Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1836-08-06

shall any bank be selected or COntinu. ? a
aforesaid, which shall after the fourth of July, II
the year one thousand eight hundred and thirty Sin,
issue or pay out any note or bill of a less demo
mutation than five dollars, nor shall the notes CT
bills Of any bank be received IN payment of any
debt due to the United States which SHALL after the
SAID fourth d..y Of July in the year one thousand
eight hundred aud thry-sN, issue any note or bill
Of a less denomination than five dollars.
SECT. 6. .4ad be II further enacted. That the
Secretary of the TreaSuryi shall be, and be is
hereby authorized, and ii shall be HIS duty when
ever in his judgment the same shall be neccssar,
or proper TO require Of any bank so selected and
employed as aforesaid, collateral or additional Sc
curites for the safe keeping of the public moneys
deposited therein, and the faithful performance Of
the duties required by this act.
| SECT. Z. tat be Il further enacted, That it |
shall be lawful for the Secretary OF the Treasury
10 enter INTO contracts IN the name and for and on |
behalf oithe United States, with the SAID banks so
selected or employed, whereby the said banks |
shah stipuate to do and perform the several du-
ties and services prescribed by this act.
SECT. s. ind beH further enacted, That no
bank which shall be selected or employed as the
place of deposit Of the public money, shall be dis
contlnuedas such depository or the public money
Withdrawn theretiom, except for the causes here
matter mentioned, that is to say: if, at any time
any one of said banks shall fail or refuse to per-
form any Of said duties as prescribed by this act
and stipulated to be performed by its contract; or
if any of SAID banks shall at any time refuse to pay
its own notes IN specie if denanded; or shall fail
to keep IN IFS vaults such an amount tspecie as
shall be required by the Secretary of the Treasu-
ry, and shall be- IN his opinion necessary to rem
der the said back safe depository of the public
moneys, having due regard to the nature of the
business transacted by the bank; IN any and every
such case 1t shall be the duty OF tie Secretary Of
the Treasury TO discontinue any such bank as IA
depository, and withdraw from II the public mo-
neys which it may have on deposile at the time of
such dsconhnuancc. And in case of the di>con-
tuuance ofauy of said banks, ii shall be the duty
ofthe Secretery of the Treasury to report to Con-
gress Immediately Tin session, and if not in SEES
: sion, then at the commencement of lis next ses-
u sion, the facts and reasons which have induced
4 such discontinuancc. And in case OF the discon-
tinuance ofany Of SAID banks as Il place Of de-
: posite Of the public money for any of the causes
: herein before provided, it shall be lawful for tie
: Secretary Of the Treasury to deposite the money
|
poste already selected or TO select some other
& bank as place Of deposite, upon the terms and
IS conditions prescribed by this act Aud i'll default
l. of any bank to receive such deposlte the none,
thus Withdrawn shall be kept by the Treasurer o
NJ the United States, according to the laws now il
le force, and shall be subject TO be dIsbursed accord
d. inc to law.
Ne SECT. o. End be il further enacted, That M
ne til the Secretary Of the Treasury shall have select
TO ed and employed the said banks as places of de
y po-,r OF the public money, in CONFORMITY TO tin
IL provisions of this act, the several State aud Dis
Tx trict banks at present employed as repositories
s. the money of the United States, shall continue
at be the repositories aforesaid upon the terms an
I'D condition upon which they hayeheens 50 employed
or SECT. 10. ind be at further eaacid, That
ne shall be tie duty Of the Secretary Of the Trcasl
a. ry TO lay before Congress, at the commencement
IL of each annual session, statement ofthc humble
MS and names Of the banks employed as dcposiione
mt of the public money, and Of their condition, an
or the amount of the public money deposited in eacf
he as shown by their returns at the Treasury; and
'o- the selection Of any bank as a depository Of til
I'm public money be made by the Secretary Of til
he Treasury, while Congress is in session, he sha
10 Immediately report the name and condition Of sue
no. bank to Congress; and ifany such selection sha
Inc be made during the recess Of Congress, he Sha
report the same to Congress during the first wee
no of its next session.
Dy SECT. II. Ind be it further enacted. Thu
OF whenever the amount of public deposites to Il
lrst credit of the Treasurer of the United States,
It's any bank shall, for whole quarter Off year,
the coed the one-ourh part of the amount OF the car
i & |. - :. Al. L.nl
DIS shall allow and pay to the United States for Il
inc use of the excess of the deposites over the on
fourth part OF its capital, and interest at the rate
the two per centun per annum, to be calculated, f
tne each quarter, upon the average excuses ofu
10 quarter; aud it shall be the duty Of the Sccreta
anu Of the Treasury, at the close of each quarter,
cause the amounts on deposte IN each depos
'afy bank for the quarter, to be examined and asce
ne tanned, and to that all sums Of interest accr
ate ing under the provisions of this section, are,
as the banks respectively passed to the credit Of t
eX- Treasurer of the United States in his accom-
es'- with the respective banks.
~ SECT. II. ind be itfWther enacted, That
nnJ warrants or orders for tie purpose of transform
~ the public funds from the banks in which tn
M now are. or may hereafter be deposited to 9th
lpo banks whether of deposiic or not, for the pupo
'"'' of accommodating the banks to which the tran
~ fer may be made, or to sustain their credit, or
Ia any other purpose whatever, except 1t be TO lac
I'm tate the public disbursements, and TO comply !"
% the provisions Of this act, be, and the same
nv hereby prohibited and declared to be illegal; a
iuai' in cases where transfers shall be required iorp
poses of equalization under the provisions Of |
epo- act, in consequence of too great an accumula
the of deposites in any bank, such transfers shall
$ or made to tie nearest deposte banks which are CO
II re- sidered safe and secure, and which can rece
the moneys to be transferred under the imitah'
J the in this act imposed; Prorided, That it may