Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-07-05

of the United States, o. to comply VIZ. W. ,rs
bv this act OF where such banks ssa not nave
Ec;ent caa;,al to become dcposo:ies ., the "hoe
amount Of monies collected At such Point or P'dee, ne
shall and may order and direct lne poo'I i'i't.y ~
w 49, ~ b nont or place 10 be deposited IN BANK or
49, :; ,ko same State IN some enc or more oi tae
ent states upon the terms and conditions heclnaf-
.Joscritpd-Irortded, That nothing in this act CON
tanned shall be so construed as 10 prevent congress
INV time from passing any law for the removal OF the
| nubl;c money from any of the SAID banks or from
Changing the o: depnsite, to prevent the SAID
banks at lime from declining any longer to be the
repositories Of the public money upon paying over OF
rendering to pay, the whole amount Of public nors on
hand according to the terms Of lis agreement with ''c
said Secretary. h
SECTION g. ind be it further enacted, That no hahA
shall hereafter be selected and employed BY the oecTea
~ of the Treasury as Depository of the public money
until such bank shall have first furnished 10 t sao liz,
cretary statement Gifts condition ara ous''': - w.
Of is directors, the cnree;!! price OF rs
copy Of lis charter; and likewise, sucii Quiet 'r'
as may be necessary TO enable him 10 Judge "i lhc sac
SrcT,oy j. ind he further enacted, That the sal"
banks before they shall be c!hP'oyeu d? ~. Wv . No.
of the public money shall agree 10 r'c'''e t' SAINT W
| m tho fulowiug terms and conditions, VIZ:
First Each 6ank shall furnish TO the Secretary OF the
Treasury, from tinr 10 tIne, rs "'te DIS ne may
not cxcrcdinu once week, statements selllhs l"! IT'S
condition mud business prescribed IN The foregoing
section Of this act except that such statements neeu ot,
unless requested by said Secretary contain 'st o. 'c
directors copy Of the careI anc le sa,u
| rl
Treasurer of llc United States, weekly statement Oh
The condition olhis account upon their books; ana me
Secretary Of the Treasury shall have the right by INN
self or an arent appointed for that purpose, 10 nsrct
such general accounts in the books Of tic bank as shall
relate to Tn, said Statements PToridcd That TINS snail
not be construed TO imply right OF inspecting tle &C.
count of any private individual or individuals win lic
! bank.
Sccondlg Tocrcdit SPECIE all sums deposited there
in TO the credit IF the Treasurer of the United State
and pay all checks, worrans, or drafts drawn on such
dcposes in specie, if required by The holder thereof
IHirdIy To give whenever required by the SecErta'
~ of the Treasury the necessary facilities tor transfer
ring the public funds from place to place, w,lhin inc
Limited States and The Territories thereof and for ois-
! ,buting the in payment OF the Pubic creootS
without charging commissions or claiming allowance OH
accoun, Of difference OF exchange.
Fourihiy TO render 10 the Government OF the United
States ali the duties and services hrrcofne required by
law to performed By the late Bank ol the United States
and lis several branches Offices.
SECTION 5. ind be IL further cnaced That 10 bank
shall be selected continued place OF drposIte OF the
public money which shall not redeem lis notes ana 3s
on dcnand in specie; shall any bank be selected or
continued as aforesaid which sho alter the fourth o
July in the year thousand eight hundred and thu!
,y.sy issue or pay out any note bill Of less denom
nation than five dollars nor shall The notes or bills OF
any bank be received il payment of any debt due 10 the
United States which SHALL after the said fourth day OF
July in the year thousand ghl hundred and thirty
six issue any note or bill OF less denomination Than
! five dollars.
SIZE g. ind he it further enacted, That the Secretary
of The Treasury slal! be- and he is hereby authorized
and il shall be his duty, whenever IN his Judgment The
same shall be necessary proper TO require oil any hak
50 selected and employed aforesaid collateral or add
tional securities for the safe keeping Of the public
MICS deposited therein and the faithful performance OF
the duties required by this act.
