Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-04-17
UBLIC Doc MENT

I'm SENATE OF THE UNITED STATES.
FEBRUARY 20, 1929.
Read, and ordered, that i'm addition 10 the usual
number 1000 copies be printed.
tNf. Smith Of .Na,yiand. mate the oilo,cins
Report:
EcoNcLUDEp.1
That The Committee deemed it proper TO call on
tire Secretary OF the Treasury, for more specified
view OF the subject and have received from him
the document 4, which is herewith submitted
That document shows that the average depositcs
OF the Treasury, in the bank Of the United States
from 1919 to 1927, inclusive, amounts to the sum
OF $2,633 ,5S4; and on which, it may be supposed
that the bank might with propriety, operate. as if
il were SO much OF capital, this being believed to
be the calculation OF banks, generally, in their ope-
rations.
1t may be presumed that the report has been
referred 10 the Committee Finance, that they
might consider whether any Legislative act could
me bottomcd thereon. For full understanding of
the subject, the Committee submit the 18th 10Th,
afc 2oth sections OF the "acl TO incorporate the
Bank OF the United States" being the sections
most applicable 20 the subject before them.
"Sec. is. .qna be itfttTther enacted, That, tiu.
ring the continuance OF this act, and whenever re-
quired by the Secretary of the Treasury, the said
corporation shall give the necessary facilities for
transferring the public funds, from place TO Mace
within the United States, or the Territories there.
OF and for distributing the in payment of the
public creditors, without charging commissions or
exchange; and shall also do and perform the seve-
raj and respective duties Of the Commissioners Of
Loans Tor the several States, Of any one or more
OF them, whenever required by law.
" Sec. I6. find be IL further enacted, That the
deposites Of the money Of the United States in
Places in which the said bank and branches there
Of may be established, shall be made in said bank
or branches thereof. unless the Secretary of the
Treasury snail at any time otherwise order and di
rect; in which case the Secretary of the Treasury
shall Immediately lay before Congress, If in ses.
sipn, and II not, Immediately after the commence
msnt of the next session, the reasons Of such or
der direction"
Sec. 20. find be IL further enacted That. in
consideration Of the exclusive privileges and bcne-
hts conferred by this act upon the said bank, the
President, Directors, and Company thereof, shall
nay TO the United States out of the corporate funds
thereof, the sum OF one million and Eve hundred
thousand dollars, in three equal payments: that is
70 say, live hundred thousand dollars at the expra
ton oitwo years; FIVE hundred thousand dollars at
the expiration OF three years; and five hundred
thousand dollars at the expiration Of four years
after the said bank shall be organized and com.
inence its operations in The manner hereinbefore
provided.
The 10th section directs, "thai the deposites Of
the money Of the United States shall be made In,
the bank and its branches" No change can be
made therein, without direct violation of the
charter, which the faith of the nation is bound 10
sustain, No view OF that kind could be contem-
plated by any person, and none, il is presumed.
has been contemplated. There was no obligation
OF deposite in the charter Of the old bank but Con-
EToss thought proper 10 direct, by law, that the
Cusom-house bonds should be deposited in II and
Its branches, being more secure in every point o.
view, especially a check on the Collectors Of the
Customs, who, prior 10 that act had all the re-
ceipts at their disposal, and who might have beer
tempted TO lend the public money 10 their frien
by which, and incorrect conduct in some of them
much Of the public money might have been lost
ihe 10Th section compes the Bank to transfer
we money received IN any one part Of the United
States TO any other, without charge Of cotnrni..
sion, or allowance for any difference Of exchange
that may exist between The different parts of the
Union, and to perform the duties of Commission.
ers, o. Loans IA the several States and Territories
without any charge or allowance therefor. The
transfer Of the money offhe United States by IN,
Treasury, from one part 10 another, would be at
tended with great risk and some expense. In III,
ansier, fine IL lost on part, so that so mucl
'Ieren', nus sssng Ant raSsing,canrff Re r0r