Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-02-24


~t;h7e, the posslt.li, = loss by esa-sei,,iaa A.,
those ~ho rec i've j. { twill tea to regulate an,
| hanks and, by aioql,n d settling OF balances "a
o6ng them up TO SUN circulation. 9. hw n DO
much towards regulating txchhrses, 10y mesns ~
| "s valuable acton on the zeal currency
| ihs committee then e. on TO say, thu an tia
we" winch The committee nave Tits Ear iaken of ihs
p,sn OF Fiscal Agent ga United by the Secretary
OF The Treasury they la ,e suggested certain I'm,
pnrtant notifications; and in order To Dive ths 81
nate mose oonciie and connected view Of the ,v..
tenn as they propose q modify a. they sub,nt an,
nyins the oep'r)
l. board TO be estabshed in the r,e,s,,,,
Department, at the sea, OF Government, TO be eli
Cd the Exehequer of the United States. Tle -.
10 90 composed OF three commissioners 10 be an
pointed by the President with the advice and u
| sent oi the Senate; and To be removed from Ca;
ony win The Ike concurrence Of the Senate and
| Tor physical inability, ineompetencv. n,girc, .
violation oil duty. The President To- communic,,s
10 the Senate, the particular reasons or the prono.
! cd removal Foe ike causes, tho P,csjden, ~,
| suspend 4 commissioner and appoint n tempor,ry
substitute and within the first week OF the ensuing
session OF the Senate, lay before tina. BODY tbe
'easons OF such suspension; and IL the Senate con.
| restored. "o'' " NC
~. Inc Board OF Ex,hequer to establish open.
$3.50 may deem necessary and txprdient Tor tho
PUBIC service, limiting the number To as few ma ,be
.Nsenee' OF the service will admit and in M c,S.
10 exceed two IN any State or Territory.
~. me secretary OF the Treasury to apnon,
Interior o'eers OF the Board. and also the officers
OF tue agencies, on the Recommendation or ,hs
poato, and to remove them FOR physical inab;l;,v
inconnpe'encv, neglect or violation Of duty on liko
r, recommendation. J' "" ''Ao
Nv. The Exehequer and ii, officers to DO the ee-
s'a agents OF the Government for receiving safe.
keeping, and disbursing the public moneys-ih,
puonG money from all sources received. 10 he raid
into the Exchsquer and its agencies. fN
V. Inc EIchequer and its AGENCIES IN ,c..;v. =,
ver coin, 4
specie notes Tor the same, to be redeemed nj ,Le
agency where issued; said notes to be preparcd nv
'ne secretary OF the Treasury, signed by The Tea
p sel, u"I c3Hn'ersisned by the President Of the
board oil Exchcquer aud made pa able TO the order
oil the principal agent, and endorsed by him when
| issued ut such agency ~'
vi. lie ESchequer and agencies, on the dsno,;,e
OF soi or silver com, Or bullion to draw and ,c
cept bills OF exchange and 10 receive a nr"a,;'.,,
not exceeding two per cent. Also, TO collect drafts
o, ohs, out 10 make M ndvoncc or rayment ill
ADVISED OF the collection, AMI to charge reasonable
commission Tor collection and exchange
w. Al specie notes issued, either in pavm,nt
.e puolie creditor, or on the deposites Of indivi-
| W S, never 70 exceed tho actual amount Of specio
Y" 1,u rr 'helr redemp'ion. dollar for dollar
| IN DIes to the United State, to be paij in
gold or silver coin, in spocis NOES or in ,S 49,,
Of banks Immediately convertible into sn.c:. a, IN.
pace where received. The cxchcquer and .gen.
i banks. WV" "e
TX. The Exchequer and agencies to keen ,.p,.
.ae ana distinct ses Of b)oks; to enter unJ record
w one set all transactions respecting the colcc,ion
aospng, anu disOursns OF tie public revenue and
transmitting the pubic moneys from place to place
10, the service of the Government; and in another
az uan'act'ons and accounts arising from the one
Icons " exchange, and other transactions not on
government account.
X. Tie Evcho1uer NAV on,o;,, =. o,o,, ~
specie BANK; but such bank is not author lied 10 r.,
GIVE private deposies, or to accept or sell bills or
drafts on account Of the ESehequer
/ Iha f.,
mi sane1s OF Loans and Pension Agents, and 90.
nerally 10 reader all facilities IN transferring and
dsbursns the public funds. Full and ,x1e, nc
counts OF the Board nnd agencies to be furnished
% we s'eretary OF Treasury. and he to report TO
congress; necessary rooms and vaults to be pro-
vid,di suTeue' q be taken, and p. nall les pre-.
sc.lned; and strict examinations made.
nc b was then read twice by it's title md on
motion Of Mr. Tallmldge made the specini order oc
me dhy Tor this day two weeks
Mr. BUCHANAN asked, would il be deemed ip.
proper 10 inquire OF the chairman OF the committeo
u inc report met the unanimous appreciation Of
Mr. WAIVER said as he was one OF the commit
tee, ne let himself called uron TO responds. There
were portions Of the bill and report which he on.
POseu IN committee, and which could not meet his
anp.I"auoa' IL was unnecessary 10 go at large in
MS objections 70 those portions. He would ho,y.
e'er' mention the two principals one was that which
authoflzes Tie reception of bank paper in payment
OF uues 10 The Gov nmen; and the other is tho
e,nployhent OF STATE hanks as Repositories OF the
Sovernmcnt funds. This seems to him a vital
question. In 1891. w N il was nroposed 10 en-.
ploy state banks as der STORIES of the Government
ne opposed II. When q proposition was renewed
~ ~ '7So' ne Voled with very small minority Of his
Hends against the Stale alnk system. A reference
70 the MES Of the Globe ~ that dsy will show that
nc not only voted again. tina; system in 1886, but
Pteu'eteo, 1T the time a. 4 the currency would be-
come enormously initiate and a speedy explosion
would take place. W. en- again, at the last ses-
SION, 1t was proposed temporary measure. by
valued political friend, and voted for by nearly
every memher OF the Democratic parry, he voted
against u. lfthen he was compelled TO 90 ngoirst
his political friends IN '34, 80, ard Al il certainly
could not DC expected now that he would Weld mn
ms OPINIONS, and 20 for those features Of the hin
Sn,ch contained the obnoxious principles of tho
state bank system. There were other features of
the bill and repor, which he thou Oh, Objectionable
ana which, in his mind, required amendment. Hc
preferred parcuarizing them when the measure
itself came up
Mr. YouHG, another mennber of the committee
made the following remarks:
Mr FREsIDENr desire TO say few words
oniy N explanation OF my own position as a mem.
Der o. the Special Committee, in regard TO the hill
MnlSh mas Just been reported, and the report just
read by the honorable chairman Mr. TallmadgeI
IN explanation Of its provisions. As far ms my OBJ
AerVaton has extended, the deliberations Of the COM
nittee have been characterized throughout by a
spiLit oil mutual concession, md by a disposition
uniformly manifested 10 make the bill as nearly
coniorma6le TO the opinions of oil of the committee
as possible, and in such form rs was supposed
would most likely meet the views OF majority of
IN senate deem u due to myself, however TO
say nj this time that there are provisions in The Hill
ana certain portions Of tho report to the support Of
when do not consider myself committed. when
Tins bill and tho repor, shall up for considera-
ton, shall feel myself at liberty 20 examine both
Ia such manner as may think proper unJer tho
cmeumshnees, and in the end TO vote and &C. as nv
judgement may dictate.
MR. PhEsroS moved the printing OF three thou
\ nnFar aE al "a
was agreed 10.