Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-05-22

:.
t IHB DEPosITEs. In the House of Re
: resentatlves, April 22d, MIR. Polk made
report from the committee of WAYS ar
Means, on the subject of the safe keepin
OF the public money. The extracts give
i, ,oelow' embrace the most important topic
IN The report. 1t will be seen that the CON
mIttee maintain and recommend that de
posl'es OF public money, having bee
made IN pursuance of law of congress
should not be liable to removal, except 70
the reasons that their safety is endanoered
or mat the bank fails to comply with it
engagements. These are precisely III,
reasons which, it has been maintained
Doth IN the senate and house of representa-
t'ves, could alone justify removal. Nel
'her hr. foik, nor any Of the party who
follow MN, have pretended that either Of
these reasons existed Hence, it would
seem, that the removal, which is defended
In the house, is condemned in the commit.
tee room. H
lin determining upon the mode in which
the deposlte banks shall be selected, the
committee are of opinion that due regard
70 the public interests will make II proper
to leave the selection, In the first instance.
10 the head of the treasury department, or
TO some other person designated By law :;
out when once selected, to put it out of the
power OF the executive to discontinue such
depository without the sanction and appro-
baton OF congress. Should it, however,
De deemed expedient for congress Them
selves TO designate, by law, the banks which
shall hereafter be employed as repositories,
instead of delegatlng the power Of selec-
ION. III the first instance, to an executive
'fhcer, there could be no objection to that
node, provided it be deemed practicable to
make the selections in such manner as to
,ro'ect and preserve the public funds to be
deposited therein.
The bill which they report prescribes
First, the mode In which, and by whom.
he state banks hereafter to be employed as
he public repositories, shall be selected.
secondly, the terms and conditions upon
"lAch they shall be employ ed, the duties
md services they shall perform, and the
securities which thew NAV be required Ia
give, in order ellectually to protect the
government against possible danger of loss
md thirdly, it provides that. when once
they shall be placed beyond the
power and control of the executive depart
ncnt, except as far as the safe and Drudent
of the public revenue NAV
ender such control indispensable.
The bill restricts the discretion of the
and places it out of the power
IF that department TO discontinue the Sc
ected banks as places Of public deposite.
he cases OF failure on the part of said
banks to comply with the terms and condi-
ions on which they NAV be EMPLOYED, or
o cases in which any of said banks may
become unsafe repositories of the public
money, and reserves 10 congress The ult-
nate control over the whole subject. BY
is provisions The secretary of the treasury
cannot, during the session of congress, dis
Miss from the service of the treasury any
bank of deposite, without having first OBJ
aimed the sanction and appreciation O,
.onoress. and if. durinu the recess of CON
yress. any bank shall fail or refuse to com
1ly with the terms and conditions upon
which 1t has been employed; or if, from
he periodical returns of its condition and
business. or otherwise. the secretary of the
,rcasurv shall deem it necessary. in order