Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-02-24
Another Exchcqucr.
We have at length the report of the seI

We have at length the report Of the select
committee in the Hou.e Of Represent ives
upon TINT part Of the Presidents Message
which relates 10 the administration Of tho +
nances. Ii is understood to be the work OF
Mr.. Gushing Of Massachusetts,, chairman OF
the committee.
The plan proposed in the report differs in
some important particulars from that recon
mended by the President, although its gene
raj outlines are the same. II is accompanied ID
by bill which establishes at Washington u
Board of Exchequer, to consist of the Secre.
tary of the Treasury, the Treasurer, and one
commissioner appointed for four years, at q
salary Of three thousand dollars per annum,
and not removable except for specific reasons
to be laid before Congress.
The board may establish agencies not ex.
ceeding ten in oil, at the principal CONNER
cial points, to be conducted by the officers
requisite for transacting the business, who are
to be appointed by the President and Senate.
and only subject TO removal in the same man
ner as the commissioner. The public mo
MES arc to be received, safely kept, transfer
rcd, and disbursed by The board and its
gencies, as the wants Of government may re-
qure.
They may also receive deposi,es in gold
and silver from individuals, and give cerlif.
Gates therefor, to an amount not exceeding
ten millions of dollars may issue public Ger
tfcutes to the public creditors for the amount
due them the mlnts may also receive gold
and silver on depositc and all certificates to
be receivable for public dues, and rcdcemab!e
in specie at each and every agency, ant to be
issued in sums Of from FIVE to one hundred
dollars.
The board and its agencies may draw bills
or drafts upon each other, and sell the same
at a premium not exceeding the fair ro,e fo,
renting specie no bill or draft to be sold
except for cash, or such funds os are receva.
bic for public dues--iI,at is, Treasury notes,
and the notes Of banks paying specie at the
place where they are offered. But they are
no, allowed to buy bills Of exchange, except
under The direction Of the Secretary of the
Treasury, when necessary for the purpose
of the government. All payments made by
the board or its agencies are To be in gold or
silver coin, or, with the consent of the public
creditor, in Treasury notes or certificates OF
dcposi,c. All dues 20 the United States, or
any officer or department thereof, may b.
paid in gold and silver, in certificates Of de
posl,c issued under the act, in Treasury note,
of banks which shall DO Immediately payable,
on demand, in gold and silver at the places
where received. The bill contains various
che cks and guards TO preven; the embezzle.
ment and improper use Of The public money,
aud To secure the fidelity Of tho officers of the
Board.
Such ore the outlines Of the plan in the
shape that majority Of the comm ttee have
gwen il. II IL said there are to be one or two
dissenting reports from the mlnorily-thrc,
meuoers being locos, and in favor Of the Sub
Treasury, aud one, Mr.. Davis, Clay man
and IN favor OF an old fashioned bank. Wha
will be the ultimate fate of this project it Is
Of course impossible 10 predict.