The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-19

he aafna in
payment Of the public creditors without Charging com.
missions or claiming allowance account Of difference
OF exchange
Fourhy. Torender TO the Government Of the United
States all the duties and services heretofore required by
law to be performed by the late Bank Of the United
States and its several branches Offices upon the same
terms and with the same mmuniiies
SEE 2 And be Il further enacted, That the Secreta-
yoi the Treasury shall be- and he is hereby authorized
and Il shall be his duty, whenever in his judgment the
same shall be necessary and proper to require OF any
bank, selected and employed aforesaid collateral or
additional securities for the safe keeping Of the public
moneys deposited therein and the faithful performance
oil the duties required by this act.
SEC 9, And be a further enacted, That il shall be
lawful Tor the Secretary Of the Treasury to enter into
contracts, IN the name and for and on behalf Of the
United States, with the said banks selected and ON
poyed whereby the said banks shall slpulae to do and
perform the several duties and services prescribed by
this act.
SEC. Q, And Be il further enacted, That no bank
which shall be employed a depository Of the public
money, shall be discontinued as SUCH or the public
money be Withdrawn theefrom, except for the causes
hereinafter mentioned that is to say. it. at any time,
any Of the said banks shall refuse or fail to perform any
Of the duties prescribed by this act and stipulated
be performed by its contract any Of the said banks
shall at any time refuse TO pay its notes in SPECIE if
the Secretary Of the Treasury shall have be-
heve that any Of the said banks longer safe place
Of deposite for the public moneys; any and every
such case, shall be his duty discontinue snch bank
as depository, and withdraw from the public moneys
which may hold deposite and in OF the dis
continuance OF any Of the said banks shall be the duty
OF the Secretary of the Treasury report Congress
immediately, II in session. and If not in session, the
commencement OF Its next session, the facts and
sons which have induced such discontinuance Proud
cd, ho'eersr, That nothing herein contained shall be
construed to prevent Congress at any time from passing
any law for the removal Of the public money from any
OF the said banks, from changing the terms Of dcpo-
site, or TO prevent the said banks at any time from
ceasng to act as repositories Of the public money! upon
paying over or rendering to pay, the whole amount Of
public moneys on hand, according to the OF their
agreement with the Secretary of the Treasury.
SEC 10. And be IL further enacted, That shall be
the duty Of the banks selected repositories Of the
public money to make exchanges Of the paper OF EACH
held by the other with all the banks in their vicinity,
with which they have transactions, often
week and the balances due shall be demanded or paid
as the case may be- IN specie, whenever and to what
ever extent such requsltion, with the appreciation of
the Secretary Of the Treasury, shall be deemed
say TO check tendency to and to preserve
the soundness Of the currency.
SEC III. ARd be II further enacted, That it shall be
the duty OF the Secretary Of the Treasury adopt all
such means as he can properly employ, to induce the
banks selected repositories Of the public money,
enter into mutual arrangements for receiving and
dting cash in payment Of the public dues the notes
of each other, whenever the may be offered in
such payments
SEC. IL. And be IL further enacted, That the reve-
nue. OF the United States whether arising from du-
ties taxes debts hostages, sales OF lands, shall be
collected and received in gold and silver, or Trea-
sury notes. or in the notes Of banks which are paya-
BILE and paid en- demand in the legal coin Of the
United States, subject 10 the following restrictions
and conditions in regard to the receipt OF bank
notes, to wit from and after the expiration of one
year from the passage OF this act, the notes OF no
bank which shall issue or circulate bills notes OF
a less denomination than five dollars, shall be re.
ceived in payment of the public dues; and from and
after the expiration oftwo years thereafter, the notes
ofDo banks which shall issue circulate b lis OF
notes OF a less denomination than ten dollars shall
be SO receivable Py0uided hoiceUer, That the notes
Of no bank whatever shall be received in payment OF
the public dues by the collectors receivers of the
public money which the banks in which they are 10
be deposited shall not under the supervision and con-
troll Of the Secretary Of the Treasury agree to pass
the credit Of the United States cash And pro-
rided, also, That the notes of no bank which now
fails or may hereafter fail to redeem its notes in
gold and silver, shall at any time, be received in
payment Of the public dues, unless such bank SHALL
on or before the first day of July eighteen hundred
and thirty-eight have bona tide resumed payments
in specie.
sEc. l3. And be it further enacted, That nothing
in the preceding section shall be construed 10
prohibit receivers collectors ofthe dues Of The Go
vcrnment from receiving for the public lands any
kind of land scrip or Treasury certificates now au-
thorized by law, but the same shall hereafter be re-
ceived for the public lands in the same way and
has been heretofore practised and tshall
not be lawful for the Secretary of the Treasury TO
make any discrimination in the funds receivable
between lne QlHeTent branches OIL the public reVe-
nue., except as is provided in this section.
SEC. Ia. And be ii further enacted, That no bank
shall be employed as depository of the public mo-
ney which shall not conform, as TO the denomination
of notes issued circulated by it, to the conditions
hcreinbefore imposed in that respect those banks
whose paper is allowed to be received in payment Of
the public dues.
SEC. Is. And be IL further enacted, That if any
bank, which may be thus employed, shall increase
its circulation ot paper upon the faith Of the public
moneys deposited with it, II shall be the duty Of the
Secretary of the Treasury, and he is hereby requir
ed, forthwith to discontinue such bank as deposito
~ OF the moneys of the Government, and withdraw
from the same the amount OF moneys then on depo-
site to the credit of the Government.
SIC. l6 indie IL further enacted, That il shall be
the duty Of the Secretary of the Treasury to lay be-
fore Congress, at the commencement Of each annu-
al session, and as often thereafter as either House
may require, statement OF the number and names
of The banks employed as repositories OF the public
money and Of their condition, and the amount of
public money deposited in each, as shown by their
returns at the Treasury, with every other particular
which may assist Congress in forming satisfactory
judgment Of the safety of the public moneys and of
the soundness and responsibility Of the repositories
10 which they are committed.
SEC. IL. And be ID further enacted, That all acts
and parts OF acts coming within the purview OF this
act are hereby repealed And for the redemption of
all sums borrowed pursuant to the provisions OF this
act, the balances due the United States by bond or
otherwise from the Bank of the United States of
Pennsylvania and from the late deposite banks, 10
gether with The faith Of the United States here
by solemnly pledged.
Mr. MERCER proposed the following as a substi-
~tue for the bill:
That the Secretary Of the Treasury be, and he is
hereby authorized with the appreciation of the Pre-
sident Of the United States to ISSUE from time to
time, according TO the terms and conditions Of the
act entitled An act to authorize the issuing OF
Treasury notes." approved the twelfth oil October