CAB
NIAN.
2 states respectively, or to the feotle. - Amendments to the Constitution, Article A.-
-TIIK POWERS ??OT DELEGATED TO THE VN1TED STATES DY THE CONSTITUTION, NOR rROIIIMTED BY IT TO THE STATES, ARE IZE'EUVED TO THE
BY JOSEPH W. HAMPTON.
SALISBURY, (N. C.) PE3RUARY 2, 1838.
NO. XXXIV OF VOL. XVIII.
THE
WESr
TO TV!
Cativvvba Spv
SMIE above celebrated Watering place, situ
atcd in Lincoln county, Nortii Carolina, is now
undergoing a thorough course of repairs, anJ will
te opened early in Hie ensuing Spring Tor the re
ception of visiters, of which notice will be hereaf
ter given.
JOS. V. HAMPTON, Proprietor.
Jan. CI, 1838.
I. S. The Chcraw Gazette, Camden Cou
cicr, Columbia Telescope, Ch lrleston Mercury,
Augusta Constitutionalist, Miile Igeville Recorder,
mi'.l Columba Enquirer, will insert the above, (ex
clusive of this Postscript,) three weeks, and forward
accounts to this office.
QUOTATIONS OF TIIR PRICE OF SPRCIE.
The reader who is not conversant with the prac
tical details of commerce will, no doubt, find in
the w eekly quotations of specie, as published by us,
some things which need explanation, and for his
benefit we offer the following remarks:
American Gold. The eagle of the old coinage
prior to the 31st of July, ie34, contained 247
grains of pure gold. The eagle of ihe new coin
age, since that date, contains only 232 grains of
pure gold ; so that l he old eagle is worth Gf per
cent and a small fraction more than the new eagle,
and this is the reason why American gold of the
old coinage is quoted at about 5 J- (the buying price)
to oj (tne selling price) higher. 1 he exact pro
portion is not observed, because perhaps the old
eagles are a little worn, and on that account are
not worth a3 much as they were w hen first issued ;
and, besides, the brokers who purchase the old
eagles in small amounts must have a profit for their
outlay of capital.
Sorcreigis and Guine.is. The sovereign, when
coined, weighs 123 grains and 171-G23 parts of a
grain of Rritish standard gold. The guinea of full
weight weighs 120 grains and 31J-b9 jarts of a
gra;: of the same standard. The former is equiva
lent to '20 shiJlnigs and the Inter to 21 shillings
sterling; and the guinea is, thou -fire, worth the
rrjeent.vrrre iViarTThe sovereign. But the guinea
Cemgan older coin is more worn than the sovereign,
and on that account is worth less in proportion.
The diminution in weight, however, is not so great
os to reduce its value down so near to the value of
the sovereign as the quotations generally indicate.
This phenomenon is explained by the brokers in
this way : that the present value of Rritih grid
coins is fixed altogether bv the foreign demand lor
exportation, which r. (fords a higher market price
than the domestic ueu.i.J. f.,r rr.eoinit.ir. Guineas
in large amounts are not to be had, and when offer
ed for sale to the exporters, many of whom are
emigrants returning to Kuroj?, they command very
little more than sovereigns. This is probally
owing in part to the fact that the exporters are rot
conversant with the precise weight at which a gui-
however, more than 100, of whom -10 or 50 were
women and children. The surviving cabin passen
gers arc Col. Luckett, Mrs. Luckett, Miss Caroline
Luckett, Miss Luckett, and 3 children, of Virgin
ia ; "diss Dexter, of Delaware ; Maj. De Russey,
U. S. A., W. C. Dnfficld, of Mississippi ; E. Man
ning, of New Orleans; Mr. Sand ford and Mr.
Nichols, of Alexandria, La. ; Mr. Hyde, of Ver
mont ; Mr. Rankin, anil two other gentlemen ; but
it is supposed that there were ten or twelve more,
although Mr. Delislo, of Natchez, was the only ca
bin passenger known by name to be lost. Two
servant?, belonging to Air. Duffleld, were lost.
