Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1836-07-08

made during the recess of congress during
the first week Of ts next session.
Sec. ~. And be it further enacted
That whenever The amount Of public de.
posiles to the credit of the Treasurer of
the Uni,ed States in any bank shall, for a
whole quarter of year exceed the one
fourth part Of the amount of the capital
stock of such bank actually paid in, the
banks shall allow and pay to the United
States for The use of the excess of the dc
posi,es over The one fourth part of its CAPT.
tall an interest at the rate oltwo per cent.
per annum, To be calculated for each quar-
ter, upon the average excess Of the quarter;
and il shall be he duty of the Secretary of
the Treasury, at the close of each quarter,
10 cause the amounts on deposile in each
deposiIe bank for the quarter to be exam
med and asccr,ained, and TO see that oil
sums of interest accrung under the pro-
visions of this section are by the banks re-
spectivey passed to the credit of the treas
rer of the u. States n his accounts with
the respective banks
Sec. 10. And be it further enacted,
That all warrants or orders for the purpose
OF transferring the public funds from the
banks in which they now arc, or NAV
hereafter be deposited, to other banks,
whether OF dcposte or no., for the purpose
of accommodating the banks TO which the
transfer may be made, or to sustain their
credit, or for any other purpose whatever,
except it be to facilitate the public dis
bursements, aud to comply with the psovi-
sions Of This net. be and the same are here,
by prohibited, aud declared to be illegal
and in cases where transfers shall be re-
CURED for purposes of equalization under
the provisions of this net. in consequence
OF too great an accumulation of deposj,es
in any bank, such transfers shall be made
TO the nearest deposite banks which are
considered safe and secure, aud which can
receive the moneys to be transferred IN
der the limitations in this act imposed
Provided. That II may be lawful for the
President OF the United States 10 direct
transfers ofthe public money to be made
from time to time, to the mint and branch
minis of the United States, for supplying
metal for coinage.
the money which shal be in the Treasury
of the United States on the first dav of
January, eighteen hundred and thirty seven
reservlng the sum Of five millions of dollars
shall be deposited with the several States,
tation in The Senate and House of Repre-
senla,ives of the United States, as s hall
by law authorize their Treasurer or o'her
competent authorities. to receive The same
on the terms hereinafter specified: and the
Secretary of the Treasury shall deliver the
same Ia such Treasurer, or other compe.
tent authorities, on receiving certificates
ofdepositc therefor, sIgucd by such compc.
font i'm cuch E,,,, l.
prescribed by the Secretary aforesaid.
which certificates shall express the usual
and legal obligations of common deposiio.
ries of the public money. for the safe keep
ing and repayment thereof and shall pledge
the faith of the State receiving the same
TO pay the said moneys and every part
thereof, from time 10 time whenever the
same shall be required by the Secretary of
the Treasury, for the purpose of defraying
any wants Of the public Treasury beyond
The amount of the five millions aforesad:
Provided, That if any State declines %
receive its proportion of The surplus afore,
said, on the terms before nam ed. the same
may, at the discretion ofthe Secretary of
The Treasury, be deposited with the other
states agreeing TO accept The same in de.
positc.
And provided further, That when said
money, or any part thereof. shall be wanted
by SAID Secretary to meet appropriations
made by law, the same shall be called for
IN rateable proportions, within one year. as
nearly as conveniently may be, from the diff
ierent states, with which the same is depos
lied, and shall not be called for in sums ex
ceedlng ten thousand dollars, from any
one State in any one month"; without pre,
vlous notice of 80 days for every additional
sum oftwenty thousand dollars which NAV
be required.
Sec. IA. And be it further enacted, Thu,
the said deposilcs shall be made with the
states in the following proportions, and a,
the following times, vlz;-One quarter part
on me first day January, eighteen hundred
ahu lhirty seven, or as soon thereafter as
may De; one quarter part on The rst day
o. hpfil one quarter part on the first day
OF July and one quarter part on the frs,
Jay OF October, oil in the same year.
Sec. IS. And be i, further enacted Tb,,
TO enable the Secretary to carry into effect
the provisions of this act. he be autborIzrd
TO appoint three additional clerks far his
department the one at a salary oc ono
thousand SIX hundred dollars per annum
ana the remaining two a, a aarv of one
thousand dollars eacb and to pay the said
VEINS -, quarter yearly, out Of any money in
the treasury net otherwise Appropriated
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