Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-03

n,incJ f Two wears one Eur years and one for six
years and vacancies subsequently, occurring, 10 be 81 fill
ed that saancy shall regularly occur Ia the end Of
every period ef tae years the said Commissioners ne
10 be removed from Office except for physical inability
lnopnIst or nlrct violation OF duty and inesse
nf any such removal shall h. the duty OF the President
tos, the thereof before the Senate. And on The
first organization o the Board, Of The three Commits
shall. by the members thereof bc elected Pffs
dent, who shall hold the office inr Two years. when
election shall s made and IN Ike manner nea =
lection shall take place afterwards nj the end Of each sue
c.siye period Of two And the Secretary oi the
Treasury shall have authority 10 apphni all such nieu
or officers in the Judgment If the Board the irarsae
tom, ot its business ma, require the amount Of Their
spcctvc cbnpensatons TO be hAed by the Board, who
may take bonds for the faithful discharge Of their duty
Tor such sums aud IN such manner AZ tho Secretary
Of the Treasury shall direct And each Of said Com
missioner shall receive annual salary OF - dol
lars
SIC .. Ind be il further enacted That the said
Board Of Eschequer shall have power to establish agen
cics Offices such at the cities towns of the States
and Territories of tho utcd States II may Judge ex-
podcn not eNcecding in any slatcor Territory and
also wherever Congress may by law require the
BE- csiabl shed and such officers and agents may by
the Board Of ENeheQucr be thought necessary io the
mansgcm,ni ri such AGENCIES, and the transaction Of
their business shall be appointed by the Secretary Of tho
rrcasury on 10 recommendation ol the Board Of EXche
qucr and the said board shall have power to fix the a
mount u nc respective compensaons ior such officers,
and 10 provide regulations for The government of such
gctcics. the transaction If then business, and the
dcring accounts Of all Their proceedings. And IN such
regulations they shall assign aud arrange the duties OF
the officers o the saidaerucs tint Of those officers
shall boa check and control upon the other and for that
purp-" they shs require that lhe accounts and proceed
"s Of each shall bo entered IN proper baoks And any Of
tho officers oi thu said agencies may he removed by the
Secretary Of the Treasury for physical inability in
competency neglect violation oil duty. but ii shall
be his duty u state every removal OF principal officer
ol any agency with hs reasons therefor, IN his general
annual report OF tho transactions OF the Board Of Exce
qucT
Sec 3 Ind be il further enncted. Tina, the said FIX
chcucr and lis officers shall bo the general AGENTS the
Government o the ncd States for rrcciying safe keep
my, and distributing the public moneys, and transferring
and transmitting. the same under III. direction OF the
Secretary OF the treasury and all public moneys received
from whatever sources, shall under the same directions
be paid unto the said ENchc,pcr It's agcncics and the
puncpl officers employed in such agencies shall give
bonds To the nted States for such and IN such
form rs the Secretary Of the Treasury shall prescribe Tor
the faithful performance OF their duties And the said
Board OF ESehequer and its several agencies shall pay all
warrants drafts. order made thereon by the Ireast
Of the United States. and by all distributing officers and
agents o the Government having authority make such
drafts orders And every such payment shall be made
At the option oil the person entitled 10 receive it, gold
and silver coin IN Treasury notes.
Soc. l. Ind be ii further enacted. 'Tha, the said
Exchcquet and lis officers shall perform the duties OF
Commissioners ot Loans, IN receiving subscriptions,
transferring stoch and paying dividends and interest
thereon. under the directions OF the Secretary Of the
Treasury, and shall render 10 the Treasurer Of the Uni
ted States all necessary facilities for transferring and dis
bursting the public funds shall he required by hum and
shall perform all hr duties Of pension agents under the
regulations prescribed by the Secretary of War and shall
render and perform all other duties and services in rrla
ton Ia the collecting. keeping, and discussing Of the pub
lie funds shall be- prescribed by law OF by the Socreta
~ Of the Treasury.
Sec. 3 Ind he ('rticr enacted, That it shall be
laWpl for the Exehrlucr at the seat OF Government
AMI It's several agencies, To private dopostc
90 ~ silver bullion, the property of individuals
toh' cid AS other cases ol deposcs made by ind
ydu. l. Tor convenience and security; and cert
daca,o The fact Of such dcposc having been made
which 1icatos shall always be redeemed proscnta
ton at tn agency where ISSUED. But the amount 80
deposited ah, Il exceed in the whole fifteen millions
Of dollars. II distributed by the Board among
era agcncle sorng to the extent OF their business re
spcctlvcy. aud Tor issuing such certificates higher
premium sa h demanded than shall be- sufficient to
ndcmni, agansi the hazard of loss aud rcmuncrae for
the safe keeping he dcposte, and in instance 10
exceed the hall at one rcr cent. But paper issued
h, the Board an It's several agencies. whether IN the
form ,lbllls Of tlcacs OF despsc. shall be re
dccnabc only at ii lace where ISSUED unless the Board
shall sec cause tot rat, = otherwise
Sec q .L,d be il fi.'ihcr enacted, That it shall be
the duty of the said Board Of E>ehegncr within three
months after It's first org 'nlAatlon, 10 establish such by
laws Hd rules oi proc ccing II may Judge cNpedent
and proper ia the fcgG alton OF Its and the GOV,
ii its agencies and copies Of all cNStng by laws
and regulations shall bo laid before Congress every year
At its annual session.
Sec. :. ind te II firth enacted That the Secretary
ot the lroasar, hereby authorized and directed 10
To bc prepared Treas ury notes OF denominations not
less than five dollars cclng thousand dollars
which notes shall be sgncd by the Treasurer OF the nj
ted States and conncrslgned by the President of the
Board OF EXcheluer, and payable TO the order of
the princlpal agent at each hIety, and which
shall he redeemed III gold aud $, N,r, demand, the
agency where issued and Tcaa IT, notes intended To be
ISSUED by the Board q ENchcutr at the OF Govern
mCnt shall be in hike iorm aud shall he payable 10 the
order ot Commissioners, and shall be endorsed by some
one of them when issued aud shall la rcdcemable and
redeemed, al SAID Board demand gold and silver;
and enact and pefect lists OF all signed shall be
kept al the lrs,,r, swl all Treasury issued un-
der the authority OF this act may, when redeemed
be rc-,sucd by thu Board and It's cncis respective
".
Sec :. Ind be Il further enacted. That tho of
Treasury notes ISSUED aud outstanding shall not at any
one tune exceed tic amount ct fifteen millions OF dol
lars unless otherwise o,rd provld I'D by law; and the
Secretary of the Treasury h authorized from time 10
tlnlc the application OF the Board Of ENchcqucr to
furnish for It's and that OF several AGENCIES suit
able amount OF such notes. to be used IN the transaction
Of It's business and all dues the ncd States or any
officer or department thereof, may be paid in gold
silver CON- III Treasury notes issued under this act or
IN the notes of banks which shal be immediately CONVEX
ble into specie a, the place when received
Sec 9. Ind be Il further enacted. That the Board of
Exchcqucr the of Government and each Of its a
genccs shall settle weekly oener with all banks in
their neghborhood whose paper they may have received
and nay collect as the case NAV be- all balances be-,