, 1842-03-19

the principal agent at each agency, ana
shall be by him endorsed when issued at such
agency, and which notes shall De redeema'
bic, and shall be redeemed, in gold and silver.
on demand at the agency where issued
And specie notes intended to be issued by
the Board of Exchequer. at the seat OF Gov
eminent. shall be in like form, and shall be
endorsed by some one of them when issued
and redeemed at said board, on demand, IN
gold and silver; and exact and perfect lists
of all notes so signed shall be kept at the
Treasury; and all specie notes issued under
the authority of this act may, when redeemed,
be resiSsued by the borad and its agencies re-
spec'ively.
SEC. 7 4ndbe ii further enacted, That
it shall be lawful for the Exchequer at the
seat of the Government and its several agen-
cies, on the deposite of gold or silver coin,
or bullion, as a payment therefore, to draw
bills of exchange made payable at SAID Elk
cheouer, or anv agency, where funds are pro-
vided on which to draw, and also to accept
bills Of exchangeSah amount of which bills
and acceptances shall, in no case, exceed the
sum so deposited. And such bills OF ex-
change and acceptances shall be signed and
countersigned in such manner as the SAID
board shall prescribe.
SEC. 8. And be ii further enacted, That
on each bill of exchange or acceptance, the
Excheouer or agency at which such bill oil
acceptance is made shall be entitled to re-
ceive a lust and reasonable premium not cx-
ceeding the fair cost Of renting specie TO the
place of payment. and in no case to exceed
two Der csatum on The amounts of such bill
or acceptance.
SIC. 0. ind be it further enacted, That
il shall be lawful for the said Board Of Ex-
%Iations TO be prescribed by the board, TO re-
ceivc and take charge of. for collection, such
drafts o bills of exchange as tnay be deposited
with them for that purpose. drawn on any
place where an office of the Exchequer may
Ue established; but in no case shall any adj
vance or paymen. be made on account OF
such draft or bill until il shall have been ac-
tuallv collected and advice received oil suc':
collection, whereupon the proceeds shall be
paid over 10 the person entitled TO receive
them at the office where the said draft or bill
was originally deposited for and
collection. deducling theretrom such rcasona-
bic charges and commission as may have
been agreed upon, which shall IN no case ex-
coed per centum on the amount col
lected.
SEC. 10. And be ii further enacted, That
il Shall be the duty OF the SAID board of Excheq-
uer, within three months after its first organ
zation, to establish such bylaws and rules OF
proceeding as it may Judge expedient and
proper for the regulation Of its concerns
and the government ofits agencies; and cop
les of all existing bylaws and regulations
shall be laid before Congress every year at its
annual session.
Sell. Aaibe Il further enacted. That the
Secretary oil the Treasury is authorized, from
time to time, on the application oi the Board
Of Exchequer, to furnish for It's own use, and
that of It's several agencies, u suitable amount
Of specie notes, to be used IN the transaction
Of its business; but, the amount of such notes
issued. either in payment to the public cred.
itor. or on the deposites of individuals, shall
never exceed the actual amount of specie on
hand for their redemption. And all dues to
The United States. or any officer or depart
ment thereof authorized 10 receive public
dues, may be paid in gold or silver coin, in
specie notes issued under this act, or in the
notes Of banks which shall be Immediately
convertible into specie at the place where
received.
SEC. IL. And be IL further enacted. That
the board of Exchequer at the seat of Gov
eminent, and each of its agencies, shall set
tie weekly. or ~oitener, with all banks in their
neighborhood whose paper they may have
received, and pay or collect, as the case may
be, all balances between 1t and said banks;
and no individual shall be allowed, at any
time, TO stand as debtor to the Exchequer, or
any of its agencies, in account. And it
shall be the duty Of the said Board of Elk.
c~hequer, and each of its several agencies, at
all times, so to limit its issues that its gold and
silver on hand shall be equal, dollar for dol
lar, TO the amount of such issues outstanding.
SEC. I3. .4nd be 1t further enacted, That
the Board Of ~Exchequer, and its several agen.
cles, shall keep separate and distinct sets Of
books, for the purpose Of entering and re-
cording in one set, all transactions respecting
the collection keeping and discussing of the
public revenue and transmitting the public
moneys from place TO place, for the service
of Governments; and in another, all transac-
tons and accounts arising from the opera
tons in exchange herein before authorized,
and other transactions not on Government
account: and all profits accruing from such