The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-10

pondent are worthy Of consideration We can
not undertake TO decide as TO their praclicabily
OF soundness. We have given our general
views-we leave the details 10 others
A FISCAL AGENT.
Mr.. EDrroR have read with pleasure your de-
ductions from the Presidents Message, respecting a
fiscal agent" believe them just towards him, and
wise in their conception ON his par-and susceptible
of being carried out safely in practice and upon truly
Republican Notwithstanding currency of equal
value throughout the Union, and enough of it, taken
in conjunction with the currency which cal banks viii
continue to furnish for local purposes. In aid Of what
conceive may be the Presidents conceptions, allow
me 10 submit some details.
l would have Congress pass bill embodyng these
provisions
LIST. The creation of Board of Fiscal Agents
consisting in of President and six associates
who should be officers of Government, under oath
and under bonds with moderate yet competent salaries
induce Of proper fidelity and capacity to serve
Their appointments should be made by the President
of the U. s., with the advice of the Senate Iwoud
have the tenure of the Presidents Office four years
that of hs six associates two years. and SO arranged
as TO have the terms OF three Of the six expiring every
year. thus renewing the Board in one half its number
erery year l would dsqualify the associates from
serving more than two any part of than lieo
successive terms Of two years-thus subjecting the
business of the board the certain scrutiny Of
associates at the end Of every four years in add
ton to the changes which the tive year would
Let this board be located in the city Of Wash
ington.
ID. Provide Treasurer to said Board, who shall
be- e6cio, Treasurer of the United States appoint
ed under existing laws, and under oath and bond
required, subject to all the duties and liabilities
of the present u. s. Treasurer except far mod
fled by the terms and nature Of this agency.
81. Authorize said Board to receive in specie pay
men,s from private persons, citizens of the United
States, deposites to the of million Of dol
lars for which, far received le, them issue cer
fcales of depostc in the of the United States
representing shares of $780, signed by said Treasurer
and countersgned by the President Of the Board and
transferable upon the books OF the Board like other
stocks dtioned for the repayment Of such depost
at the pleasure of the Government, and for the pay
ment semi annually of the profit which shall accrue
from the management Of the fund thus deposited in
common to the amount of SIX per cent per annum;
providing, however, that in Of any loss accruing
said fund.- not attributable to the negligence cul-
pablly of said officers, the same shall be deducted
from the sum which The United States shall refund on
said certificates when the shall be redeemed, I'M
less excess of profits said funds beyond per
cent per annum shall have accrued to the u s. for
tho making up in part in whole such loss, in which
case the deduction, II any shall be void according TO
the capacity OF such to make the good TO
the holders of the certificate.
4th. Authorize said Board of Fiscal Agents to dis
count upon securities regulated by ordinary banking
principles, both to time and substance TO amount
equal to fifty pr cent beyond the fund deposited
aforesaidand issue for that purpose said amount,
If required bills Of denomination not less than five
dollars payable in specie demand at the Office Of
said board, in drafts payable in specie sight
branch agencies hereinafter prov ded the bills and
drafts to be signed by the Treasurer, and counter
signed by The President of said Board in the name Of
the United States and consecutively numbered and
their respective number and den minaons registered
For all drafts, premium shall be paid under the regu
Iations of the Board.
9th. Let the management Of the deposites be
Quoted without charge the holders Of the certificates
and in consideration Of the Governments interest in
the profits arising beyond six per interes, the
b. Continue the present system OF having all pay
rants signed and counersgned by the Treasury Off
GERS.
9TH. Authorize the creation in each State that shall
through its Legislature, consent thereto at such place
as Congress may designaic-(say at Portland, in
Maine Boston, in Massachusetts Providence in
Rhode Island &c. ia similar Board Of Fiscal Agents
to be designated Bran;h Fiscal Agents Of the Uni
ted States" and Treasurer to be designated the
Branch Treasurer of the United States for the State
of -" Provide for the appointment of each
Branch Treasurer by the President of the u States
with advice of the Senate and let him be under oath
and bond, &c. and let the Branch agents be appoint
ed by the Executive Departments of the respective
States to hold their offices upon like condition and
tenure the board at Washington. Make the former
and all Treasurers subject to the removal of the Pre-
sident, having the of such removal reported to
Congress at its next session, and the Branch Agents
subject to the removal of the State Executives having
the of each removal reported to the Legislature
of the State at its succeeding session.
sth Provide for the payment, 10 each Branch Trea-
sure Of all collected by the Government Off
GERS, excepting Postmasters) within the States re-
spectively sem-monthly and that the same be passed
TO the credit Of the Treasurer of the United States
and reported weekly both the Secretary Of the Tre-
sury and 10 the Treasurer of the United States at
Washington-and returns thereof also be made semi
monthly to each by the officers thus paying revenue
to the Branch Treasurersle the credits thus passed
TO the Treasurer be at ali times subject the warrants
of the Treasurer issued and countcrsgned as may be
directed by the Secretary ofthe Treasury.
9th. Authorize the Board Of Branch A gents in each
State TO receive on deposite in specie, of citizens of
the United States, an amount equal to one hundred
thousand dollars, for each Senator and Representa-