Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-08

Board and its agencies respectively.
Sec. 8. And be il further enacted, That the
amount Of Treasury notes issued and outstanding
shall not, at any one time, exceed the amour, OF
fifteen millions Of dollars, unless otherwise or.
dered or provided by law, and the Secretary of
the Treasury is authorized, from time 10 time, on
the application Of the Board Of Exchequer. 10
furnish for its own use and that Of its several
agencies a suitable amount Of such notes. 10 be
used in the transactions Of its business; and all
dues to the United States, or any officer or de.
pertinent thereof, may be psd in gold or silver
or in the notes Of banks which shall be imme.
dately convertible into specie at the place where
received
Sec. 9. And be il further enacted, That tho
Board of E1chequer at the seat Of Government,
and each OF its agencies shall settle weekly, or
o(toner, with all banks in their neighborhood
whose paper they may have received, and pay or
collect as the case may be, all balances between
il and said banks and no individual shall be 81
lowed at any time TO stand as debtor to the Ex.
chequer or any Of its agencies in account; and
it shall be the duty OF the said Board OF Exche.
quer and each OF its several agencies, at all
times, so to limit its issues that its gold and sill.
yer on hand shall be equal 10 one. third the amount
Of such issues out standing.
Sec 10. and be it further enacted, That the
said Board Of Exchequer may draw bills or
afic Of nd tbor;
any agency TO draw bills or drafts on the Board
or any other agency, and may sell and authorize
its agencies 10 sell such bills or drafts for pre-.
MUM not exceeding the fair cost OF renting
specie to the place OF payment, and in no case to
exceed two per centum on the amount Of such
bill or draft.
Sec. II. And be ii further enacted, That il
shall be lawful for said Board OF Exchequer and
each Of its agencies to purchase domestic bills OF
exchange, subject 10 the following rules and regu
lations:
/. No bill OF exchange shall be bought which
is payable in the same State or territory in which
it is drawn, nor any bill payable within less
than - miles Of the place Of drawing.
2. Bills drawn on places not more than FIVE
hundred miles distant from the place Of drawing
shall not be drawn for longer time than thirty
days from dale; and bills drawn on places moro
than five hundred miles from the place Of draw.
ing shall not be drawn for longer time than
thirty days from sight.
3. In no instance shall more be demanded
from the seller Of such bill, by way Of interest
or exchange, than an interest not exceeding six
per cent. per annum for the time which the said
bill has to run, and rate Of exchange never ex.
ceeding the cost Of remi,ting specie, and in no
case to exceed two per cent. And it shall not
be lawful for the Board Of Exchequer, 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 wey be interested;
nor TO receive any deposit Of any money belong.
ing to any such member or officer. And no bill
shall be purchased, or draft sold at any agency,
without the assent OF at least two Of the officers
Of such agency; nor by the Board OF Exchequer
without the assent OF two Of lis members
Sec. l2. And be it further enacted, That no
| agency eSldullsHeu III any CtdIt unueI tHe pro-
visions OF this act shall, contrary to any law
which such State may enact, receive any other
deposits than those OF the United States, or make
or sell drafts, or purchase bills, other than such
as shall be necessary in the collection, transfer.
and disbursement Of the public funds.
Sec. l3. And be itJurther enacted That il ct
any time il shall be found necessary to carry on
the operations Of the Exchequer Board, and its
agencies hereby created, the Secretary Of the
Treasury may cause 10 be prepared, issued, and
delivered 10 the Excheguer Board certificates OF
stock Of the United States, in the usual form,
bearing interest at a rate not exceeding five per
centum per annum, to an amount not exceeding
five millions Of dollars, the interest OF which
shall be payable semi annually, and the principal
shall be redeemabe at the pleasure of the Gov.
eminent after the expiration Of twenty years
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 it shall be the duty OF the E1chequer Board
TO provide for the punctual payment Of the inter.
est on the said stock as it shall become due, and
for the reimbursement Of the principal from tho
profits and other means and resources OF the
Board and its agencies. But the faith OF the
Government, nevertheless, shall be pledged for
the payment Of the interest and the principal Of
such stock.