Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-01-05

never exceeding the cost oil remlttlnS specie
and in no case to exceed 2 per cent And it
shall not be lawful for the Board of Exehequer,
or any agency, to purchase any bill drawn by
or upon any member or officer thereof, or In
which such member or officer shall in any way
be interested nor 10 receive any deposile OF
any money belonging 10 any such member or
officer And no bill shall be purchased or any
draft sold at any agency without the assent Of
at least two of the officers of such agency; nor
hy the Board of Exchequer without the assent
of two its members.
Sec. 10. And be il further enacted, That no
agency established in any State Hnder the pro-
visions of this act shall, contrary 10 any law
which such State may enact, receive any other
teposites than those of the Unied States, or
make or sell drafts, or purchase bills, other than
such as shall be necessary in the collection,
7ransfer and disbursement of the public funds.
Sec l3 And be it further enacted, That if
al any lime it shall be found necessary TO carry
ON The operations Of the Exchequer Board, and
us agencies hereby created, the Secretary OF
The Treasury may cause to be prepared, issued,
and delivered to the EXcheeuer Board certi-
Gates of stock of the United States, in the usual
form, bearing interest al rate not exceeding
five per cenium per annum, 10 an amount not
exceeding FIVE millions of dollars, the interest
of which shall be payable seai-annuaily, and
the principal shall be redeemable at The pleas
ure of the Government after the expiration OF
twenty wears from the Issue thereof And it.
shall be lawful for the said Exchequer Board
To sell and transfer the said stock for gold or
silver coin. or bullion And il shall be the du-
" of the Exchequer Board to provide for the
puncIua paymeut of interest on the stock as il
shall become due, and for the reimbursement
of the principal from the profit and other means
and resources of the Board and lis agencies
Bu, the faith Of the Government, nevertheless,
shall be pledged for the payment OF The inter-
est and The principal of such stock
Sec II. And be il further enacted, That the
Board of Exchequer and its several agencies
shall keep seperate and distinct sets of books,
for the purpose Of entering and recording, In
one set, ali transactions respecting the collect
ing, keeping, and disbursing of the public rev.
enue, and transmitting the public moneys from
place TO place for the service of Government,
and in another, all transactions and accounts
arising from dealings in exchange and other
transactions not on Government account. And
all profits accruing from dealing in exchange on
Individual account and from private deposites
shall be applied in the first place 10 pay all sal
aries and compensations, and TO deiray all
expenses incurred under the authority of this
act, and the residue thereof shall be placed
semi-annually 10 ;he credit of the Treasury of
the United States: Provided. nevertheless,
That the said Board may defer all such credits
to The Treasure, unlll the amount of profits
aforesaid beyond expenses shall exceed two
millions Of dollars, and may retain said amount
of two millions as fund 10 meetall contingencies
chargeabIe on the Exche9uer and its agencies.
Sec s. Aud be it further enacted, That If
ii shall at any lime become necessary to bring
suit on any bill of exchange er other debt or Ii
ability arising out of any transactions under the
provisions of this act, such suit may be brought
in the name of the United States in any Circuit
Court of the United States, or any State Court
having competent Jurisdiction.
Sec. l g. Aud DC it further enacted, That the
necessary rooms and vaults for the safe keep
.ng of the public moneys and for the transaction
Of the business of the Board Of Exchequer and
lis agencies shall be provided by the Treasury
Department at the city of Washington, and in
the custom houses, mint, branch minis, and
other public buildings belonging to the United
States, so far as the same can be furnished
without deiriment to the public service and
where the same cannot be so furnished, the said
Board may provide others.
Sec H. And be further enacted, That it
shall be lawful for the said Board of Exchequer
10 appoint as agents for the Board any specie
paying bank in any State in cases where it may
nol be deemed expedient TO establish an Office
OF agency of the said Board, as herein before
provided but such bank shall not be authorized
IN any extent 10 receive deposites or to pur-
chase or sell bills or drafts on account of the
Board of Exchequer.
Sec ] g. And be it further enacted, That full
and exact accounts Of the proceedings of the
Board and It's several agencies shall be furnished
TO the Secretary Of the Treasury as often as he
NAV prescribe; and it shall be the duty OF the
said Secretary 10 Law abstracts of the same be-
fore Congress at the commencement of each
annual session, and to furnish full and particular
accounts and statements of the transactions OF
the Board and lis agencies when required by
Congress, and the amount Of Treasury notes