Dock passengers, 12 or 15 were missing; three
died shortly after the explosion ; 1 was drowned
attempting to swim on shore; 12 were scaled se
verely, and 12 slightly. It is represented to have
been the most complete wreck eer caused by a
steamboat explosion ; all the buckets blown over
board, and ll.c pumps broken. The fire was ex
tinguished three different times, while she floated
15 miles. Great praise is liestowed upon the fe
male deck passengers, who labored with despera
tion in bailing the water out of the hold.
Picayune.
Perils of the Sea. Mr. Grccnleaf, editor of the
Sailor's Magazine, has kept a register of marine
disasters which have come to his knowledge w ithin
the past year, and the result is appalling. The
whole number, counting only those which resulted
in a total loss of the vessel, was no less than four
hundred and ninety, viz :
Ships and barks - - .01
Rrtgs - - - 135
Schooners - - - 23 J
Sloops . . - - - -12
Steamboats - 15
nca ceases to b
legal
t r 1 1 ?r W in t rrl r f
but,
Total, 400
Most of the vessels included in this melancholy
list, were American. Forty-three of them were
lost towards the close of lt?3'J ; but the intelligence
of their fate was not received here until lb37.
i lurty-etgM were iost in mc montu of January,
fifty-four in February, t went f ur m March, thirty
in April, nineteen u ."lav, foicen in June, fortv-
two iii July, fifty in August, thirty-two in Scptcin-
ber, forty-three in October, forty-three in Novem
ber, and six in Dccem'oer. 1 he precise time when
the remaining vessels were Iost could not be satis
factorilv aseeitained.
In the above named vessels, (ays the Sailor's
Magazine,) one thousand :wo hundred and ninety
five lives are reported as being lost. This proba-
bly is but a part of the whole, for in many in
stances the crew are spoken of ns mising, and in
other cases nothing is said, where, pcilmps-, there
was a total loss. Suiely w hat is dime for sailors
should lx; done quickly. A". 1". Jour, of Com.
Si:I-rrrc:Mxrv 12 ill.
we are inclined to think, from the enquiries uc
have made, that the principal cause is to be found
in the circumstance that guineas in this country are
not in sufficient abundance to attract the attention
of thesa who would know best how to profit by
their exportation.
Spanish Dollars command a higher price thin
Mexican dollars, although they are of precisely
the same weight and standard, because they have
a currrncv in all parts of the world, founded in a
univers d confidence in ihe good faith of the Span- j
ish government, winch has been of long standing, j
and m their general notoriety. 1 he Spanish dol
lar with the head of Ferdinand upon it is famiiiar
in Cuba and Spanish America to nil the country
people who bring produce to market, while the
Mexican dollar is known more particularly to mer
chants and traders. It is also well known in Chi
na, where the people of the interior make a differ
ence of ten or twelve per cent between them and
the Mexican dollars.
Carolus Dollars. These are theSp anish dollars
coined prior to the year 1803, in the reigns of
Charles III. and IV., whose heads, with their hair
tied in a quieu, are so well known in China that in
certain provinces the people make a diifrrence le
tween them nd the Mexican dollar of fifteen or
uixteeu per cent, although "their weight nml stand
atd are the fame. It is solelv for the China trade
January 10, 1S3S.
In Senate.
Mr. Wright, from the Committee on Finance,
reported the following Hill, which was read, and
passed to a second reading, and made the special
order of the day for Tuesday, the 30th instant :
A Hill to impose additional duties as depositories,
upon certain public officers, to appoint Receivers
General of Public Moncv, and to regulate the
safe keeping, transfer, and disbursement ol the
Public Mones of the United States.
Re it enacted bv the Senate and House of Re
presentatives of the United States of America, in
Congress assembled, Thai there shall be prepared
and pi o i.Jed, within the new Treasury building
now erecting at the seat of Government, suitable
and convenient rooms for t ho 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 Trca
.urer; which said rooms, vaults and safes, are here
by constituted and declared to be, the Treasury of
the united States. And the said I reasurcrof the
United States shall keep n!I 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.
