Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1842-02-25
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THE E~xcHEQUER BILL.

me Eychequcr Bill as reported by Mr.. Gushing
WIN notifications, on Thursday, proposes that III
.i1are Of Exechequer shall thosist of the Secretar,
Urt"e i1eSeury, the Treasurer of the United States
nnd one Com mtssio''er, TO be appointed by the Pres
iicnt, with the consent of the Senate. for four years
with a salary dfs300O per ann m. ~
ane IAcnequer Board TO have power TO appoint a
Eeeneles' no, exceeding ten in all, viz. at Boston, New
loTs, fhlla G ph'a, Charleston and New Orleans
H,t any other five places where the public service
may reqcircit. The Board to have a principal clerk
and register, to be appointed by The President, viii
the consent ofthe Senate, for four years: and cncj
SUPERINTENDENT and register TO have n clerk if the bu.
si"ess OF me agency require il. The Exchequel
ANUS oIiccfs To he the general agents of the Gov.
ern',en,, Tor the receiving, safe keeping and uisburs.
Tent OF the public monies, and for Transferring hen
Cnder the direction of the Secretary OF the Treasury,
n,d Tor paying all warrant drafts and orders of The
treasurer OF the United States, and disbursing off.
Ger, ana agents having power to make such drnfts
anq shn.l perform al the duties of pension agents.
fecefee,. deposits of COL and silver from individuals
and to tissue certificates therefore. bnt never 10 nm n.
mount exceeding. $4,000. 600, he amount receivable
10 ne nPporiioned among the agencies according to
Ine extern OF Their nslnrss respectively. They are
MISC authorized and directed 10 issue 10 public credit.
efs, IN a! cases where they may prefer the same to
money Tor the amount of debts due 10 them from The
nn m ooo o,a,es' out never to an amount exceeding $40,
ooVooo, MOI exceeding the amount Of gold and sIv,r
on mana nj the agency so certifying The officers Of
inc several mlnts ne authorized TO deliver similar
ceiIlncntes OF 1,eposife for INNS Of bullion or foreign
CONS delivered for coinage. All such certificate. n 10
to- redeemnhe il specie on demand n, The office or
MINI rom which issued, and receivable every where
IN payment of publ C dues. These cert ficntes ore 10
ne rrepnled ana signed by the Treasurer of The Uni
to STATES, and counttr-sirned by the Commits sioner
OF me Exciiequer, 10 be in denomination from five in
one hyndred dollars, 10 be delivered withou, prrm3.
ILh OF hn denominations ms the public creditor or
me heposlfor ~ specie may require, and n statement
publish Il. ''"' 's u
The Bnrrd and its agencies TO be authorized ,o
n."w urnits on one another, and sell them a n pre-
H'U'' eq'Hi 10 The lair cost Of RENTING specie. NOT ex-
ceen'h9a per cent. payment to be always made in
cas-. Tue Exrheqner and its agencies, when reonir.
ca ny re Secretary Of the Treasury, to be authorized
10 purchase private bills Of exchange. for the p,rnose
oi transmitting tie public funds for The pavucnt of
rnhlic creditors, or for public use, but f r no other
purpose. No III, to he purchased, nor draft sold by
oers. All payments ly the Exchcqrer and lis nren.
cirs 10 he ma e IN god Or silver, or viii the conscn,
o''le cred TOR, IN Treasury n ins, or certificates If
.ePost'. Al debts due 10 the United Stntes 10 he
US AFORESAID. or IN the notes Of B nks immediately
conVefr'b'e INTO specie. nj the place where rec lived
am NIL accounts with banks must be settled an
hnIonces, including al note ha every week or Of
f'rvate ~depositcs are not to be recoivcd nor dr,ts
sni' IN any state where laws may he passed to prn.
nIbit y. he Eych' qlrr Bnnrd is IN M, q ,n1r,,;,.
10 /" TIE f1rni ri business nv the AGENCIES. and
u'llcs are Ia he so arranged. and accounts an kc,,
mat the sl7erintendenis and registers shall ba ,hno. g
-"'hi = sIIllll w iHDI y
upon each Other. Thr accounts Of transactions 70.
e"rhlne me p bic monies, and those regarding deal.
lhgs IN exchnnce and private deposits s. 10 be kent in
separate ana distinct sets of books TIE proft on
'hc drawing o.! exchange are 10 be applied 10 the NV.
meht ol expenses, and the surplus [f any to be ulocccd
,clnl'nnna'ly to the credit Of the Treasurer of the
United St1te. ' VI "'
SUITS on hi Is of EXCHANGE, If necessary. 10 he
oIna.nt IN the name Of the United States in the Cir.
cu,t onris' or S'nie Courts. Deposito,ies 10 be pro
Syniei n me Custom Houses, or other public buiI.
dings' II there he suitable apartmcnts-if moi, else.
Where. Inc gross amount of the public monies
wherever kept, isto be passed 10 The credit of the
treasurer OF the Uni ed S ntcs, without deduction of
collection, and such COSTS to he paid, unLer ammonia.
uons Nv Jaw MS IN other cases of apnropriation.
various penalties are provided for fraud or misop.
Ern,p'n'lons OF the money. or counierfcitinp. or false |
~ issuing The Securities ofthe Exchequer.
ih.se notifications Of the Fxcheoucr .cher,e ma.
terlailv chinae lis character, from that which was
presented IN the lnte report of the Secretary Of The
The principle features IF lint q bcmo
which were Objectionable in principle. if we excen,
'int OF abandoning the Advantages of bank oycncv
are here excluded. The first question which will n.
T, c nn,on the expedency Of this scheme will c, as In
the policy OF abandoning The agency of banks, in the
rams ,cflon of the pu' lie usiness, and Withhold inc
the whole amount Of the public monies, in spocin
ron commercial uses. Qre-iions may al o arise in
regard 10 the prnriical operation OF some of the de.
tails of this scheme.