Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1836-07-05

II shall be the duty OF the SccfeiUS VI ''e
Treasury to lay before Congress, at the COM
menccment Of each annual session, state
ment Of the number and names ofthe banks
employed as repositories of the public mo.
iey, and Of their condition, and The amount
ofpublic money deposited in eactb as shown
by their returns at the Treasury and IT the
selection of any bank as depository of
the public money be made by the Secretary
of tho Treasury while Congress is IN seS.
sion, he shall Immediately report the name
and condition of such bank to Congress; !;
and If any such s,lection shall be made du.
ring the recess of Congress, he shall report
the same to Congress during tho first week
of its next session. sas. G54.s 81 ir1eee i.
: Sec. IL. Apd6eH further enacted, That
whenever the amount of public dcposltes to
the credit of the Treasurer of the United
States IN any bank, shall, fora whole quar-.
ter Of q year, exceed the one.fourth part OF
the amount oftlc capital stock of such bank
actually paid in, the bank shall allow and
pay to the United States, for the use OF the
excess Of the dcpostes over the one fourth
part Of its capital, an interest at the rate OF
two per centum per annuns, 10 be calculated,
for each quarter, upon the average cxces-
scs of that quarter: and it shall be the duty
of the Secretary of the Treasury, at the
close of each quarter, to cause the amounts
on dcposite in each dePosite bank for the
quarter, to be examined and ascertalned,
and to see that all sums of interest accruing
under the provisions of this section, arc, BY
the banks respectively passed to the credit
oil the Treasurer Of the United States in his
accounts with the respective banks.
Sec. IL. 1nd be it further enacted, That
all warrants or orders for the purpose of
transferring the public funds from the banks
in which they now arc, or may hereafter be
deposited, to other banks, whether of dcpos.
ite or not, for the purpose Of accommoda-
ting the banks to which the transfer may
be made, orto sustain their credit, or for any
other purpose whatever, except it be to ia
cltate the public disbursements, andto COM
ply with the provisions of this act, be, and
the same is hereby prohibited to be Illegal;
and in cases where transfers shall be re.
quired for purposes, Of equalization under
the provisions OF this act, in consequence Of
too. great an accumulation Of deposites in
any bank, such transfers shall be made TO
the nearest Opposite banks which are con.
sidered safe and secure, and which can re.
ceiye moneys to- be transferred under the
limitations in this act imposed; Provided,
+ h1f It may be lawful for the President Of
the United States to direct transfers Of the
public money to be made from time to time,
to the mint and branch miLts Of the United
States for supplying metal for coinage.
Sec. ,l3. Aad belt further enacted, That
the.money which shall be in the Treasury
of theiU United States on the first day Of Janu.
ary, eighteen hund ed and thirty seven, re.
serving the sum offvemllion of dollars shall
be deposited with the several States, in pro-
portion TO their respective representation in
the Senate and House of Representatives Of
iie Congress ofthe United States, and the
Secretary of the Treasury shall deliver the
same to such persons as the several States
may authorize to receive il, on receiving
certificates Of deposi.e, signed by the CON-
pctent authorities of such State, each for
such amount and in such form as the Sec
retary Of the Treasury may prescribe,
which shah set forth and express the obliga.
ton Of the State topay the amount thereof
TO the United States, or their assigns; and
which said certificates it shah be competent,
for the Secretary Of the Treasury, in the
name and behalf of the United States to sell
and assiga, whenever it shall be necessary,
for want of other money in the Treasury 10
meet appropriations made by Congress,
all sales and assignments, however, to be
rateabIe, and in just and equal {appropria-
tons among all the States, accordingto TO the
amounts received by them respectively; and
ali such certificates. of depositc shall be sub
ject to, and shall bear an interest Of five per
centum per annum. payable half yearly, from
the time Of such sale and assignment, and
shall be redeemablea at the pleasure of the
States issuing the same.
Sec. IA. And be ii further enacted, That
the said deposites shall be made with the
States in the following proportions, and at
the following times, viz. One quarter part
on the first day of January, eighteen hun
dred and thirty seven, or as soon thereafter
as'may be; one quarter part onthe first day
ofJuly; and one quarter part on the first day
of October, all in the same year.
Sec. l5., AndJs 1t further enacted, That
to enable the Secretary of the Treasury to
carry into efFect,he provisions Of this act,
he be authorized to appoint three additional
clerks for his department; the one at u
salary Of one thousand six hundred dollars
per annum; and the remaining two at a
salary of onethousand dollars each; and to
pay the said clerks quarterly out Of any
money in the Treasury not otherwise ap.