Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-11-17

AN ACT to provide for the disposition Of the
proportion of the money Of the United
States to be deposited with this State, ny
virtue of an act Of Congress, entitled "An
act to regulate the Deposites Of the public
money" approved June 23d, 1886; and also
to provide for the appropriation OF the IN
tcrest arising from said money.
BE Il enacted hy the General assembly as
foiio,cs:-
SECTION I. The Governor, the Secretary
Of State, and the General Treasurer, for the
time being, are hereby constituted Commits
sioners, with power to place in deposite, by
drafts or otherwise, the proportion OF the mo-
ney of the United States received by the
General Treasurer, according to the act OF
Congress aforesaid, in such Of the several IN
corporated Banks in this State as have COM
piled and shall comply with the laws relating
to Banks, and shall assent to the provisions
of this act, in ratcable proportion to their
capital actually paid in; said Banks obligatlng
themselves in writing to pay interest to the
State, on the amount deposited III each, at
the rate of five per cent per annum, and to
pay over said amount deposited, or any part
thereof, to the order Of the Commissioners,
whenever required in conformity with the
provisions of this act. The interest on these
teposites shall be paid to the General Treasu-
rer on the second Monday in April, 1857, and
thereafter annually. The Commissioners are
empowered at any time, II in their opinion
the dcposites are insecure in any Bank, to
require sufficient security of the Bank hold
ing them, or, in default thereof, or on fall
ure to pay the interest on said deposites, to
demand of the Bank payment Of the amount
of said deposites, and to place the came
when received, in some other Bank or Banks
If any Bank shall refuse to make payment
when said deposites shall be demanded Of il
| for the causes aforesaid, the Commissioner: r:
are authorized to issue warrant OF distress
! directed to the Sheriff, or his Deputy, in the
| county where the Bank is located, command,
| ing him to distrain the goods, chattels ano
effects of every kind belonging to such Bank
! and the same to sell and dispose OF to the
use of the State, to an amount equal 70 tna'
! due from said Bank and the cost OF such pro-
ceedinCs. The dcpostes made by the Com,
mssioncrs, agreeably to this act IN any OF
the Banks, shall remain therein, unless vol
UNFAIRLY relnquished, or unless calico ,"I oy
the Secretary Of the Treasury OF the Cniteo
States, or drawn out by the commissioners
by reason Of insecurity or the nonpaymen,
of interest. or upon Bank being adjudged
! bv the Supreme Court guilty OF violating the
law concerning Banks, for the space Of two
/ wears from the first day Of January 1887, and
until the passage of an act of the Genera
Assembly making different disposition o.
/ them. Whenever the money deposited will
this State, or any part of il, shall be demand
ed by the Secretary Of the Treasury, notes
thereof, as soon as may be, shall be given b,
the Commissioners To the Banks. Tho dc
positcs, when called in by the Commissioner
for repayment to the United States, shall b'
required Of the Banks rateably.