Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-03-18
WHOLE NO. za.
BOARD or ExCHEQUER.

BOARD or ExCHEQUER.
The Senate Committee on Finance, in reDorting
bill to establish Board Of Exchequer. use the fol-
lowing arguments in favor Of is plan, the ouinss Of
which follow:
/. It will be the means Of drawing forth
from its hiding places specie that has been
boarded, 10 the estimated amount Of several.
millions, and which, in its present condition.
is Of no use 10 its possessor or 10 the country.
The lack of confidence ii Individuals aud
banks as safe repositories, which caused this
| retirement Of specie, will yield at once to tho
uQbounded confidence inspired by the Excheq.
uer, where specie notes are issued on a depos-
lite Of specie, and the safe custody Of The de-
posite Is guaranteed BY the Governmen, for The
redemption OF the notes. 8. IN the fnsso of saso
| increased velocity and economy which paper
affords over specie, and to which may Be ad-
ded high credit Of this paper, it will impaft
great activity, and, consequently. effectiveness
| to the circulating medium. 3. The local banks
| may be induced, to great extent, to substite
this paper for theirs. 4. 1t will prevent the
depreciation of specie BY abrasion, whilst ir
circulation. S. 1t will prevent its total loss 20
the country and TO the world, by shipwreck
and other casualties. 6. 1t will afford the
most convenient, safe, and valuable currency
for travel. 7. 1t will be the best and safest
remittance by mail, from one end Of the Union
| to the other, for the payment Of newspapers
| and periodicals, and other things requiring
small sums, without the possibility Of loss by
depreciation TO those who receive il. g. 1t
| will tend to regulate the banks and, by FREE
quent settling Of balances, 10 bring them up TO
a sound circulation. 8. 1t will do much TO-
wards regulating exchanges, by means of its
valuable action on the local currency.
The committee then go on to say that . In
| the view which the committee have thus far
taEen Of the plan Of Fiscal Agent Submitted
BY the Secretary Of the Treasury, they have
suggested certain important notifications; and
| ~ order to give the Senate more concise and
connected view Of the system. as they propose
to modify it, they submit the following, which
is the basis OF the bill accompanying the re-
port:)
l. A board TO be established in the Treasu-
| ~ Department, at the seat Of Government, to
be called the Exchequer Of the United States.
The board to be composed Of three commiss-
toner's, to be appointed BY the President, with
the advice and consent of the Senate; and TO
Se removed from Office only with the like con-
currence Of the Senate, and for physical ina
bility, incompetency, neglect, or violation Of
duty. The President to communicates to the
Senate the particular reasons of the proposed
| removal. For like causes, the President may
I suspend commissioner and appQint q tempo
rdyy suUStfIuyc, usru wfst,iu siIv first wuek Of
the ensuing session Of the Senate, lay before
that body the reasons of such suspension; and
if the Senate concur, the commissioner to be
removed, if not, to be restored.
Ii. The Board of Exchequer to establish
agencies as it may deem necessary and expe-
dent for the public service, limiting the num-
Der 10 as few as the ext yencies Of the service
will admit, and in no case to exceed two in any
State or Territory.
Ill. The Secretary Of the Treasury to APP
point the inferior officers of the Board, and al
SO, the officers of the agencies; on the rec
commentator Of the Board, and to remove
them for physical inability, incompetency,
neglect OF violation Of duty, on like recom-
mentation.
Nv. The Exchequer and its officers 10 be
the general agents of the Government for re-
ceiying, safe-keeping, and disbnrsing the pub
lie moneys-the public money from all sour
ces received, to be paid into the Exchequer
and its agences.
v. The Exchequer and its agencies 10 re-
ceive on deposite gold and silver coin OF bul-
lion, and to issue specie notes for the same.
to be redeemed at the agency where issued;
said NOTES to be prepared by the Secretary Of
the Treasury, signed by the Treasurer, and
countersigned by the President Of the Board
of Exchequer. and made payable to the order
Of the principle agent, and endorsed by him
when issued at such agency.
vi. The Exchequer and agencies, on the
deposite Of gold or silver coin, or bullion. to
draw and accept bills Of exchange, and to re-
eeive premium not exceeding two per cent.
Also, 10 collect drafts or bills, but to make no
advance or payment till advised Of the coliec-
ton, and to charge reasonable commission
for collection and exchange.
VII. All specie notes issued, either 10 pay
meat Of the public creditor. or on the deposits
of individuals, never to exceed the actual a.
mount Of specie on hand for their redemption,
dollar fer dollar. .,.
Wifi. Dues to the United States TO be paid
in gold and silver coin, in specie notes. OF IN
the notes Of banks Immediately convertible in-
to specie at the place where received. The
Exchequer and agencies TO settle weekly or
oftener, balances with the banks. s,s
TX. The Exchequer and agencies to Keep
seDa ..,:e and Distinct sets Of books; TO enter
and record in one sci all transactions respect
inc the colisction, keeping, and disbnrsing Of
the public revenue, and transmitting the poo-
lie moneys from place to place, for the service
Of the Government; and 10 another, all trans
actions and accounts arising from the opera
lions in exchage, ard other transactions not
on Government account.
K. The Exchequer may appoint rs agent
anv snecie paving banks but such bank i not
anihorized 10 receive private deposites, OF 10
accen, or sell bills Of drafts on account Of the
Exchequer. rs
The Exchequer and agencies 70 act a. com.
missioners Of Loans and Pension Agents, and
generally 10 render all facilities in Transferring
ana Aiehuysiro the public funds. EsH ana