The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-23


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, il 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 or
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 all notes, whether issued by o
branch or chief Office, shall be legal TEL
der for any debt due to the Exchequer at
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 and
privileges guaranteed by this act.
SEC. s. That the governor and managers
of the Exchequer of the United States OF
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 to
checks or drafts of the proper officers of the
United States, payable in coin or exchequer
notes, at the option of the holders
thereof, all moneys received by the
government for internal taxes, duties,
or for any other purpose 49,, and
from and after the first of January,
eighteen hundred and seventy-six,
bonus of one-quarter of one per centum out
of any dividend which may be declared,
reckoned upon the capital of the Ex-
chequer, shall be passed to the credit of the
government Of the United States, in liqui-
dation of all taxes on the capital or divi-
dend.
SEC. 8. That accounts may be kept
with individuals, copartnerships, or incor-
porated companies, upon such terms as the
governor and managers shall prescribe
Provided, that no interest or other bonus
shall be allowed for moneys deposited or
any evidence Of debt.
SEC. 10. That transfers of money from
one office to another shall be made either
by letter or check, in lieu of coin or ex-
chequer-notes, at a charge of not over one
tenth of one per centum. Letters
of credit, or certificates of deposits, in lieu
of coin or exchequer notes, may be issued,
having not over ten days to run, payable ct
any office, provided that such letters of
credit, or certificate of deposit, shall bear
the seal of the Exchequer, and payable in
coin or exchequer notes, at the option of
the holder.
SEQ. IL. That loans may be negotiated
for any of the states, and the charge there
for shall not exceed one-quarter of one per
centum, and the government of the United
States may at any time sell, through the
Exchequer, any of its obligations to
redeem them. but no charge shall
be made for any sale, redemption,
or transfers of credits, or moneys of
the United States, so long as the deposits
and disbursements of that government is
made through the Exchequer.
SEC. IL. That the governor and mana
gers, as well as the commissioners of the
issue department, and such other officers
as the proprietors shall name, shall each
in his own right hold at least five shares of
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, or
letter, or power of attorney, be valid un-
less executed in due form within
davis nf fhn mo NJ urh,ah tho 70 70
be cast.
SEC. 10. That whenever the Exchequer
shall deliver legal.tender notes of the
United States, stamped Cancelled by the
Exchequer," or pass to the credit Of the
United States, payable in coin or cxcheq-
uer notes, at the option of the govern
ment creditor, in amount not less than
s. at any one time, then the Secre-
tary of the Treasury shall deliver four per
centum bonds OF the government for like
amount, provided the aggregate does not
exceed 8 if the bonds are not pre-
viously sold by the Secretary of the Treas
ury.
SEC. IA. That no officer, nor any con-
cern, corporation, copartnership, or associa-
ton, OF which he is member, or in which
he is interested, shall at any time owe the
Exchequer more than, say ten thousand
dollars, as payer or payers, and the sum
of one hundred thousand dollars is fixed as
the amount beyond which no discount,
loan, or advance shall be made to any in
dividual, copartnership, corporation, or
association, except upon obligations of the
government of the United States and the
advances, loans, or discounts on such gov
eminent bonds or obligations shall not
exceed the face-value thereof: Provided
that the interest In the capital stock of the
Exchequer shall always be bound for any
debt due to it by any shareholder or
shareholders, or copartnerships, corpora
tons, or associations in which he or they
may have any interest.
Sec. 10. That as soon as twenty five
thousand shares are subscribed for upon
the terms of this bill, then an organization
may be completed as provided for: Pro-
| Uided, that any person or persons, asso-
citation or corporation, may at any time,
if the full amount of shares are not already
subscribed for, subscribe for any shares
upon the same terms OF the original sub
scribers: And provided moreover, that
the books of subscription shall remain
open for thirty days, accessible to all per-
sons DESTROYS of subscribing and no one
person or concern, corporation, or any as
ISOLATION can subscribe for or hold more
than five thousand shares at any time.
| Sec. 16. That the provisions of this
| act are at all times subject to amendment