The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-19

Mr. LOOMS, was considered and agreed TO
hesotued, That the Secretary OF the Treasury pre-
pare aud repor 70 this House. as soon as may be con-
yenient a statement showing what methods have been
adopted for the ssiskeepng Of the public funds since
the first organization OF the Government under the
Constitution the length of that each method hs.
been use, designating the several changes and when
made, and what losses under each method have been
sustained by the Treasury in consequence Of defaca-
lion Of agents officers entrusted with the funds for
sae.keepIDg
The following resolution, offered Friday last, by
Mr. SNYDER, considered and agreed to-
kesotred, That the Secretary Of the Treasury inform
this House at what time the Bank OF the State Of Mis-
sour was made depos,e bank and what OF its
own notes said bank had in circulation, and what
amount OF specie 1t had in its vaults when was
lected. Also what amount Of money is now in the
hands Of the receivers Of public moneys in Illinois, and
where the same is ordered TO be deposited
Mr., JAMES GARLAND offered the following bill
substitute for the project proposed from the Com
mttee Of Finance which ordered to be printed fos
the information Of the House.
BE enacted DC. That the Secretary Of the Treasu-
ry be, and hereby is required to adopt such
as he may deem necessary, to effect the collection of
the public revenue of the United States, whether ars
ing from duties, taxes, debts or sales of land, the
manner and on the principles herein provided that 49,
that no such duties, taxes, debts, or Of money
payable for lands, shall be collected received other
than in the legal currency OF the United States,
mand in the said legal currency Of tho United States
under the following restrictions and conditions regard
10 such notes, to wit from and after the passage OF this
act the notes Of bank which shall issue circulate
bills notes of less denomination than five dollars shall
be received Of the public dues and from and
after the - day OF ---- the notes Of pobank which
shall circulate bills notes Of less denom
nation than dollars shall be receivable and from
and after the --- day Of ---- the like prohibition
shall be extended to the notes Of all banks issuing
cIrr MIA upips NJ loss fap han
twenty dollars. &
Sec. 2. And De IL further enacted, That notes
shall be received by the collectors receivers Of the
public money, which the banks in which they are to
be deposited under the supervision and control OF the
Treasury Department shall not agree pass to the
dit Of the United States cash. Pr0pidcd That If any
deposite bank shall refuse to receive and pass to- the
credit Of the United States cash. any notes receva
BILE under the provisions Of this act which said bank IN
the ordinary Of business receives general de-
posite the Secretary Of the Treasury is hereby author
lied TO Withdraw the public depostes from SAID bank
shall the notes of any bank be received by the State
governments in which it is issued in payment OF lis
revenue
Sec g. And be IL further enacted, That it shall be the
duty Of the Secretary Of the Treasury to select such
State Banks repositories of the public moLey, as
from their location, shall be convenient for the
fiscal operations OF the government and the commercial
intercourse OF the country not exceeding - IN
number.
Sec, A. And be IL further enacted That il shall be
the duty of the Secretary Of tho Treasury all cases,
require Of the banks to be retained hereafter Sc
lected repositories Of the public money, ample and
approved collateral security, for the safe keeping and
faithful payment of all such Of the public money
shall be deposited with item, which security
shall be annually renewed. tt
Sec. 5. And be IL further enacted, Tha, the Secre-
tary may his discretion, whenever the circulation of
any dePoste bank shall exceed three times the amount
Of its actual specie capital discontinue such bank as
depository of the public money, and the receipt Of its
notes in payment Of the public revenue.
Sec. g. And be further enacted, That if any of the
banks which have suspended specie payments the notes
of which, previous said suspension, received IN
payment Of the public revenue, shall bona de resume
specie payments month previous to the --d day OF
them and in that case, it shall be the duty OF the
collectors and receivers Of the public money to receive
the Of such bank banks in payment OF the pub
lie revenue, under the restrictions herein before pre-
scribed. But the bills of any bank failing to
redeem notes in specie aforesaid, within the time
limited, shall not be thereafter received in payment OF
the public dues aforesaid. =.
Sec. T. And be It further enacted, That shall be
lawful for the Secretary of the Treasury, if he shall
deem it expedent, to continue repositories Of the
public money any bank which has suspended specie
payments aforesaid under such limitations and con-
dItlons as he may prescribe.
The House went into Committee of the Whole, Mr..
HAYNES the Chair upon the Senate bull for the post
ponenent of the 4h nstalment directed by the 18th
section of the deposte act, to be made with the States.
Mr. DAWSON, Of Ga, moved its postponement for
the present. until further information could be procured
Mr. CAMBRELENG earnestly opposed the post
ponement and went into statement Of the condition
Of the Treasury, as it will he on the LIST of Oc-
tober, to show that the whole amount OF available
and unavailable funds in the Treasury at that time, will
be less than two millions under these circumstances
the Government could not make dcposite OF nine mil
lions with the States. Mr. c. produced written state
ment of the condition Of the Treasury support Of his
views. e.. ~, .e..
Mr. DAWSON, in his reply, commended that the funds
deemed unavailable by the Government would be avail
able the States, and very acceptable to them, and
therefore the instalmen ought not to be withheld
Georgia he said would gladly take for her share Of the
deposites the of the pet banks in that state.
Mr.. CAMBRELENG said he would willingly do
any thing carry this loan into effect except to create
loan for the purpose of depostng its amount with tho
States. There other way than by loan on this
act. . \, ..t ..- \. ..... Il ...s 4M. .t, i. ~.
Mr. BELL asked whether the estimate Of the
moneys in the Treasury either the LIST of October
at the end Of the year, founded in any error OF the
estimates presented in the report OF the Secretary OF the
Treasury If that report correct, he would demon-
sate all the friends Of the deposite law that the loan
would be carried into effect with perfect convenience
to the States and that there was more money IN the
deposite banks than due to the States.
Mr. CAMBRELENG replied that the Secretary OF
the Treasury had arrived the result, that ten millions
in Treasury notes would be required, while the Com
mtee first came to the conclusion that it would be
twelve millions but had now agreed with the Secretary
in his estimate. There was discrepancy between
their views and those Of the Secretary part Of the
funds which the gentleman from Tennessee supposed to
be in the deposite banks, consisted Of four and half
millions of protested drafts, drawn on the third install
ment Of the deposites
Mr. BELL said we should probably gain time by
deerring the consideration Of the bill until the estimate,
now presented, should be printed.
Mr.. RHETT made come comments upon the state
ments of the Secretary, which he said were obscure to
him. a.
Mr.. SERGEANT said he was opposed to the bill,
for reasons which he would give hereafter. sas
nlI0MDSDN .nfC aaid hc would a