The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-03

Notwithstanding ths they shall be chosen from snong
the most solid and respectable banks 10 Tie States Or
Territories ia which they are csiablshed and their
locality as well as number shall be Determined purely
with reference 10 the wants, aud convenience, OF the
Treasury ia conducting us fiscal operations
Syc. Q BE II further enacted That no bank shall be
so selected or employed which shall not pay ITS bills
aud notes aud all other demands upon u promptly in
specie when required, until II shall hrst have FUR
nshed to the Secretary OF the Treasury statement OF
its condition and business, list OF It's directors and
officers copy Of It's charter and such othet information
lie may require enable him 10 Judge OF the sound
| ness Of ia condition.
SIC. g. BE IL further enacted, That the banks 10 DO
employed repositories aforesaid, shall be selected
by the Secretary OF the Treasury IN the following
ner TO wit II the selection be made during the session
Of Congress- it u, before il take effect be first APP
proved by JOINT resolution Of both Houses, and II made
during the recess il shall be submitted TO Congress
the commencement, OF their nest session, TO be like
manner confirmed or annulod by them
SEC A. Be il further enacted That the said banks
before they shall be employed repositories Of the
public money shall agree 10 receive the on tho
following terms and conditions, TO wit
First Each bank shall furnish to the Secretary Of the
Treasury, from time 10 time often he may require
not exceeding week. statements setting forth its
condition and business, prescribed in the second
ton Of this act, except that such statements need
contain copy Of the charter OF the bank And the said
banks shall furnish the Secretary OF the Treasury and
TO the Treasurer Of the United States weekly state
ment OF the condition Of his account their books
and the Secretary Of The Treasury shall have the right
by himself, any agent appointed for that purpose,
inspect such general the books OF the bank
as shall relate to the said statements. PrOuided, that
this shall not he construed imply the right Of inspect
ing the accounts OF any private individual individuals
with the hank.
Secondly. To credit specie all Sums deposited
therein to the credit OF the Treasurer Of the United
States excepting Treasury other Government
obligations that may be received payment Of public
dues, and which properly chargcable the tnitcd
States and to LAY all checks warrants, drafts, drawn
on such dePosi,es in specie II required by the holder
thereof
thirdly To give, whenever required by the Sccreta-
ry OF the Treasury, the necessary facilities for transfer
ring the public funds from place to place. within the
United States and the Territories thereof, and for dis
trhnng the same, in payment Of the public creditors
without charging commissions claiming allowance
account Of difference Of exchange
F0uThfy To render TO the Government Of the Unit
ed States all the duties and services heretofore required
by law to he performed by the late Bank OF the United
States, and its several branches Offices
SRc S And be 10 further eaacted That the Secreta-
~ Of the Treasury shall be- and he hereby authorized
and shall be his duty, whenever, in his Judgment, il
shall be necessary proper, to require OF any Bank
selected and employed aforesaid, collateral add
,ional securities for the safekecpng Of the public
ncys deposited therein. and the faithful performance Of
the duties required by this act
SEc 6 And be Il farit,y roactcd That it shall be
lawful for the Sc etry Of the Treasury enter into
contracts The and Tor and behalf of tic Unit
cd States. with the said Banks selected and employ
ed whereby the said Banks shall stpulae DO and per-
form the several duties and services prescribed by this
act.
SEC. 4 And BE- IL further enacted Tha, no Bank
which shall be employed depository OF the public
money, shall he discontinued as such, or the public
money be Withdrawn herefrom, except for the causes
hereinafter mentioned, that saw it, any time, any
of the said Banks shall refuse fail perform any of
the duties prescribed by this act, and stipulated be
performed by It's contracts, if any Of the said Banks
shall any time, refuse pay lis in specie, If
the Secretary OF the Treasury shall have 10 be-
leve that of the said Banks no longer safe place
Of depositc for the public moneys in any and every
such shall be his duty discontinue such Bank
depository and withdraw from the public moaeys
which it may hold dcposic and, in case Of the dis
continuance Of any Of the said Banks il shall be the
duty of The Secretary Of the Treasury 10 report to Con-
gress Immediately, IN session, and not IN session. at
the commencement OF its next session. the facts and
reasons which have induced snch dscontnuancc Pro
rdcd however that nothing herein contained shall be
construed to prevent Congress, at any time from pass
ing any law for the removal Of the public money from
any of the said Banks from changing the Of
dcposite, prevent the said Banks any time from
celslng 10 repositories of the public money upon
paying rendering to pay, the whole amount OF
public moneys on hand according to the Of their
agreement with the Secretary Of the Treasury.
SIC. 8. And be further enacted. That it shall be
the duty of the banks selected repositories of the
public money, make settlements with all the banks
their vicinity, with which they have transactions as
often once week and the balances due shall be
demanded paid the may be, in specie, when
ever, and TO whatever extent such requson with the
appreciation Of the Secretary OF the Treasury shall be
deemed necessary to check tendency 10 uvcrssues,
and TO preserve the soundncss Of the currency.
SEC O. And bell further enacted, That it shall he the
duty OF the Secretary Of the Treasury adopt all such
means he properly employ to induce the banks
selected repositories Of the public money to enter
into mutual arrangements for receiving and cicdng
cash payment Of the public Dues the of each
other wherever the may be offered in such pay
ments.
SIC. 10. And be ii further enacted, That the reve-
Of the United States whether arising from duties
taxes, debts hostages, sales OF lands shall be collect
ed and received in cold and silver. in treasury notes.
or III the notes of the banks which payable and
paid demand in the legal coin Of the United States
subject to 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 banks which shall issue or circulate
bills notes OF less denomination Than five dollars
shall be received in psymen, of the public dues and
from and after the expiration Of two years thereafter
the notes OF no banks which shall issue or circulate hills
or notes OF less denomination than ten dollars, shall
be receivable: Proricd hotrcpcr That the notes of
banks 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 to be depo-
sed, shall not under the supervision and control the
Secretary Of the Treasury agree pass 10 the credit
Of the United States cash And proridcd also That
the notes Of no bank which fails, or may heresf
ter fail TO redeem its notes gold and silver shall at
any time, he received in payment Of the public dies
unless such banks shall before the lst day Of Ju-
ly eighteen hundred and thirty eight have bona hde re-
sumed payments in specie
| SEC IL Be N further enacted That ro,h;,