State journal. [volume] (Montpelier, Vt.) 1831-1836, 1836-08-02
MIC prBLIC DEPOsITEs.


LIST of January next is to he distributed
among the several States. For this pur-
pose we give the following abstract which
contains the entire substance of the bill,
consisting of fifteen long sections, couchcd
in all the tedious verbiage of legal phrase
ology. Il will be better understood in this
way than TO be published entire. For this
compendium we are indebted to the lahors
of the Newark ID. Advertiser:
Sec. let makes it the Treasury Secretary's
duty to select such of the State Banks ms
may be most convenient to the places at
which the revenues are collected or dis
bursed, and be considered by him safe
repositories: and in territories or places
where no bank exists or can he so employ
ed he is authorised to make arrangements
with any bank elsewhere, to establish an
agency for the public business under the
same liabilities as the deposite banks.
~Provided that at least one such bank shall
he selected in each slate," upon the terms
hereinafter prescribed that he shall not
suffer to remain in any bank, an amount
more than equal to three fourths of its cap
ital stock actually paid in, for longer time
than is necessary to make the transfers re-
CURED in the 18th section.
Sec. 2, provides that in cases where no
safe bank can be regularly employed, he
shall direct the collections to be deposited
in some adjacent bank, upon the terms
hereinafter prescribed: Provided, that
Congress shall have power TO remove the
deposites and change the terms, and the
banks may at any time decline the service
upon paying over The money.
Sec. g. No bank to be employed until it
n 4 4. 4
business, list of directors, price of stock,
copy of charter, and other information lie.
cessary to enable the Secretary TO judge Of
its condition.
Sec. 4. The banks must, before being
employed agree to the following terms:
1st. To furnish weekly or monthly
statements, as the Secretary shall require,
of its condition and business, and weekly
statements to the Treasurer of the public
account and the Secretary or his agent shall
have the right to inspect such account in
the books, without, however, the privilege
of inspecting any private accounts.
Cd. TO credit all sums deposited as specie,
and to pay all drafts in specie if required by
the holder
3D. To give all necessary facilities TO the
Secretary for transferring the public funds
from place to place, without commissions
or difference Of Exchange.
4th. To render the Government all The
service heretofore required of the United
States bank.
Sec. 5h. No bank which does not re-
deem its notes with specie, and none which
issues notes under five dollars shall be en-
p,oyed nor shall the notes of banks which
issue smaller bills be employed.
Sec. 6. The Secretary may require col
lateral security from the banks, and
Sec. 9TH, authorizes him to contract with
banks under this act.
Sec. s. No bank, employed, shall be dis
continued or the money drawn therefrom,
unless it shall fail TO comply with the
terms, or to keep such an amount of spe-
Gle as he shall require in order to render it
q safe depository, having due regard to the
nature Of its business; and all Withdrawals
10 be reported TO Congress rs early as pos
sible. In default of any bank to receive
them the deposites Withdrawn to remain
in the Treasury.
Sec. O. The present deposite bank to
I've employed rs heretofore, until the Score
,ary shall have effected the object of this
act.
Sec. TO- The Secretary to make full re-
port annually to Congress.
Sec. IL. The banks to pay two per cent.
interest, whenever the deposites, shall for a
whole quarter exceed one fourth of their
capital paid in, for the use of the excess
the interest to be calculated for each quar-
ter, upon the avarage excuses of the quar-
ter.
Sec. 10, forbds all transfers of public
funds to accommodate the banks or to
sustain their credit, or for any other pur-
puse except to facilitate the public disburse-
ments: and in cases where transfers shall
be required for the purpose of equaliza-
ton under this act, III consequence of too
great an accumulation in any bank, such
transfers TO be made 10 the nearest depo-
site bank. Provided that the President may
direct transfers TO the mint for coinage.
Sec. ID. The money in the Treasury,
on the list of January, 1887, reseryng the
sum of five millions, shall be deposited
with the several States in proportion 10
their representation in the Senate and
House Of Representatives the Secretary
TO deliver the same to such persons as the
States may authorize to receive il, on re-
ceiying the certificates of depo ties signed
by the competent State authorities. for such
amount and in such form as the Secretary
may prescribe, which shall express the OBJ
legation Of the State to pay this amount to
the United States or their assigns. The
Sneretary is also authorized to sell these
'~tilicates whenever there is a want of
&C. to meet appropriations, all sales,
means - be rateabIe, and in Just pro-
however ,,or I'd IS the amounts received by
tom ito, ,a,o respectively all certificates sold
Of the e. sale, and to be redeemabIe at ''''
pleasure of the State. oJo ,,.;n,
Sec. IA. The deposites to no made wi'h
The States as follows; One quarter pSrt' lst
January. 1887, or soon after as may pei
- -, H.. A nril. another July lgt