Commission (finance)

“ Our conclusion is that the function committed by the law to the Commission is the ordinary one reposed in a fact finding body and that its findings, supported by evidence, may not be disturbed by a court. This construction of the Act leaves the court free to decide upon the basis of the Commission's report all questions of law. With respect to the amount set as a maximum the only question of law which can arise is whether there is substantial evidence to support the Commission's finding. If there is not the court may so hold, set aside the finding and return the matter to the Commission. ”

“ So long as the banks obey the law, they need have no fear of the Treasury Department. But in commission government the official authority, in a sense, both makes and administers the law. The commission is empowered to use its own discretion about many matters, such as rates, service, equipment, and the like, in relation to which the law places the corporation absolutely in its hands. Such official interference is of a kind which can hardly fail in the long run to go wrong. ”

“ It is evident that no ordinary capital would be sufficient for the supplying of money on call to mills in the immense quantity needed, and it is here that the banker’s capital is called into use. The commission house is usually a concern of substantial means, sometimes very rich, and nearly always of a financial standing, which will give it, on its own account, an assured credit. ”

“ On drawing accounts, a commission, usually an eighth per cent, is charged on all payments. The country banker on his part pays his London agent for the trouble which he occasions, either by keeping a certain sum of money in his hands without interest, or by allowing a commission on the payments made for his account, or by a fixed annual payment in lieu of the same. ”

“ And be it further enacted, That the secretary of the Treasury be, and he is hereby authorized, with the approbation of the President of the United States, to employ an agent or agents, for the purpose of obtaining subscriptions to the loan authorized by this act, or of selling any part of the stock to be created by virtue thereof. A commission not exceeding one quarter of one per cent. ”

“ The salaries, benefits, and all financial entitlements of the Commissioners shall be
presented to the Administrator for his approval in consultation with the Governing
Council. The Commission is authorized to fix the compensation of such officers,
attorneys, accountants, examiners, economists and other experts or employees as
may be necessary for carrying out its functions under this Law ”

“ Art. XIX. The Commissioners will have the right to send the funds which they will have encashed direct to the Bank of England and to the Bank of France. They will have the necessary powers to make this transmission of funds ; but it will be their duty to come to an understanding beforehand with the Minister of Finance and the Controllers-General. ”

“ A part of the duties of the commission was to dispose of the property, collect all debts due, and pay 'from the proceeds thereof all just liabilities at the earliest date practicable.' Any surplus was to be paid to the state treasury. ”

“ Collector's fees. They are subject to the limitation in the act of 7th May, 1822, as emoluments of office.
5. Duties on forfeited goods. They are not penalty, and collector is entitled to no part of them.
6. Commissions for paying drafts:--
1st. Paying drafts of the Treasury is a legal duty, incident to the office of the collector, and is a service for which the fees and percentage specified in this act is the only compensation allowed by law.
2d. The limitation to the emolument of office precludes any claim for commission for paying the drafts of government. ”

“ The Board of Governors shall establish the above-mentioned fees, commissions and
charges for services offered by the Exchange, subject to Commission approval,
recognizing that the continued operating and development needs of the Exchange
shall be taken into consideration, but that accumulation of unnecessary surplus
funds is to be avoided. ”

“ The commission is a compensation attached to the particular officer, for his yearly service, and not to the office itself for a fiscal year. If the intention of the legislature had been, what the argument for the United States supposes, the language of the proviso would have been different; it would have been, provided that the United States shall not, in any one calendar year, pay more than one per centum upon all the moneys received during that year; and that the commission for any one year, to whomsoever paid, shall not, in the whole, exceed the sum of $2500. ”

“ Therefore, we contend that the commissioners, knowing best what the budget should contain because as administrators they know the city's need for money, are the body of men preeminently fitted to handle the city's budget.
The commission plan is adapted to the city's financial problem because it fosters economy. Economy is the result of understanding. The commissioners knowing the city's government, not from the administrative side alone, but from the legislative side as well, are in a position to economize and in practice they have done so. ”

“ We recognize that a public service commission, under the guise of establishing a fair rate, may not usurp the functions of the company's directors and in every case substitute its judgment for theirs as to the propriety of contracts entered into by the utility ”

“ The system of control over the expenditure of the Company's money is a very complete one. The general theory is that no expenditure is incurred without the direct sanction of the directors, expressed by a minute of some committee approved by the board. The district officers are, indeed, allowed to make small necessary payments, but for these vouchers are submitted monthly and, after being carefully examined, are passed by the Finance Committee. ”

“ Commissioner, 5 Cir., 39 F.2d 459, 460, the Circuit Court of Appeals recognized that 'It has long been a settled rule of the Treasury Department that commissions paid in purchasing securities are a capital expenditure as part of the cost price of the securities.'
In recognition of this administrative regulation, it has been said here that '* * * commissions (paid for marketing bonds) do not differ from brokerage commissions paid upon the purchase or sale of property. ”

“ The Finance Committee has never had any theory, either of taxation, of wages, of money, of foreign trade, of credit and circulation, of value, or of anything to do with the science of a finance committee. ”

