Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-26

,ccy.ic for pubic dues, ani Inc na.ula, LII; -;
you'd he to follow the course OF tiae 20 Tue
ties ill there would be couh'e''''''s
;hcm there. ,,,,,.;r,I tor land office mo-
- 80 ,he smaller denominations having ehicreu ii.o
o;r,,la,ion amons, the People would DC retainer -
;l.,,on Inv reason Of lis convenience anu unu'u'''
III, al even the amount which should Ind lis way
cfru' Atlantic cities in payment of public dues, "ouu
W 49,, H.. thrown hack upon the West, IN payment VI
q. ,,I; creditors The West Would also receive
I l. 700 amount of this circulation from the ensran's
~ New England, New York, Virginia and DINER ~
Ian,c States as well from the vast inilux 81
~. tom the contiacnt of Europe. All would ucpos'e
nec; in the Atlantic agencies, and take IN lieu o,
a., s,ec;e notes Of the Exchequcr On their arrival
~ ,hs West they would pay them into the land Offices,
.,.d of beinn subjected 10 the expense ami risk oil
.ar,;no specie or any local currency on whch 'heS
might BE- compelled to pay large discount ." ~ III
soc;c They would also use these specie notes ID az
hr disbursements for the purchase OF stock and ioi
,ho ;mnroycment of their farms. Again, the Eastern
ochan,s would send these specie notes to pay me
purchases of the products of the West seems 10 inc
pal,se that The Yves, would have an abundant share
COM. ~; cors,,ment currency and in connection with
bc benefits which it would derive from exchanges tha
~ Interests would be peculiarly promoted by the es'ap
lishmcnt of tins system IN. e.
This paper circulation based upon specie, dollar iof
dollar VIII not add 10 the circulating medium oil ,he
oomn,rv The committee have heretofore shown that
tfnITh
ovcr spccic amongst those advantages are the follow
Il will he the means of drawing forth from lis hid
nlaces sIecc that has been boarded TO the estimated
amount of several millions and which, IN ts present
condition. is of no use lis posssssor nor 10 the coun-
-, The lack of confidence in individuals and banks
49, sar d.nosorics which caused this retirement oil spe'
ca viii Weld Al once to the unbounded confidence IN
spicd BY the Exchequcr where specie notes are Is
sued on epostc of specie and the safe custody o. inc
deposte j. by the Government for the rcdep
lion Of the notes.
} In The ratio Of the increased velocity and cccno.
mo which uapr affords over specie and 10 which may
he added the high credit OF this paper, it Will mpart
great activity and consequently effectiveness TO the CIR
culaina medium.
2 The local banks may be induced, 10 great extent,
TO substitute this paper for their own
l. II will prevent the dcpreclalono OF specP' W ata
sion whilst in circulation.
Il will prevent total loss 10 the country and TO
the world by shipwrcck and other casualties
G. Il will alluid the most convenient, sale anu Saiu'
able currency for travel
: II will Le the best and safst remittance by mail,
from one end OF the Union Ia the other for the payment
of newspapers and periodicals. and other things requr-
inn sm, sums without The possibility OF loss by depTe-
cilton 10 those who're Give It.
It will tend To auate the banks and by frequent
settling of balances bring them up II sound elfcu-
ation
a. IL Will do m0cn towards Regulating ~
means Of lis favorable action on the local currency
In Tho view which the committee have thus far taken
of the lan of Fiscal Agent submitted by the Secfria
~ ofthr Treasury, they have suggested CERTAIN inpor
ant notifications and in order 10 give the Senate
more concise and connected view Of the system a. they
propose to modify it, they san y Tue following
l. A hoarl,o he established in The Treasury Depart
mcn at the seat Of government 10 be called the h1che.
