The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-02-22
A BILL
Aplendatory Of the several acts ESTABLISHING
the Treasury Department
A BILL


the Treasury Department.
SEC l. Be enacted By the Senate and House Of
Representatives. Of the United States Of America ia
Con gress assembled That there shall be- and hereby
is, created and established in tie Treasury Depart
ment, at the seat Of the Government of the United
States board to be called the Excheauer ofthe United
States, to be composed of three Commissioners, TO be
appointed by the President with the advice and con-
sent OF the Senate, and who shall be removed from
office only with the like of the Senate,
and for some of the following causes, to
wit, physical inability, incompetency, neglect or
violation OF duty and IN every such case, 1t shall be
the duty OF the President to communicate to the Sen
ate the particular reasons of the proposed removal
but during the of the Senate, the President
may for any of the aforesaid causes suspend any of
the SAID Commissioners and appoint temporary sub
sttute and within the first of the ensuing session
of the Senate he shall lay before that body the
sons OF such suspension, and if the Senate concur
with him, the Commissioner superseded shall be
removed but if it do not with him, the said
Commissioner shall be restored And on the first or
ganizatiOn of the board of the three Commission
SHALL by the members thereof be elected President,
who shall hold his office for two years when new
election shall be made and in like manner new
election shall take place aerward at the end of each
successive period oftwo years And the Secretary OF
the Treasury shall have authority to appoint, the
recommendation ofthe board all such inferior officers
in the judgment of the board the transactions of its
business may require, the amount of their respective
compensations TIL fixed by law, to be determined by
the board who may take bonds for the faithful dis
charge of their duty for such and in such
as the Secretary ofhe Treasury shall Direct and
each of said Commissioners shall receive an annual
sala airy of dollars
SEC 2. And be it further enacted, That the said
Board of Exchequer shall have power to establish
agencies offices, in such of the cities towns OF
the United States it may judge necessary and ex-
pedient flor the public service, and also, wherever
Congress may by law require the same to be esta-
bshed, limiting the number to as few the exigen-
cies of the service will admit and in no case exceeding
two in any State or Territory and such officers and
agents may by the Board of Exchequer be thought
necessary for the Arrangements of such agencies,
and the transaction of their business shall be appoint
ed by the Secretary of the Treasury on the recon-
mendaton Of the Board of Exchequcr; and the said
board shall have power to fix the amount Of the re-
spective compensations of such officers till the same
shall be determined by law and to provide regulations
for the government of such agencies, the transaction
of their business, and the rendering accounts of all
their proceedings And in such regulations, they
shall assign and arrange the duties of the officers of
the said agencies that of those officers shall be
4 check and control upon the other, and for that
purpose they shall require that the accounts and pro-
ceedings of each shall be entered in proper books
And any of the officers of the said agencies may be
removed by the Secretary of the Treasury on the
commentator of said Board for physical inability,
incompeency, neg lcct, violation OF duty; but
it shall be his duty to state every removal of any prn
cpal officer of any agency, with his reasons therefor
in his general annual report of the transactions OF the
Exchequer.
Sec. g. And be it further enacted, That the sale
Exchequer and its officers shall be the general agents
of the Government of the United States for receiving
keeping, and discussing the public oneys, ant
transferring and transmitting the same under the dI
rection of the Secretary of the Treasury and al
public moneys received from whatever sources, shall
under the directions, be paid into the said Elk
chequer, or its agencies and the principal officers
employed in such agencies, shall give bonds to tn
| United States for such amounts and in such form a
the Secretary Of the Treasury shall prescribe for thu
| faithful performance of their duties And the SAT-
Board of Exchequer and its several agencies shall pa
all warrants, drafts, or ORDERS made thereon by th'
Treasurer of the United States and by all dsbursins
officers and agents of the Government having autho
rity to make such drafts orders And every such
pay ment shall be made, at the option of the person en-
titled to receive it, IN gold and silver coin, or IN specie
notes. to be issued in such form as is herenaer pre-
scribed. But such notes shall never exceed the actua
amount of specie holden for their redemption.
| SEC. 4. And be il further enacted, That the salt
Exchequer and its officers shall perform the duties o
! commissioners of loans, in receiving subscriptions
transferring stock, and paying dividends and lnleres
thereon under the directions of the Secretary of thu
Treasury and shall render to the Treasurer OF thu
I United States all necessary facilities for transferring
and discussing the public funds shall be required
\ by him, and shall perform all the duties OF pension
agents under the regulations prescribed by the Secle-
tary Of War, and shall render and perform all other
duties and in relation to the collecting, keep
ing aHd disbursDg of the public funds as shall De
prescribed by law by the Secretary ofthe Treasury
SEC. s. And be IL further enacted, That it shall be
lawful for the Exchequer, at the seat OF Government
and its several agencies to receive on private depose
gold silver coin or bullion, the property OF ndl
viduals 10 be held in ot er cases OF deposes made
by individuals for convenience and security; and to
issue specie notes for the same in such form as the
said board shall prescribe which notes shall always
be redeemed presentation at the agency where Is
sued but the amount deposited shall never exceed
in the whole fifteen millions of dollars, TO be distri-
bued by the board among its several agencies accord
ing the extent of their business, respectively and
for issuing such specie notes, no higher premium shall
be demanded than shall be sufficient to Indemnify
against the hazard of loss and remuneate for the safe
keeping the depose, and In no instance to exceed the
one-half of one per cent But specie notes issued by
the board and its several agencies, snail be redeem
able only at the place where issued unless the board
shall see cause to order otherwise.
SEC. 6. And be it further enacted, That the Secre-
tary ofthe Treasury is hereby authorized and directed
be prepared specie notes of denomnat ons
not less than five dollars nor exceeding one hundred
dollars which notes shall be signed by the Treasurer
of the United States, and countersgned by the Pres-
dent of the Board of Exchcquer and made payable to
the order of the principal agent at each agency, and
shall be by him endorsed when issued at such agency,
and which shall be redecmabe, and shall be re-
deemed, in gold and silver demand, at the agency
where issued And specie notes intended to he issued
by the Board of Exchequer, at the seat of Govern
ment, shall be in like FORM and shall be payable to
the order of The commissioners and shall be endorsed
by some one of them when issued, and shall be re-
deemabe and redeemed at said board, on demand, In
gold and silver; and exact and perfect lists OF all
notes signed shall be kept at the Treasury and
all specie notes issued under the authority of this act
may, when redeemed, be re-ssued by the board and
its agencies respectively.
Sec. 7. find be further enacted, That it shall be
lawful for the Exchequer, at the seat of Government,
and its several agencies on the deposite of gold or
silver coin, Or bullion payment therefor to draw
bills of exchange made payable at said Exche-
nucr or any agency whore funds are provided on