Six. 2. And be it further enacted, That the Mint
ton, in the State of South Carolina, and nt the city
of St. .Louis, in the State of Missouri, otlices, with
suitable end convenient rooms for the use of the
Receiver? General of Public Money hereinafter
directed to be appointed at the places above named ;
and sufficient and secure fire-proof vaults and safts
for the keeping of the public money collected and
deposited at those points, respectively ; and the
said Receivers General from time to time appoint
ed at those places, shall have the custody and care
of the said of.kes, vaults and safes, so to be erect
ed, prepared and provided, and of r.il the public
moneys deposited within the same ; and shall per
form all the duties required to be performed by
them, in reference to the receipt, safe-keeping,
transfer and disbursement of all such moneys, ac
cording to the provisions hereinafter contained.
Si:c. 5. And be it luriher enacted, That the
President shall nominate, and, by and with the ad
vice and consent of the Senate, appoint four offi
cers, to be denominated " Receivers General of
Public Money," which said officers shall hold their
respective offices for the term of four years, unless
sooner removed therefrom; one of which shall be
located at the city of New York, in the State of
New York ; one other of which shall be located at
the city of Roston, in the State of Massachusetts;
one other of w hich shall be located at the city of
Chailcston, in the State of South Carolina; and
the remaining one of which shall be located at the
city of Sc. Louis, in the Statu of Missouri ; and all
of which said officers shall give bonds to the Uni
ted States, with sureties, according to the provi
sions hereinafter contained, fur the faithful dis
charge of the duties of their resjH-ctivc offices.
Sec. G. And be it furl her enacted. That the
Treasurer of the United States, the Treasurer of!
the Mint of the Umted States, the Tieasurers, and
those acting as such, of the various branch Mints
already erected and now erecting, all Collectors
of the Customs, all Surveyors of the Customs act
ing v. so as collectors, all Receivers General of
Pi. Lite Moneys, all Receivers of public moneys at
the several land fiees, and ail jmstmasters, except
ns is hereafter particularly provided, le, and they
are hereby required to keep safeJv, without loan
ing or using, ail the public money collected by
them, or otherwise at ay time placed in their pos
session and custtdy, till the same is ordered by the
proper Department or officer ot ihe Government
to be transferred or paid out . and when such or
ders for transferor payment aie received, faithfully
and promptly to make the same ns directed, and to
do and perform all other duties as fiscal egents of
the Government, which may be imposed by this or
auy other net of Corigre?, or bv any regulation of
the Treasury Department, maio in conformity to
law ; and al-o to do and perform a!! acts and duties
required by law, or bv direction ef any of the exe
cutive departments of the Government, as agents
for paying pensions, r for making any ether dis
bursement hi(.h either cf the Heads of those De
partments may be required by law to make, and
which are of a character to be made bv the depo
sitories hereby constituted, ccusistont'y with the
other official duties imposed upon them.
Sec. 7. And be it further enacted, That the
1 rea surer of the United States, the Treasurer of
the Mint of the United States, the Treasurer eft he
Urancii Mint at New Oi b ans, and the Receivers
General cf Public Money hereinbefore dm cted to
le appointed, shall, respectively, yivc bonds to the
United States in such form, and for such amounts,
as 5 hall be directed bv l! e Secretary i f the Trea-
ury, by end 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, rei.cw, strengthen and increase their ( (licial
bonds, as the Secretary of the Treasury, with the
consent of the President may direct ; any law in
reference to any of the official Itonds of any of the
said ohiccrs to the contrary notwithstanding.
hereby constituted, to the Treasury of the United. as well the books, accounts, and returns of Ihe ofti
States; to the Mint at Philapelphia ; to the branch
Mint at New Orleans; or to the ollices of either ot
the Receivers General of public money by this act
directed to be appointed ; to be there safely kept,
according to the provisions of this act; and also to
transfer moneys in the hands of any one depository
constituted by this act, to any other depository con
stituted bv the same, at Ids discretion, and as the
safety of the public monies, and the convenience of
the public service shall seem to bun to require.
