Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-01-04

premium not exceeding the fair cost OF
remIttlng specie 10 the place Of payment,
: and in no case 10 exceed two per centum
! on the amount Of such bill or draft.
, Sec. ii. And be IL further enacted
T That it shall be lawful for said Board Of
; Exchequer and each Of lis agencies to
, purchase domestic bills of exchange, sub
ject 10 the following rules and regula
tions:
r /. No bill Of exchange shall be bough
} which is payable in the same State o.
TERRITORY in which it is drawn, nor sny
J bill payable within less than.--milel
Ofthe place Of drawing.
2. Bills drawn on places not more thar
FIVE hundred miles distant from the place
of drawing shall not be drawn for IongeI
time than thirty days from date; anC
bills drawn on places more than five hun
dred miles from the place. of drawing
shall not be drawn for longer time than
thirty days from sight.
B. In no instance shall more be de-
manded from the seller of such bill by way
of interest or exchange, than an interest
not exceeding six per cent. per annum
for the time which the said bill has to
run, at rate Of exchange never exceed.
ing the cost of remitting specie, and in
no case to exceed two per cent And it
shall not be lawful for the Board of Ex.
chequer, or any agency, to purchase any
bill drawn by or upon any member or
officer thereof, or in which such mem
Ger or officer shall in any way be interes-
ted; nor 10 receive any deposte of any
money belonging TO any such member or
officer And no bill shall be purchased
or draft sold at any agency, without the
assent of at least two officers Of such
agency; nor by the Board of Exchequer
without the assent oftwo Of its members.
Sec. IL. And be it further enacted,
That no agency established in any State
under the provisions of this act shall,
contrary 10 any law which such State
may enact, receive any other deposites
than those of the United States, or make
or sell drafts, or purchase bills, other than
such as shall be necessary in the coIIec-
tion, transfer, and disbursement Of the
public funds.
Sec. 10. And be ii further enacted,
That if at any time it shall be found me-
Cessary to carry on the operations Of the
EXchequer Board, and its agencies hereby
created, the Secretary of the Treasury
may cause to be prepared, issued, and
delivered to the Exchequer Board certifi-
Gates OF stock of the United States, in
the usual form, bearing interest at rate
not exceeding five per centum per an
mum, to en- amount not exceeding five
millions of dollars, the interest of which
shall be payable semi-annually, and the
principal shall be redeemable at the plea.
sure of the Government after the expra-
ton Of twenty years from the issue there
of. And it shall be lawful for the said
Exchequer Board TO sell and transfer the
said stock for gold or silver coin, or bul.
lion. And it shall be the duty of the
Exchequer Board to provide for the pune
tual payment Of the interest on the said
stock as it shall become due, and for the
reimbursement oNthe principal from the
profits and other me ans and resources of
the Board and its agencies. But the
faith of the Government, nevertheless,
shall be pledged for the payment Of the
interest and the principal of such stock.
Sec. IA. And be it further enacted,
That the Board of Exchequer and its sew
eral agencies shall keep separate and
distinct sets of books, for the purpose
of entering aud recording, in one set, all
transactions respecting the collection,
keeping, discussing of the public revenue,
and transmitting the public moneys from
place to place for the services of Govern.
ment, and in another, all transactions and
accounts arising from dealings in ex.
change and other transactions not on
Government account. And all profits
accruing from dealing in exchange on
individual account and from private depo.
sites shall be applied in the first place
TO pay all salaries and compensations,
and to defray all expenses incurred under
the authority Of this act, and the residue
thereof shall be placed semi-annually 10
the credit of the Treasurer of the United
States; Provided neUertheleSS, That the
said Board may defer all such credits to
the Treasurer, until the amount of profits
aforesaid beyond expenses shall exceed
two millions of dollars, and may retain
said amount of two millions as fund to
meet all contingencies chargeable on the
Exchequer and its agencies.
Sec. Is. And be 1t further enacted
That if it shall at any time become ne
cessary to bring suit on any bill oi ex-
change or other debt OF liability arising
out Of any transactions under the ProVis-
ions of this act, such suit may be brought
in the name of the United States in any
Circuit Court ofthe United Statds, or any
State Court having competent iurisdic-
Sec. 16. Aud be Il further enacted,
That the necessary rooms and vaults for