Southern telegraph. (Rodney, Miss.) 1834-1838, 1838-02-27
United States Congress.
IN SENATE.
FEBRUARY =.
SUB-T2EASURY SCHEME.

"'oa up the III! imposing 3niffionaI un-ieS
/ rs dcpostaries on certain public officers.
". AMI for other p,Irp ,seS, with view Ia
allow t,r. Rives to offer his substitute foI
the bill. thu. it might be ordered to be pris.-
Ell before The Senate adi burned.
Mr.. Rivcs then rose and offered his sub
stituc. with the remark that he had drawn
It as "A general projet. In its details, it was
very possibly def,ctive, bn. il i. should
prove acceptable to the Senate in its general
outlines, they could amend and modify as
they might think proper. He would mere
" offer it nav, and ask that it might he
printed. understanding that it would come
up on Monday.
| Tho substitute was read by the Sccreta-
ry. Its principal provisions were tas well
| ',s they could be caught from the reading)
That the number Of banks selected err the
safc-keeping of the public money shonId
not exceed twenty five, to be chosen from
| among the most solid and respectable banks;
| AMI their locality to he Determined purely
with reference to the wants and condition
of the Treasury.
That no bank should be selected or en-
ployci that should not promptly pay de
mands upon them in specie, nor without al
lowing such inTos.i gation of their condition.
&c. as the Secretary Of the Treasury might
require. 9se1 5las So.
That if the selections should be made
during the session of Congress, they should
be approved by joint resolution of the
two Houses; and, f during the recess, they
should be promFly submitted TO Congress,
Tor their approhatlon Or, rejection, at the
commencement of the next ensuing session.
That each dcposite bank should exhibit
to the Secretary of the Treasury, as often
az he might require, not exceeding once a
week, statements of the condition of their
| business; and give TO the Secretary and
Treasurer weekly statement of their ac-
counts with other banks; provided tha, they
should not be required to exhibit private
accounts with individuals.
That they shoald pay Treasury checisa,
| &c. in specie.
,!'hutt',ay -honidiransicr the pnhlic funds
and distribute them as required, without
charge 10 Government.
That they should perform all the duties
heretofore performed by the late Bank OF the
United States and the late deposiie hanks.
That it should be the duty of the Secreta.
ry of the Treasury to require any bank Sc
lccted to give sufficient collateral and addl-
tional security fer the safe keeping of the
public money in their possession.
| That before The Secretary of the Treas
nrv should make any contract on this sub
should obtain satisfactory assurance that the
/ duties required Of the banks by this bill
would he fulfilled. 5H -
That the hanks selected, and approved
Ivy Congress. should not be discontinued as
depnsite banks, except they should f,l to
perform the duties required by this bill, or
refuse to pay their notes in specie; or ex-
ceot the Secretary of the Treasury should
| have reason to believe thcm unsafe deposit
Itories; in which case he should promptly
report to Congress the facts of the case, and
the reasons for such discont;naance.
That it should be the duty of the depo-
site sbanxs to make settlement with all
banks in their vicinity with which they
may have accounts once a week, promptly
pay their Balances in specie, and endeavor
to check any tendency to over issues, or to
the n.ounfness of the currency.
i That it It sh ,uld be the duty of the Trea-
lsnry to induce the depnsite banks to enter
each other, and to redeem them in specie II
required. s.te s. h.ps. -.
i That the revenues of the United States
of all kinds shonid be collected and receiv-
cd in gold and silver. in Treasury notes, OF
the notes of specie paving banks. m
i That in one year; from the passage of this
bill. the notes of no bank should be received
f which shalt continue to issue notes OF a
! less demo -ninati"n than S., and in two years
! less than $40; provided that the notes OF
no banks should be received, that would not
!. pass as specie to the credit eff the Govern
, ment, nor unless they should resume pay
ments tef,rc July, 1888.
d That the Government should not be pre-
! vented hy this bill from receiving any kind
of land scrip now receivable by law
IL That the Secretary Of the Treasury
lshould make no discrimination in funds re-
ceivable by Government, except as provid-
ed fr by this bill. asss
i, That it should be the duty of tho Score
J. tary If the Treasury to report to Congress
at the commencement of each session, q
statement of the number and names OF the
banks employed as Repositories, their con
dition. the amount Of money deposited IL
each, and the other particulars which Nigh
i enable Congress to ascertain the safety o
1.-THE public money. ST. ag Is
i That all acts and parts Of acts ineonsis
tent with this bill be thereby repealed, .
This substitute was ordered to ba printed
i Mr.. Wright a.ltedthe Unanimous ooossn!
i of the Senate to'suxpond the action 90 sehia