The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1842-03-19
From the Louisville Journal

tlO SOulAS'
Mr.. Talmadge, chairman of the Sc
lect committee, to whom was referred
the report of the Secretary Of the Urea.
Sury on the cabinet plan for national ex
chequer, made a report thereon. The fol-
lowing is the plan recommended by the
committee:
81. 4 board 10 be established in the
Treasury Department, at the seat of
Government, to be called the Exchequer
OF the United States The board to be
composed OF three commissioners, 10 be
appointed by the President, with the ad-
vice and consent of the Senate, and TO
be removed from Office only with the
like concurrence of the Senate, and for
physical inability, incompetency, neg
lect. or violation of duty. The President
to communicate to the Senate the partic-
lar reasons of the proposed removal
For like causes the President may sus-
pend commissioner and appoint a tenn
porary substitute, and within the irsl
week of the ensuing session Of the Sen
ate lay before that body the reasons of
such suspension, and, if the senate con
cur, the commissioner TO be removed, if
not, to be restored.
SO. The board Of exchequer to estab-
lish agencies, as it may deem necessary
and expedient for the public service, linn
ting The number to as few as the exigen.
cies of the service will admit, and in no
ca 10 exceed two in any State or Ter
Titory.
IS. 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 the
board, and TO remove them for physi-
cal inability, incompetency, neglect, or
violation OF duty, on like recommends
ton.
go. The Exchequer and its officers to
be the general agents Of the Govern
ment for receiving, safe keeping and
disbursing the public moneys. The
public moneys from all sources received
to be paid into the exchequer and lis agen-
cies.
%. The exchequer and agencies to re-
ceive on deposit gold or silver coin, or
bullion, and to issue specie notes for
the same, 10 be redeemed ut the a.
gency where issued. Said notes to be
pre- pared by the Secretary Of the Trea-
sury, signed by the Treasurer, and coun-
tersigned by the president of the board
of exchequer, and made payable to the
order OF the principle agent, and endors
ed by him when issued az such agency
80. The exchequer and agencies on the
deposite Of gold and silver coin, or bull
lion, to draw and accept bills of ex
change, and TO receive a premium mo-
exceeding two per centum Also, to col
lect drafts or bills, but to make no ad
vance or payment till advised of the col
lection, and to charge reasonable com
mission for collection and exchange.
81. All specie notes issued, either il
payment of the public creditor, or on tn,
deposItes of individuals, never TO ex
coed the actual amount of specie OF
hand for their redemption, dollar for dol
lar.
$50. Dues to the United States to b.
paid in gold or silver coin, in speech
notes, or in the notes Of banks immedi
ately convertible into specie at the plac
where received. The exchequer and a
gencies to settle weekly, or oftener, tn
balances with the banks.
80. The exchequer and agencies t
keep separate and distinct sets Of books
to enter and record in one set all trans
actions respecting the collection, keeE
ing, and dlsbursing of the public reye
nue., and transmitting the public money
from place to place, for the service {
the Government; and in another, a
transactions and accounts arising fror
the operations in exchange and othe
transactions not on Government az
count.
$40. The exchequer may appoint a
agent any specie-paying bank; bat sue
bank is not authorized to receive pr
vate deposites, or to accept or sell bill
or drafts, on account OF the exc hequer.
all. The exchequer and agencies
act as commissioners of loans and pei
sion agents, and generally to render a
facilities in transferring and disbursin
the public finds. Full and exact a
counts of the board and agencies to |
furnished to the Secretary of the Ire
sury, and he to report to Congress. N
cessary rooms and vaults to be provide
Surelies to be taken, and penalti,
prescribed, and strict examination
made"
The details Of the above plan are fl
ly carried out in the bill which accomp
MES the report.
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