And for the purpose of payments on the public ac
count it shall be; lawful for the said Secretary to
draw upon uny of the said depositories, as he may
think most conducive to the public interests, or to
the convenience ol the public creditors, or to both.
Sec. 11. And be it further enacted, That the mo
neys in the hands, care anil custody of any of the
depositories constituted by this act, shall be con
sidered and held as deposited to the crcdii of the
Treasurer of the United States, and shall be, at all
times, subject to his draft, whether made for trans
fer or disbursement, in the same manner as though
the snid moneys were actually in the Treasury of
the United States; and each depository shall make
returns to the Treasury Department of all moneys
received and paid by him, at such times, and in
such form, as shall be directed by the Secretary of
the Tieasury.
Sec. 12. And be it further enacted, That, w hen
ever pub!io monies shall accumulate in the hands
of any depository constituted by this act, other than
the Treasurer of the United States, the Treasurer
of the Mint of the United States, the Treasurer of
the I iranch Mint at New Orleans, and the Re
ceivers General of public money, to an amount
beyond that secured by the bond of the officer, or
w hich the Secretary of the Treasury shall, for any
cause, consider unsafe, and it shall not be desira
ble to transfer the monies so accumulated to any
other depository, it shall le lawful for the said
Secretary to direct t!i3 said monies, or anv p. i lion
thereof, to be specially lepoil?d in such bank of
the State or Territory, wherein the depository w ho
is to make the deposite is located, ns he, the said
Secretary, shall select and name: Provided, The
batik so selected, will agree to receive and keep the
moneys deposited with it, upon the terms and con
ditions in the next section of this act prescribed.
Sec. 13. And le it further enacted, That the
special deposites of the pullic moneys authorised1
bv the last preceding Ft?c?ion of this act to be made !
in banks, shall I so mane upon t:ie following terms
and conditions-, and upon net other, namely:
First. All such depositcs shall lc striolly special
riep.isttes ; and the banks holding them shall be pro
hiluted, in the most effectual manner, from making
any use of the monej s eleposited, by way of loans,
discounts, or in anv othsr manner, er fir any other
purpose whatsoever; and to secure the fulfilment of
this condition, the Secretary of the Treasury isau
thorized, in Ids discretion, to furnish the banks se
lected as deposite banks, with safes for the keep
ing of the public moneys exclusively, and under
the joint control of the bank and some designated
odicer of tlse Government, or to adopt such other
guards as he shall n refer.
Second. Nothing but g ld or silver, orsuch notes.
bil
that these cVikus command a higher price thin the of the United States in Ihe city of Philadelphia, in
Ferdinand dollars, but in truth, there are so few of: the State of Pennsylvania, and the Riaiu h .Mint.
them ia circulation that thev can hardly bs said to
constitute an article of commerce. In China, the
Ferdinand dollars of an early emission, which have
n head and quieu like ihe Carolus dollars, are held
ia equal estimation, which show that the Chinese
Jove tb quieu bellt:r than the standard.
Jlalf Dollars. These arc from the American
mint, and may l- considered as our standard mo
ney, as whoie dollars have not been coined of late
y ears.
The Five Franc piece is worth 'in American
rnoney 03 cents 2 mills, that is to say, the quantity
of pure silver in a live franc piece is equivalent to
the quantity of pure silver contained in 03 cents 2
mills of American silver coins.
Doubloons. The doubloon of Spain, coined le
fore the separation of Spanish America from the
mother country, commands a higher price than the
patriot doubloon coined since, although both are of
the same weight and fineness, owing to the same
cause as that above assigned for ihe superior mar
ket value of the Spanish dollar over the Mexican.
It is every where better known, and besides this,
the patriot doubloon as well as the pit riot dollar,
was prohibited for a time to circulate in Spain and
her loyal colonies, which has left behind prejudices
not yet worn ofH Financial Register.
