The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1842-03-02
BOARD OF EXCHEQUER.

The Select Committee on the plan OF the Sc
c-etary of the Treasury for Board Of ofEychequer,
om the 2lst ult made report 10 Congress, ac-
comPaned by bill. They state that, in their
view, they have suggested important modifca-
sions to the Secre;ary's plan. The following is
the basis of their bill:
l. A board 10 be established in the Treasury
! Department, at the seat OF Government, be call
! ed the Exchequcr of the United States. The
board to he composed CT three commissioners, to
o. appointed BY the President, with the a;:v;ss
and consent OF the Senate; and 10 be removed
RON Office only,with theclike concurrence of the
Senate, and Tor physical inability, incompetence,
ne .lect or vIolatiodofdatE The President to
sons of the proposed removal. For like causes,
the President may suspend commissioner and
appoint temporary substitute, and within the
tirstweek OF the ensuing session of the Senate,
lay before that body the reason of such suspen-
sion; and if the Senate concur, the commissioner
to be removed; if no, TO 5e restored.
2sThe Board OF Exclequerto 10 establish agen-
cies as il may deem necessary ard expeden for
the public service, limiting tie number to as few
as the cgcncios or the service will admit, and j,
no case 10 exceed two in any state or Territory
3. The Secretary of;he Treasury to appoint
the inferior officers OF the Board, and also the
officers OF the agencies, an the Recommendation
OF the Board, and to remove them for physica!
inaallLy, lncomnetency, neglec: or violation OF
duty, OH like recommendation.
t. The EXcbcquer and its officers to be the
general agents oi the Government !or receiving,
safekeePng, and disbursing the public moneys
the pubic money from all sources received, 10
be paid into the Exchequer and its.agencies
5. The Excilequcr and It's agencies 10 receive
en- deposi:e gold aad silver coin or bullion, and
to Issue specie no;es for the same, 10 be redeem
ed az The agency where issued; said notes 10 be
prepared by the Secretary OF the Treasury,
signed by the Treasurer, and countersigned by
the Presden; OF the Board Of Excbequer, and
made payable TO the order Of the principal agent,
aid endorsed by him when issued at such agen-
cy.
O. TIE E%chequer and agencies, on the de-
Eosi.e of ecG or silver coin, or bullion, to draw
and accept bills Of cfexchan@e, end TO receive pre-
MUM not exceeding TWO per cent Also, 10 COL
lect drafts or bills, but 10 make 70 advance or
payment till advised OF the collection, and to
charcea reasonable commission for collection
and exchange.
T. All specie notes Issued, either in payment
Of the public creditor, or on the deposes Of
individuals, never to exceed the sctua! amount
oferece on hand for their redemption, dollar for
dollar
g. Dues to the United States to be paid in
geld or silver coin, in specie NOES, or in the
notes OF banks Immediately convertible into
specie at.the place where received. The ex-
chequer and agencies 10 settle weekly, or often
er, balances with the banks.
9. Exehcque- and agencies to keep separate
and distinct sets OF books; to enter and record in
one Sc: all transactions respecting the collection,
keeping, and disbursing of the public revenue,
and transmitting the public moneys from place
to place, lor the service OF the. government; and
in another, all transactions and accounts arising
from the operations in exchange, and other trans
actions not on Government account. =
10 The Exchequermay appoint as agent any
specie paying bank; but such bank is not au-
thnrlzcd to5receive private depositcs or to accept
or sell bills or drattes on account Of the Exche-
quer. !
+ IL. The Exchequer and agencies to act as
commissioners OF Loans and pension Agents,
and generally to render al facilities in transfer