The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-08-25
TREASURY CIRCULAR.

TREASURY CIRCULAR
We publish this day most important circular
from the Secretary Of the Treasury, in regard to
treasury drafts. 1t will be perceived that the great
object OF the law establishing the constitutional
treasury, the enlargement of the circulation Of gold
and silver, is fully carried out under these nsruc.
tons, and that treasury dratts cannot become pape,
circulation. The time allowed for the presentation
Of these drafts is the shortest within which they can
be transmitted to dsbursng agents at places remote
from Washington, exchanged for gold and silver al
par aud taken TO the place Of payment by the holder
for the specie. They can only be drawn on specie
in actual dePosite-must be speedily presented for
payment in specie-are not receivable in payment
of public dues-are only assignabe by special en-.
dorsement-must be cancelled when paid, and can.
not be ressued discussed in payment to any pub
lie creditor
CIRCULAR TO COLLECTORS, RECEIVERS, TREAS
URER OF THE MINT AND BRANCH MINIS As
slsTANT TREAsURERs DISCUSSING AGENTS
AND OFFICERS OF THE GOVERNMENT OF THE
UNITED STATES
TREASURY DEPARTMENT,
August 25 1886.
BY the act Of the 9th August, 1876, establishing
the constitutional treasury, is provided as follows:
"SEc. 20. find be Il further enacted, That no ex-
change OF funds shall be made by any disbursinp
officers or agents of the government of any grade
or denomination whatsoever, or connected with any
branch of the public service other than on exchange
for gold and silver and every such disbursng officer
when the means for his disbursements are furnished
to him in gold and silver, shall make his payments
IN the money so furnished or when those means
are furnished to him in drafts shall cause tbos.
drafts to be presented at their place of payment and
properly paid according to the law, and shall make
his payments in the money so received for the
drafts furnished, unless in either case he can sx
change the means in his hands for gold and silver al
par. And 1t shall be, and is hereby, made the duty
of the head Of the proper department Immediately 10
suspend from duty any disbursing officer who shall
violate the provisions Of this section and forthwith
to report the name of the officer or agent TO the
President, with the fact of the violation, and all the
circumstances accompanying the same and within
the knowledge of the said secretary to the end that
such officer or agent may be promptly removed from
office, or restored to his trust and the performance
OF his duties, as to the President may seem Just and
proper: ProDided, however, That those disbursing
ofhcers having, at present. credits in the banks
shall, until the first day of January next be al
lowed to check on the same, allowing the public
creditors to receive their pay from the banks either
in specie or bank notes.
"SEc. q find be it. further enacted That it shall be
the duty of the Secretary of the Treasury to issue
and publish regulations to enforce the speedy pre-
sentation of all government drafts for payment at
the place where payable, and to prescribe the time
according to the different distances of the deposa
RES from the seat of government, within which all
drafts upon them, respectively, shall be presented for
payment; and, in default of such presentation to d.
rect any other mode and place of payment which he
may deem proper; but in all these regulations and
directions, 1t shall be the duty Of the Secretary of
the treasury to guard, as far as may be- against
those drafts being used or thrown into circulation as
paper currency, or medium of exchange. And no
officer of the United States SHALL either directly or
indirectly, sell or dispose to any person persons
or corporations, whatsoever, for premium, any
treasury note, draft, warrant other public securi-
W, not MS private property, sell dispose of the
avas or proceeds of such note, draft, warrant, or
security in his hands for disbursement, without
making return of such premium, and accounting
therefor by charging the in his accounts to the
credit of the United States; and any officer violating
this section shall be forthwith dismissed from Office
1t is obvious that the great and beneficial DUR
pose Of Congress in these provisions is to enlarge
the circulation Of gold and silver, and to prevent
treasury drafts becoming paper currency. 1t
being made the duty Of this department to enforce
these provisions of the law and to issue and publish
regulations for that purpose, the following have
been adopted:
LIST. All government drafts shall be made payable
to order, and not to bearer.
3D. They shall be assignable only by special en-
dorsement.
Sd. They shall be presented for payment at the
places where payable namey If payable at a place
distant not more than fifty miles from the seat
of government of the United States, they must
be presented within twenty days from the date of
the draft. If payable at place distant more than
fifty miles from the seat Of government, and not ex.
ceeding one hundred miles, they must be presented
within forty DAYS from the date of the draft IL nav.
able at a place distant more than one hundred miles
and not exceeding two hundred, from the seat Of
government, they must be presented within sixty
days from the date Of the draft II payable at a
place more than two hundred miles from the seat
ofgovernment, and not exceeding four hundred
they must be presented within eighty days from
the date of the draft, and if payable at any place
exceeding four hundred miles from the seat of gov
eminent, they must be presented within ninety
days from the date Of the draft.
9TH. All drafts not presented within the times
above described must be returned by the holders TO
the treasurer Of the United States when such order
shall be made for the payment Of such drafts as will
best comport with the public interest, and tend to
prevent delay In the presentation of future drafts
or any attempt to convert them into paper circula
ton.
5th. No exchange Of funds shall be made bv dis.
bursting officers agents Of the government, except
for gold and silver; and every such disbursing Off
Ger, when furnished with specie for disbursement,
snail make his payments in the money so furnished
or when furnished with drafts, shall cause those
drafts to be presented at the place Of payment and
properly paid according TO the law, and shall make
furnished unless in either case he can exchange the
means on his hand for gold and silver at par.
9TH. No payment can be made in treasury drafts
by disbursing agents to the public creditors even al
the request Of such creditors.
7th. All premiums received by any agent or Off