Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-07


lat notifications, and IN order 10 glv0 the Senate
more concise and connected view of the system they
propose To modify 1t. they submit the following
PLAN
l. board 10 he established in tho Treasury Department.
AT the seat OF Government. to b. called thc Exche
qucr of the United States. The board be
composed Of three commissioners. 10 he appoln
ted by the President, with the advice and con
sent of the Senate. aud to he removed from Of
nee only with the hike concurrence OF the Senate.
and Tor hysical Inability mcompocncy. neglect, or
violation OF duty. The President To communicate
10 the Senate The particular OF the proposed
removal For like causes the Presdeni may
pend commissioner aud appulnta temporary sub
stlute, aud within the first week d the ensuing
session oI the Senate lay before that body the rca
sous ol sucl, SUSPENSION and II the Senate concur.
the commissioner 10 be removed, II not to be resto
H. The Board of E>cheluc to establish agencies as
may deem necessary aud eNpcdlent lor the public
service, limiting the number To ms few the c>
pcnclss OF the service viii admit and III no ease 10
exceed two in any State or Territory.
I'LL The Secretary OF the Treasury appoint the ncri
or officers OF the board and also the officers ol the
agencies, ON the recommendation OF the board. aud
To remove them for hysical inability. incompetent
cy, neglect or violation OF duty, ON like rccommcn-
dalton.
w. The ENcheqner and lis officers lobe lhcgencra agents
oi the Government Tor receiving safe keeping aud
disburs'ng the public moneys. The public money =
from all sources received to BE- paid into the EAchc
Quor and It's agencies.
v The ENchcquer and agencies 10 receive deposile
gold or silver CON- bullion aud 10 issue specie
notes tor the same. 10 be redeemed nj the agency
whers ISSUED. Said notes to be prepared by the
Secretary OF the Treasury. slgnodby the Treasurer
aud eonntcrslgncd by the President ui the Board o
ENcheancr, and made payable to the order oi the
principal agent and endorsed by him when issued
at such agency
VI Tho ENchcqlnr and AGENCIES ON the domestic a
gold OF silver CON, bullion, 10 draw aud except
bills Of exchange, aud 10 rceclvea premium moi cN
eeedlne two per centnm. Also, 10 collect drafts OF
bills hui 10 make no advance payment TIL advi
sed oi the collection. and 10 charge 4 reasonable
commission ar collection and cNcmnge.
All specie notes issued, either IN payment ii the
public creditor, OF On the dcposltes OF individuals.
never 10 exceed the actual amount OF specie ON hand
ior then redemption, tioilrr for dollar.
VIII Dues 10 the nit.d States to be paid in gold sil
Yer CON, Ia specie notes, or IN The notes OF banks
immediately convertible into specie NJ the place
where received. The ENch,qu,r and agencies 10
settle weekly, q orcncr, the balances with the
banks
IN The FAchequor and agencies To keep separate and
distinct sets oi books, enter and record one set
all transactions Respecting The collection, keeping
and discussing of The public revenue, AMI transmit
ting the Pulale moneys from place 10 place. Tor the
service 81 The hove comment aud lHanoher. all trails
actions and accounts arising from he operations in
exchange md olhoItnnslefons not ON Government
ar'ou9i.
n ne f.AchefHof may appoint rs agent any specie
PAYING hanhi but such bank Is mol authorized 10 re-
coNc fi'aie Iosiles, or 10 accept sell bills, or
drafts, eh account ol The Exchclucr
NJ. The fNchcqucr and agencies 10 act as commission
ora oi leans and pension agents, and grnoIally Ia
render all facilities IN transferring and dlsburslug
the public funds. Full and exact accounts II the
board and agencies 10 be- furnished tn the Secretary
OF the Treasury, and he TO report 10 Congress. Ne
cENsafy rooms and vaults 10 be provided. Suretics
to he taken, and penalties prescribed and strict cx-
ANIMATION made.
HE details OF the above plan are fully carried out in
The bill which accompanies the report.
risk, and otpcrieci saiey;a system in which there is
not the possibility Of hazard 10 the community
and none 10 the Government except in the keep
ing Of the public money. This is risk which must al
ways be incurred on the part Oft the Government. 1t
Is nseparaln from any system which can be proposed
or adopted. II 1.-THE supposed. it has by many. that
the public money would be safer in Bank of tho ntd
oai $, or under the State BANK d'postc system. the
committee lave already shown that both those modes
OF keeping 1t are nttcrl out Of thequestlon. They
therefore adopt, al the primary agencies, the only
one left namely the custody Of individuals appointed for
the express purpose by the Government. with ample
sureilts and under such penalties the law capable Of
providing.
This system is DESIGNED for the collection safe keen
ng and disbursement of the public revenues and
through its OPERATIONS ia furnish un,rm currency and
e,uallze exchanges
The committee have already shown in vhat way it
would furnish a uniform currency. and they have no
doubt that the specie notes which would be put IN cir
culaon by it, would in amount exceed the circulation
Of the aie Bank Of the rncd States Tho ovor,ot cir