Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1836-07-08

HE DEPosTTE BILL. The following is
a copy ofthe bill, as amended by the House
of Representatives and passed ia concur.
renee by the Senate.
A BILL TO REGULATE THE DE.
PosITEs OF THE PUBLIC MONEY.
Be it enacted by the Senate and House
of Representatives of the United States of
America in Congress assembled, That il
shall be the duty of the Secretary Of the
Treasury to select, az soon as may be prac
tIcable, and employ as the repositories Of
the money of the United States, such Of the
Banks incorporated by the several States, by
Congress for the District Of Columbia, or
by the legislative councils of the respective
territories, for those territories, as may be
located at, adjacent, or convenient to the
points or places at which the revenues may
be collected or disbursed. And in those
states, terrtories,o or districts in which there
are no banks, or in which no bank car be
employed as a deposte bank, and within
which the public collections or disbursmets
require depository, The said Secretary may
make arrangements with a bank, or banks, in
some other state.terrilory, or district,to es.
tablish an agency or agencies, in he states,
| territories or districts, SO destitute of banks,
as banks of deposte; and to receive thro'
such agencies such deposi'es of the public
money. as may be directed to be made al
the points designated, and to male soc,
disbursements as tie public service may
require at those points; the duties and La
blites of every bank thus establishing any
such agency to be the same in respect TO
its agency as are the duties and liabilities
OF deposte banks generally under the pro-
visions of thsact. Provided. That at least
one such bank shall be selected in each state
and territory, if any can be found in each
state and territory willing to be employed
as repositories Of the public money, uopn
The terms and conditions hereinafter pre-
scribed, and continue to conform thereto:
that the Secretary Of the Treasury shall
not suffer TO remain in any deposlle bank
an amount of the public moneys more
than equal to three fourths of the a
mount of its capital stock actually paid in,
| for longer time than may be necessary
to enable him to make the transfers require
ed by the twelfth section Of this act; and
that the banks so selected shall be in his
opinion, safe repositories OF the public mon
ey, and shall be willing to undertake to do
and perform the several duties and services,
and to conform to the several conditions
prescribed by this act.
Sec. 2. And be it further enacted, That
if, at any point or place, a, which the pub
lie revenue may be collected, there shall
be no bank located which. in the opinion Of
the Secretary Of the Treasury. is in safe
condition, or where all the banks at suct
point or place shall fail or refuse to be EN-
ployed as repositories of the public money
of the United States, or to comply with the
conditions Of this act, or where such bank
, shall not have sufficient capital to become
deposites of the whole amount of moneys
collected at such point or place. he shal
. and may order and direct the public none.
/ collected at such point or place. to be de
= pos tied in bank or banks in the same ST a G
or in some one or more of the ad aeon
/ states, on the terms hereinafter prescribed
Provided that nothing in this act contained
( shall be SO construed as to prevent congress
at any time from passing any law Tor M
8 removal of the public money from any o
r the said banks, or from changing the terms
9 of deposite. or to prevent the said banks a
t any time from declining any longer TO b,
. the repositories OF the public money, upor
paying over, or rendering TO pay, the whole
, amount of public money on hand, according
to the terms Of its agreement with the saIt
secretary.
, Sec. g. And be it further enacted, Tina
I no bank shall hereafter be selected and EN-
ployed by the secretary of the treasury a
D a depository ofthe public money, until sucl
T bank shall have first furnished to the SAT-
Secretary a statement of it's condition an,
! business, list of it's directors, the curren
} price of its stock ; and also a copy o
0 its charter; and likewise such other infor
! nation as may be necessary to enable hin
7 to judge ofthe safety of it's condition.
SEC. A. And be it further enacted, Tina
| the said banks, before they shall be employ
a ed as the repositories of the public money
shall agree to receive the same upon tn
. following terms and conditions, viz;
Flrst.--Each bank shall furnish to tn
4. Secretary Of the Treasury, from time t
/, llime, as often as he may require, not OK