Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-02
SENATE COMMITTEE REPORT.
MONDAY. February 9i, isi2
tcoScLUpEp /

The following rs n copy OF the Oil .whleh accom-
panied MIR Talmad.e's rePou'
a BILL smendstory of the several acts establish.
ing the Treasury Department.
BE il enacted by the Senate and Hous. OF Re.
preseuta,ives ofthe United States Of America in
Congress assembled, That there shall be- and here
ny Is. created and established in the Treasury De-
pGr;mcnt, at the seat Of the Government Of the u.
States, board to be called the Exchequer of the
United States, to be composed of three commits
soncrs 10 be appointed by the president. with the
advice and consent OF the Senate, and who shall be
removed fcon Office only with the like concurrence
Of the Senate, and for some one or more oil the fol-
wing causes, to wit; physical inability, incomrc.
t.ncy or neglect violation of duty; and, in every
ich case % shall he the duty OF the President TO
communicate TO the Senate the particular reasons
Of the proposed removal; hut, during the recess OF
the Senate, the President may, FOR any Of the afore
sill causes, suspend any of the sad commissioners,
and appoint temporary substitute, and within the
hr>t week OF the ensuing session of tho Senate, he
shall lay before that body the Of such sus-
pension, and 1t the Senate concur with him, the
commissioner 80 suspended shall be removed bu, ii
At do no; concur with him, the said commissioner
shall be restored. And on the first organization OF
the board, one OF the three commissioners SHALL by
the mombtrs thereof DO elected president, who shall
hold his oHice for two years, when new election
sh1,. be made; and in like manner a new election
shall take place aflerwarj, at the end OF each sue.
ocssvo period oftwo years. Add the Secretary of
the Treasury shall have authority TO appoint, on
the recommendation Of the board, all such inferior
officers as, in The judgment ofthe board the transact
ton OF ats business may require, tie amount Of
their respective compensations, I'LL fixed 10y law, TO
bc determined Ivy the board, who may take bonds
Tor the faithful discharge of their duty for such sums
and IN such manner, as the Secretary of the Trea
slrV shall direct; and each Of said commissioners
shall receive an annual salary of - dollars.
Sc. ;. And he 1t further enacted, That the said
B'lrJ OF ENchcquer shall have power to establish
oceu-cS or offices in such Of the ciie. or towns Of
the United States as 1t may judge necessary and
oNpcdiert OF the pubic service aud also wherever
Congress may by law require the same TO be es-
taoshcj, limiting the number to as few rs the ext
gcu..s OF The service will admit, and in no case OK
Gee ling Two in any Stale or Territory; and such
officers ard agents as may by the Board OF Excl G.
qufr hr thought necessary for the man cement Of
such agencies, and the Transaction of their business
shall be appointed by the Secretary Of the Treesu-
~, en- the fecomme ndstion Of the Board of Exche.
Quer; AMI the said board shall have power TO fix
me amount OF the respective computations OF such
oih,ofS iili lac same shall DC determined by law,
onu 10 provide regulations for the government OF
such agencies, the Transaction of their business, and
tue rendering accounts OF all their proceedinss-
AND IN such regulations they shall so assign and
arrange tho duties OF the officers OF the said agencies.
ne i'2, one OF those officers shall be q check and
control upon the other, and for that purpose they
SNAIL require that the accounts and proceedings OF
each sht. be entered in proper books. And any OF
the Officers OF the SAID agencies may be removed by
me Secretary Of the Treasury, on the recommended
u'n OF SAID board, for physical inability, or ncom.
potency, or neglect, or violation of duty; but il
sha.. be his duty state every removal OF any prin
cpnl ohcer Of any agency, with MS reasons there
Ior IN hs general annual report of the transactions
Of The Exchcquer.
Sec ). And he it further enacted Tha: the said
LNchcquer and ITS officers shall be the general agents
ol the Government OF the United States for recev
Ios, safe keeping, and Disturbing the public moneys,
aai transferring and transmitting the same under
ne direction of the Secretary Of the Treasury; and
a.. pablo moneys received, from whatever sources,
shall. under the same directions be paid ir'o the
sali Exchequer, or It's agencies; and the principal
officers employed ir such agencies shall give bonds
To ihe Unued States, for such amount and in such
form rs the Secretary OF the Treasury shall pre-
acu'e tor the faithful performance of their duties
And the said BOari Of Exchequsr and its several
a. ncies shall pay all warrants, drafts or orders
made thereon by the Treasurer Of the United States
"ni by oil Disturbing officers and agents Of the Go.
