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

fair cost Of RENTING specie to the place Of
payment, nor in any case exceeding two per
cent. They may also purchase bills under
certain regulations. 1st The bills must
be drawn on place not in the sams State
or Territory as the place of drawing, nor less
,han---miles distant. I'd. They shall
not be drawn payable at longer date than
30 days sight nor if on places within 500
miles distance, longer than 80 days from date
No creator discount shall be made on sucl,
bills than at the rate Of six per cent. per an
mum, together with the cost of renting the
specie, NOE in any case more than two per
cent. Neither the board nor any agency
shall purchase any bill, drawn by any mem
Der or officer of either, or in which any menu
Der or officer is interested ; nor receive a de-
poste of any money belonging to any officer
or member No purchase of bill to be
made by the board, but will, the assent of
two of its members, nor by any agency, but
BY the assent of two of its officers.
No agency in any State, shall receive pri-
vatc dcpostes, or sell or purchase bills, other
Khan for the collection transfer, or disbur-
scment Of the public funds, if forbidden so 10
do by law of such State.
1t is proposed that, if it shall be found me-
cessary for carrying on the operations of the
Board, the Secretary of the Treasury shall
DO authorized to issue certificates of Stock of
the United States, bearing per cent. in
terest, payable semi-annually, and redeem
able at the pleasure of the Government after
20 years. Said stocks to be delivered to the
Excl,equer Board, and sold for the purposes
Of said Board, which, is required to provide
for the payment of the interest and principal
the faith of the Government being also Pied
ged for the payment of the same.
The board Of Exchequer is to keep two
sets Of books-one for all transactions rela-
ting to the collecting, keeping and disbursing
tho public monies, and the other for its
banking business. The profits on the bank.
ing, after paying salaries, to be placed semi
to the credit of the Treasurer of the
United Statcs-hrst reserving therefrom
81 ,O0O,0 900 to meet all contingencies char
seable on the Z xchcquer and its agencies.
Suits on any bill or other liability TO the
EXchequer are TO be brought IN the name of
The United States, in the Circuits Courts of
he United States, or in State Courts having
jurisdiction. Vaults and safes are
% be provided for tho Exchequer and its
agencies, by the Treasury Department a,
he city of Washington, and in the custom
houses, mint, branch minis, and other pub
&c buildings, or in other places where ne
cessary.
II is proposed further that the Exchequcr
Board may employ any specie paying bank
rs its agent, but not with authority to receive
dcposites, nor to buy or sell exchange. Full
accounts of the proceedings of the board and
its agencies are to be furnished to the Secrc-
Iary Of the Treasury, as often as he may
direct; abstracts are TO be laid by him before
Congress at the beginning of each annual
session, and whenever required by Congress.
Quarterly statements of the amount of Treas
nry Notes outstanding, are to be published,
by the Secretary of the Treasury. Any
member or officer of the Exchequer Board,
Or of its agencies, who shall convert to his
ovid use any money or securities Of the gov
ernment or of persons dealing with the Ex-
chcquer shall be deemed guilty of felony,
and on conviction punished by imprisonment
for term not less than-years, nor more
than, and by fine, equal to twice the
sum embczzled. Amy member, or officer,
who shall give or sign false certificate of
deposite, fraudulently issue any bill or draft,
make false entry, or do any other act for
increasing the responsibility Of
the Board of Agency, he shall DO deemed
guilty of misdemeanor, and on conuiction,
be liable to Imprisonment tor no, less than
one year nor more than seven, and to fine
equal to the amount of the false certificate,
or draft, or the amount of the responsibility
created.