, 1842-03-19

SU51aiied 10 the Senate by NJ. T'almage as
Chairman Of the Select Committee, accom-
panied wah q bill.
l.. 4 board to be established in the Treas
ury Department, at the seat Of Government.
to be called the Ezchequer of the United
States. The board to be composed of three
commissioners, 10 be appointed by the Pres
ident, with the advice and concent OF the
Senate. and 10 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 CON-
nunicate to the Senate the particular reasons
of the proposed removal. For like causes
the President may suspend a commissioner
snd appoint a temporary substitute, and with
ia the first week Of the ensuing session Of
the Senate lay before that body the rea-
sons Of such suspension, and if the Senate
concur, the commissioner TO be removed, if
not 10 be restored.
II. The Board Of Exchequer to establish
agencies, as it may deem necessary and ex-
pedient for the public service. limiting the
number to as few as the exegincies Of
the services of the service will admit, and
in no cas- TO exceed two in any State or
Territory.
III. The Secretary Of the Treasury to ap-
point The inferior officers of the board, and
also the officers of the agencies, on the re-
commentator Of the board, and TO remove
them for physical inability, incomPetency,
neglect, or violation Of duty, on like recon-
msna2tion.
". The Exchequer and its officers to be
the general agents of the government, for
recsiving, safe keeping, and disburslng the
public moneys. The public moneys from all
sources received, 10 be paid into the E1cheq-
uer and IFS agencies.
V. The Exchequer and agencies 10 receive
on depesits gold or siver coin, or bullion, and
TO issue specie notes for the same, to be re-
deemed al the agency where issued. Said
notes 10 be prepared by the Secretary OF the
Treasury, signed by the Treasurer, and coun-
tersigned by the President OF the Board Of
E1chsquer, and made payable TO the order
Of the principal agent, and endorsed by him
when issued at such agency.
vi. The E1chequer and agencies, on the
deposites Of gold or silver coin, or bullion;
TO draw and accept bills of exchange, and
TO receive a premium not exceeding two per
centum. Also 10 collect drafts or bills, but
to make no advance or payment till advised
Of the collection; and TO charge a reasona-
bic commission for collection and e1chrnge.
VII. All specie notes issued, either in
payment Of the public creditor, or on the
depesites OF individuals, never to exceed the
actual enc2n; OF specie on hand for their
redemption, dollar for dollar.
VIII. Dues to the United States to pc paid
in gold or silver coin, in specie notes, or in
the notes Of banks Immediately convertible
into specie at the place where received
The exchequer and agencies to settle weekly,
or oftsner the balances with the banks.
TX. The EXchequer and agencies to keep
separate and distinct sets of books; to enter
snd record in one set all transactions respect
ing the collection, keeping, and disbursing of
the public ~revinue. and transmitting the pub
lie moneys from place, for the service of the
Government; and in another, all transactions
and accounts arising from the operations in
exchange and other transactions not on Gov
ernaent account.
x. Fhs Exchequer NAV appoint as agent
any specie paying bank; but such bank is
net authorized TO receive private dsposites,
or to accept or sell bills or drafts, on account
of the Exchequcr.
XII. Ths Eqchequer and agencies 10 act
a. commissioner or loans and pension a
gents. and generally TO render all facilities in
transit ring and disbursing the public funds.
Full and exact accounts of the board and
agencies to be furnished 10 the Secretary of
the Treasury, Snd he to report TO Congress.
Necessary rooms and vaults to be provided.
Sureties to be tSken, and penalties pre-
scribed, and strict examinations made.
The details of the above plan are fully
carried out in tn. bill which accompanies
this report.
BILL.
A~m-ndatory Of the SeUerdl acts ESTABLISHING
the Treasury Department.
SEC. /. Be aenacted by the SEM s and