Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-03-05
PLAN

A hoard 10 he e,,abu she'd in the Treasury Department,
ct the Seat of Government, TO be called the ENrhequer
of the United States. The board 10 be composed oil
three commissioners, TO be appointed by the President
with the advice and consent of the Senate, and TO be
removed from Office only with the like concurrence of
the Senate, and for physical inability. incompetency,
neglect, or violation OF duty. The President to com-
municate to the Senate the particular reasons OF the
proposed removal. For like causes tho President may
suspend n commissioner and appoint a temporary sub
stitute. and within tho first week Of the ensuing session
of .he Senate lay before that body the reasons of such
suspension, and if tho Senate concur, the comm ssioneT
TO be removed, if not, to be restored.
III. The Board of Exchequer to e7tablish agencies, as 1t
may deem necessary and expedient for the public ser
vice, limiting the number 80 rs few as the eSlsencies OF
the service will admit, and in no case to exceed two IN
my State or Territory.
III. The Secretary of the Treasury TO appoint The inferior
officers of the board, and also the officers OF the agen-
cies, on the recommendation of tho board, and to re-
move them for physical inability, intompeiency. neg
iect, n vioIati of duty, on like recommendation.
" The Exchequer and is officers 10 be the general agents
Of the Government for receiving, safe-kseping and DIS
bursting the public money. The puohc moneys from
all sources received 10 be paid into the ENehequer and
its agencies.
y. The Exchequor and agencies to receive on depostte
gold or silver coin, or bullion. and 70 issue specie notes
for the same, TO be redeemed at the agency where is
sued. Said notes TO be prepared by the Secretary OF
the Treasury, signed by the Treasurer, and counter
signed by the Ptesiden, of The Borrd ofExchequer, aud
made payable to the order oil the principal agent, ana
endorsed by him when issued at such agency.
VI The Exchequer and agencies, on the depostie OF soi1
n silver coin. or bullion 70 draw aud accept bills of
exchange, and to receive a premium not exceeding two
per centum. Also, to collect drafts or bills, but 20
make no advance or payment till advised of the coIIec-
ton, and to charge a reasonable commission Tor coiLec-
ton and exchange.
VII. All specie notes issued, either in payment Of the pub
lie creditor, or on the deposite OF individuals, never TO
exceed the actual amount Of specie on hand for their
redemption, dollar for dollar.
VIII. Dues TO the Unite Sta ties to be paid in gold or sill
yer coin, in specie notes, or IN the notes Of banks nm
mediasely convertible into sPeeis at the place where
received. Tine Exchequer and agencies tosetio week
lv. or oftcnes. the balance with The banks.
IN. Tho Excheqner and agencies 10 keep separate and dis
tinct sets of books; to enter and record IN one set all
transactions respecting the collection, keeping. disbuls-
ing OF the public revenue, and ransmtttihg The public
moneys from place to place, for the services Of the Go
vernmen,; and in another, all transactions and ac-
counts arising from The operations in exchange and
other transactions no, ON Government account.
Y. The Exchequer may appoint, as agent any sPscie-pay-
ing bank but such hank is not authorized to receive
private depostes, or 10 accept or sell bills or drafts, on
account of the Exchequr-.
NJ. The Excaequcr and agencies to act rs commissioners
OF loans and pension agents and generally TO render all
facilities IN transferring and dishursins the pubic funds.
Full and exac, accounts of the board AMI agencies TO
be furnished TO the SECRETARY of the Treasury, and he
to report to Congress. Necessary rooms and vaults to
be provided. Suretes TO he taken, aud penalties pre-
scribed, and strict examinations made
The details of the above plan are fully carried
Oh, in the bill which accompanies this report.
The committee, then, propose a system free
from all risk, aud of perfect safety; a system IN
which there is not the possibility Of hazard to
the community, and none TO Government except
in the keeping of the public money. This Is a
risk which must always be incurred on the part
Q! the Government. l, is insePeraoie from any
system which can be proposed or adopted. If it
u . SuDptStu, - u bas b1'' ~ ''''' 'NN 80
public mosey would be safer IN a Bank OF the Y.
States, or under the State bank ~dePosite system.
the committee have already shown that both those
modes of keeping it are utterly OUT OF the ques-
ton. They therefore adopt, at the principal a
geneies, the only one left, namely, the custody
OF individuals appointed for the express purpose
by the Government, with as ample snre'ies and
under such penalties as The law is capable Of pro-
sid,ng.
This system is designed for the collection, safe
keeping, and disbursement of the public revenues.
and, through lis operations. TO furnish a uniform
currency and to eqIalize exchanges.
The committee have already shown IN what
way il would furnish a uniform currency; and
they have no doubt that the specie notes which
would be put 10 circulation by II, would in amount
exceed the circulation o. the late Bank of the U.
States. The avarage circulation OF that iusti,u.
ton during the existence OF lis charter was about
$4,000, 900, and its average nmoun, OF specie
on hand short Of So, 600, 900. In some years lis
specie cqualled, in others erceeded its circulation.
And but for It's expansions, commencing IN 1920,