Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-07-20
RICHMOND VIRGINIA, TUESDAY july 20 1e24 =

| entered into agreements with certain State
banks, by which they were employed as point.
/ oil deposite and instruments of transfer for thu
public money, in the course ofits collection anc
disbursement. Engagements, of this descrip
| ton, were effected by the Secretary with the
Bank of Missouri, on the 1st of August, 1918
with the Bank OF Edwardsville, on the LIST Fe.
bruary, 1919, and with those of Illinois, Hunts.
vile and Tonbeckbc, about the same time
Soon, however, it is declared by the COMMIT.
tee, this connection between the State Banks
and the Secretary Of the Treasury, was extern
dcd, IN Its application, and varied in its obleati.
on,. n greater number of Banks were embra-
ced by 1T, and more favorable conditions were
allowed them. Ii was agreed that, as an equi.
va'ent for the risk and expense of deposite and
transfer, the use of stipulated sum should be
Perinitted tiic'n, as permanent deposie, which,
was not to be Withdrawn, except in a certain
specified case.
The substance of this agreement between the
Treasury and these State Banks, is expressed
by the committee in the following words:
LIST. "That the Danl should receive in depo-
site, to the credit ofthe Treasury, as cash, from
the receiver of Public Moneys, all the current
notes OF such Banks as maintain cash payments;
with power, however, to discontinue TO receive
the notes OF any particular Bank, on giving rea-
sonable notice of such intention to the Receiv
er.
2. "FEat the Bank should pay, at sight, all
drafts from the Treasury; and should also trans
Ter, on request, all sums on hand beyond the a.
mount oftbe stipulated permanent depositc. to
the Bank at the United States, or certain emu
morated branches oftbat Bank, and that a ixed
sum should remain in the Bank, as before men
toned, as permanent aeposite, TO be transfer
rcd, however, TO the Bank of the United States.
IN SIN months after the termination of the a~ree
ncnt.
j. THAT il the money were wanted for dis
bnrscment in the neighborhood of the Banks, il
might be drawn for at sight, Notwithstanding
such drafts might reduce the permanent depo-
site below the stipulated sum.
.'The amount of this permanent dcposife was
to be increased, if it should appear that the
Bank should receive and transfer such large sums
as that the expense thereof should not be con-
sidered as compensated by the benefit of the de-
positc which had been stipulated 1t was also
prescribed that the Bank should render to the
Secretary of the Treasury, and to the Treasu-
rer, duplicate monthly returns of its accounts
with the Treasurer; and to the Secretary, con-
fdential monthly returns of the state ofits own
affairs, showing, also, the credits of all public
officers In the Bank; and also, quarterly lists or
returns of ali its debtors, to the end that the Se-
cretary of the Treasury might determine on the
propricty Of continuing 1he public deposite in
such Banl1.''
ne eject OF TINS arrangement is thus summed
UP by the committee.
"'The following table shows the amount ofthe
permanent deposite allowed to each Bank, re-
spectsSly, as the equivalent for The services
rendered, or expected to be rendered, by it TO
the Treasury;
Bank Of StehbenvilIe . 10000
Bank of Cbilicothe 1OO.L5O
Franklin Bank of Columbus 10000
Farmers and Mechanics Bank Oh
Indiana Ao'ooo
Bank ofIIIinois at Shawncetown $4,000
Branch bank of Kentucky att
Louisville, ioo'ooo
Bank Of Tombeckbe al st. Ste
phen's K ioo'ooo
Planters and Merchants bank :. ooo
of Huntsville '''ooo
Bank of Missouri 10000
Bank OF Ylncenncs :. $4,000
Bank of Edwardsviiie 10000
Farmers and Merchants bank 10000,
of Cincinnati
''Tbc amount of these permanent deposltes is
nine hundred thousand dollars; the interest on