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

s'Oners OF Loans, IN receiving suDScrp
tons, transferring stock, and paying divi
dends and interest thereon, under the di
= rections ofthe Secretary ofthe Treasury
and shall render TO the Treasurer, Of th'
United States all necessary facilities 70
transferring and disbursing the public
funds as shall be required by him, and
shall perform all the duties of pension a
gents under the regulations prescribed
by the Secretary of War, and shall render
and perform all other duties and services
in relation to the collecting, keeping and
disbursiRg of the public funds as shall be
prescribed by law or by the Secretary oi
The Treasury.
Sec. 5. And be IL further enacted,
That it shall be lawful for the Excheguer
at the Seat Of Government, and its sew
eral agencies, TO receive on private de-
posite gold and silver coin or bullion, the
property Of individuals, TO be held as in
other cases ofdeposites made by individ.
uaIs, for convenience and security; and
10 issue certificates of the fact of such
deposte having been made; which certi-
fcates shall always be redeemed on pre-
sentation at the agency where issued
But the amount so deposited shall never
exceed, in the whole, fifteen millions Of
dollars, to be distributed by the Board
among its several ageneies, according to
the extent Of their business respectively;
and for issuing such certificates, no higher
premium shall be demanded than shall be
sufficient to indemnify against the haz-
ard of loss, and remunerate for the safe
keeping the deposite, and in no instance
to exceed the one half Of one per cent
But paper issued by the Board and its
several agencies, whether in the form of
bills or of certificates Of deposite, shall
be redaemabIe only at the place where is.
sued, unless the Board shall see cause TO
order otherwise.
Sec. G. And be 1t further enacted,
That 1t shall be the duty Of the said Board
of Exchequer, within three months after
its first organization, to establish such by
laws and rules of proceeding as it may
Judge expedient and proper for the regu-
Iation Of its concerns and the Govern
Of its agencies ;iand copies Of all existing
bylaws and regulations shall be laid
before Congress every year at its annua
session.
Sec. 7. And be it further enacted,
That the Secretary of the Treasury is
hereby authorized and directed TO cause
to be prepared Treasury notes of denom-
nations not less than five dollars nor ex-
ceeding one thousand dollars, which notes
shall be signed by the Treasurer ofthe
United States and countersigned by the
President Of the board of Exchequer
and made payable to the order of the
principal agent at each agency, and shall
be by him endorsed when issued at such
agency. and which notes shall be redeem
able aud shall be redeemed in gold and
silver, on demand, at the agency where
isSued; and Treasury notes intended to
be issued by the Board OF Exchequer at
the seat of Government shall be in like
form, and shall be payable to the order Of
the commissioners, and shall be endorsed
by some one of them when issued, and
shall be redeemabe and redeemed, at
said board on demand, in gold andsilver;
and exact and perfect lists Of all notes
so signed shall be kept at the Treasury;
and all Treasury notes issued under the
authority of this act may, when redeemed,
be re-issued by the board and its agencies
respectively.
Sec. 8. And be 1t further enIeted,
That the amount of Treasury notes issued
and outstanding shall not, at any one time,
exceed the amount Of fifteen millions of
dollars, unless otherwise ordered or pro-
vided by law; and the Secretary of the
Treasury is authorized, from time to time,
on the application of the Board of Ex-
chequer, to furnish for its own use and
that of Its several agencies a suitable
amount of such notes, to be used IN the
transaction of its business; and all dues
10 the United States or any officer or
department thereof, may be paid in gold
or silver coin, in Treasury Aotes issued
under this act, or in the notes OF banks
which shall be Immediately convertible
into specie at the place where received g.
Sec. 9. And be it further enacted,
That the Board of Exchequer at the Seat
of Government and each Of its agencies
shall settle weekly, or oftener, with all the
banks in their neighborhood whose paper
they may have received, and pay or COL
lect as the case may be, all balances
between it and said banks; and no indlvld.
ual 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 Exchequer, and
each of its several agencies, at all times,
so TO limit its issues that its gold aud
silver on hand shall be equal TO one third
the amount ofsuch issues outstanding
Sec. 10. And be il further enacted,
That the said Board of Exchequer may
draw. bills or drafts on any of its agencies
and may authorize any agency to draw
bills or drafts on the Board or any other
agency, and may sell and authorize i's