“ And on account of this power the Financier should have no accounts with the public himself, but wherever expenditures are necessary in his department, he should employ proper persons therein, subject to the same powers and modes of accounting with every other person employed in expending public property; or if of necessity he shall at any time have accounts with the public, Congress can appoint a committee, or special board, to examine and settle his accounts. ”

“ If, therefore, Congress, in its wisdom, shall deem it expedient to create a commission to take under early consideration the revision of our coinage, banking and currency laws, and give them that exhaustive, careful and dispassionate examination that their importance demands, I shall cordially concur in such action. If such power is vested in the President, it is my purpose to appoint a commission of prominent, well-informed citizens of different parties, who will command public confidence, both on account of their ability and special fitness for the work. ”

“ A judge is disqualified from sitting in any case in which he has even the smallest financial interest; and most judges, in order to be free to act in any matters arising in their court, proceed, upon taking office, to dispose of all investments which could conceivably bias their judgment in any matter that might come before them. An Interstate Commerce Commissioner is prohibited from owning any bonds or stocks in any corporation67 subject to the jurisdiction of the Commission. ”

“ When goods are charged out, the bills are payable to the commission house, and so, as far as the customer is concerned, the commission house is the principal in the transaction. In many cases certain modified arrangements are made, but in most instances the business is conducted as herein described, and it may fairly be said that the bulk of the dry goods of all kinds produced in the United States finds its way into the market through commission house channels. ”

“ On the due performance of his duties the factor is entitled to his commission, which is usually a percentage on the value of the goods sold or bought by him on account of his principal, regulated in amount by, the usages of each business. Sometimes the factor makes himself personally responsible for the solvency of the persons with whom he deals, in order that his principal may avoid the risk entailed by the usual trade credit. ”

“ There shall not be at any time vested in the Land Commission lands exceeding in the aggregate, according to the estimate of the Commission, as approved by the Treasury, the capital value of five million pounds in respect of which undertakings to purchase have not been received by the Commission. ”

“ The commission house system, as we have it here, does not exist anywhere else, and its great growth in the United States has been largely due to certain peculiarities in our banking methods, which have prevented mills—even those with a reasonably sufficient supply of capital—from obtaining the amount of direct banking accommodation necessary for their needs. ”

“ A financial control and audit commission is established by a law, which ensures its independence. The commission is attached to the National Assembly and assists the government and the National Assembly in controlling the collection of the State revenues and the disbursement of its expenditures within the limits of the budget. ”

“ I am so with a vengeance in a commission [315] (at the Head of which I am) for the Issue of 5 millions of Exchequer Bills for the relief of Commercial Credit—a matter very interesting indeed, & which I flatter myself will be of great service. I pass the day at Mercer's Hall with my fellow Commissioners—16 of the chief men of the City, excellent men, and four others. ”

“ The powers bestowed upon those commissions are based upon the assumption that the corporations under their jurisdiction cannot be trusted to take any important decision in respect to their business without official approval. All such acts must be known to the commission, and be either expressly or tacitly approved, and the official body has the power of ordering their wards to make any changes in their service or rates which in the opinion of the commission are desirable in the public interest. ”

“ In their capacity as lenders, which is only one of a multitude of capacities, the Commissioners are really a subordinate branch of the Treasury, and fulfil the same function as the Public Works Loans Commissioners in Great Britain. They lend principally to local authorities for all manner of public works and public health requirements, also to private individuals, mainly for the improvement of land, and, to a small extent, to Arterial Drainage Boards and to railways. ”

“ The commission shall be responsible for the investment of all proceeds to be administered by it and, as provided by law, the income earned on any such investments may be used to pay operating expenses of the commission or placed in a common debt retirement fund and used to purchase and retire any public debt, or any bonds or obligations issued by any public agency, public corporation or authority which are secured by a contract to which the provisions of the second paragraph of Paragraph I (a) of Section VI, Article IX of the Constitution of 1976 are applicable. ”

“ When governors of States and representatives of communities and employees' organizations are invited to the proceedings by the Commission, they find the issue which primarily concerns them enveloped in all sorts of other questions of a financial and technical nature. ”

“ When the rate of commission is the bone of contention the customer’s first aim will be to pay no commission whatsoever, and to at least arrange for his advance at Bank rate with a minimum of 4 per cent. ”

“ In that State ten or more taxpayers in a tax district may appeal, to the state tax commission, from the local budget or from a proposed bond issue. After a hearing, the state tax commission may reduce the proposed appropriation or the amount for which bonds may be issued, or eliminate the item altogether. ”

“ The Committee said explicitly: 'Under the present law worthless debts are deductible in full or not at all.' [5] While the change was struck out by the Finance Committee of the Senate, the provision was restored on the floor of the Senate and became a law as proposed by the House. ”

“ A commission is a vested interest. The owner has paid so much for it, and expects to sell it for an equal sum. The regulation price recognized by law and the Horse Guards is by no means the actual price of the article. ”

“ It would, therefore, be very desirable indeed if some provision could be made by law to remunerate those persons who have been at so great expense.
Some of the bills for the money expended are in the possession of the Board of Canal Commissioners. But, as they have only a small part, the appointment of some person to hear and examine claims and to authorize payment is respectfully suggested. The selection of a member of the Board of Fund Commissioners, who had no part in these transactions and would therefore constitute an impartial tribunal, is also suggested. ”