Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-02-08

money had not been paid into the Trea-
sury by the Bank, was ordered to be
printed.
A report Of the Secretary Of tho Trea-
sury, on the commune alton Of Capt. nj.
G. Perry, relative to Light Houses in
the u. S., was ordered to be printed.
The Sub Treasury bill came up in or
der, and MIR. Rives offered an amend
Inent, by striking out all after the enact
ing clause and inserting substitute
therefor, which was ordered to be print
ed. The bill Of Mr. Rives makes l3i
sections. The following is a synopsis of
the whole -
Section lst provides that the Secretary of
the Treasury shall have power to appoint 25
deposite banks in different parts Of the u.
States, which banks shall be chosen from the
soundest banking institutions in the country,
and located in the places most favorable to-
business.
| Section I'd provides that the banks thus Sc
lected as repositories Of the general govern
ment shall pay specie on demand.
I Section 3d says that the Secretary of the
Treasury shall select the deposite banks by
the advice and consent of both Houses of
Congress in the form Of joint resolution.
\ Section 4th prcscrbes the terms upon
which the deposite banks shall receive the
public money. Each bank must furnish
weekly statements of the condition of the
bank, giving complete aud full history of all
its affairs.
Section 9Th calls upon the Secretary of the
Treasury to select banks who will be willing
/ Ia, nj IN, fhan
which was given by the late U. 5. Bank ; and
provides also that deposites may be drawn in
specie.
4 Sections 9th and 7lh say that no bank en-
ployed as deposite bank shall be discontn.
ued as deposte bank or have the public
funds withdrawn except for reasons specified
in u section which prescribes the terms upon
which the public money shall be received.
i The other sections provide that the Secre-
tary Of the Treasury shall select such banks
US shall do all in their power to afford the
same reliefto the general government az were
afforded by the late Bank Of the United
States, and the late repositories of the Uni
ted States.
4 That It shall also be the duty Of the Secrc-
tary Of the Treasury to provide collateral and
additional security, which shall in his estima-
ton be sufficient to give undoubted security
for all the sums deposited with the banks on
account Of the government. That the Sec.
retnry OF the Treasury shall also have un-
doubted evidence of the solveDcy of the banks
employed rs repositories and also, that they
shall be able to comply with the terms Of the
1 government and to perform all their engage
mcnts.
| That the banks selected as repositories
shall not have the public funds taken from
them, or be discontinued, without violating
the terms of contract, or unless the Secretary
Of the Treasury shall deem them unsafe, in
which case the Secretary shall give full facts
for Withdrawing the public deposites. Depo-
sites may be withdrawn and repositories dis
continued whenever specie payments are re-
fused on demand, or for failure to comply
with all the terms OF the Jaw.
Settlements are to be made weekly with
all deposite banks, and any things-private
matters excepted-which relate to the affairs
of the Bank.
H The Secretary Of the Treasury is also re-
quired to induce the Deposite Banks to have
some mutual agreements, and, If possible, re-
deem each others notes in specie.
Il All dues to the General Government must
be paid in gold and silver, in Treasury notes,
or in notes Of specie paving Banks.
hIteI oHc year bepOsItc Ddnho ulHst
not issue bills Of n less denomination than SIS
in two years of less denomination than
$l0
Mr.. Wright moved the further consi-
deration Of the bill on Monday. Mr.
Rives was in favor Of having the bill
postponed till Wednesday, and snid he
should oppose it with all the ability God
had given him, in all its forms, shapes,
arrang gcments, plans, and provisions.-I
The motion of MIR. Wright prevailed ,and
the Senate adjourned over ill Monday
In the House, the Mississippi election
case was resumed, and occupied the
House during nearly the whole Of the
session. AT half past 5 o'clock, without
coming to any decision, the House ad-
journed.