary officers
and agents. The Board 10 fix the rates of
compensation, aud To establish regulations for
managing their agencies and rcnd, Ing their
accounts. The duties to be SD arranged and
accounts so kept, that one officer or agent
shall be u check upon The other. The Sec
rc,ary Of the Treasury to have the power Of
romoval for physical inability or lncompctcn-
cy. or neglect or violation Of duty, reporting
his reasons ihUrciur.
The ExcIIcgncr and lis officers are to be
the general agents of the Government, TO-:
receiving, keeping, dlsbursing, transferring
and transmitting the public monies, under
the direction OF the Secretary Of The Trea
sury, and 10 them are TO be pald all the pub
lie monies received from every source. The
prime lpal officers employed III the agencies to
give bonds, ~ such amount and in such form
as the Secretary OF the Treasury shall pre-
scribe. The Board or its agents to pay oil
warrants, drafts or orders thereon by the
Treasurer OF the United States, and by the
disbureing officers and agents ofthc Govern
ment, having authority TO make the same
All payments 10 be made. at the option OF the
person entitled 10 receive It, in gold or silver
coin, or in Treasury note,.
The Exchequer and It's officers are to per.
form, under the direction OF the Secretary oi
tie Treasury the duties Of commissioners OF
loans, discussing agents and pension agents.
1t will be lawful for the EXchequer at the
seat OF Government, aud It's several agcncias,
to receive gold and SILVER coin or bullion, the
property Of individuals, Oh depo.ile. for con
venicncc aud security, and to issue cerrii
Gates, allcsting such dcpostc, which cer,itl-
Gates shall be redeemed on presentation al
the agency where delivered. The aggregate
OF deposl,cs is never 10 exceed l5.000,U00
and tins amount TO be distributed by ih..
Board among It's agencies, according tv the
extent Of thoir business respe6 lively. M
higher premium than one half Of one per
cent. to be taken for such dcpo.ites and issu
ing the certificates therefor. Paper Issued
by The Board and its agencies, whether ~
the form OF bills or certificates Of deposte,
TO be redeemabc only at the place where
issued, unless the Board shall see cause 10
order otherwise. 1t is made the duty Of the
Board 10 establish by laws.
The Secretary oi tho 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, countersigned by the
President of the Board Of EXcheQner, and
endorsed by the principal agent, Of the ngen-
cy at which they shall be issued, and re.
dccmaSlc IN gold or silver at the agency
where issued. Such noies when issued at
the Exchcqucr in Washington TO be endorsed
by one Of the Commissioners. All suCl,
notes when redeemed may be rcissued by the
Board and It's agencies.
The amount of such notes outstanding at
any one time. not to exceed $4,000, 900, un.
less otherwise provided ny law. The secre-
;ary Of the Treasury Is authorised from time
to time, on application OF the Board, to fur
nlsh for lis own use and that Of its agency,
suitable amount of such notes, to be issued
IN the transaction of It's business. All dues
10 the United States may be paid IN coin,
in these treasury notes, or in the notes OF
6anks immediately convertible into specie at
the place where received.
The Exchequer at Washington, and its
agencies must settle weekly, or oitencr, with
all banks whose notes IT may have received,
and collect or pay all balances. No lndivl-
dual is TO be allowed TO stand debtor To the
Exchcquer or any Of lis agencies in account.
The Board und each OF its agencies TO limit
It's issues so that its gold and siirtr on hand
shall be equal 10 one Mird he amount Of such
issues outstanding.
The Exchequer may draw bills or drafts on
any Of its agencies, and the agencies, Oh one
another or Oh the Exchcquer, aud sell such
drafts at a premium not exceeding the fair
cost OF rcmlttng specie TO the place Of pay
mcnt, nor IN any case exceeding two per
cent. They may also purchase bills under
certain regulations. lst. The bills must be
drawn on place not IN the same State or ter
ritory aS the place OF drawing, nor less than
- miles distant. %. They shall not be
drawn payable at longer date than 30dnys'
sight nor il on places within 500 miles dis.
tance, longer than 30 days from date. No
greater discount shall be mndc on such bills
than at the rate oi six per cent. per anntlin,
together with the cost OF renting the spe
cle, nor IN oEy case more than two per cent.
Neither the Board nor any agency fhall pur.
chase nny hill drawn hv apv ,npo,hnr or ,f1i