Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-01-18

The following is an abstract Of the law proposed
in Congress accompanying the Report of the Sec
rotary of the Treasury, for the establishment of
Fiscal agent.
Sec. l. Creates in the Treasury Department at
Washington an Exchequer Board, to be composed
OF the Secretary of the Treasury, the Treasurer
and three Commissioners, to be appointed by the
President and Senate-to hold 2, 4, and 6 years
so that one vacancy shall occur every two years.
Secretary of the Treasury to appoint all subordi-
mates.
Sec. 2. Exchequer may establish agencies not
exceeding two In each State Agents to be ap-
pointed and removable for cause by Secretary of
Treasury.
Sec. 3 and A. Exchequer and its agencies to be
the fiscal pension and loan agents of the United
States. All demands against the United States TO
be paid at option of the holder in coin or Treasury
Notes.
Sec. 3. Exchequer and agencies may receive
private deposes of coin and issue certificates there
tyr never charging over half per cent. therefor
Such deposltes never to exceed fifteen millions
certificates and all other papers issued, redeemable
only where issued.
Sec. 6. Requires the establishment of proper
bylaws, &c
Sec. 7. Authorizes issue of Treasury Notes in
sums from s. to 81 ,000-redeemabIei in coin at the
office where issued and re-iSSaaJIc.
Sec 8. Outstanding amount of treasury notes
never to exceed fifteen millions.
Sec 8 EXchequer and agencies to settle week
~ with Banks with which they deal, and never to
have less than one third of the amount of its out
standing paper, in coin.
Sec 10. EXchequer may draw on its agencies,
and rice rerSa, never charging more than the cost
of transporting specie, and in no case over 2 per
cent.
Sec IL. EXchequer and agencies may buy bills
of Exchange not payable in same state, and drawn
not within - miles OF place of paying; and if with
in 500 miles, of not longer date than 80 DAYS date:
over 500 miles, of 80 day sight-the seller not be
charged the rate of over per cent interest and the
cost OF Transporting specie.
Sec. II. No agency to receive private depostes
purchase Exchanges or sell drafts except for the
objects of the Treasury in any State where forbid
den by the laws of such state.
Sec. Is. Authorises the issue Of fire millions of
fire per cent stock to aid operations of Exchequer
If required, which stock may be sold, and interest
and ultimately principal, be redeemed by Exche-
quer-the whole however, under guarantee of the
United States.
Sec. ii, Requires that public accounts and pri-
vate accounts be kept in separate books, and that
profits OF private business go to pay all salaries and
expenses, and balance 60 to Treasury, except that
no balance shall be so appropriated until over 49,,
JO,O0O accrue. Two millions to be left as a con-
tingent fund
Sec. Is. Suits to be brought in name of the Uni
ted States.
Sec. is. Vaults. &c, (sub-treasury,) to be pro-
vlded in Washington, and in the minis and custom
houses.
Sec. II. Exchequer may appoint any specie
paying bank It's agent, but no such bank receive
deposites and deal in exchange on account of Ex-
chequer.
Sec. Is. Accounts in detail to be made to Sec
rotary of Treasury often as is required, and by
him submitted to Congress; outstanding Treasury
notes at every quarter to be published.
Sec. 10 and 20 Denounce as msdemeanors or
felony, according to the case, all embezzlement
or false certificates the part of Exchequer Com
mlssoners or agents.