The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-03-08
Mr.. TALLMADGE'S EXCHEQUER
PLAN

PLAN.
On Monday the Hon. Mr.. Tallmadge SUBJ
mitted, with an elaborate Report, the follow
ing Plan for a National Exchequer:-
In the Senate, to-day, Mr.. Tallmadge, from
the Select Committee on the currency, made
an elaborate report accompanied by bill.
This bill is essentially different from the
House bill.
The following arc its principal features, as
stated in the Report:
SIN the view which the Committee have
thus far taken," says the report ''of the plan of
a fiscal Agent submitted by the Secretary Of
the Treasury, they have suggested certain i'm
portant notifications: and in order to give the
Senate concise and connected view of the
system, as they propose to modify it, they
submit the following, (which is the basis of
the bill ACCOMPANYING the Report:)
l. A board to be established in the Treas
ury Department, at the seat of Government,
to be called the Exchequer of the United
States. The board to be composed of three
commissioners, to be appointed by the presi-
dent with the advice and consent of the SEN
ate; and to be removed from office only with
the like concurrence of the Senate, and for
physical inability, incompetency, neglect or
violation of duty. The President to commu-
nicate 10 the Senate the particular reasons OF
the proposed removal. For like cause the
President may suspend commissioner and
appoint a temporary substitute, and within the
first week of the ensuing session of the Sem
ale, lay before that body the reasons of such
suspension; and if the Senate concur. the
the commissioner to be removed; if not, to be
restored.
III. The Board of ExcheIuer to establish
agencies as it may deem necessary and expe-
dent for the public service, limiting the num-
Der to as few as the exigencies of the service
will admit, and in no case to exceed two in
any State or territory.
Ill. The Secretary of the treasury to ap-
point the inferior officers of the Board and al
so the officers of the agencies, on the recon-
mendaton of the Board, and to remove them
for physical inability. incompetency, neglect
or violation of duty, Oh like recommendation.
". The exchequer and its officers to be
the general agents of the Government for re-
ceing, safe keeping, and discussing the public
money from all sources received, to be paid
into the Exchequer and its agencies.
V. The Exchequer and its agencies to re-
ceive on deposite gold and silver coin or bull
ion, and to issue specie notes for the same. to
be redeemed at the agency where issued; said
notes to be prepared by the Secretary of the
Treasury, signed by the Treasurer, and coun-
tersigned by the president of the Board of
Exchequer, and made payable to the order of
the principal agent, and endorsed by him when
issued of such agency.
vi. The Exchequer and agencies. on the
g l.-,I,- h1l 10
draw and accept bills of exchange, and to re-
ceive premium not exceeding two per cent.
Also, to collect drafts or bills, but 10 make no
advance or payment till advised of the collec-
ton, and to charge a reasonable commission
for collection and exchange.
VII. All specie notes issued, either in pay
ment of the public creditor, on the deposites
of individuals, never to exceed the actual a.
mount Of specie on hand for their redemption,
dollar for dollar.
VIII. Dues to the United States to be
paid in gold or silver coin, in specie notes of
banks Immediately convertible into specie
at the place where received. The exchequer
and agencies to settle weekly, or oftener, bal
ances with the banks.
k The Exchequer and agencies to keep
and record in one set all transactions respec-
ting the collection, keeping, and discussing of
the public revenue, and transmitting the pub
lie moneys from place to place, for the service
of the Government; and in another all trans
actions and accounts arising from the opera
tons in exchange, and other transactions not
on Government account.
X. The Excheqer may appoint as agent
any specie paying bank; but such bank is not
authorized to receive private deposites, or TO
accept or sell bills or drafts on account of the
Exchequer.
XII. The Exchequer and agencies to act as
commissioners of Loans and Pension Agents,
and generally to render all facilities in trans
ferring and discussing the public funds. Full
and exact accounts the Board and agencies to
be furnished to the Secretary of the Treasury
and he to report to Congress; necessary rooms
and vaults to be provided; sureties to be taken,
prescribed and strict examinations made.
The bill was then read twice by its title, and