Nnw Orleans, Jan. 0.
The Natchez Free Trader contains some further
particulars of the lossof the steamboat Black Hank.
The precise number of Ihe passengers on board at
the time of the explosion cannot be ascertained, as
tha clcilt had net yet made out a list. There were,
in the city of New Orleans, in the State of Louisi
ana, and the vaults and safes thereof respectively,
s!a!l be places cf deposite and safe keeping of the
public moneys at those points respectively ; and the
Treasurer of the said Mint and Rrar.ch Mint re
spectively, for the time being, shall have the custo
dy and care of all public moneys deposited within character and description, within the District ef
r:c. 4. And be it furthar 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 requite from the several depositories hereby
constituted, and whose official bonds are not here
inbefore provided for. to execute bonds new and
suitable in their term--, to meet the new nn 1 in
creased duties imposed upon them respectively by
this act, and with sureties, and in sums such as
shall seem reasonable and safe to tha Solicitor of
the Tieasury, and, from time to time, to require
such bonds to be renewed and increased in amount,
and strengt J icncd by new sureties, to meet nry irj.
creasing res-ponsiLiIiry, which may grow out of ac
cumulations of money in the bands of the deposit)
ry ; or out of any other duty or responsibility, ari
sing under this or any other law of Congress.
Si:c. 9. And be it further enacted, That all col
lectors and receivers of public money, of cverv
the same, and shall perform u!l the dm tes required
to be performed by them, in reference to the re
ceipt, safe-keeping, transfer and disbursements of
all such monc) s, according to the pro isjons herein
after contained.
Sue. 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 Roston,
in the State of Massachusetts, suitable and conve-
nient rooms for the use of the Receivers General of
Public Moneys, hereinafter directed lo I? appoint
ed, at those place's, respectively ; and sufficient and
sexure fire-proof vaults anil safes for the keeping
of the public moneys collected and deposited with
Columbia, shall, as frequently as they may be di
rected by the Secretary of the treasury so to do,
pay over to the Treasurer of the United Status at
the Treasury thereof, all public moneys collected
by them, or in their bauds ; th: t nil such collectors
and receivers of public moneys within the cities of
Philadelphia am! New Oi leans shall, upon the same
direction, pay over to the Treasurers of the Mints
in their resjctive cities, nt the said Mints, all pub
lic moneys collected by them, or in their hands; and
that all such collectors and receivers of public mo
neys, within the cities of New York, Roston,
Charleston, and St. Louis, shall, upon the same di
rection, pay over to the Receivers General of pub
lic money in their respective cities al their offices
Public .Money, from time to time, Appointed at j them, or in their hands, to b
th(sc points, shall have the custody and care of the j said respective depositories,
them, respectively ; and the Receivers General of i respectively, all the public moneys collected bv
be safely kept, by the
until otherwise dis-
said rooms, vaults and safes, respectively ; rnd ofi posed of according to law; and it shall be the duty
all the public moneys deposited w ithin the same, ! of the said Secretary to direct such payments, by
the said collectors and receivers, at all the said
places, at least ns often as once in each month, and
as much more frequently, in all cases, as he, in his
discretion, may think proper.
Sec. 10. And be it furtherenacted, That it shali
and shall perform all the duties required to be per
formed by them, in reference to the receipt, safe
keeping, transfer, and disbursement of all such
moneys, according to the provisions of this act.
Skc, -1. And be it furtherenacted, That there
shall be erected, prepared and provided, nt the cx-ite lawful for the Secretary of the Treasury to
pcnc of the United Stales, at the c;ty of Charles- transler the moneys in the hands of any depository
or paper, issued under tne authority of the
United States, as may be directed by law to be re
ceived in payment of the public dues, shall be of.
fered for dejMisife, or received by the banks as a de
posite, under the provisions of this at.
