to exercise perfect independence of mind and action
it was provided that their removal should only take
place for actual incapacity or infidelity to the trust,
and to be followed by the President with an exposition
of the causes of such removal, should it occur.
It was proposed to establish subordinate boards in
each of the States, under the same restrictions and
limitations of the power of removal, which, with the
central board, should receive, safely keep, and disburse
the public moneys. And in order to furnish a
sound paper medium of exchange the exchequer should
retain of the revenues of the Government a sum not
to exceed $5,000,000 in specie, to be set apart as
required by its operations, and to pay the public
creditor at his own option either in specie or Treasury
notes of denominations not less than $5 nor exceeding
$100, which notes should be redeemed at the several
places of issue, and to be receivable at all times
and everywhere in payment of Government dues, with
a restraint upon such issue of bills that the same
should not exceed the maximum of $15,000,000.
In order to guard against all the hazards incident
to fluctuations in trade, the Secretary of the Treasury
was invested with authority to issue $5,000,000 of
Government stock, should the same at any time be regarded
as necessary in order to place beyond hazard the prompt
redemption of the bills which might be thrown into
circulation; thus in fact making the issue of $15,000,000
of exchequer bills rest substantially on $10,000,000,
and keeping in circulation never more than one and
one-half dollars for every dollar in specie. When
to this it is added that the bills are not only everywhere
receivable in Government dues, but that the Government
itself would be bound for their ultimate redemption,
no rational doubt can exist that the paper which the
exchequer would furnish would readily enter into general
circulation and be maintained at all times at or above
par with gold and silver, thereby realizing the great
want of the age and fulfilling the wishes of the people.
In order to reimburse the Government the expenses of
the plan, it was proposed to invest the exchequer
with the limited authority to deal in bills of exchange
(unless prohibited by the State in which an agency
might be situated) having only thirty days to run and
resting on a fair and bona fide basis.
The legislative will on this point might be so plainly
announced as to avoid all pretext for partiality or
favoritism. It was furthermore proposed to invest
this Treasury agent with authority to receive on deposit
to a limited amount the specie funds of individuals
and to grant certificates therefor to be redeemed
on presentation, under the idea, which is believed
to be well founded, that such certificates would come
in aid of the exchequer bills in supplying a safe
and ample paper circulation. Or if in place of
the contemplated dealings in exchange the exchequer
should be authorized not only to exchange its bills