Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1824-12-07

eitev nothing to be received Tor debts
| due 10 Tie United States. but the legal
currency of the United States, Treasury
notes, notes of the Bank of the United
States, or of those state banks the notes
of which were payable and paid on de-
mand in CASH"
In conformity with the injunctions of
this resolution, and with the act ineorpo-
rating the Bank OF the United States, an
arrangement (agreemepD Ii is affirmed
by the committee, was concluded In he
Cal ly part OF 1917, between the Secreta-
fy OF the Treasury and that institution,
by which ii was stipulated that the public
funds were 10 BE- deposited in the branch
es OF the Bank OF the Unned States, in
all places where such branches existed
and in others, that bank WAS 10 select
and designate certain stale banks, tor
which it was TO be responsible, and in
which such public moneys were le be
| deposited; and notes Of all banks whose
paper the bank Of the Unied States
would receive in deposit as cash, and
none other, were 20 be received on sales
OF the public lands. On the 5oth June,
1918, this agreement, II is stated by the
! com mit,ee, terminated, at the instance oil
the Bank of The United States and un-
der the circumstances attending this fact,
the Secretary entered into agreements
with CERTAIN state banks, by which theY
were employed as points of deposite
and instruments OF transfer, for the pub.
lie money, in the course OF It's collection
and disbursement. Engagements OF this
description were effected, by the Secre-
tary with the Bank of Missouri on the
LIST of August, 1878; with tbs Bank Oh
Edwardsvlle on the lst OF February,
1912; and with those of Illinois, Hunts
vile, and Tombeck he, about Inc same
time. Soon, however, it is declared by
the committee, his connection between
the state banks and Secretary Of the Trea-
sury was extended in its application,
and varied in its obligations. A greater
number of banks were embraced by it,
aad more favorable conditions were al
lowed them. Ii was agreed thai, as an
equivalent for tho risk aud expense OF
deposile and transfer, the use OF a sti-
pulated sum should be permitted them,
as a permanent opposite, which was NOT
TO be withdrawn except in certain spe-
cited case.
The substance Of this agreement, be-
tween the Treasury and these state banks,
is expressed by the committee in the fol-
loving words: " lst. That the bank
should receive, in deposiie, TO the credit
OF the Treasury, as cash, from me Re-
ceivers Of Public Moneys, all the cur
rent notes OF such banks as maintain
cash payments; with power, however,
to discontinue to receive the notes Of any
particular bank, on giving reasonable no.
tice OF such intention to the Receiver"
I'd. That the bank should pay, at
sight, all drafts from the Treasury and
should, also, transfer, on request, all
sums on hand, beyond the amount of the
stipulated permanent deposne, to the
back of the United States, or certain emu
merated branches of that bank; and tina,
liked sum should remain in the bank,
as before mentioned, as a permanent de-
posite, to be transferred, howevt r, to The
Bank OF the United States, il six months
alter the Termination ofthe agreement"
$" 3d. That, if the money were want
ed ior disbursement in the neighhorhood
OF the banks, it might be drawn for, at
sight, Notwithstanding such drafts might
reduce the permanent deposite below
the stipulated sum-
N The amount Of this permanent de-
posite 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 consider
ed as compensated by the benefit of the
deposte which bad been stipulated. Ii
was also, prescribed, that the bank
should render to the Secretary of the
Treasury, and to the Treasurer, dupl-
cate monthly returns Of its accounts with
the Treasurer; and, to the Secretary,
confidential monthly returns of the state
of its own affairs shelving, also, the
credits OF all public officers in the bank /
and, also, quarterly lists, or returns, of
all its debtors, to the end, that the Sc
cretary of the Treasury might deter
mine on the propricty of continuing the
public deposite in such bank"
The effect ofthis arrangement is thus |
summed up by the committee:
The following table shows the |
amountoft hepermanent deposite allowed
to each bank, respectively, as the equi-
valent for the services rendered, or ex-
pected to be rendered by it to the Trea-
surv - rs &Ar