Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1836-07-08
VOL. X--No. 472.

OF The directors or copy OF the CHARTER
Aud the said banks shall furnish to the Sc
cretary Of the Treasury, aud to the Treas.
urer of the United States, a weekly state.
ment of the condition of his account upon
their books. And the Secretary of the
Treasury shall have the right, by himself.
or an agent appointed tor that purpose, to
inspect such general accounts in the books
of the bank as relate to the said statements.
Provided that this shall not be construed
to imply right Of inspecting the accounts
Of any private individual or individuals
with the bank.
Secondly. To credit as specie all sums
deposited therein TO the credit Of The treas
! urer of the U. States, and to pay oil checks.
| warrants, drafts, drawn on such deposles
in specie. if required by the holder thereof,
Thirdly. To give, whenever required
by the secretary of tie treasury, the ne
cessary facilities for transferring tho public
funds from place to place within the United
States and territories thereof, and for dis
tributng the same IN payment Of the pub
lie creditors without charging commissions
or claiming allowance on account Of differ
ence of exchange.
Fourbly. To render the government OF
the United States all the duties and servi.
ces heretofore required by law to be per.
formed by the late Bark of the United
States and its several branches as Offices
Sec. s. And be it further enacted. That
no bank shall be selected or continued as a
place Of deposite of the public money,
which shall MT redeem it's notes and bills
on demand in specie nor shall any bank
be selected or continued Is aforesaid, which
shall after the fourth day of July, in the
year one thousand eight hundred and thirty
six, issue or pay oui any note or bill of
less denomination than five dollars nor
shall the notes or bills OF any bank be re-
ce'ved in payment Of any debt due 10 the
United States, which shall. after the said
fourth day of July, in the year one thou
. sand eight hundred and thirtysix, issue any
note OF bill Of less denomination than five
dollars,
Sec. G. And be il further enacted. THAI
the Secretary of the 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 require OF
any bank so selected and employed as afore-
said, collateral or additional securities for
the safe keeping of public moneys deposited
therein, and the faithful performance Of tn Q
duties required by this act.
Sec Z. And be it further enacted, That
; it shall be lawful for the Secretary of the
Treasury to enter into contracts, 10 tha
rame and for and on behalf of the United
=. Safes. with he said banl;s so selected or
employed, Whereby the SAID banks shan
: sipuiate to do and perform the severa!
dut les and services prescribed by this act.
Sec. s. And be it further enacted, That
no bank which shall be selected or employ
| IL. II. l,,, g. H. IA
new, shall be discontinued as such deposlto-
, ry, or the public money withdrawn there
from, except for the causes hereinafter
mentioned: that is to say, if. at any time.
any one of said banks fail or refuse to per-
form any of SAID duties or eervlces as pre-
scrlbcd by this act. and stipulated to be
performed by It's contracts 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 It's vaults such an amount Of
specie as shall 5e required by the Secretary
Of the Treasury, and shall be, in his opinion.
: necessary to render the said bank safe
depository ofthe public moneys, having due
regard to The nature of the business trans
acted by the bank in any aud every such
, case 1t shall be the duty of the Secretary OF
/, the Treasury to discontinue any such bank
. |
public moneys which it may hold on drpos-
/ tie at the time of such dlscontinuance.-
And in case Of the dsconlinuance of any
L Of said banks, it shall be the duty of The
# Secretary of the Treasury to report to
e Congress Immediately. If in session, and II
h not IN session, then at the commencement
y of its next session, the facts and reasons
Y which have induced such discontinue nee
A a in Of Ina, m N Of N a
IS said banks as place of deposte of the pub
e lie money, for any Of the causes hereinbe
Is fore provided, it shall be lawful for the So,
II cretary to deposl'e the money thus with
y drawn in some other bank as place Of de.
! posite already selected, or to select some
,, other back as place of dcposite, upon The
II terms and conditions prescribed by this ac.
!. And in default Of any bank to receive such
d deposi,e, the money thus withdrawn shall
IS be kept by the treasurer OF the United
a States, according to the laws now in force
~ and shall be sub &c, to be disbursed accord
Is ing to law.
It Sec. 9. And be it further enacted, Tha,
re until the Secretary Of the Treasury
n shall have selected and employed the
e said banks as places of deposle of the
g public money, in conformity with the pro
d visions Of this act, the several state sne
district banks at present employed as de
It poSitorleS of the money Of the United State.
shall continue to be repositories aforesaid
Is upon the terms and conditions upon which
h they have been SO employed
"a Sec. 10. And be il further enacted, Tha
ID it shall be the duty Of the Secretary of lhs
1t Treasury to lay before Congress-, at lh,
d. commencement of each annual session,
r statement of the number and names of tn
III banks employed as repositories of the pub
lie money, and Of their condition, and TIT
a. amount Of public money deposited ia eacl
y as shown by their returns at the Treasury
y and ifthe selection of any bank as a depos
'e tory Of the public money be made By tn
Secretary of the Treasury while Congress
nc is in session, he sha immediately reDoy