The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1842-01-05

siderad, but the "greaC WALL VI Iiie So'i! =
the want of confidence in the steadlness anu
stability of the policy of the Government"
The difficulty of obtaining Government loans
is alluded to; and a Bank considered as OUT "
the ques ton. ,,:i
The provisions of the Bill are next considered,
which has in view-l. The safe-keepng OF the
public moneys. 3D. Furnishing the Govern
ment and the people with paper currency
equivalent to gold and silver. Sd: PROVISION
for furnishing mediumof Commercial Exchange
The provisions of the Bill are fully explained
under these separate heads.
In reference to the safe keeping OF tne fPuoiio
money we quote a sentence from the hePor.
The PEOPLE have a right to be as safe as good
laws and faithful administration can make tieti
AGAINST both waste and loss. 1t was remark
of the late President, striking by its breyrty as
we'll as it's truth. That epery dollar lost :oy IN
faithfulnsss in office lends TO create neao charge
anon The People; and this truth cannot pe kept
too fully or too constantly in view.
We must now hasten to the provisions OF tne
Bill which consists of twenty sections.
/. The first section provides for the estap-
lshment sin the Treasury Department, at ;the
seat of Government Board to be caileo : s H5
ExcuEoUER OF THE UNITED STATES, composed
oil SECRETARY VI ufS- iSooei - 80
er offcio: and three commissioners, whose tenure
of oce is severally to be fora 2, a, and1 years,
removable only for cause--one OF whom 10 pe
President of the Board by election, blennia ly;
the Secretary of the Treasury to appoint tne
subordinate officers, requiring bonds;th Board
to receive salaries, and subordlnates comPeh-
sation to be fixed by the Board.
9. The Board to establish agencies whefe
deemed expedient, not exceeding two IN any
State or Territory, and wherever required by]
law-the officers to be appointed by the secreta-
nv of the Treasury, on recommendation OF lne
Board who are to fix compensation, and MAKE
repulations-duties to be assigned as to be checks
upon the officers-to be removable by the Sec
retary, for cause, reasons to be rendered IN the
;Secretary's annual report
s. The Exchequer and officers to bethe, gene
raj agents Of the Government; for receiving, sale
keeping, and disbursing public moneys-tos give
bonds prescribed by the Secretary-to pay all
orders or warrants-the creditor to nave ms
option, of Treasury notes, or com g
A. Exchequer to perform duties or loan COM
4nssioners, pension agents, TO transfer stocS'
pay dividends, &c, and perform all the duties re-
jating to the receiving and disbursing the public
funds. -
s. The Exehequer: and its agencies, to receive
private deposits in gold and silver cein and bui-
lion, and issue certificates redeemable where
issued-the amount not to exceed SI5,uO0UOU,
distributed among the agencies. proportionablyy
to their business-the premium for such issues
not to exceed one halt per cent. All Issues re-
deeniable where issued, unless the Board order
otherwise. E..s,r[s.. [s.-Sst
6. The Board within three months after or
ealizatiol to establish bye laws, copies OF when
to be annually laid before Congress.
Z. Secretary of the Treasury'to prepare notes
of denomination not less than SD nor exceed
ing $1,000, to be signed by tile Treasurer, and
countersigned by the President of the Board
parable to the order of the principal agent at
each arencv, 10 be endorsed BY them when IS
sued, redeenable in gold and silver [coin] on
demand when issued. The Treasury notes at
the seat of Government, issued by the Excheq-
eer, to be in like form, payable to the order OF
Commissioners, and endorsable by one OF them
and redeemable at the seat of Government, IN
god and sve--Hsts of all notes, SO signed, to
be kept at the Treasury: and all notes to be re-
issuable. fS.5sS -
8. Notes outstanding not to exceed, at any
time Sl5000,000, unless otherwise ordered py
law. The Secretary OF the Treasury authorlz-
ed to furnish suitable amounts for the Board,
and it's several agencies; all public dues ana
salaries to be paid, optionly in Treasury notes.
gold and slver,or bills of specie paying panks' A
Convertible where received,
g. The Board and Agencies to settle, weekly
or oftener with allbanks--n mo individual allowed
as debtor to the Exchequer or its Agenc.es,-the
gold and silver ON hand always1to equal one
third of the amount of issues.
10. Exchequer to draw bills or drafts on any
agency, and authorize any agency to draw on
the Board, or other agencies, and SELL and au-
thorizc agencies to sell, for premium not eS-
ceeding cost of renting specie to place OF pay
ment, but in no case exceeding tsco per cent
ii. The Exchequer and Agencies authorized
70 purchase BILLS OF. EXCHANGE, subject
to the following rulesand regulations
lst. No bill to be. bought payable nthe same 4,
State or Territory where drawn, nor any bill
navable within less than-miles of the place OF
drawing. Eool
2d, Bills drawn on places not exceeding 50O
miles, not to exceed 80 days from date; exceed
ipp 500 miles, not to exceed 80 days from sight
3d. Interest on bills not to exceed 3 per cent
premium not to exceed cost of remitting specie,
and limited to 2. per cent. No officer OF the
Board or Agencies permitted to be interested in
the negotiation of any bill, or to make any depos-
if: and no bf to be purchased or sold without
the assent of two members of the Board or OF
two officers of the Agepsys :,
II. No agency establishedin any State shaii'
contrary to its laws, receive any other dePosits