The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1836-07-15

- P'"-NS VI GSpOsltG VI lllt puUllC money z,
~ conformity TO The provisions Of this act,
the several State and District Banks at pre-.
sent employed as repositories of the money
OF the United States shall continue to be
repositories aforesaid, upon the terms and
conditions upon which they have been SO
employed.
Sec. 10. And be II further enacted, That
II shall be the duty of the Secretary of the
Treasury to lay before Congress a, the
commencement Of each annual session, a
statement of the number and names Of the
Banks employed as repositories of the pub.
lie money, and Of their condition, and the
amount Of public money, deposited in each,
as shown by their returns at the Treasu.
ny and II the selection of any Bank as a
depository OF the public money be made by
the Secretary Of the Treasury while Con.
gress is IN session, he shall Immediately
report the name and condition of such Bank
TO Congress and if any such selection shall
be made during the recess of Congress, he
-hal report the same to Congress during
the first week of lis next session.
Sec. IL. And be 1t further enacted, That
whenever the amount of public deposites TO
the credit Of the Treasurer Of the United
States IN any Bank shall, for a whole quar-.
ter 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 10 the United States, for the use of the
excess oil the deposIes over the one. fourth
part OF lis capital, an interest at the rate of
two per centum per annum, to be calculated
tor each quarter, upon the average excuses
Of the quarter; and it shall be the duty OF
the Secretary Of the Treasury, at The close
Of each quarter, 10 cause the amounts on
I deposle IN each deposlte Bank for the quar-.
ter, to be examined and ascer,ained, and to
see that all sums Of interest accrung under
he provisions Of this section are, BY the
Banks respectively, passed TO the credit Of
the Treasurer Of the United States in his
accounts with the respective Banks.
Sec. 70. And be utwiher enacted. That
all warrants or orders for the purpose Of
transferring the public funds from the Banks,
IN winch they now are, or may hereafter be,
deposited, TO other Banks, whether OF depos.
lie or not, for The purpose of accommodat.
rHg the Backs to which the transfer may
be made, or 10 sustain their credit, or for
any other purpose whatever, excep, il be to
facilitate the public disbursements, and TO
comply with the provisions of tins act, be,
and the same are hereby, prohibited and
declared 10 be Illegal and in cases where
transfers Snail be required for purposes Of
equalization under the provisions Of thus act,
IA consequence OF too great an accumulation
OF deposItes IN any bank, such transfers
shall be made to the nearest deposIte banks
which are considered safe and secure, and
which can receive the moaeys to he trans.
lerrcd under the limitations 10 this act im.
posed: Pr0ridsd, That It NAV be lawful
for the President OF jnlled States to direct
transfers OF the public money to be made,
from time 10 line, TO the mat and branch
mln;s Of the United States Tor supplying
metal for coinage.
Sec. ID. And be Il FURTHER enacted, That
tie money which shall be IN the Treasury
OF the United States on the first day OF Janu,
airy, -37, roserUng the sum of five mil.
mons OF dollars, shall be deposited with such
Of the several States, IN proportion TO their
respective representation IN the Senate and
House Of Representatives of the United
States, as shall by law authorize their Trea.
surer, or other competent authorities, 10
receive the same on the terms hereinafter
specified; and the Secretary OF the TreaSu-
~ shall deliver the same 10 such Ireasu.
rcr, or other competent authorities, on re.
celvlng certificates ofdeposI,e therefor, sigu.
ed by such competent authorities, IN such
form as may be prescribed by the Secreta-
~ aforesaid, which certificates shall express
the usual and legal Obligations of common
repositories of the pubic money, for the
safe keeping and repayment thereof, and
shall pledge the faith of the States receiving
the same 10 pay the said moneys and every
part thereof from time TO time, whenever
the same shall be roqulrcdby the Secretary
of the Treasury, for the purpose of detray.
ing any wants OF the public Treasury be,
yond the amount OF the five millions aiore.
said:
Provided, That if any State declines to
receive its proportion of the surplus afore.
said, on the terms before named, the same
NAV, at the discretion of the Secretary OF
the Treasury, be deposited with the other
States agreeing to accept the same on de.
poslte.
And, prorided further, That when said
money, or any part thereof, shall be want