Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-01-18

sucn VI " Ih0 Do"'u Vi LA
chequef the assent of two of
of its membe RS.
Sec. IL. Ind be 1t further enacted,
That no agency ESTABLISHED in any
= ader the provision of l,his act
pntrary 10 any law which such
ct, receive any other deposites
bse of the United States, or
sell drafts, or purchase bills
~ Ian such as shall be necessary
| im collection, transfer, and disburse-
md ofthe public funds.
[. 10. Ind be 1t further enacted,
I'll q if at any time it shall be found
ne essary to carry on the operations
of the exchequer Board, and its agen-
ciss hereby created, the Secretary of
Y Treasury may cause TO be prepar-
issued, and delivered TO the Exche-
er Board certificates of stock Of the
fnited States, in the usual form, bear
o interest at a rate not exceeding FIVE
Yer centum per annum, TO an amount
mot exceeding FIVE millions of dollars,
4 the interest Of which shall be payable
semi-annually, and the principle shall
be redeemable at the pleasure of The
Government after the expiration of
twenty years from the issue thereof.
| And it shall be lawful for the said Ex-
chequer Board to sell and transfer the
said stock for gold or silver coin, or
bullion. And it shall be the duty of
the Exchequer Board 10 provide for
the punctual payment Of the interest on
the said stock as it shall become due,
and for the reimbursement Of the pin
| ciple from the profits and other means
{, and resources of the Board and its
agencies. But the faith ofthe Govern
ment, nevertheless, shall be pledged
for the payment Of the interest and the
) principle of such stock.
s55c. +. z9ads Dc 81 FARTHER cHacted3
That the Board of Exchequer aud its
7; several agencies shall keep separate
5 and distinct set of books, for the pur-
!; pose Of entering and recording, in one
r set, all transactions respecting the col
: lection, keeping, and disbursing of the
d public revenue, and transmitting the
public moneys from place to place for
!, the service of government, and in an
s other, all transactions and accounts
t arising from dealings in exchange and
,fI other transactions not on Government
e account. And all profits accruing
e from dealingin exchange on individual
i account and from private deposites
/ shall be applied in the first place to
o pay all salaries and compensations, land
IS 10 defray all expenses incurred under
II the authority of this act, and the resi-
IA due thereof shall be placed semi-an.
+ nualIy TO The credit ofthe Treasurer O
1t the United States: PaoUided, Neue9the
,r less, That the said Board may defer al
r such credits to the Treasurer, until the
b amount of profits aforesaid beyond ex.
O penses shall exceed two millions OF dol
lars, and may retain said amount o
at two million as fond to meet all con
Of tingencies chargeable on the Exche
IS quer and its agencies.
IL Sec. 10. and be it further enacted
a. That il il shall at any time become ne
" cessary to bring suit on any bill Of ex
l. change or other debt or liability arising
ID OUT Of any transaction under the pro
" visions of this act, such suit may b
e. brought in the name of the Unite,
II; States, or any State Court having com
id petent jurisdiction.
is Sec. 10. And be Il further enacted
n That the necessary rooms and vault
IN for the safe-keeping' the public mon
ne eys and for the transaction Of the busi
ness Of the Board of Exhequer and ii
d, agencies shall be provided for by tn
er Treasury Department at the city Z
its Washington, and in the customhouse;
n mint, branch mints, and other publ
I'd buildings belonging to the Unite
nd States, so far as the same can be fuI
lis nished without detriment tothe publ
ne service; and where the same cannotb
he SO furnished, the said Board may pre-
TO vide others.
int Sec. II. And be 1t farther enactet
That it shall gbe Ilwful for the sal
Cd Board OF exchequer to appoint
ID agent for the Board any specie
les paying bank in any State cas-,
&c, whe il may not be deemed e.
yu- pedieht TO establish an Office
agency Of the said Board, as here
be before provided; but such bank sh'
me not be authorized in any event TO !
gn, ceive deposites or to purchase or $
nan bills or drafts on account OF the Boa
Nv of Exchequer.
Sec. 10. And be It farther cnacts
ore That full and exact accounts OF
ON proceedings Of the Board and its Sc
lwn eral agencies shall he furnished to
-om Secretary of the Treasury as often
lore he may prescribe; and il shall be
lace duty Of the said Secretary to lay
II q stracts Of the same before Congress