Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-03

l. n
management of the public funds
Z. useful agent Of exchanges and COLLECTIONS.
3. A national paper currency.
4. The regulation of the banIpapcr currency Of tho
States by receiving in payment Of public dues, and pr
scniig 1t for redemption AT short intervals Of time
b. The utilization of the public depses and Of the
specie funds of individuals by rendering them the basis
OF a national paper circulation.
u. Tho besowmsnt incidentally to the business Of the
Treasury, and within the letter of the Constitution, of
beuetis on thu people of the United States ~
In common with the independent Treasury -.
!. II does not entrust the control Of the public anf
or OF the currency To irresponsible private corporation.
2 II does not loan out the public money to ndivdu-
ala.
3. II makes and can make no excessive issues, and
eanno, suspend cash payments. For every paper sNs
ON the wing. II has I'D eagle in hand.
4. II Is independent ofall banks.
D. ltconducts the business of the treasury without tho
necessity OF recurring Tor aid to the creatures Of tho e
glslanfo Of the States
Il. BY the either OF coin only, of paper always
equivalent 10 con II follows the true spirit OF the
Constitution IN the maitanunce Of the legal money
standard
l. II is all times within tho control Of Congress to
repeal or amend II nj pleasure.
The President Of the United States in presenting this
plan 10 Congress. has oboycd the injunction Of the Con-
sttniion. which requires him 10 commend 10 their consd
Grafton such noasuros IA he shall think necessary and
expcdenl; he has fully redeemed the engagements in
this respect which he had previously made Congress-
Constitution aud the Union. The Committee while
animated by the highest respect lor his views. have YET
deemodt due to HIM, 10 themselves, TO tie occasion,
aud 10 the country, 10 give these views free and unbi
asscd examination They have done aud. in doing,
the, have also discharged their duty. They respoctul*
~ submit the result to the House the bIl H. rewh
rrporcd They believe This measure 10 contain tic ele-
mons Of uscnlnos and public good and such, they
recommended II Ia the House. But they feel pride
Of opinion concerning it, and if in error they are ready
10 follow the lead Il better lights, bethr there lc frua
orr quarters holng anxious only 10 minister 10 the wei
fare OF the people whom they represent II remains
lor torer,ss 10 ac III the natter the country d,nands
that in some way shall act and the times appeal to
us To ac with decision, with modonon with impartial
lily, with lnder,ndcncc. Long enough, tic questioned
e national finances haa been the sport Of passion aud
the baIlo cry party. forcmes, oal things lbe
Try, odcr 10 ITSELF needs rop aud order fer
It's material interests aud settled purpose in that
pcc (wha II shall be is of less moment. but at any rate
some settled purpose on the part Of the Fedoal Govern
men II. careless OF names. and soIcltious only for
things aiming beyond NIL intermediate obocs Of the Wis
ibe marks of the practicable aud aainabe good-if Con
gross shall in its wisdom concur at length in oqui
table adjustment ol the currency question, II eanno, la
Ia derive aud secure the lasting gratitude u e People Vi
the | nltcd States.
Mr.. CUSHING then read the bill as fIlowe:
BILL amendatury Of the several acts eslaLslna Tho
Treasury Department.
he Il enacted by fe Senate Gnd House IF Hepresenfa
tires ot he Incd States N .imorca IN Congress assem-
bied, That there shall be- and hereby is located aud
tabllshed IN the Treasury Department tho Seat Of t.-
vemont Of the United Slacs board 10 be called tho
ENcloqucr Board of the nited States 10 lie composed
Of the Secretary oi the Treasury for the time being. and
one commissioner to be appointed with The advice and
consent Of the SCuae; the commissioner be appn
I'd r four years; and neither he the Treasurer of
the United States shall he removed from Office except
Tor physical disability, Ineompoioncy neglect viola
ton ol duty; and IN OF any such renewal shall
be the duty al the President lay the thereof
he nI,I Inc nm slpIi
ceiyc annual salary OF three thousand dollars and
the Secretary oi the Treasury shall preside The
board.
See, Q ind be Il further enacted, That said board
may establish agencies Offices in the United States
not exceeding ten IN the whole and ono Of said agencies
or Offices shall be established at the city of Boston. IN
the State Of Massachusetts, at the city of New
York, IN the State Of York the city OF PhiladoI
pia, III the State OF Pennsylvania. one at the city Of
Charleston. in the State Of South Carolina. and at
the city New Orleans, in the State Of louisiana and ono
or moreol all tho other five agencies off ,es if
ccssary for the public service may be established from
time to nc at such other place places, said BOARD
may deem eXpcdlent and 1t may change the location
thereof al intervals of twelve months. the public
wee may require for the transfer and keeping and
disbursement of the public money
Sec, }. .hd be il further enacted, That fer the said
board there shall be principal clerk with salary of
- dollars per annum and aregister with salary Of
- dollars per annnm and for each agency oflico
OF SAID board 10 be established aforesaid there shalt
Dc one ulh'rlnelldcnl win Saary oil dollars
annim, and register with a salary Of - dollars per
annum; and il the business Of such agency Office re-
qurr. clerk for each superintendent with salary of
- dollars per annum, and a clerk for each regisfe
with a salary Of - dollars per annum and the said
superintendent and register shall be appointed by tho
President of the United States by and with the advice
and consent oil the Senate and the Secretary of tho
Treasury shall have power o appoint the SAID clerks
and the sad supcrnndens and registers shall he ap
pointed for four years and be removed by the Pres
dent of the United States for physical disability. ncom
potency, neglect, violation OF duty but in all
OF removal the therefor shall be laid before the
Senate OF the United States. And he Secretary Of the
Treasury shall have power, in IL shall be found
cessay at any ohe agencies oapponttempoary clerks
not exceeding ten IN the whole, for the transaction ofbn
of SAID board and agencies, subject the super
vision OF Congress, with salaries at not exceeding
- dollars per annum.
Sec. T. ind be IL further enacted, That the Exche-
quer and lis officers shall be the general agents of the o
vernmont Of the United States for receiving, saekeep
ing, and disbursng the public moneys and transferring
and transmitting the same under the direction of the
Secretary of the Treasury; and all public moneys recev
ed from whatever sources shall, under the same drec
ton be paid the said EXchequeror lis agencies,
the order Of the Treasurer of the United States. And
the said board Of Exchcqucr and its several agencies shall
pay all warrants drafts orders made thereon by the
Treasurer of the United States. and by all discussing Of
cers and agents Of the Government having authority
make such drafts orders. And the said Excheluer
and its officers shall perform the duty Of Commssonersof
Loans in receiving subscriptions, transferring stock, and
paying dividends and interest theron under the directions
of the Secretary of the Treasury and shall render the