Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-04-10

I
in New Orleans, and one in Norfolk
upon their acceding to the terms proposed, q,
all which shall receive the deposites in
those places respectively, and be each
responsible to the government for the
whole public deposites Of the United
States, wherever made.
u .(F) "2. That those Banks shall have
the right, by a convention Of their presi-
dents or otherwise, to select all the banks
at other points throughout the United
States, in which the public money shall
be deposited, with an absolute negative
by the Secretary Of the Treasury.
(G) SO. That the Secretary Of the
Treasury shall have power to dIscontih-
ue the deposites in any Bank or Banks,
or break up the whole arrangement,
whenever he may think proper, he Civ
ing in such case the longest notice ofhis
intention to do so, which the public in
terest may warrant.
Il (H) "a. That the primary and secon-
dary banks shall make returns Of their
entire condition to tie Secretary of the
Treasury monthly, or oftener if he shall
weekly, the state Of his deposites with
them respectively; and that they shall al
80 subject themselves to a critical exam
ination of their books and transactions
by the Secretary Of the Treasury, or an
authorized agent, whenever the Secre-
tary may require it.
U "5. That the arrangement Of the
lnn ha a.
Banks, which shall be responsible to it,
not only for the safety Of the entire de-
posites, whenever made, but for making
payment at any places in the United
States, (without charge to the Govern
ment,) in gold or silver, or its equiva-
lent, of any sum which may be required
there to be paid by the Secretary of the
Treasury; that they will also pay any
expenses OF an agent, temporary or per-
manent, whom the Secretary may ap-
point 10 examine into their affairs.
II \K) IS. That they will render, or
cause to be rendered, without charge,
every service, which can now be law
fully required of the U. States Bank.
i (L) 81. (Unimporant.)
II \hJ y. tHC III any SuIl-
cient number of them, shall be disposed
to make such arrangements as are con-
templated by the President, it will be
necessary to inquire Of them whether
their several charters authorise them to
| make such arrangement as is contem-
plated; that is, whether the President
and Directors may lawfully enter into
the engagements required.
/ (N) "9. In order to ascertain whe-
ther the proposed arrangement is practi-
cable, under circumsta ances, that may be
expected to arise, inquiry should be
made Of all the Banks, whether, if this
arrangement should be made prior to the
4th OF March, 1886, it will be in the
power Of the Bank Of the United States,
to embarrass or interrupt it; and whether
any proceeding Of that kind is to be ap-
pretended. ln case any such proceed
ing may be apprehended, it will be pro-
per to inquire, what would be the proba-
bic effects Of any collision or contest
! (between the selected Banks and the
Bank Of the United States, or other
Banks favorable to or combining with it, }
not only upon the Banks themselves but
upon the community at large.
II (ol 40. In order that full investi-
CATION may be had upon matters deeply
interesting to the country, it is desirable
that the views Of the President herein
expressed, should be fully commune ated
to the banks proposed to be made public
deposites; and that the banks should be
required to give specific replies in writ
ing, embracing statements OF itheir affairs
respectively, on the first day Of the pre-
sent month-the capital actually paid
in-the amount Of notes in circulation
the amount Of specie actually on hand
the amount Of deposites-the amounts of
debts due to the banks espectively-the
amount due by them respectively-the
nature and amount Of the bank property
Of each--and all other facts that YOU may
deem necessary to be known to enable
the government to act advisedly ,and un-
derstand the true condition Of the Banks
proposed to be made repositories.
Il iP) "Apprehending that any proceed
ing whatever, especially at the present
time, may be likely to promote what is
called stock speculation, with all the
misch and tendency Of gaming, | re-
spectIully express my conviction that
your agency ought not to be regarded as
a matter to be Kept secret, but on the
contrary, that its objects should be ex-
plicitly avowed upon all proper occa-
sions. Secrecy is not necessary, nor is
it practicable il it were so; so that to at
tain a public object, the means should
be open in themselves and in their de-
velopements. IL will Of course be pro-
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