The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1836-07-06

places at which the revenues may be col
lected, or disbursed, and in those States,
Territories or Districts in which there
are no banks, or in which no bank can
be employed as deposite bank, und
within which the public collections or
disbursements REQUIRE depository, the
said Secretary may make arrangements
with a bank or banks, in some other
State, Territory or district, to establish an
agency, or agencies, in the States, Terri
tories or Districts so destitute Of banks,
as banks of deposite; and to receive
throug hsuch agencies such deposites of |
the public money, as may he directed TO |
be made at the points designated, and to
make such disbursements ms the public
service may require at all those points
the duties and liabilities of every bank
thus establishing any such agency to be
the same in respect to its agency, as are
the duties and liabilities of deposite banks
generally, under the provisions of this act.
Provided. that at least one such bank
shall be selected in each State and Ter
atory, if any eau be found in each State
rand Territory willing to be employed a
repositories of the public money, upon
the terms and conditions hereinafter pre-
scribed, and continue TO conform thereto
and that the Secretary of the Treasury
shall rot suffer to remain in any deposite
bank, an amount of the public moneys
more thun equal 10 three-fourths of the
omonnt Of its capital stock actually paid
in, for a longer time than may be ncces-
sary 10 enable him TO make the transfers
required by the twelfth section of the act;
and that the sbanks so selected, shall be,
in his opinion, safe repositories of the
public money, and shall he willing TO un-
dertake to do and perform the several du-
/ ties and services, and to conform to the
several conditions prescribed by tins act.
SECTION 9. And be IL further enacted,
That if any, at any point or place at
which the public revenue may be collec-
ted, there shall he no bank located, which
in the opinion of thes Secretary cf the
| Treasury is in safe condition, or where
all the banks at such point or place shall
fail or refuse to he employed as deposito-
ries of the public money of the United
States, or to comply with the conditions
prescribed by this act, or where such
banks shall not have Sufficient capital to
become repositories Of the whole amount
of moneys collected nj such npint or place
I no snau ,.pu may order md direct the
public money collected at such point or
place to be deposited in bank or banks
in the same State, or in some ono or
more to the adjacent States upon the
terms and conditions hereinafter pre-
scibed: Prorided, That nothing in thi'
n .aI IN q
prevent Congress at any time from pass
inc any law for the removal of the public
money from any Of the said banks, o
from changing the terms of deposte or t.
prevent the said banks at any time iron
declining and longer to be the deposito
res of the public money upon pHyni
over, or rendering TO pay, the Who'll
amount Of public moneys on hand, ncord
ing to the terms of its agreement with tn
said Secretary.
SECTION 3. And be IL further enacted
That no bank shall hereafter be selecte
and employed by the Secretary OF th
Treasury rs q depository OF the pubii
money, until such bank shall have hrs
furnished to the said Secretary state
mcnt of it. condition and business, lls
of its directors, the current peicc OF II
stock and also a copy OF Its charter an
likewise, such other information as ma
be necessary to enable him to Judge
the safety of its condition.
SECTION 4. And be IL further enacted
That the said banks, before shall be em
ployed as the repositories OF the publ
money. shall agree to receive the SAM
upon the following terms and condllio
viz;
First. Each bank shall furnish to Il
. Secretary of the Treasury, from time,
time as often as he may require, not G.
ceediny, once a week, statements settlr
/, forth its conditions and business, as pr
. scribed in the foregoing section Of tn
act, except that such statemcsts need u
, unless requested by said Secretary, CO.
{ tain a list of the directors, or copy
the said baiiks shall furnish to the sc
: rctary Of the Treasury OF the unIt'
States, n weekly statement OF the cone
tion of his account upon their BOOB
4 And the Secretary Of the Treasury sh
+, have the right, by himself, on an age
appointed for that purpose, to inspe
such general accounts IN the books OF
bank as shall relate to the SAID statement
Provided, That this shall not be constr
ed to imply a right Of inspecting the
count Of any private individual or in'
yiduals with the bank.
Secondly, To credit as specie, all SUI
deposited therein to the credit OF the IRE
snrer Of the United States, and to pay
,e checks, warrants, or drafts, drawn
such deposites, in specie if required
Sc the holder thereof
IS Tb;r,jIu, To give. whenever requl