nucr of The United States. The board TO be composed
of three commissioners, 10 tie appointed NY Tie ir'r
dent with the advice and consent OF the Senate ard 10
be removed from Office only with the ike concurrence
Of HE Senate and for physical inability ncomprtency
NEGLECT or violation Of duty. The President to commu-
ncac 10 the Senate tho particular reasons Of the pro
posed removal For like causes The PrcsJen, may sus
pend commissioned and appoint temporary suhs.i-
uc and within the first week OF the ensuing session
of The Senate las before that body the reasons Of such
suspension and if the Senate concur the commissioner
to be removed il not, To be restored
H. The Board OF Exchoqucr 10 est bllsh agencies, a
il NAV deem necessary and cxpccnt for the public ser
vice limiting the number few the eSigences OF
The service will admit and in no case to exceed Two IN
any State Territory.
ill., The Secretary Of the Treasury 10 appoint the in
erior officers of the board and also Tho officers OF the
agencies on the recommendation ofihe board and 10
move them for physical inability, incompctency neglect
or violation of du:v, on Ike recommendation.
w The Exchcqucr and its officers 10 be the general
agents of the government for receiving Keeping
and disbursng the public moneys The public moneys
from all sources received be paid into the Exchcquer
| and lts agencies.
v The Exchcquer and agenc es 10 receive on d.
post gold or silver con or bullion, and 10 issue specie
notes for the same to bc redeemed At the agency where
issued Said notes to be prepared by the secretary Of
the Treasury signed By the Treasurer and counierssn
ed by the President of the Board OF Exchcquer. and
made payable The order of the principal agent and en-
dorsed by him when issued at such agency
vi. The Exchequer and agencies, on the deposit
Of gold or silver coin, bullion, to draw and accept
bills Of exchange, and 10 receive premium mol exceed
ing two per centum Also, collect drafts or bills, but
TO make no advance payment till advised OF the col
lection and TO charge reasonable commission Tor col
lection and exchange.
VII All specie notes issued, either In payment of
the public creditor or on the deposits oindlvduas,
never exceed the actual amount OF specie on hand Tor
their redemption dOiiay tor dollar.
VIII. Dues 10 the United States 10 he paid in gold
silver con in specie notes, or IN the notes OF banks
Immediately convertible into specie al the place where
received The Eychrquer and agencies to settle weekly,
or otener the balances with the banks.
| TX. The Exchequer and agencies to keep seperate
and distinct sets of books TO enter and record in sci
all transactions respecting the collection Keeping and
discussing oithe public revenue, and transmitting the
public moneys from lace TO place, for the service OF
the Government and in another, all transactions and &C
counts arising from the operations IN exchange and
other transactions not on Government account.
X. The EIclcquer may appoint agent any specie
paving bank but such bank not authorized to receive
private deposilcs or accept sell bills drafts, on
account Of the Exchcqucr.
| XI The Eychcqucr and agencies TO act as commits
sioners of loans md pension agents, and generally 10
render all facilities in transferring and iisbursng tho
public funds Full and accounts of the board and
agencies to be furnished to the Secretary OF the Trsa
sury and he To report 10 Congress Necessary rooms
and vaults 10 be provided Surces to be taken, and
penalties prescribed, and strict examinations made
The details Of the above plan fully carried out in
the bill which accompanies this report.
The committee, then, propose system free from oil
risk and of perfect safety system in which there is
not the possibility of hazarI to the community and
none 10 the Government except in the kecPaS Of the
public money This is risk which must always be
incurred on the part Of the Government. 1t is inscpa
rablc from any system which he proposed adopt.
cd Ii il be supposed, has been Ivy many, that The
public money would be safer in Bank of tic United
States. or under the State hank drposire syscn, the
committee have already shown tina, both those modes of
keeping it are utterly out OF the question They there
fore adopt, at the principal agencies, the only left
namely, the custody OF individuals appointed for the
express purpose y tho Cove n'nen,, with ample
ties anil under such penalties as the law il capable Of
providing.
This system is designed for tho collection, safc-keep
inc. aud disbursement of tie pubic revenues, and,