The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-03
MR. RIyEs' SUBSTITUTE FOR TIE SUB
TREASURY

IN THE SENATE, yoStOtudyf AshO N'uo
Treasury bill having laid over by general con-
sent), Mr. RIvEs offered an amendment or
substitute to the whole bill reported by the
finance committee, which viii be found in our
columns to-day.
Mr. RIvEs' Bill proposes to re-organize the
State Bank Deposite system, with important
improvements upon the one established by the
act Of 1886.
The following is general outline Of its
principal features
/. The first section proposes to limit the
number Of banks TO be employed as deposito-
ries to twenty-five, to be chosen from the most
solid and respectable, and selected purely with
reference and limited to the wants and conve-
nience Of the Treasury.
2. Tho banks 10 be selected TO be specie
paving banks, and each to furnish the Secre-
tary Of the Treasury, a statement of its BUSH
ness and condition, and a copy OF lis char
ter.
3. The selection if made during the session
of Congress to be first approved BY joint reso-
luton of both houses, and if made during the
recess, to be submitted at the commencement
OF the ensuing session.
A. The banks to be employed, TO receive
the deposites on the following terms and con-
ditions
LIST. That each bank shall furnish weekly
statement of its condition and business-also
Of the u. S. Treasurer's accounts on their
books, and the Secretary of the Treasury, by
agent, or otherwise, to be allowed to inspect
such general accounts in the books Of the
bank
3D. To credit as specie all sums deposited
therein to the credit Of the Treasurer, Except
Government paper,) and to pay all checks, DC.
drawn upon such deposites, in specie if re-
quired.
3d. To give the necessary facilities fortrans-
ferring the public funds from place to place
without expense.
4h To render all the services TO the 60
vernment heretofore required of the Bank of
the United States and its branches
5. The banks TO give ample security for
the safe-keeping ofthe public money, and the
performance of the duties required by the act
6.1rhe Secretary of the Treasury authoriz-
ed to contract with the banks for and on be-
half OF the U. S.
T. Any bank failingto fulfil its contracts or
to redeem its notes in specie, or if the Secre-
tary Of The Treasury have good reason to be-
lieve any bank unsafe as a depository, it is
made his duty to discontinue it, and to report
to Congress the facts and reasons thereof
Congress, however, not prohibited from re-
moving the deposites at any time, or changing
the terms ofdeposite, &c.
8. Opposite banks to make settlements
once week with the banks in their vicini-
ty with which they have transactions, and
the balances to be demanded and paid i'll spe-
Gle, whenever it shall be necessary 10 check
a tendency 10 over issues.
8. The Secretary the Treasury TO employ
all means in his power to induce the banks,
to enter into mutual arrangements for receiv-
ing and creliting each others notes as cash.
10. The revenue Of the United States in
all its branches to be collected in gold and
silver, Treasury notes, or the notes of specie
paying banks, subject TO the following restric-
tons :, from and after one year from the pas
sage of the act, the notes of no bank issuing
bills of less denomination than SIS shall be
received, and after two years the notes Of
banks issuing notes of less denomination
than $40 are excluded. Provided, that the
notes of no banks shall be received which
the deposite banks will not credit to the U. S.
as cash, and prouided also, that the notes of
have resumed specie payments on or before
the first day Of July next.
IL. The preceding section not to be so
construed as 10 prohibit the receipt of land
scrip or Treasury certificates now authorized
by law, for public lands and it shall not be
lawful for the Secretary Of the Treasury TO
make any discrimination in the funds receiya-
bile in the different branches of the revenue,
except as is provided by the act.
r. No bank to be employed as deposito-
ry, which shall not conform 10 the condition
imposed in regard to the denomination of notes
issued or circulated by it, &c.
10. The Secretary of the Treasury TO lay
before Congress, at the commencement of
each annual session, or as often as either
House may require, a statement of the num-
Der, names, condition, &c, of the banks en-
ployed as repositories, in order to enable