Third. All depositcs shall be passed, upon the
books oi the bank, to the credit of the depository
making the same; lint no moneys deposited in pu .-
suatice of this net sh ill be withdrawn widiout the
express order of the Secretary of the Treasury for
the payment ; and no drafts ot the I reasurer of the
United Stales, or orders or warrants of the Secre
tary of the Treasury, for ordinary transferor dis
bursement, shall be made upon any bank selected
as a deposite bank under this act.
Fourth. A commission, such as shall be agreed
upon between the Secretary of the Treasury and
the bank, not in any case to exceed per centum
upon tiie moneys deposited with if, shall be allowed
and paid by the United States, in full satisfaction of
all claims on the part of the bank f r trouble and
risk growing out ol the receipt, safe-keeping and
re-payment of the snec:al deposits herein autho
rizod to be mr.de, nil accounts for commissions to
Ih? audited and paid at the Treasury of the United
Slates.
Sec. 14. And ho it furtherenacted, Thai in case
no bank within the State or Territory wherein the
depository, directed to make deposites, is located,
will consent to receive the moneys of tne Govern
ment Uon special deposite, according to the fore
going conditions and regulations, then it shall Ik"?
lawful for the Secretary of the Treasury to select
some bank in an adjoining State or Territory, such
as may be most convenient fir the officer to make
depositcs and the public service; and in case no
convenient bank of cither character can be found
willing to receive such deposites upon the terms
proposed, the Secretary mav transfer the same to
the Treasury of the United States, to the Mint, or
Branch .dints, or to the offices of either of the Re
ceivers General of Public Money, as shall be most
convenient to the depositor' from whom the mo
ney is to ue transferred, or to the wants of the pub
lic service in reference lo disbursements.
See. 15. And be it further enacted, That the
Secretaiy of tl o Treasury shall be, and he is here
by, authorized to cause examinations to be made of
the books, occounts, and mo.Tey on hand, ol the
several depositories constituted by this act; and for
that purpose to appoint special agents, as occasion
may require, with such compensation as he may
think reasonable, to be fixed and declared at the
lime of each apjiointincnt; which said examina
tions, in all cases where the sum on hand usually
exceeds three-fourths of the amount of the officer's
bond, shall not !e made less frequently than once
in each year.anb as much more frequently, in those
and all other cases, a the Secretary, in his discre
tion, shall direct. The agents selected to make
these examinations shall bo instructed to examine
cer, as Ihe money on band, and the manner ef its
being kept, to the end that uniformity and accura
cy in the accounts, as well as safety to the public
moneys, may be seemed thereby.
Sec. 16. And be it further enacted, That, in ad.
dition to the examinations provided for in the last
preceding section, and as a further guard over the
public monevs, it shall be the dot)' of each Naval
Officer and Surveyor, as a check upon the Re
ceiver General of Public Moneys, or Collector of
the Customs, of their respective districts; of each
Register of a Land Office, as a check upon the Re
ceiver of bis Land Office ; and of the Director and
Superintendent of each Mint and Branch Mint
when separate offices, as a check upon the Trea
surers, resjectively, of the said .Mints, or the per
sons acting as such, at the close of each quarter
of the year, and as much more frequently as they
shall be directed by the Secretary of the Treasury
to do so, to examine the books, accounts, returns,
and money on hand, of the Receivers General of
Public Money, Collectors, Receivers of Laud Of
fices, Treasureis and persons acting as such, and
to make a full, accurate, and faithful return to tlse
Treasury Department of their condition.
Sec. 17. And be it further enacted, That the
said officers respectively, whose duty it is made by
this act to receive, keep, and disburse the public
moneys, as the fiscal agents of the Government,
may be allowed any necessary additional expenses
for the clerks, fire-proofs chest, or vaults, or other
necessary expenses of safe-keeping, transferring
and disbursing said moneys; nil s,uch expenses ef
every character to be first expressly authorized by
the Secretary of the Treasury, whose directions
upon all the above subjects, by way of regulation
ane otherw ise, are lo be strictly followed be all ihe
said officers.
