24. COLLECTORS OF INTERNAL REVENUE AND DEPUTIES. Collectors of internal revenue are appointed in the same manner as assessors, and there is one for each assessment district. He is the organ between the commissioner and his deputies, who actually collect the taxes which are imposed by the assessor. He receives a statement of the amounts to be collected, and places it in the hands of his deputies for actual collection. When received, he deposits the money as he may be instructed by the commissioner. His duties require care and fidelity, but are not as diversified and difficult as those of the assessor. The latter determines what shall be assessed and the amount to be collected, and the former merely collects such amount. In many cases, the pecuniary responsibility is very great, for which fidelity and honesty are the principal guarantees. 25. THE COMPTROLLER OF THE CURRENCY. This office was first created in 1864, as a part of the means of supplying a national bank paper currency. Prior to this, the federal government had attempted no control over the currency except, under the constitution, "to coin money, and regulate the value of foreign coin." The banks authorized by the acts of 1791 and 1816 were authorized to issue bills which the government was bound to take, but citi zens were not required to receive them. Treasury notes were authorized and issued during the war of 1812, and the bank suspensions of 1837, and the war with Mexico; but until the act of 25th February, 1862, such notes were neither declared "lawful money" nor made "legal tender" in payment of debts. At first, these were authenticated by the written signatures of the treasurer and register of the treasury; now both are merely printed. This, and subsequent acts, declared them lawful money and a legal tender, except in payment of duties at the custom-houses, and for interest on the public debt. All such notes of the early issues were made fundable in six per cent gold interest-bearing bonds; and in 1864, these bonds or stocks were made the foundation of a new national banking system, which eventually, through taxation, swept out of existence all the old State banks, with some three or four exceptions. This new system, now embracing some seventeen hundred banks, was, by the act authorizing its creation, placed under the direct management of the comptroller of the currency, subject, in form, to the general supervision of the Secretary of the Treasury, an officer previously overloaded with official business, and having no time to supervise. The comptroller of the currency is appointed by the President, on the recommendation of the Secretary of the Treasury, with the consent of the Senate, for the term of five years, unless sooner removed by the President. He gives bonds with sureties for the faithful performance of his duties. He is forbidden to be interested in any banking association. When one is formed under the act of Congress, he determines the name it shall bear. When a banking association is organized, he is notified thereof, examines and ascertains the amount of capital paid in, the names and residence of the directors, and whether the law has been fully complied with. The associa tion is required to deposit registered United States bonds with the treasurer, to be held in trust to secure its circulating notes. Until this is done, hc does not authorize it to commence business. When it is attended to in a manner satisfactory to him, he has dies made, notes engraved and printed, with the engraved signatures of the treasurer and register to a certificate that the same is secured by government bonds, and delivers to the association such bills to the extent of ninety per cent of the amount of bonds deposited with the treasurer. These bills are then signed by the bank officers, and may be put in circulation. Each association is bound to receive, at par, the bills of all other associations, and the government is bound to take them, except at the customhouses for duties. The comptroller may issue new bills in lieu of those worn or damaged. The banks are required to make frequent reports to him, from which he compiles abstracts and publishes them. He has the custody and control of the plates on which the notes of the associations are printed. If an association fails to pay its notes on demand, payable in legal tender treasury-notes, the holder protests them and notifies the comptroller, who can require it to stop business. He is authorized to send special agents to examine into the condition of all national banking associations. For specified causes he can declare the bonds deposited as security to be forfeited, and proceed to sell them. When he does this, he notifies the holders of notes to present them to the treasurer, who will pay them, but only in legal tender treasury notes. The comptroller then proceeds to sell the deposited bonds to the amount necessary to make up the sum the government has paid for the bank, and expenses. If he deems it proper, he appoints a receiver to close up the affairs of the bank. He reports annually to Congress the condition of the banks. The act specifies numerous other less important duties which he is required to perform. 26. From the above, it will be seen that the office of comptroller of the currency is one of the very highest importance. Every citizen is interested in the wise, skillful, and honest performance of its duties. The value of the currency in our pockets may be seriously affected by his action, if careless or inefficient. He really needs the number of eyes of the fabled Argus, and as many heads and hands as the mythological Briareus, fully to perform all the duties imposed upon him by the act creating the office. CHAPTER XXXV. I. OFFICERS AND BUSINESS UNDER THE DIRECTION OF THE TREASURY DEPARTMENT. BESIDES the bureau officers already mentioned, there are a large number of others connected with and under the general direction and control of the Treasury Department. The following are among them: Collectors of the customs, naval officers and surveyors, inspectors, weighers, gaugers, and measurers. The revenue marine corps. Light-house Board and light-house keepers. 2. COLLECTORS OF THE CUSTOMS. Our seaboard and frontiers are divided into some eighty collection districts, for each of which there is a collector of the customs, appointed by the President, with the consent of the Senate. Their term of office is four years, unless sooner removed. They |