Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-03-03
From fhe Bsitiaore Americon.
THE EXCHEQUER-vR TAlINaDGE,s
REPORT

I
We lay before our readers this morn
! ing, the Bill reported by Mr.. TaLLNApsy
from the Select Committee az the Unite
States Senate To whom were referred In
! Report from the. Treasury and so muc
of the Presidents Message as related to
Fiscal Agent. A synopsis of the gene
raj features OF the plan, as set forth in tn
Report, may be Of service in aiding to
clear understanding Of the details Of tn
Bill. Here are the outlines Of the pro
ject,
/. a board 10 be established in th
Treasury Department, at the Sea, OF Gov
eminent, TO be called the Exchequer o
the United States. The board TO be com
posed of three commissioners, 10 be ap
pointed by the President, with the advice
and consent Of the Senate, and 10 be re.
moved from Office only with the like con.
currence Of the Senate, for physical
inability, incompetency, neglect, or vio-
lation Of duty. The President to commu-
nicate to the Senate the particular reasons
of the proposed removal. For like causes
the President may suspend commission.
or and appoint temporary substitute,
and within the first week of the ensuing
session Of the Senate lay before that body
the reasons oil such suspension, and, il the
Senate concur, the commissioner to be
removed, if not, TO be restored.
| . The Board Of Exchequer to estab.
ish agencies, as it may deem necessary
and expedent for the public service, linn
itiuy the number to RS few as the exig,n
cies OF the service will admit, ind in no
case to exceed two in any State or Terri
tory.
3. The Secretary OF the Treasury to
appoint the inferior officers Of the board,
and also the officers Of the agencies, on
The recommendation Of the board, and to
remove them for physical inability, in.
competency, neglect, or violation OF duty,
on like recommendation.
4. The Exchequer and its officers to be
the general agents Of the Government for
receiving, safe. keeping and discussing the
public moneys. The public moneys from
oil sources received to be paid into the
Exchequer and its agencies.
5. The Exchequer and agencies TO re.
ceive on deposte gold or silver coin, or
bullion, and to issue specie notes for the
same, to be redeemed at the agency where
issued. Sud notes to be prepared by the
Secretary Of the Treasury, signed by the
! Treasurer, and countersIgned by the Pre-
siden, of the Board Of Exchequer, and
made payable TO the order Of the principal
agent, and endorsed by him when issued
at such agency.
6. The Exchequer and agencies, on
the depos,e Of gold or silver coin, or bull
lion, to draw and accept bills Of exchange,
and to receive u premium not exceeding
two per centum. Also, TO collect drafts
or bills, but to make no advance or pay
ment til advised Of the COLLECTION, and to
charge reasonable commission for COL
lection and exchange.
Z. All specie notes issued, either in
payment Of the public creditor, or on the
depostes Of individuals, never to exceed
the actual amount of specie on hand for
their redemption, dollar TOR dollar.
g.. Dues to the United States to be paid
in gold or silver coin, ia specie notes, or
| in the notes Of banks Immediately con.
vertible into specie al the place where re-
ceived. The Exchequer and agencies to
settle weekly, or oltener, the balances
with the banks.
o. The Exchequer and agencies TO
keep separate and distinct sets Of hooks /;
to enter and record in one set all transac-
tons respecting the collection, keeping,
and discussing of the public revenue, and
transmitting the public moneys from place
to place, for the service of the Govern.
ment; and in another, all transactions
and accounts arising from the operations
in exchange and other transactions not on
Government account.
10. The Exchequer may appoint as
agent any specie-paying bank; but such
bank is not authorized to receive private
deposites, or TO accept or sell bills or
drafts, on account of the Exchequer.
IL. The Exchequer and agencies to net
as commissioners of loans and pension
agents, and generally to render all iacli-
ties in transferring and disbursing the
public funds. Full and exact accounts
of the board and agencies to be furnished
to the Secretary of tae Treasury, and he
10 report W CoHSieso' NcStooaiy IooHs
and vaults TO be provided. SuretIes to be
taken, and penalties prescribed, and stric'
examinations made.
We cannot perceive tina, this plan, in
its essential characteristics. differs much
from the one reported by Mr.. Cushing
in the House. A metallic currency is
contemplated by both; and both contain
tho ornamental idea of the Sub.Treasu.
ry. The whole banking system, as con.
nected with credit, would be Frustrated
by the working OF such mn institution ms
is here proposed to absorb The specie Of
the country. In other words, the Banks
would be- obliged 10 keep on hand an
amount Of coin equal to their obligations
dollar for dollar, or else cease operations !;
f,r the Exchequer would inevitably pfing
them down to the same platform on "h'eh
1t stood.
The sixth clause in the synopsis gwen
above empowers the Exchequer not only
70 sell bills or drafts for specie deposited,
like the two other plans that have been
submitted, but il also au'horses II TO col-
lsct drafis-making no advance or pay
men,. however, until advised Of the collec.
-, AZ nothing will be received hy the