Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1836-06-30

Tune IRON passing any law for the removal OF
the public money from any of the sa,d banks,
or from changing the terms Of deposite. OF to
prevent tho SAID banks at any tune from do
Ginning any longer 10 bs th. repositories II the
public money. upon paying over, or rendering
To pay, the whole amount Of public moneys on
hand, according To the terms Of Its agreement
with the said Secretary.
Sec. 3. Aud be II further enacted, That no
bank shall hereafter be selected aud employ 81
by the Secretary OF the Treasury as deposi-
tory of the public money, until such bank shall
have fret furnished To the said scoretar, a
statement OF it, coalition and business, a list
of it, directors. the current price Of IT. stock
aud, also. copy IL IT. charter, and. hkew i.e
such other information a. NAV Toe neces,ar,
u enable him to judge OF the safety Of 1t, eon-
dition.
Sec. I. Aud be 1t further enacted. That the
said banks, before they shall Ice employed a.,
The depo,iiories OF the public money, shall
agree To receive the same upon the follow ing
terms aud conditions, viz:
Fir,t. Each bank shalt furnish 20 the Sc
cretary OF the Treasury, from time 10 time. rs
often a lac may require, not exceeding once n
week, settlement, sitting forth II, condition
aud business, n prCcubci ia the foregoing sec
ton Ui th.s act, except that such staten, n t.
need not. unless requested by sand Secretary,
contain a list of the directors, or a copy of the
charter. And the said banks shall furnish to
tie Secretary Oftho Treasury and L. the Urea
surer OF the L S.awcrkly statement ufthc con-
dltiOn OF his account upon their books. Aud the
Secretary of the Treasury ShallhaVe the ri,ht
by himself, or an agent appointed for that
purpose, 10 inspect such general accounts ~
tlIc books of the bank >hall relate to the said
statements Proridcd, That this shall not he
construed 10 impl, right of inspecting the
account of any pirate individual or lndlyi-
dual, with the bark.
Secondly. To credit a. specie all sums de-
posted therein 10 ,he credit OF the Treasurer
OF The United States, and u ray all checks
warrants, drafts. drawn on such d.po,,cs, in
specie, II required by the holder thereof
Thirdly. TO give, whenever required hy
The Secretary Of thc Treasury, The necessary
facilities for transferring the public fund, from
place 60 place, within the Unit. States ard
tte Territories thereof, and for distributing
the same IN pnymcn, of the public creditors,
without charging commissions or claiming al
lpwancr ou account uf difference of eN change
Fourthly To rculer to the Government
OF the United state, all the duties aud ser
vice. heretofore required by law 10 be perform
A. several branches >, Offices.
see. ) Aud bo Il further enacted, That no
bank shall be selected or continued as q
place OF depo,i,e Of the public money which
shall not redeem is notes and bills on de-
msnd, In specie; nor shall any bank be se-
lected or continued as aforesaid. which shall
after the fourth of July. ~ the wear one
thousand eight hundred and thirt,-six, issue
or pay out any note or bill OF a less denomi-
nation than five dollars: nor shall the notes
or balls al any bank be received ~ payment
Of any debt due To- the United States which
hall, after The sand fourth das of July, ~
tic year one thousand eight hundred and
'hiriN-siN, issue any note or bill OF a less de-
nomination than five dollars.
Sec. 8. Aud be u further enacted, That
the Secretary of the Treasury shall be, and
he - hereby, authorised, and II shall be his
duty, Whenever in has Judgment the same
hall be necessary or proper, To require of
any bank 80 selected and emf loy ed ~ afore-
said, collateral or additional securities for
the safe keeping of pubic money, deposited
therein, and the faithful performance Of the
duties required b, ih, act.
Sec. .. And be Il further enacted, That
1t shall be lawful for the Secretary Of the
Treasury to enter into contracts 10 the name
and for and on behalf of the 1 niied States,
with the said banks so selected or employed,
whereby the said banks shall sipulaie to do
aud perform tie several duties aud services
prescribed by this act.
sec. :. And be II further enacted, That
no bank which shall be selected or employ.
ed a. tho place OF deposile OF the public mo-
ney, shall be discontinued as such depos ito
~, or the public money Withdrawn there
Mt Tor h. H.x a.
toned that IS TO say, il, ct any iiiae, any
one Of said banks shall fail or refuse To per-
forni any Of said duties or services as pre-
scribed by ihis act, aud stipulated to be per-
formed by its contract; or, if any OF said
banks shall, at any time. refuse To pay its
| own notes in specie, if demanded, or shall
fail TO keep in its vaults such an amount of
specie rs shall be required by the Secretary
of the Treasury, ana shall be, 10 his opinion,
necessary To render the sand bank n safe de-
| pository OF the public moneys, having due
! regard 10 the nature Of the business transact
ed 10y the bank; in any and every such ~ &c
/ II -hall be the duty Of the Secretary Of the
| Treasury 10 discontinue any such bank AZ a
depository, aud withdraw from II the public
moncjs which 1t may hold on depo.ite at the
time Of such dIscontinuance And IN case
| OF tie discOniInuance OF any Of said banks
II shall be the duty Of tbs Secretary OF the
Treasury to report to Congress Immediately
I Il ~ session, and if not 10 session, then a:
the commencement .! H. next session. the
facts and reasons which have induced such
di,coniIuuarce. And 10 case Of the Giscon.
ilnuanre Of any Of said banks as a place Of
dePo-ir q the public money fer any Of the
csuse' hercinbefore provided, II shall be
lawful for the Secretary Of the Treasury to
drPO'ite tie money thus Withdrawn 10 some
other banks Of dePosite slready selected, or
10 select some other bank a. place Of depo-
SITE upon the term, add conditions prescfib.
ed by this set. And 10 default Of any bank
To receive such deposite. the money thus
withdrawn shall be kept by the Treasurer Of
the United States, according 10 the laws now
~ force, ard shall be subject ~ be drsbursed
according ~ law.
Sec =. And be Il further enacted. That
ouih the Secretary Of tho Treasury shall
have selected and employed the ssid banks
a, places of dcPo.ite Of the public money, 81
conformity 10 the provisions q this act. the
several state and District banks AZ present
employed as depo.itories VI the money Of
tie United states shall continue 10 be de-.
posnOries aforesaid. upon the terms aud con.
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