The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-02-21
A BILL,

More eectualy to prevent frauds in the collection
keeping transferring, and disbursing of the pub
lie revenue, and to punish defaulters
Be IL enacted blythe Senate and House Of Representa-
tires the United Statesof America in Congress assem-
Died, That il shall be the duty of the Secretary Of the
Treasury to select, as soon as practicable after the
passage Of this ACT and fast thereafter as the pro-
per and necessary preliminary arrans emens can be
made, from among the most solid and respectable in
the States, Territories, or places in which they
located banks, TO become the repositories of the pub
lie money not to exceed in the whole twenty-five in
number, to be selected both as 10 location and num-
b4r, purely with reference to the wants and conve-
vience Of the Treasury Department. in conducting
its fiscal affairs.
be selected or employed, which shall pay its bills
and notes, and all other demands upon it, promptly in
specie, when required, nor until il shall first have
furnished TO the Secretary of the Treasury state
ment of its condition and business list of its direc
tors and officers, copy of its charter, and such other
information as he may require to enable him to Judge
ofthe soundness of its condition.
SEC 3. And be ii further enacted, That the banks
TO be employed repositories aforesaid, shall be
selected by the Secretary of the Treasury in the
following manner, to witt If the selection be made
during the session Of Congress- it must before it take
effect be first approved by the Senate and il made
during the recess, it shall be submitted to that body
at the commencement of their next session, to be in
like manner confirmed or annulled by them.
Sec. A. And be ii further enacted, That the said
banks before they shall be employed as the deposit
the same on the following terms and conditions, TO
wit:
First Each bank shall furnish to the Secretary of
the Treasury, from time to iime as often he may
require not exceeding once week. statements set
ting forth its condition and business and the said
banks shall furn sh the Secretary of the Treasury
and to the Treasurer of the United States, weekly
statement of the condition Of his account on their
books, including statement of all bonds deposited
for collection, well as Of all moneys actually paid
into bank account of the United States; and the
Secretary of the Treasury shall have the right, by
himself, or an agent appointed for that purpose, to
inspect such general accounts in the books of the
bank as shall relate to the said statements: Prorid
ed, That this shall not be construed to imply the
right OF inspecting the account Of any private indi
vidua or individuals with the bank
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 receivable in payment of public
dues aud which properly chargeable TO the United
s'aes and to pay all checks warrants. drafts drawn
on such deposites in specie, if required by the holder
thereof
Thirdly. To give, whenever required by the Secrc-
tary the necessary facilities for transferring the public
FUNDS from place to place within the United States and
he Territories thereof, and for distributing the in
payment OF the public creditors, without charging
missions or claiming allowance Of difference
Of exchange
four.hly. To render to the Government of the
United States all the duties and services heretofore re-
qeu py law 70 ne performed by the late Bank of the
United States and Its several branches Offices upon
the same terms and with the same mmunites
SEC. b. And be further enacted, That the Secreta
~ Of the Treasury shall be- and he hereby authorized
and shall be his duty, whenever his Judgment the
same shall be necessary and proper require of any
bank selected and employed aforesaid collateral or
additional securities for tho safe keeping of the public
moneys deposited therein, and the faithful performance
Of the duties required by this act P,orided The said
Secretary shall transfer the money from any deposit
tory constituted by this act any other depository au
horzed by the same unless the safety Of the public mo-
hey and the convenience Of the public service may re-
qure. 90
-, y, ana De further enacted, That it shall be
"' ,o 'he Secretary Of the Treasury to enter into
I,,al c., "e name and for and on behalf Of the
81 - - WV" sau banks selected and employ
form Tho seveI ohs snail supuato to do and per-
act - f'ooeiioou ny u's
SEC, z And be II further enacted w.. ~,
"hlch snai DC employed as depository oS Ma ~;
money be withdrawn thereiotm exccn, g. W He p"o''e
hereinafter mentioned that is to saw 4 Wv .auses
any Of the said banks shall refuse or fail 10 nsr ",,e,
OF the duties prescribed by this act and stimulated :,
performed by its contract or if any OF the said bant
shall at any time refuse pay its notes in spece -
the Secretary Of the Treasury shall have reason u ho
heve tina, any Of the said banks no longer safe place
Of depose for the public moneys any and every such
case y shall be his duty to discontinue such bank as
depository, and withdraw from il the public moneys
"Nch II may hold on depose and. in case of the dis
continuance OF any of the said banks il shall be the duty
O The Secretary of the Treasury to report to Congress
immediately IN session, and if not in session. at the
commencement OF It's next session. the facts and reasons
Wth nave induced such dsconnuance Prop,ded
"Uos'' mat nothing herein contained shall be con.