The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-02-22

I u
tary Of the Treasury authorized from time to time
on the application of the Board of Exchequer, to
furnish for its use, and that of its several agen
ces suitable amount of specie notes, to be used in
the transaction of ITS business but, the amount OF
such notes issued either in payment TO the public
creditor the deposes of individuals, shall
exceed the actual amount OF specie on hand for
their redemption And all dues to the United States
any officer department thereof authorized to re-
ceive public dues, may be paid in gold or silver com,
specie notes issued under this act IN the notes
of banks which shall be Immediately convertible into
specie at the place where received.
SEC IL. find be 1t further enacted, That the Board
of Exchequer at the seat of Government, and each
of its agencies, shall settle weekly otener, with
all banks in their neighborhood whose paper they
may have received, and pay collect, as the case
may be, all balances between ii and said banks and
no individual shall be allowed, at any time to stand
debtor to the Exchequer, any of its agencies, in
account. And it shall be the duty of the said Board
of Exchequer, and each of its several agencies at all
times to limit its issues that its gold and silver on
hand shall be equal, dollar for dollar, to the amount
of such issues outstanding.
SEC. l3. And be IL further enacted, That the
Board of Exchequer, and its several agencies, shall
keep separate and distinct books for the purpose
of entering and recording in set, all transac
tons respecting the collection, keeping, and disburs
ing of the public revenue, and transmitting the pub
lie moneys from place to place for the service of Go
| vernment and in another, all transactions and &C
in before authorized, and other transactions not
Government account: and all profits accruing from
such operations in exchange on individual account,
and from private depositcs shall be applied in the first
place, to pay all salaries and compensations, and to
deIay all ex penses incurred under the authority of
this act and the residue thereof shall be placed semi
annually to the credit of the Treasurer of the United
States.
| SEC. IA. Andbe HtlrAter enacted, That the neces-
sary and vaults for the safe keeping Of the pub
| tf and tha ucfIn tha hnsI
of the Board of Exchequer and its agencies shall be
provided by the Treasury Department at the city
| of Washington, and in the custom houses minis,
branch minis, and other public builpngs belonging
| to the United States, far the be fur
nished without detrment to the public service, and
where the cannot be furnished the Hald board
may provide others.
| SEC. Is. And be it further enacted That it shall
be lawful for the said Board of Exchequer to appoint
agent for the board any specie paying bank in any
State In Cases where may not be deemed expedlen
to establish office agency of the said board as
hefeinbefore provided, hut such bank shall not
be authorized, IN any event, to receive deposltes,
or to accept or sell bills drafts account of the
| Board of Exchequer.
f Sec. l6 and be it further enacted That full and
exact accounts of the proceedings of the board and
Its several agencies shall be furnished to the Secreta
ry of the Treasury often he may prescribe; and
it shall be the duty of the said Secretary to lay abb
stracts of the before Congress at the commence
ment of each annual session. and to furnish full and
particular accounts and statements of the transac-
tons of the board and its agencies when required and
the amount of specie notes outstanding at the end OF
every quarter shall, soon thereafter as the same
may be ascertained be published by the Secretary of
the Treasury.
Sec. II. Ind be ii further enacted That if any mem
Der of the Exchequer Board, or any officer clerk
employed in its business any of its agencies
shall convert to his own in any way, any money
or security deposited with belonging to the said
board any Of its agencies, or belonging to the
United States any other person persons dealing
or depositng with the said board any agency, he
shall be deemed guilty Of felony, and on conviction
thereof before any the United States, of
petent jurisdiction shall be sentenced to mprson-
ment for a term not less than than
years, and to fine equal to twice the sum or value
OF the property embezzled
| SEC 10. And be II further enacied, That, if any
officer member Of the ,ard of Exchequer, or
any of its agencies established under the provisions OF
this act shall issue any specie note, maxi accept OF
deliver any draft bill of exchange, without having
received the full value thereof in specie, and caused
the receipt ofhe be duly entered in the books
of the said agency, shall be guilty Of any other
NAL practice, by which any responsibility CT the said
agency of the Board ofExchequer of the United
States shall be improperly created increased, he
shall be deemed guilty of felony, and, on conviction
thereof in any court of the United States of compe
ent Jurisdiction shall be sentenced TO Imprisonment
for term not less than year more than seven
years. and to fine equal to the amount of the specie
note SO issued, Of the bill draft made accepted
or delivered, to the amount of the responsibility
created increased.
Sec. 10. find be further enacted That the Secre-
tary of the Treasury shall have power, at his dscre
tion by himself or by agent duly appointed by
him, to examine the officers and clerks of the Elk
chequer and its agencies on oath affirmation, touch
ing all matters relating to the Exchequer or its agen
ces, or either of them; which said oath the said
Secretary, said agent, is hereby authorized to adj
minister. And if any person so examined shall will
fully make any false statement, wilfuly refuse to
disclose declare the whole TRUTH such person shall
be deemed guilty of wilful and corrupt perjury and
shall suffer the pains and penalties thereof on con-
vction before any court competent to try the same.
And the said Exchequer and agencies shall, at all
times, be open to examination by any committee APP
pointed by Congress, or either House thereof
Sec 20. find be further enacted, That all acts and