SEC l. 3adbc further enacted, That il shall be law
m for the Secretary of the Treasury To enter into con-
tracts in the name and for aud behalf of the United
States with the said banks selected or employed,
whereby the said banks shall stpuae to do and perform
the several duties and services prescribed by this act
SEC s. Ind DC further enacted, hat no bank which
shall he selected or employed the place of drposc OF
the public money shall bc discontinued as such d:poSIto
~, or the public money withdrawn hcrcom except tor
the hereinafter mentioned, that Is TO say II, at
any time ay of said banks shall fail or refuse To
nrn SAID duties prescribed by this act and
stipulated to be performed ~ It's contract; or II any vi
said hunks shall at any time refuse 10 pay It's own notes
in specie if demanded; or shall ta to keep IN It's vaults
such amount Of specie shall be required By The Sc
cretary of the Treasury, and shall be- III his opinion
necessary render the said bank safe depository OF
the public MONIES having due regard to the mature OF
the business transacted by the bank; any and every
such case it shall be the duty of the Secretary of the
Treasury discontinue any such bank as depository
and withdraw from it the public monies which 1t may
hold drpose at the tinc OF such dlscontlnnance
And in case Of the dscontnuancc OF any OF SAID banks L.
shall be tho duty Of the Secretary Of tie Treasury to re-
por 10 Congress Immediately, Il in session. and If not III
session. then at the commencement Of It's next session:
the facts and which have induced such dscon
lnuancc And in case Of the discuulinuancc Of any Of
said banks place OF deposite OF the public money Tor
any of The hcreia before provided 1t sa! be law
u for the Secretary Of the Treasury to dcPose the mo-
ney thus withd-a IN some other banks OF dcpoSe al
readY selected OF select oLr bank place OF
6rpose, under HE terms and conditions prescribed by
this act And in default Of any bank 10 receive such
opposite the money thus withdrawn shall be kept by the
Treasurer OF the United States according to the laws
in force and shall DC subject 10 be dlsbuscd according
to law
Section O. ind DC Il fariAor eaacicd, That until the
Secretary Of the Treasury shal have selected and en-
poyed the said banks places of depose Of The public
money in conformity 10 the provisions OF this aci, The
several State and District banks present employed
Repositories Of the money Ut the United States, sa! con.
nue 10 te the repositories aforesaid upon the terms anu
conditions upon which they have been go employed
SEcTIoS 10. int te IL ierLrr enGccd. That IT shall
be the duty OF Tie Secretary Of the Treasury to lay be-
fore Congress, at the commencement OF each annual
session. statement Of the rambler and names of the
banks employed Repositories Of the public money and
of their condition, and the amount Of public monry de-
rosiled in EACH shown by their returns at the lrea
sury and lhe selection OF any bank as depository
of the public money be made by the Secretary Of the
Treasury while Congress is in session, lie shall nme d.
atcy re port the name and condition of such bank 10
Congress and if any such selection shall be made du
ring the Of Congress, he shall report the same 10
Congress during the first week of its next session.
SECTION II. 9ud be further enacted, That whenever
the Of public depostcs to the credit Of the Irea
Of The U. STATES, in any bank shall, for whole
quarter Of year, exceed the onenurth part OF the |
amount of the capital stock of such banks actually paid
in the banks shall allow and pay to the United States,
Tor tho of the Of the deposes the
fourth part Of its capital and interest the Of two
per per annum, TO be calculated for each quarter
upon tho average of the quarter and it shall be
tic duty Of The Secretary Of the Treasury at the close OF
each quarter, the amounts dcposite in each
deposle bank for The quarter be examined and
tanned, aud TO see that all sums Of interest accruing
der the provisions Of this section, are, by the banks
specvey passed to the credit of the Treasurer ohc u
States in his accounts with The respective banks.
Sic. l2 .2nd lie further ennctcd, That all warrants
or orders for The purpose Of transferring the public funds
from the banks in which they are, may hereafter
b. han nG