Neinment having authority 10 make such drafts or
orders And every such payment shall be made
IL the optlon OF the person entitled 10 receive Il; in
gold and silver coin, in specie notes. 10 be issued
in sncn form as Is hereinafter prescribed But suci
notes shnl never exceed the actual amount Of specie
holden Tor tEeir redemption.
Sec. .. And be It further en1c ed, That the sale
EAcHeqneT and us officers shall perform the dure.
o commissioners OF loans in receiving subscriptions
ct thereon, undsr the directions Of the Secretary
tie Treasury; and shall render to tie Treasurer OF
me United States all necessary facilities for trans
ierrns and discussing the public funds as shall be
Toqrl cd by HIM, AMI shall perform all The duties of
pension agents under the regulations prescribed by
Inc Secretary OF War, and shall nder and e form
ail otAer cuties and services in relation 10 the col
letting, keeping, and discussing OF the public funds
as shH! he prescribed by law or by The Secretary
o. tie Treasury.
{, And he AZ
be Lawful. for the Exchequer at the seat OF Gown
mcai' and rs several agencies, TO receive on private
opposite gold or silver coin, or bullion, the proper
~ OF individuals, 10 lie held, as in other cases of
ccpUsres made by individuals for convenience and
iecury, and TO issue specie notes for tie same I'm
such form ns the said board shall prescribe which
notes shaii always be redeemed on presentation OF
ue agency where issued, but the amount so demo.
sued shall never exceed in the whole fifteen millions
' collars, 10 Ue distributed by the board among its
several agencies according 20 the extent ofther bu
'oess, respectively; and for issuing such specie
notes no higher premium shall be demanded than
sau be suthceut TO indemnify against the hazard nj
JOSS, ana remunerae for the safe keeping the depo-
le and ~ no instance TO exceed the half Of one
per cent. But specie notes issued by the board and
Dts several agencies shall be redsemable only ot The
place where issued, unless the board shall see cause
10 order otherwise
Sec. g. And be it further enacted, That the Sc.
oeiary OF the Treasury is hereby authorized and
IOfcg
d.n'minntors not less than five dollars nor exceed
ing one hundred dollars, which notes shall be signed
ny the Treasurer OF the United States and coun.
ssrcd by the President Of the Board OF Exrbe
que, and made payable to the order Of the pripci.
pa a. Il a. each agency, and sha be by him en-
uJfs'd when issued at such agency, md which
notes shall be redeemabe, and shall be redeemed
~ goo and silver, on demand, at the agency where
issued. And specie notes Intended TO be issued bv
we bo'tn o. ExehequeI at the seat Of Government
shan he m Ike iorn, and shall be payable 10 the or
DER a the commissioners, and shall be endorsed bv
some one OF them when issued, and shall be redeem =
o. and redeemed al said board, on demand in gold
and silver and exact and perfect lists Of an notes so
gUed shalt be kept at the Treasury And ali
oci3 notes issued under the nuihoi Of this aet
may, when redeemed, be ress1ed, by the board and
DO ogcn@ es respectively.
Sec. T. And be It further enacted, That j. shall
he lnwi Tor the Exchequer az the seat Of Govern
ment and as several agencies, on the dep1ste oi
gold or silver coin or bu ion as q payment therefor.
10 cTiw bills Of exchange made payable at 50 d
ENcheqncr, or any agency where funds ore proyi-
ded ON which 10 draw, and also 70 accept bills OF
exchanges the amount Of which bills and accept
onccs shall in no exceed the sum so deposited
An1 such bills Of exchange and acceptances shal
10 signed and couniersigned in such manner as the
said boar shall prescribe.
Sec Aud he 10 further ensc,eJ. Tint on sscb
hil oi exchange or acceptance, the Exehequer or
agency "l "h'cn Such bull or acceptance 10 made
fH'H oe cntiied 10 receive lust and reasoDable
premium, not exceeding the fair cost Of RENTING
specie 10 the place Of payment, md in no coss 10
exceed two per centum on the amount Of such bill
or acceptance.
Sc. o. Ard be il further enacted. That i, sbsil
to awful iol the said Board nj Exchcqler and each
o. is ngonee' under rcgu'a ion T. be scribed by