The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-01-11

cd by the Treasurer OF the United Suies, aud
counersigned by The President uf the Board oi
ExcheqUer, and made payable 10 the order oi the
principal agent at each agency, and shall be by
him endorsed when issued al such agency, and
which notes shall be redecmabIe in gold and silver
demand, NJ the agency where issued; and Itea.
sury notes intended 10 be issued by the Board of
Excheoner al the seat Of Government, shall be in
like form, and shall he payable to the order Of the
commissioners, and shall lie endorsed by some OF
them when issued, aud shall be rcdeemabe and
redeemed, at such Board demand, in gold and
silver; and exact aud perfect lists Of all notes so
signed shall be kept AT the Treasury; and all Irca
suIy notes issued under tho authority Of this act
may, when redeemed, be re issued by lhe BOaro
and its agencies respectively.
Sec. s. And be il further enacted, That the
amount of Treasury notes issued and outstanding
shall not, at any lime, exceed The amount OF hiteen
millions Of dollars, unless otherwise ordered or
provided by law, and The Secretary Of the Ireasu.
~ is authorized from time 10 time, on the appli>
cation of the Board Of Exchequcr TO furnish FOR its
use, and hat Of its several agencies, suitable
nmcunt of such notes, 10 be issued III the translc
lion Of its business; and all dulles 10 the United
States, or any officer department thereof, may
be paid in gold or silver coin, in Treasury notes
issued under this actor in the notes OF bank which
shall be Immediately convertible into specie at the
place where received
Sec. g. And be it further enacted, That the
the Board Of Eychequer at The seat Of Government
and each o its agencies, shall settle weekly or oil
toner, with all the banks in their neighborhood
collect, the many be- all balances between
il and the said banks; and no individual shall! be
allowed at any time Ia stand as debtor 10 the Elk
cheQuef any Of its agencies IN account aud il
shall be the duty Of the said Board of Exchequer,
and each OF its several agencies, at all times 10
limit its issues that its gold ard silver on hand
shall be equal TO one third The amount OF such is
sues outstanding.
said Board Of Excheqper may draw bills drafts
on any OF lis agencies, and may authorize any
agency 10 draw bills drafts Ibe Board any
other agency, and may selI,and authorize its agen.
10 sell such bills drafts, for n premium not
exceeding tho fair cost Of renting specie tn The
place Of payment, and in no case 10 exceed TWO
per centum on the amount of such bill or draft.
Sec. l. A nd be il further enacted, That it shall
be lawful for said Buatd of Exchequer, aud each
OF its agencies 10 purchase domestic bills Of OK
change, subject to The following rules aud Iegna.
lions.
/. No bill of exchange shall be bought which
i. payable in the same Stale Territory in which
ii is drawn, nor any bill payable within less than
-miIes of the place Of drawing.
. Bills drawn on places not more Than five
hundred miles distant from the place of drawing
shall not DE drawn for longer lime 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 longer time than thirty |
days from ght
the sci ler Of such bill, by way of interest ex.
change, than an interest not exceeding six per cent
per aunum for the time which the said bill has to
run, and a rate of exchange never exceeding the
cost Of RENTING specie, aud IN to exceed
two per ceat And il shalt not be lawful for the
Board of ExcheaHer, "r any agencey 10 purchase
any bill drawn by or upon any member officer
thereof, or in which such member officer shall
ia any way be interested, nor to receive any depo
sito of any money belonging 10 any such member
% officer. And no bill shall be purchased or raft
sold al any agency without the assent of at least
Of the officers of such agency; by the Board
nf cIp hcnI thn tf,ff NypI
members
Sec. IL. And 10 it further enacted, That no
agency established in any State under the provi-
sons Of this act shall, contrary to any law which
such State may enact, receive any other deposites
than those Of the United States, make sell
drafts purchase bills other than such shall be
necessary in the collection, transfer and dsburse-
mcn.s Of The public funds
Sec. 40. Aud be it further enacted, That if at
any time il shall be found necessary TO carry on
the operations Of the Exchequer Board, aud It's a
gences hereby created, the Secretary Of the rrea.
sury NAV cause 10 be prepared, issued, and deliv-
cred so the Exchequer Board certificates of stock
Of the United States, IN the usual form, bearing in
ierest at a rate not exceeding five per centum per
annum, 10 an amount not exceeding five millions ,
Of dollars, the interest Of which shall be payab IL
semi annuity and the principal shall be redeema
BILE at the pleasure Of tho Government, alter the
expiration oi twenty years from the thereof.
And il shall be lawful for the said Exchcquer
Board TO sell and transfer the said stock for gold
silver coin bullion. And il shall be the duty of
the Exchequer Board TO provide for the puncnal
payment of The interest said stock il shall be
come due and for The reimbursement Of the princi.
pal from The profits and other means and resources
Of the Board and its agencies. Bot the faith of the
Government, nevertheless, shall be pledged for the
payment Of The interest and the principal Of such
stock.
Sec IL. And be i, further euac,ed, That the
Board OF Exchequer and its several agencies shall
keep separate and distinct sets of books, for the
purpose of entering and recording in one set, all
TRANSACTIONS respecting the collection, keeping and
disbursng the public revenue, and transmitting the
public moneys from place 10 place for The service
of Government, and in another, all transactions
and accounts arising from dealings in exchange
and other transactions not on Government account.
And all profits accruing from dealing exchange
on individual account, and from private deposiies,
shall be applied in the first place TO pay ali salaries
and compensations, and TO defray all The expenses
incurred under the authority OF tins act, and the
residue thereof shall be placed sem-aunually to
the credit OF the Treasurer of the UUited Slates:
Prouided, nerertheiess, 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 "A fund to meet all
contingencies chargeabe on the Exchequer and its
agencies
Sec. Is. And be it further enacted, That If il
hal ata ima hrip ~