Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-01-01

deposl;e, shall be redeemabIe only al the place
where issued. unless the Board shall see cause ID
order otherwise.
SEC. 6. Aud be il further enacted. lhat /
shah be thc duty Of the sad Bpard oil Excneq Ter
within threc mon rs after It's first orgaulzation, Il
establish such bylaws and rules Of proceeding a-
Il nav ,4ye expedient and proper for the regIIa-
tun Ut lis concerns and the government 81 us a
gcncies; and copies nf all existing bylaws ana
regulations shall be laid before Congress every
year at lis annual session.
SEC. I. And he it further enacted, That HE
Secretary Of tho Treasury Is hereby authorized
and directed TO cause to be prepared Treasury
notes Of denominations not less than five dollars
not exceeding one thousand dollars, which notes
shall be signed by the Treasurer OF the OhIiei
States and countersIgned BY the President OF the
Board Of El.heqrer,ani made payable to me or
der of the princIptI agent at each agency, ana
shall be by him endorsed when issued at such a.
gency. aud which notes shall be redeemed In gold
and SILVER, on demand, at the agency where issi-
ed: and Treasury notes intended 10 be issued by
the B ,ard of Exchequer at the seat OF Gpvern-
tnent shall be IN like form, and shall be payable
to the order of the commissioners, and shall be
/ endorsed by some one Of them when issued, and
shall be redeemablo and redeemed, at SAID board,
on demand. in gold and silver; and exact and per
feet lists Of all notes Sd signed shall be kept at the
Treasury; and all Treasury notes issued under
The authority Of this act may, when redeemed,
be re tSSuCu by Inc DOdEU anu IL dSthNtCs iTePtC
tveiy.
Size. 3, And be it further enacted, Tha, the
amount Of Treasury notes issued and outstand-
Jog shall not, at any one time, exceed the a
mount Of fifteen million of dollars, unless other
wise ordered or provided by law; and the Secre-
tary Of the Treasury Is authorized, from time 10
time. on the application of the Bpard OF ENche-
amer. 10 furnish for its own use and that Of lis
several ageucies a suitable amount OF such notes,
to be used in the Transaction OF lis BUSINESS; aud
all dues 10 the United States, or any officer or de
partment thereof, may he paid in gold or silver
COM, IN Treasury notes issued under tins act, or
IN The notes of banks which shall be immediately
convertible into specie at the place where re-
ceIved.
SEC. o. AnI be it further enacted. That the
Board of Eychequer at the Seat OF Government
aud each of It's agencies she'll settle weekly or
ottener, with all banks IN their neigh3orhood
whose paper they may have received, and pay or
collect, as the case may be, all balances between
II and sad banks; and no individual shall be al
lowed al any time TO stand as debtor to the EX-
chcqper or any of its agencies IN account; ana
II shall be the duty of the said Board OF Excho-
uuer, and each of It's several agencies, at all tunes
so to limit its issues that its gold and silver on
hand shalt bo equal TO one-lhIrd the amount oi
such issues OUTSTANDING.
SIC 10. Aud be II further enacted, That the
said Board of Exchequer may draw biiIs or drafts
or any of its agencies, and may authorize any
any other agency, and may sell and authorize It's
agencies to sell such bills or drafts Tor a premium
no, cxrceGIng the fair cost of RENTING specie 10
The the place of pay tnent, and IN no case TO cx-
coed two Der ceutum on the amount Of such bill
or draft.
SEC. IL. And be it further enacted, That il
shall be lawful for said Board Of Exchequer and
each Of is agencies TO purchase domestic bulls
of exchange, subject to the following rules and
regulations:
l.. NJ bill of exchange shall be bought which
is PAYABLE in The same State or Territory in
which II is drawn, nor any oil. payable within less
than - miles of the place of drawing.
>. Bd!s drawn on places not more than five
hundred miles from the place OF drawing shall
not be drawn for a longer time than thirty days
from date; and bills drawn on places more than
five hundred miles from the place Of drawing shall
not be drawn for u longer time than thirty days
from sight.
3. In no instance shall more be demanded
from the seller of such bill, by way of interest
or exchange, than an interest not exceeding SIX
per cent. per annum for the time which the said
hill has TO run, and a rate Of exchange never ex-
ceedlng he COS, of RENTING specie, and 10 no
case to exceed two per cent. And 1t shall not
be lawful for the Board of Exchequer. or any a.
gencv, TO purchase any bill drawn by or upon any
member or officer thereof, or In which such MEM
Der or officer shall IN any way be interested nor
10 receive any deposite of any money belonging
TO any such member or officer. And no bill shall
be purchased or draft sold a, any agency. with
The assent Of at least two of the officers Of
such agency.nor by the Bard OF EXchequer with
out the assent of two of Its members.
SEC. IL And be it further enacted, That no
agency established in any State under the pro.
visions of this act shall, contrary 10 any law
which such State may enact. receive any other
deposites than those Of the United States, or
make or sell drafts, or purchase bills, other than
such rs shall be necessary in the collection, trans
fer. and disbursement of the public funds.
Sen. IS. And be il further enacted, That if
At any time ii shall be found necessary 10 carry
on the operations of the Exchequer Board. and
lis agencies hereby created. the Secretary o! the
Treasury may cause TO be prepared. issued, and
delivered 10 the ExcheQuer BolrG CERTIFICATES Of
stock OF the United States, in the usual form, bear