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whether these acts are or are not authorized by the federal compact. And it doubts not that their sense will be so announced, as to prove their attachment unaltered to limited government, whether general or particular, and that the rights and liberties of their co-states will be exposed to no dangers by remaining embarked on a common bottom with their own; that they will concur with this commonwealth in considering the said acts were so palpably against the constitution, as to amount to an undisguised declaration that the compact is not meant to be the measure of the powers of the general government, but that it will proceed in the exercise over these states of all powers whatsoever; that they will view this as seizing the rights of the states, and consolidating them in the hands of the general government, with a power assumed to bind the states, not merely in cases made federal, but in all cases whatsoever, by laws made, not with their consent, but by others against their consent; that this would be to surrender the form of government we have chosen, and to live under one deriving its powers from its own will, and not from our authority; and that the co-states, recurring to their natural right in cases not made federal, will concur in declaring these acts void and of no force, and will each unite with this commonwealth in requesting their repeal at the next session of Congress.

INDEPENDENT TREASURY.

We have considered it proper to publish the Independent Treasury law, together with the speech of the Hon. Levi Woodbury on the passage of the bill to repeal that law, delivered in the Senate of the United States, June 9th, 1841. We desire the people to examine the whole subject before they pass sentence of condemnation on that important and valuable measure of the late administration of Mr. Van Buren. The real democracy of the

country have no wish to destroy sound banking. They wish to produce a more uniform system of the currency, and to lessen the mischiefs and evils of over-banking, by preventing, as far as possible, the great expansions and contractions of the paper money system. Its continued ebbs and flows render the value of all property uncertain and unstable. The managers of the scheme make large fortunes by the ruin and distress they have contributed to bring on a most valuable class of our active and industrious citizens.

AN ACT

TO PROVIDE for the COLLECTION, SAFE-KEEPING, TRANSFER, AND DISBURSEMENT OF THE PUBLIC REVENUE.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be prepared and provided, within the new treasury building now erecting at the seat of government, suitable and convenient rooms for the use of the treasurer of the United States, his assistants and clerks; and sufficient and secure fire-proof vaults and safes, for the keeping of the public moneys in the possession and under the immediate control of the said treasurer; which said rooms, vaults, and safes are hereby constituted and declared to be the treasury of the United States. And the said treasurer of the United States shall keep all the public moneys which shall come to his hands in the treasury of the United States as hereby constituted, until the same are drawn therefrom according to law.

SEC. 2. And be it further enacted, That the mint of the United States in the city of Philadelphia, in the state of Pennsylvania, and the branch mint in the city of New Orleans, in the state of Louisiana, and the vaults, and safes thereof, respectively, shall be places of deposite and safe-keeping of the public moneys at those points respectively; and the treasurer of the said mint and

branch mint, respectively, for the time being, shall have the custody and care of all public moneys deposited within the same, and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer and disbursements of all such moneys, according to the provisions hereinafter contained.

SEC. 3. And be it further enacted, That there shall be prepared and provided, within the custom-houses now erecting in the city of New York, in the state of New York, and in the city of Boston, in the state of Massachusetts, suitable and convenient rooms for the use of the receivers-general of public moneys, hereinafter directed to be appointed, at those places, respectively; and sufficient and secure fire-proof vaults and safes for the keeping of the public moneys collected and deposited with them, respectively; and the receivers-general of public money, from time to time, appointed at those points, shall have the custody and care of the said rooms, vaults and safes, respectively, and of all the public moneys deposited within the same; and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer, and disbursement of all such moneys, according to the provisions of this act.

SEC. 4. And be it further enacted, That there shall be erected, prepared and provided, at the expense of the United States, at the city of Charleston, in the state of South Carolina, and at the city of St. Louis, in the state of Missouri, offices, with suitable and convenient rooms for the use of the receivers-general of public money hereinafter directed to be appointed at the places above named; and sufficient and secure fire-proof vaults and safes for the keeping of the public money collected and deposited at those points, respectively; and the said receivers-general, from time to time appointed at those places, shall have the custody and care of the said offices, vaults and safes, so to be erected, prepared and provided, and of all the public moneys deposited within the same; and shall perform all the duties required to be performed by them; in reference to the receipt, safekeeping, transfer, and disbursement of all such moneys, according to the provisions hereinafter contained.

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SEC. 5. And be it further enacted, That the President shall nominate, and, by and with the advice of the Senate, appoint four officers, to be denominated "receivers-general of public money," which said officers shall hold their offices for the term of four years, unless sooner removed therefrom; one of which shall be located in the city of New York, in the state of New York; one other of which shall be located at the city of Boston, in the state of Massachusetts; one other of which shall be located at the city of Charleston, in the state of South Carolina; and the remaining one of which shall be located at the city of St. Louis, in the state of Missouri; and all of which said officers shall give bonds to the United States, with sureties according to the provisions hereinafter contained, for the faithful discharge of the duties of their respective offices.

SEC. 6. And be it further enacted, That the treasurer of the United States, the treasurer of the mint of the United States, the treasurers, and those acting as such, of the various branch mints, all collectors of the customs, all surveyors of the customs acting also as collectors, all receivers-general of public moneys, all receivers of public moneys at the several land offices, and all post-masters, except as is hereinafter particularly provided, be, and they are hereby, required to keep safely, without loaning or using, all the public money collected by them, or otherwise at any time placed in their possession and custody, till the same is ordered by the proper department or officer of the government to be transferred or paid out: and when such orders for transfer or payment are received, faithfully and promptly to make the same as directed, and to do and perform all other duties as fiscal agents of the government, which may be imposed by this or any other acts of Congress, or by any regulation of the treasury department, made in conformity to law; and also to do and perform all acts and duties required by law, or by direction of any of the executive departments of the government, as agents for paying pensions, or for making any other disbursements which either of the heads of those departments may be required by law to make, and which are of a character to be made by the depositaries

hereby constituted, consistently with the other official duties imposed upon them.

SEC. 7. And be it further enacted, That the treasurer of the United States, the treasurer of the mint of the United States, the treasurer of the branch mint at New Orleans, and the receivers-general of public money herein-before directed to be appointed, shall, respectively, give bonds to the United States, in such form, and for such amounts, as shall be directed by the secretary of the treasury, by and with the advice and consent of the president, with sureties to the satisfaction of the solicitor of the treasury; and shall, from time to time, renew, strengthen, and increase their official bonds, as the secretary of the treasury, with the consent of the President, may direct; any law in reference to any of the official bonds of any of the said officers to the contrary notwithstanding.

SEC. 8. And be it further enacted, That it shall be the duty of the secretary of the treasury, at as early a day as possible after the passage of this act, to require from the several depositaries hereby constituted, and whose official bonds are not herein-before provided for, to execute bonds new and suitable in their terms to meet the new and increased duties imposed upon them respectively by this act, and with sureties, and in sums such as shall seem reasonable and safe to the solicitor of the treasury, and from time to time to require such bonds to be renewed and increased in amount and strengthened by new sureties, to meet any increasing responsibility which may grow out of accumulations of money in the hands of the depositary, or out of any other duty or responsibility arising under this or any other law of Congress.

SEC. 9. And be it further enacted, That all collectors and receivers of public money, of every character and description, within the district of Columbia, shall, as frequently as they may be directed by the secretary of the treasury or the postmaster-general so to do, pay over to the treasurer of the United States at the treasury thereof, all public moneys collected by them, or in their hands; that all such collectors and receivers of public moneys within the cities of Philadelphia and New Orleans, shall, upon the same direction, pay over to the treasurers of

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