The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1836-07-06
NEWPORT WEDNESDAY MORNING, JULY 6, 1886.

and services heretofore required by law
To be performed by the late Bank of the
United States and its several branches or
offices.
SECTION 5. Aad be IL further enacted,
That no bank shall be selected or con-
tinued as place OF, deposite Of the pub
lie money whics shall not redeem its
notes and bills on demand in specie; nor
shall any hank be selected on continued
as aforesaid, which shall after the foruth
of July, in the year one thousand eight
hundred and thrty-six, issue or pay out
any note or bill of less denomination
than five dollars; nor shall the notes or
bills of any bank be received in payment
of any debt due to the United States
which shall, otter tie said fourth day Of
July, in the year one thousand eight
hundred aud thirty-siX, issue any note or
bill of less denomination than five dol
lars.
SrorfoN 6. And be IL further enacted,
That the Secretary of Treasury shall be,
and he is hereby authorized, and It shall
be his duty, whenever in his judgment the
same shall be necessary or proper, to en-
qure of any bank so selected aud em-
ployed as aforesaid, collateral or addi-
,ionnl securities for the safe keeping of
the public monies deposited therein, and
faithful performance of the duties rcquir-
ed by this act.
SEcTIoN Z. And be IL further enacted,
That it shall be lawful for the Secretary
of the Treasury, to enter into contracts
in the name and for and on behalf of the
United States, with the said banks 80 Sc
lccted or employed, whereby the said
banks shall stipulste to do and perform
the several duties and services prescribed
by this act.
SEC. s. And be IL further enacted That
no bank which shall be selected or en-
/. ployed as the place of deposte of tho pub.
lie money, shall be discontinued as such
depository, or the public money with
drawn thcrefrom, except for the causes
hereinafter mentioned, that is to say; il,
at any time, any one Of said banks shall
fail or refuse to perform any of said du4
ties as prescribed by this act, and stipula-
ted to be performed by.its contract; or,
If any of said banks shall at any time re-
fuse 10 pay its own notes in specie II,
demanded or shall fail to keep in ITS
vaults such an amount of specie ms shall
he required by the Secretary of the
necessary to- d." render sia ,5e 70" -a;a G bank safs
depository ef thcpublic moneys, having
due regard to the nature of the business
transacted by the bank in any and every
such case i, shall be the duty of the Sec
retary Of tire Treasury to discontinue any
such hank rs a depository, any and with
draw from it the public moneys which It
may bold on depositc at the time OF such
discontihance. And in case OF the dis
continuance Of any Of said banks, it shall
be the duty of the Secretary of the
Treasury to report to Congress immcd,-
ately if in session, and IT not IN session,
then at the commencement OF It's next
, session, the facts and reasons which have
indeed such discontlnuance. And u
c case of the discontinuancc of any OF snit
banks MS n place of deposite Of the public
:! money for any of the causes herein be
i fore provided, it shall be lawful for thu
G Secretary Of the Treasury to depostc the
c money thus Withdrawn in some otbel
! banks Of dcposte already selected, or to
: select some other bank as n place OF de-
positc, upon the terms and conditions
5 prescribed by this act. And in dcfaul
4 of any bank to received such dcpositc
J. thc%honcy thus Withdrawn shall be KEEP
i by the Treasurer of the United States nc
cording to the laws now in force, anc
:, shall be subject to be disburscd according
: to law.
= SEC. 9. And be It further enacted, Tha
. until the Secretary of the Treasury sha'
y have selected and employed the san
banks as places of depositc of the publ
y money, in conformity to the provision
~ of this act, the several State and Dislric
y banks nt present employed as depositof
y les of the money Of the United States
shall continue to be the repositories oiorc
!. said upon the terms and conditions upo
~ which they have been 50 employed
,r SgcTroN 10. And be II further enacted
. That it shall be the duty of the Secrctar
ii of the Treasury to lay before Congress
r. mt the commencement Of each ahnn'
. session, n statement Of the number an
III names of the banks employed as depos
n. tories Of tire public money, and OF the
r, sondition, and the amount OF public mot
he cy deposited in each, as shown by the
$; reforms at the Treasury and IT the SC
~ cction Of any bank az a depository OF Il
G. public money be made by the secrcta
il Of the Treasury, while Congress is in Sc
sion, hc shall immediately report &
"a name and condition Of such bank to Co
A. press and If nny such selection shall
all made during the recess Of Congress,
nm shall report tho same 10 Congress durI
hy the first week of its next session.
SEeTroS II. Ind be IL further enact
ed That whenever the amount Of public {