The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-19

Washington
Correspondence of the Hersld.]
WAsnINo ros. Feb. IL, 1872.
Senate Proceedings.

Washington
Correspondence ofthe Hersld1
WAsHrNo ros. Feb. II, 1872.
Senate Proceedings.
In the Senate this msming, after the presentation
ofpettons and reports from committees, Mr.. More
head offered resolution providing for the appoint
men of standing or rctrenchment committed, whose
duty it shall be to take into consideration the expen-
ditures Of the government, land point out what re-
ductions can be made. n..
Mr.. SIMMONS offered Notwithstanding the
Judieiarv Committee to report bill postp oning the
operation ofthe bankrupt law for one year. The
Chair decided it to be out Of order, and the Senate
refused the resolution without division
The remainder of the day was consumed in the
consideration Of private bills.
Nothing new or interesting aaoat to-day.
~rne select Committes ON the Curreney-the
ExeAequer Board
The morning hour having been consumed in the
House of Representatives with continued debate
on the report OF the retrenchment Committee, and
other unimportant business, Mr.. CusHrxo obtained
the consent Of the House to present report from
the Select Committee on the currency. He read his
report to the House, and then submitted bill for
the establishment of an Exchequer Board, which
was read twice, and referred to the Committee of
the whole on the State of the Union The bill pro-
poses TO establish at the city Of Washington Board
Of Exchequer, to consist Of the Secretary of the
Treasury. and the Treasurer of the United States
for the time being. with one Commissioner at a
salary of 5000 per annum, who shall be appointed
for four years, and not removable from office, ex-
espt for physical inability, ncompetency, or neglect
of duty; and in case Of removal the reasons to be
laid before Congress rThe Board is to establish
agencies or offices, not exceeding ten, at Boston,
New York, Philadelphia, Charleston, New Orleans,
and FIVE other places the United States to be deter
mined on by the Board. The officers are to consist.of
principal clerk and register for the Board, and for
each agency superintendent and register, with
one clerk the business requires 1.-THE superinten
dents and registers TO be appointed for four years.
By the President, by and with the advice and con-
sent of the Senate, and subject to removal in like
manner with the commissioner. The Board and
agencies are to receive and safely keep the public
money, and to transfer and transmit the same under
the direction of the Secretary of the Treasury, and
to pay all warrants drafts, &c. of the Treasurer Of
the United States, and to perform the duties of
missioner Ct loans-to receive from individuals de-
posites of gold and silver coin and bullion to be held
for safe keeping, and to issue certificates for the
same, the amour. never to exceed ten millions Of
dollars unless otherwise provided by law-and to
imue certificates of debt to the public creditors for
the amounts due to them. The several mints Of the
United States are to receive deposites and issue
tificates in like manner, in sums of from SIS to $l00,
such certificates to be receivable and redee mable at
each and every agency, and no pre- MUM is to be
charged on them. The Board and agencies are to
be authorised to draw bills or drafts on the several
agencies, and to sell the same at premium not
ceeding the fair cost Of renting specie to the place
ofpayment, provided that no bill or draft shall be
sold except for cash or sach funds received in
payment Of the public dues, that is Treasury notes.
certificates of the Board of Agencies, and the notes
of specie paying banks-and to purchase domestic
and foreign bills Of exchange under the direction Of
the Secretary of the Treasury, when necessary foy
the purposes Of the Government. All payments
made by the Board and its agencies to be in gold
or silver coin or with the consent of the public Gre
ditor in Treasury notes. certificates of deposite.
All dues to the United Sates any officer, or de-
partment thereof, may be paid in gold and silver in
certificates of deposite issued under this act, in
sury notes, or in the notes of banks which shall be
Immediately payable, on demand, in gold and sil.
yer, at the places where received. The bill con-
tains suitable checks and guards to prevent the
bezzlemept aud improper use of the public money,
and to secure the fidelity of the officers of the
Board.
Such is an outline of the bill, which was ordered
to be printed with the report. Mr.. Garrett Davis,
Of Kentucky, made minority report, which was
also read and ordered 10 be printed with the report
and bill of the majority. Mr.. Clay was present to
hear the committees proiet, and Mr.. Mangum also
came from the Senate chamber, for that pur-
pose, during the reading. With the exception
Of a desultory debate on a motion to
print 25OO extra copies Of the report, no other bust
ness was transacted, the reading having occupied
upwards Of two hours and until the whole report
and the bill are before the members in a printed
form. for deliberate perusal, they will be unable TO
express rational opinion upon the merits Of the
plan proposed, though amendments appear to have
been prepared before the prcje was disclosed, one
Of which Mr.. Bernard attempted to introduce, but
it was made TO give way to motion for an adjourn
ment.