Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1836-08-06
TBY AUTHORITY
LAWs OF THE UNITED STATS, PASSED At THE FIRST
SESSION OF THE TWENrY-FouRra CONGRESS.

reSeat1hreS OfHe United States Of .liaericd IL
Congress assembled, That it shall be the duty of
the Secretary OF the Treasury 10 select as soon as
may bePacucable and employ as the repositories |
OF The money of the United States, such of the |
banks Incorporated by the several States by Con
gresS for the District of Columbia, or by the Lee
gIslauve Councils of the respective Territories for
those Territories, as may be located at, adjacent
or convenient to tie points or places at which the
revenue may be collected, or dlsbursed, and in |
those States, Territories or Districts in which
there are no banks, or in which no bank can be
employed as depoSlte bank, and within which the
public collections or disbursements require de-
posItory, the said Secretary may make arrange
ments with a bank or banks, in some other State,
Territory or District, to establish an agency or
agencies, in the States, Territories or Districts so
destitute Of banks, banks Of deposite and to re-
celye through such agencies such deposeS of the
pubic money, as may be directed to be made at
the points designated, and T. make such dsburse-
ments As the public service may require at those
points; the duties and liabilities oieyeIy bank thus
establishing any such agency to be the same in
respect to It's agency, as are the duties and habli-
| ties Of deposite banks generally, under the provi-
HlO'7 VI tiiiH az u ibtUttCs hat ul ltuSl one
such bank shall be selected in each State and Ter
ritory, il ANY can be found ia each State and Ter
rltory wiling to be employed as repositories ofthe
public money, upon the terms and conditions here
matter prescribed and continue to conform there
| to-; and that the Secretary of the Treasury shall
not suffer to remain in any deposite bank, an
amount OF the public moneys more than equal to
three-ioulths OF the amount Of its capital stock ac-
tually paid IN, for longer time than may be ne
ccssary t. enable aim to make the transfers req,lr-
ed by the twelfth section of this act and that the
banks so selected, shall be, in his opinion, safe de
posores Of the public money, and shall be wiling
to undertake to do and perform the several duties
and services, and to conform to the several con-
ditons prescribed by this act.
SEcrioN 3 ind be il further enacted, Thai
it, at any point place at which the public revenue
may be collected, there shall be no bank located
which, in the opinion of the Secretary Of tho
Treasury is in safe condition, or where all tho
banks at such point or place shall fail or refuse tC
be employed as repositories of the public money
of the United States, 10 comply with the condl
tons prescribed BY This act, or where such banl
shall not have sufficient capital to become deposi
! tories ct the whole amount Of moneys collected a
; such point or place, he shall and may order ans
direct the public money collected at such point o
place to be deposited IN bank or banks IN thu
same State, or IN some one or more Of the ada
e cent States upon the terms and conditions herein
); after prescribed: Prorided, That nothing in thl
Il act contained shall be so construed as to proven
n Congress at any time from passing any law 70
$ the removal of the public money from any of tn
t, said banks, or from changing the terms of depc
d site, or prevent the sand banks at any time fror
II declining any longer to be the repositories OF til
d public money upon paying over, or rendering
n pay, the whole amount OF public moneys OF hant
l. according to the terms OF lis agreement with IL
L SAID Secretary.
IS Seer 3. ind be it fiuthe, enacted, That |
m bank shall hereafter be selected and employed |
IN the Secretary Of the Treasury as depository
v the public money, until such bank shall have fir
furnished to the SAID Secretary statement of
condition and business, list of its directors, Il
t current price of its stock; and also copy of
II charter; and Likewise, such other information
I'd may be necessary to enable him to Judge Of t
IT. safety of its condition.
1t, SECT. 4. ind be ii further enacted, That t
M said banks, before they shall be employed as t
ad repositories OF the public money, shall agree
OF receive the same, upon the following terms a
Nd conditions, viz:
nd FIRST. Each bank shall furnish to the Secreta
ed ofthe Treasury, from time to time, as often as
he, may require, not exceeding once week, sta
Nv ments setting forth its condition and business,
'e prescribed IN the foregoing section Of this act,
W, cept that such statements need not, unless reque
ed by said Secretary, contain a list of the dir
er- tors, copy of the charter. And the said bar
&c, shall furnish TO the Secretary of the Treasury,
he to the Treasurer OF the United States, wee
ny statement of the condition Of his account W
DO their books. And the Secretary of the Treas
les shall have the right, by himself, or an agent
id- pointed for that purpose 10 inspect such gene
ny accounts in the books Of the bank as shall rel
ng to the said statements: Prorided, That this 81
5ht not be construed to impIya nght Of inspecting
be account of any private individual or mdividr
no with the bark.
ho Secondly. To credit as specie, all sums de
-" sed therein to the credit of the Treasurer of
u'a United States, and to pay all checks, warrants
u.s. drafts drawn on such deposltes, in specie II
=" CURED by the holder thereof.
- Thirdly. To give, whenever required by
i'm. Secretary of the Treasury the necessary facill
all fol transferring the public funds from place
place, within the United States, and the Terrific
ont thereof, and for distributing the same in payn
ion ofthe public creditors, without charging conn
me- sions or claiming allowance on account Of dii
,v ence of exchange.
the Fourthly. To render to the Government of
iefs United States, all the duties and services her
4 fore required ny law TO be performed by the
ny Bank Of the United States and its several branc
nty or Offices.