Sec. 19. And be it further enacted, That the
Secretary of the Treasury shall, with ns much
promptitude as the convenience of the public busi
ness, and the safety of the public funds will permit,
withdraw the balances remaining with the present
depositories of the public moneys, and confine the
safe-keeping, transfer, and disbursement of those
moneys to the depositories established by thiscxt.
Sec, 19. And be it further enacted, That all
Marshall?, District Attorneys, and others, having
public money to pay to the United States, and all
patentees, wishing to make payment for patents to
be issued, may pay nil such moneys to the Treas
urer of the Unite I States, at the Treasury, to
the Treasurer of cither ef the Mints m Philadel
phia or Ne v Oilcans, to either of the Receivers
General of Public Monej', or to such other deposito
ry constituted oy this act as shall be designated by
the Secretary cf the Treasury, in other parts of the
United states, to receive such payments undgivc re.
ccipts or certificates of deposite therefore.
Sec. 20. And be it further enacted, That all offi
cerscharged by this act w ith the safe-keeping, trans
fer, and disbursement of the public monevs, are
hereby required to keep an accurate eniry cf each
sum received, an-J of the kind of money in which it
is received, and of each payment or transfer, and of
he kind of currency in which it is made ; and that
if any one of the said officers shall convert to bis
ow n use, in any way whatever, or shall usa by way
of investment in any kind of property or merchan
dise, or shall loan, ui;h or without interest, any
portion of the public moneys entrusted to him for
safe-keeping, disburse? me., i", transfer, or for anv oth
er purpose, cverv such act shall be deemed and ad
judged to be an embzz'emcrt of so raich of tho
said moneys as shall ba thus taken, converted, in
vested, used, or loaned, which is hereby declared
to be a high misdemeanor, and any officer or per
son convicted thereof before any court of the Uni
ted States of competent jurisdiction, shall be sen
tenced to imprisonment for a term of not less than
two nor more than five yeaars, and to a fiue equal
to the amount of the rnoney endczz!ed.
Sec. 21. And be it further enacted. That, in or
der to avoid inconvenient or injurious accumulations
of gold and stiver in the 1. anils of the depositories
of the Government, it shall be the duty of the Se
cretary of the Treasury, whenever the amount of
money in the Treasury of the United States, and
standing to the credit of the Treasurer, in tho
hands of th ; several depositories, shall exceed in
amount 84,000,000, to invest the surplus of such
moneys in securities bearing an interest, and issued
upon the faith and credit of tho United States, or
of some one of the States of the Union ; in all ca
ses of such investments, selecting such stocks, or
securities as are transferrabli by delivery or assign
ment, and from the rate of interest pa v able, tho
time or times ihey may have to run, and the prices
they may bear in the market, shall seem to him
best to answer the purposes for which the invest
ments are directed, and at no time paying more
than the current value in the market for any such
stocks or securities. And whenever the amount of
moneys in the Treasury, and standing to the credit
of the Treasurer, shall be so much less than the
said sum of 1,000,000, as to indicate to the Se
cretary that the moneys invested, or any portion
ihercof, will be required for purposes of public dis
bursement, then it shall be bis duty to sell such
portions of the stocks anil securities purchased as
mny U necessary to keep the balance of merry
in the Treasury equal to its wants: Provided, T-t
in all investments to be made in obedience to tho
provisions of this section, ihe said Secretary shall
confine his purchases of stocks and securities, is
sued upon the faith and credit of any State to such
as have been actually issued by the State, and shall
not be at liberty to subscribe f r, or otherwise pur
chase, those proposed to be issued and not in actual
existence, as stocks and securities in the market.
Sec. 22. And be it further enacted, That until
the rooms, offices, vaults, and safes, directed by- the
first, third, fifth, and sixth sections of this act to be
constructed and prepared for the use of the Trea
surer of the United Stales, the Treasurers of the
Mints nt Philadelphia and New Orleans, and the
Receivers General of Public Money at New York,
Roston, Charleston, and St. Louis, can be const rut-