Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-01-07

PN'NhNON HO'INoAlN Olllo W SUI
ject 10 The following rules and regua.
tions:
!, No bill of exchange shall be
bought which is payable in the same
State or Territory in which it is drawn,
nor any bill payable within less than
- miles Of the place Of drawing.
2. Bills drawn on places not more
than five hundred miles distant from
the place of drawing shall not be drawn
for 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 a
longer time than thirty days from sight,
Sd. In no instance shall more b. de-
manded from the seller Of such bill, by
way Of interest or exchange, than an in
terest not exceeding six per cent per
annum for the time which tho said Dill
has to run, and rate Of exchange never
exceeding the cost Of renting specie,
and in no case to exceed two per cent
And it shall not be Lawful! for the Boar
OF Exchequer, or any agency, TO pur-
chase any bill drawn by or upon any
member or officer thereof, or in which
such member or officer shalt in any way
be interested; no: TO receive any depo-
sie Of any money belonging TO any
such member or officer. Aud no bill
shall be purchased or draft sold at any
agency, without the assent Of at least
two Of The officers Of such agency; nor
by the Board of Exchequer without the
assent oflwo Of its members.
Sec. ~ And be it further enacted.
That no agency established in any State
under the provisions Of this act shall,
contrary to any Law which such State
may enact, receive any other deposites
than those OF the United Stales, or make
or sell drafts, or purchase bills, other
than such as shall be necessary in the
collection, transfer, and disbursement.
of the public funds.
Sec, l3 And be it further enacted,
That if at any time it shall be found
necessary TO carry on The operations Of
the EXchequer Board, and its agencies
hereby created, the Secretary of lhp
Treasury may cause 10 be prepared,
issued, and, delivered to the Excheouer
Board certificates Of stock Of the United
States, in the usual form, hearing inter.
est at rate not exceeding five per
centum per annum, 10 an amount not
exceeding five millions Of dollars, the
interest which shall be payable semi
annually, and the principal shall be re
deemable at the pleasure Of the Govern
ment after the expiration Of twenty
years from the issue thereof And ii
shall be lawful for the said Exchequer
Board to sell and transfer the said stock
for gold or silver coin, or bullion. And
il shall be the duty of the Exchequer
Board 10 provide for the punctuaI pay
ment Of the interest on The said stock as
It shall become due, and for the rejm-
bursement Of the principal from the
profits and other means and resources
Of the Board and It's agencies. Bu the
faith Of the Government, nevertheless,
shall be pledged for the payment Of the
interest, and the principal Of such sro'k
Sec IA And be 1t further enacted,
That the Board Of Exchequer aud ITS
several agencies shall keep separate and
distinct sets Of books, for the purpose Of
entering and recording, in one set, Az
transactions respecting The collection,
keeping, and disbursing Of the public
revenue, and transmitting the public
moneys from place TO place for the ser
vice Of Government, and in another ali
transactions aud accounts arising from
dealings in exchange and othpr lransac
tions not on Government account -
And all profits accruing from dealing
in exchange on individual ac.
count and from private deposjtes shalt
be applied in the first place 10 pay all
salaries and compensalions and 10 de-
frav all expenses incurred under rhe
authority of this act, and the residue
thereof shall be placed semi annually to
the credit Of the Treasurer Of the Unt.
States: Provided. ncUertheiesS, That the
said Board may defer all such credits
TO The Treasurer, until the amount Of
profits aforesaid beyond expenses shall
exceed two millions of dollars, and may
retain said amount Of two millions as q
fund to meet all contingencies chargea-
BILE on the Exchequer and its agencies.
Sec. IS. And be it further enacted Z,
That il it shall at any time become ne
cessary to bring suit on any bill of ex
change or other debt or liability arising
out of any transactions under the pro-
visions of this act, such suit NAV be
brought in the name Of the U States in
every Circuit Court of the United States,
or in any State Court having competent
jurisdiction.
Sec. IS. And be it further enacted,
That the necessary rooms and vaults
Cor tho saCa kaanino Oc iha nubl;o ,oo-