The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-22

SEC. IL ind be II further enacted That the Score.
tary Of the Treasury is authorized from time 10 time,
on the application Of the Board Of Exchequer, TO
furnish for Its own use, and that of its several agen
cies, suitable amount Of specie notes TO be used IN
the transaction Of its business but the amount of
such notes issued, either in payment 10 the public
creditor, on the depostes Of individuals shall ne
yer exceed the actual amount of specie hand for
their redemption And all dues to the United States
or any officer or department thereof authorized to re-
ceiye public dues, may be paid in gold silver coin
in specie notes issued under this act or in the notes
of banks which shall be Immediately convertible into
specie at the place where received.
SEC. l2. find be ii further enacted That the Board
of Exchequer at the seat Of Government, and each
of its agencies, shall settle weekly, or oftener with
all banks in their neighborhood whose paper they
may have received and pay collect as the
may be- all balances between il 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 il 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 ts several agencies, shall
keep separate and distinct sets books for the purpose
Of entering and recording in set, all transa,
tons respecting the collection, keeping and dlsburs
ing OF the public revenue and transmitting the pub
vernment and IN another, all transactions and
counts arising from the operations in exchange here
IN before authorized, and other transactions not on
Government account: and all profits accruing from
such oIeralionsin exchange on individual account,
and from private deposltes shall be applied in the first
place. to pay all salaries and compensations and to
detIay all expenses 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.
Ia AMI he f,,rfb er hat ha
sary and vaults for the safe keeping of the pub
lie moneys and for the transaction of the business
of the Board of Exchequer and its agencies shall be
provided by the Taeasury Department at the city
of Washington and in the custom houses, minis,
branch nlnls and other public buiplngs belonging
to the United States, SO far as the be fur
nished without detrment TO the public service, and
where the cannot be furnished the said board
may provide others
SEC. 10 and be il further enacted, That il 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 1t may not be deemed expedlen
to establish Office agency Of the said board as
hefenbetore provided but such bank shall not
be authorized, in any event, to receive deposltes,
accept sell bills or drafts on account of the
Board Of Exchequer.
SEC, l6 And belt further enacted, That full and
exact accounts of the proceedings OF the board and
Its several agencies shall be furnished the Secreta
ry OF the Treasury often he prescribe; and
it shall be the duty of the said Secretary to lay alb
stracts of the before Congress at the commence
men OF each annual session, and TO furnish full and
particular accounts and statements OF the transac-
tons OF the board and It's agencies when required and
he amount of specie notes outstanding at the end OF
every quarter shall so thereafter as the, came
may be ascertaned, be published by the Secretary OF
the Treasury
Sec. IT, .1nd be ii further enacted That if any mem
Der OF the Exchequer Board, any officer or clerk
employed in its business, or any of its agencies,
shall tn his usp in any
or security deposited with or belonging to the said
board or any of its agencies, or belonging to the
United States or any other person persons dealing
or deposting with the said board any agency he
shall be deemed gu ty of felony, and on conviction
thereof before any court ofthe United States Of
ptten jurisdiction, shall be sentenced to mprson
ment for term not less than nor more than
years, and to fine equal to twice the sum value
| OF the property embeZzled.
SEC ~. And be il further enacted, That if any
officer or member Of the Board OF Exchequer, OF
any of its agencies established under the provisions OF
this act, shall issue any specie note, or max accept OF
deliver any draft bill of exchange without having
received the full value thereof in specie, and caused
the receipt ofthe to be duly entered in the books
of the said agency, shall be guilty of any other
malpractice, by which any responsibility Ct the said
agency ofthe Board ofExchequer, of the United
States, shall be improperly created or increased, he
shall be deemed guilty of felony and, on conviction
thereof in any court of the nied States of compe
for term not less than year more than seven
years, and to fine equal othe amount of the specie
note issued or of the bill draft made, accepted
or delivered, or to the amount of the responsibility
created or increased.
SEC 49, .ind be IL further enacted, That the Secre-
ary of the Treasury shall have power at his dscre-
ton, by himself or by agent duly appointed by
him, to examine the officers and clerks of the EX-
chequer and ITS agencies on oath or armation touch
ing all matters relating to the EXchequer its agen-
cies, either of them; which said oath the said
Secretary, said agent is hereby authorized to add
minister And if any person so examined shall will
fully make any false statement, wiifully 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, con
yicuon before any court competent to try the same
And the said EXchcqucr and agencies shall, al all
times, be open TO examination by any committee APP
pointed by Congress, or either House thereof. IT,
Sec. 20 find be Il further enacted That, all acts and
parts of acts Inconsistent with the provisions OF this
nct ba thp ms nd