The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-22

| SES. /. Belt enacted By the Senate and House Of
Representatives. Of The United States Of America IN
Congress assembled That there shall be- and hereby
49, created and established in tie Treasury Depart
ment, at the seat Of the Government Of the United
States board to be called the Exchequer offhe United
States TO be composed Of three Commissioners TO be
appointed by the President with the advice and con-
sent of the Senate, and who shall be removed from
office only with the like concurrence of the Senate,
and for some one of the following causes TO
wit physical inability, incompetency neglect, or
violation OF duty and every such case, shall be
the duty oil the President to communicate TO the SEN
ale the particular reasons of the proposed removal
but during the recess of the Senate, the President
may, Tor any OF tn aforesaid causes suspend any OF
the said Commissioners and appoint temporary sub
stlute and within the first week of the ensuing
OF the Senate, he shall lay befne that body the rea-
sons OF such suspension, and If the Senate concur
with hun, the Commissioner SO supefseded shall be
removed, hut # do not concur with him, the said
Commissioner shall be restored. And on the first or
ganlzation OF The board of the three Commission
shall by the members thereof be elected Presiden
who shall hold his office for two years, when
election shall be made; and in like manner new
election shall take place afterward at the end OF each
successive period ottwo years And the Secretary OF
the Treasury shall have authority To appoint the
recommendation ofthe board all such inferior officers
IN the judgment of the board the transactions OF It's
business may require, the amount of their respective
compensalions u fixed by law TO be determined by
the board, who may take bonds for the faithful dis
the Secretary the Treasury shall direct; and
each Of said Commissioners shall receive annual
| sal airy OF dollars.
| SEC. z And be IL further enacted, That the SAID
Board OF Exchequer shall have power to establish
agencies offices, such Of the cities towns Of
the United States il may judge necessary and ex-
pedient flor the public service, and also wherever
Congress may by law require the same to be esta-
bshed, limiting The number to as few the exgen'
ces ofthe service will admit, and in exceeding
two in any State or Territory and such officers and
agents may by the Board of Exehequcr, be thought
necessary for the Arrangements of such agencies
and the transaction of their business shall be appoint
ed by the Secretary of the Treasury, the recon-
mendaon Of the Board of Exchequer; and the said
board shall have power to fix the amount of the re-
spectve compensations of such officers till the same
shall be determined by law, and provide regulations
for the government of such agencies the transaction
of their business and the rendering accounts OF all
their proceedings. And in such regulations, they
shall assign and arrange the duties OF the officers OF
the said agencies that of those officers shall be
check and control upon the other, and for that
purpose they shall require that the accounts and pro-
ceedlngs Of each shall be entered in proper books
And any of the officers of the said agencies may be
removed by the Secretary of the Treasury on the
commentator of said Board, for physical inability,
ncompetency, neglect, violation OF duty; but
It shall be his duty to state every removal OF any pn
cpa OFFICER of any agency, with his reasons therefor
his general annual report of the transactions OF the
Excheguer Il
SEC. 5 and be u fufHter enacted, L nat the SAD
Exchequer and lis officers shall be the general agents
of the Government of the United States for receiving
safe keeping and dlsbursing the public IN neys and
transferring and transmitting the same, under the d.
rection Of the Secretary OF the Treasury (; and all
public moneys received, from whatever sources, shall
under the same directions, be paid into the said Tx
chequer, its agencies and the principal officers,
employed in such agencies, shall give bonds to the
United States for such amounts and in such form
the Secretary of the Treasury shall prescribe, for the
| a. - Int A1l has "A
Board of Exchequer and It's several agencies shall pay
all warrants, drafts orders, made thereon by the
Treasurer OF the United States and by all dsbursing
officers and agents of The Government having authp-
rty to make such drafts or orders And every such
payment shall be made at the option OF the person en-
titled to receive it, gold and sil, CON- specie
notes to be issued in such form hereinafter pre-
scrbed But such notes shall exceed the actual
| amount Of specie holden for their redemption.
| SEC 4. And be il further enacted, That the said
Exchequer and its officers shall perform the duties Of
commissioners of loans, in receiving subscriptions,
transferring ok, and paying dividends and interest
thereon under the directions of the Secretary OF the
Treasury and shall render to the Treasurer OF the
United States all necessary facilities for transferring
| and discussing the public funds shall be required
by him, and sha perform all the duties of pension
agents under the regulations prescribed by the Stce-
tary of War and shall render and perform all other
duties and relation to the cullectng keep
ing and dsbursing of the pubic funds as shall be
prescribed by law by the Secretary otthe Treasury
SEC. 5. And be il further enacted That 1t shall be
lawful for the Exchequer at the seat OF Government
and its several agencies, to receive on private depoSle
gold or silver coin bullion, the property OF Ind
vduals be held in oti OF deposites made
by individuals for convenience and security; and to
issue specie for the in such form as the
said board shall prescribe; which notes shall always
be redeemed on presentation al the agency where
sued but the amount so deposited shall exceed
in the whole fifteen millions of dollars to be dstfl-
bued by the board among Its several agencies accord
ing to the extent of their business, respectively and
for issuing such specie notes no higher premium shall
be demanded than shall be sufficient to ndemni
against the hazard of loss and remunerate for the safe
Keeping the deposte and IN no instance TO exceed me
one-half of one per But specie notes issued by
the board and its several agencies, saa be redeem
able only at the place where issued unless the board
shall see cause to order otherwise.
SEC. 6. And be IL further enacted That the Secre-
tary othe Treasury is hereby uhorzed and directed
TO to be prepared specie notes of denomnat ons
not less than five dollars exceeding one hundred
dollars which notes shall be signed by the Treasurer
of the United States and countersgned by the Presi-
dent of the Board of Exchequer and made payable to
the order of the principal agent at each agency, and
shall be by him endorsed when issued at such agency
and which shall be rcdecmabe, and shall he re-
deemed in gold aud silver demand at the agency
where issued And specie notes intended to he issued
by the Board of Exchequer, at the seat OF Govern
ment, shall be in like form and shall be payable to
the order of the commissioners and shall be endorsed
by some of them when issued, and shall be re-
deemable and redeemed at said board, demand, in
gold and silyer and exact and perfect lists of all
notes signed shall be kept at the Treasury; and
all specie notes issued under the authority of this act
may, when redeemed, be re-ssued by the board and
its agencies respectively
SEC 4 ind be IL Guthe, enacted, That it shall be
lawful for the Exchcquer, at the seat of Government,
and It's several agencies, on the deposte of gold
silver CON- or bullion apayment therefor to draw
bills OF exchange made payable at said EXche-
quer, or any agency, where funds are provided on
which to draw, and also to acc pit bills of exchange;
the amount of which bills and acceptances shall in
no case, exceed the deposited And such bills
of exchange and acceptances shall be signed and
countersigned in such manner the said board shall
prescribe.
SEC 8. find be IL further enacfed That on each bill