Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-01-18

quer al the Seat oil Government, and
its several agencies, to receive on pri-
yate deposite gold or silver coin or bull
lion, the property Of individuals to be
held as in other cases of deposites
made by individuals foI convenience
and security; and 10 issue certificates
of the facts of such deposite having
been made; which certificate shall al
ways be redeemed en- presentation at
the agency where issued. But the
amount so deposited shall never ex-
coed in the whole fifteen millions of
dollars to be distributed by the Board
among its several agencies according
TO the extent of their business respec-
lively; and for issuing such certificates
no higher premium shall be demanded
than shall be sufficient to indemnify
against the hazard of loss aud remuner-
ale for the safe keeping ithe deposite,
and in no instance to exceed the enc
hall Of one per cent. But paper is<
sued by the Board and its sew
agencies, whether in the form of
or of certificate of deposite, sha
redeemable only at the place where's
sued, unless the Board shall see cause
to order otherwise.
Sec. 6. ARd be II further enacted,
That it shall be the duty Of the said
Board of Exchequer, within three
months after its first organization, TO
establish such bylaws and rules of
proceeding as it may Judge expedient
and proper for the regulation Of its
concerns and the government of T
agencies and copies of all existing
laws and regulations shall be laid
foe Congress every year at its ann
session.
Sec. Z. Ind be 1t further enacted
That the Secretary of the Treasury il
hereby authorized and directed to
cause to be prepared Treasury notes
denominations not less than FIVE dol
lars nor exceeding one thousand dol
lars, which notes shall be signed by
the President of the Board of Exche-
quer, and made payable TO the order o.
The principal agent ct each agency, and
shall be by him endorsed when issued
at such agencies, and which notes shall
be redeemable and shall be redeemed
in gold and silver, on demand, at the
agency where issued; aud Treasury
notes intended TO be issued by til:
Board of Exchequer at the seat o
Government shall be in like form, ant
be payable to the order oflhe Commits
sioners, and shall be endorsed by som,
one Of tiissta wfieif issued, aus snaT1r-D,
redaemable and redeemed, at sait
Board on demand, in gold, and silver
and exact and perfect lists Of all note
so signed shall be kept at theTreasury
and al Treasury notes issued unde
the authority of this act may when re
deemed, be re-issued by the Boar
: and its agencies respectively.
Sec. 8. And be IL further enacted
That the amount OF Treasury note
issued and outstanding shall not, :
. any one time, exceed the amount
fifteen Millions ofdollars unless othewi:
ordered or provided bylaw; and ii
u Secretpry of the Treasury is author
zed, from time TO time on the applici
lion of the Board Of Exchequer
4 furnish for its own use and that Of i
+ several agencies suitable amount {
: such notes to be used in the transaclic
: of its bushes; and all dues 10 the Tn
: ted States or any officer UT departmeI
y thereof may be paid in gold or silv'
y coin, in Treasury notes issued undt
y his act or IN the notes of banks whic
IN shall be Immediately convertible I'M
s specie at the place where received.
Sec.9. Ind be tt further enacted, Th
d, the Board of Exchequer at the Seat
H. Government and each of its agenci
ne shall settle weekly. or oltener, with ;
or banks in their neighborhood whose p
s pei they may have received, and p;
g or collect, as the case may be, all bs
c. ances between it and said banks; ar
y; no individual shall be allowed at al
m time to stand as debtor to the Exch
ne quer or any ofits agencies in acconI
K and it shall be the duty of the sa
II Board of Exchequer, and each OF
es several agencies, at all times, so to lii
es il its issues that its gold and silver !
as hand shall be equal to one-third I
all amount of such issues outstanding.
ce Sec. 10. And be 1t further enacte
I'd That the said Board of Exchequ
es may draw bills or drafts on any Of
'r- agencies, and may authorize any age
of cy to draw bills or drafts on the Boa
rs or any other agency, and may sell a
n authorize its agencies TO sell such bi
CHI or drafts for a premium not exceedi
y the fair cost of RENTING specie TO
of place of payment, and in no case
in exceed two per centum on the amo'
Try OF such DILL or draft.
Sec. IL. And be 1t further enact
ed, That it shall be lawful for said Bo'
Of of exchequer and each Of its agenc
M to purchase domestic bills Of exchan
lb- subject TO the following rules and re-
nd lations: