The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-30

lncluulDg the discounts OF ne
,otiable notes, bills of exchange, drafts,
md other evidences of debt, which is here.
~ limited to twice the capital in amount,
except upon obligation of the government
If the United States, and to one-half of
,ne per centum as the rate of interest for
thirty days, provided that not over ten per
,entum upon the capital may, in the dscre-
ion of the governor and managers, in
addition thereto, be advanced upon pro-
luctive stocks or bonds paying seven per
centum annual dividends, for o period
not exceeding six months, which
is likewise fixed as the longest period
for which any loan or discount can be
made; the other department shall be the
issue department, which shall consist OF
three commissioners for the chief office
and three for each branch office; one shall
be appointed by the President of the
United States, with the consent of the
Senate, one by the governor of the state
in which the office is located, and one BY
the governor and managers of the office
or branch for which he shall act. Said
commissioners shall give security in such
sum as the pioprietors shall name, for the
faithful performance of their duties, as is
hereinafter provided for, and hold their
office for one year
SEC. Z. That the commissioners of the
issue department shall issue notes to
the banking department whenever the said
banking department shall deliver gold coin
of the United States to the extent of one
fourth Of the amount required, and the
other three-fourths in four per centum
- bonds of the United States, until
the issue shall, in the aggregate, reach two
hundred millions of dollars; and for all
ssues thereafter, the commissioners of the
issue department shall require one dollar
in coin and two of government bonds, till
the sum so issued shall reach two hundred
millions more, and then they shall require
one dollar of coin for each dollar in gov
eminent bonds, till the additional sum
shall reach two hundred millions of dollars
more; and then,'if any notes be issued, they
shall require one dollar in coin for each dol
lar of notes issued. Each note shall be for
five dollars or some multiple thereof, and
shall be in the words, 1.-THE governor and
managers of the Exchequer of the United
States of America, will pay to - OF
bearer, - dollars, at - or IN New
York." If issued at any branch, which
shall be the extent of the issues for such
branch, but if issued to the chief office,
then they shall be payable at the CHIEF
Office; but oil notes, whether issued by a
branch or chief office, shall be legal TEL
der for any debt due to the Exchequer al
any office or branch thereof Said notes
shall be payable in gold coin at the branch
where issued, or at the chief Office in the
city of New York, and if not so paid by
the banking or issue department, shall
work forfeiture of all the rights ant
privileges guaranteed by this act.
SEC. s. That the governor and managers
of the Exchequer of the United States o
America shall keep open for the transaction
of business, at the chief office in New York
and all its branches. both departments
from nine o'clock in the forenoon till three
o'clock in the afternoon each day, excepting
Sundays, Christmas, and Fourth of July
and shall receive on deposit, subject te
checks or drafts of the proper officers of thu
United States, payable IN coin or exchequel
notes, at the option of the holders
thereof, all moneys received by The
government for internal taxes, duties
or for any other purpose ---, aht
mum anu dllcI TIC lliSt VI UuiludTy
eighteen hundred and seventy-six, {
bonus of one-quarter Of one per centum GU
of any dividend which may be declared
reckoned upon the capital of the Elk
chequer, shall be passed to the credit of tn,
government of the United States, in liqui
dation of all taxes on the capital or dvi
dend.
SEC. 8. That accounts may be KEEP
with individuals, copartnerships, or incor
porated companies, upon such terms as TIL
governor and managers shall prescribe
Provided, that no interest or other bonu
shall be allowed for moneys deposited o.
any evidence of debt.
SEC. 10. That transfers of money from
one Office to another shall be made ethel
by letter or check, in lieu of coin or ex
chequer-notes, at a charge of not over one
tenth of one per centlm. Letters
of credit, or certificates of deposits, in iel
of coin or exchequer notes, may be issued
having not over ten days to run, payable a
any office, provided that such letters 0
credit, or certificate of deposit, shall bea
the seal Of the Exchequer, and payable il
coin or exchequer notes, at the option o
the holder.
SEC. IL. That loans may be negotiated
for any of the states, and the charge there
for shall not exceed one-quarter of one PEI
centum, and the government of the United
States may at any time sell, through thu
Exchequer, any of its obligations te
redeem them. but no charge shall
be made for any sale, redemption
or transfers of credits, or moneys o
the United States, SO long as the deposits
and disbursements of that government il
made through the Exchequer.
Sec. II. That the governor and mana
gers, as well as the commissioners of the
issue department, and such other officers
as the proprietors shall pame, shall each
in his own right hold at least five shares o.
the capital of the Exchequer of the United
States of America, and no one who shall
not have held the shares upon which he
may wish to vote, either in his own name
or as proxy for any other person or per.
sons, for at least -- days prior to
general or called meeting, shall be entitled
to vote thereon; nor shall any proxy, OF
letter, or power of attorney, be valid un.
less executed in due form within -
days of the meeting at which the vote is to
be cast.
SEC. ID. That whenever the Exchequer
shall deliver legal.tender notes of the
United States, stamped 'canceled by the
Exchequer," or pass to the credit of The
United States, payable in coin or excheq-
uer notes, at the option of the govern
ment creditor, in amount not less than