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


over or rendering to pay the whole amount Of public
moneys on hand according the terms Of their agree
ment with the Secretary OF the Treasury.
SIC. g. And be 10 further enacted, That L shall be
The duty of the banks selected repositories OF The
public money, 10 make exchanges OF The paper OF
each held by the other with all the banks In their
vicinity, with which they have transactions, as often
as once week and the balances due shall be de-
manded or paid as the case may Pc IN specie, when-
ever and 10 whatever extent such requisiion, with
the appreciation Of the Secretary OF the Treasury,
shall be deemed necessary 10 check tendency TO
overssues and to preserve the soundness OF the cur
rency.
of the United States, whether arising from duties,
taxes hostages or sales Of lands shall be collected
and received la gold and silver, Treasury notes,
or in the notes Of banks which payable and paid
on demand, in the legal coin of the United States:
Propided Aolcepr, That bank notes shall be such
as the banks 10 which they TO be deposited shall
agree 10 pass to the credit Of the United States as
cash And proridsd also, That the notes Of no bank
which now fails, may hereafter fail TO redeem Its
notes in gold and silver, shall, at any time, be re-
ceived in payment OF public dues
SEC. TO- And be IL further enacted, That nothing in
the preceding section shall be so construed as to
prohibit the banks that may be selected as deposit
tories Of the public revenue from receiving on
account of the Government any land-scrip or Trea-
sury certificates now authorized by law 10 be re-
ceived in payment Of public lands and to grant
certificates therefor the same for cash deposited
Treasury to make any discrimination in the funds
receivable between the different branches of the
public revenue except as is provided In this section.
SEC. IL. And be 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 annual
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, ard the amount Of
public money deposited in each, as shown by their
returns al 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. 10. And be IL further enacted That, as soon
the requisite number of banks provided for in this
act shall be selected as fast they shall be Sc
ected for the various districts places, as deposo-
ries of the public money paid or received therein,
and public notice given thereof 1t shall not be lawful
for any receiver OF land sales to receive any pay
ment whatever for any lands entered or that may be
sold BY him. either at public or private sale but, be-
fore any patent shall be issued or title given the
purchaser shall deposie the amount of the purchase
made in specie bank notes, scrip, or Treasury notes.
in some OF the selected banks, TO the credit Of the
Treasurer of the United States, and obtain certif-
cate therefor which shall be received by the recev-
ers in payment for the lands so purchased
SEC. IL. And be il further enacted, That, as soon
the banks required under the first section of this
act shall have been selected in Boston, New York,
Philadelphia, Baltimore Charleston and New Or
.
all the bonds for duties payable to the United States
then held by the collectors in each Of said places
shall be Immediately thereafter deposited in the said
banks so selected according to their location for col
lection and the amounts Of the same, as they are
paid shall be passed TO the credit Of the Treasurer
Of the United States by the banks 10 which they shall
be paid.
Secondly. For all duties required by law to be
paid in cash at the time of entry, and which cannot
be Immediately ascerained when the entry IS made,
there shall be deposited in of the selected banks,
at the credit of the Treasurer of the United States,
such sum as shall be specified by the collector and
by him be deemed ample 10 cover the whole amount
OF the duties on the goods entered, in cash or in
Treasury notes. and in the event of the sum so de-
posted exceeding the amount Of the duties on the
goods entered when the same shall be ascertaned
the collector shall issue certificate, countersigned
by the naval officer stating the amount thus over
paid; and the bank in which the original payment
was made shall be, and he is hereby, authorized to
refund the amount upon the surrender OF The cerih-
cate thus issued
Thirdly. All debenture certificates issued for the
duties on merchandise exported that was subject to
duty on importation, shall be received, TO the extent
OF their amount, in payment for the bonds given on
importation; and in the event Of any of the bonds
having been paid prior to the expectation of the
merchandise, the bank in which the payment of such
bond or bonds were placed is hereby authorized to
pay the amount of the certificates issued for such por
tionS Of the duties aforesaid as may have been paid
to il on account of the United States.
Fourthly. The collectors in each of the afore-
mention ed places shall at the end OF each week. de-
pose in such of the selected banks as may be desig
mated BY the Secretary of the Treasury to the credit
Of the Treasurer Of the United States, all moneys
which may have been received or collected by them
during the week arising from tonnage duties, hospi
tai money, what has been denominated fees" or
any money paid into their hands on any other ac-
count Whatever and they shall also deposite in said
banks, at the same time, all bonds which they
may have received during the week, (taking dupli.
cate receipts for the same as deposited, one to be re-
tanned BY him, and the other to be forwarded 10 the
Secretary Of the Treasury in his weekly returns TO
be placed TO the credit of the Treasurer of the Uni
ted States by the said bank, as the money is so de-
posted or as the bonds SO deposited shall be paid
which said deposies both Of money and bonds, shall
be certified by the naval officer of the district and
sworn 10 by the collector making the depusite, as
being the whole amount of the money and number
OF bonds that have been received during the time
specified.
Filthy II shall be the duty of the Secretary of the
treasury, as far as practicable TO arrange with the
banks ne may select to designate other banks conve
nent for such purposes, in which the collectors of
the customs other than those at the aforementioned
places shall deposte the money collected or bonds
received by them, at least once month, or more
frequently if ordered by the Secry of The Treasury
Tor which sums OF money so deposited or received
by the bonds as they be paid the selected banks
SO agreeing with the Secretary OF the Treasury shall
De liable and accountable 10 the Treasurer of the
United States for the amount of each Of the said de-
posites or payments so made and before provided,
the receipt in these cases for the money and bonds
thus deposited shall be certified by the naval officer
wherever they exist and sworn to by the collector,
as being the entire amount of the money and all the
bonds received np to the time Of making the de-
posite.
Sixthly. All bonds which are not paid on the day
which they fall due shall be handed over immedi
aely thereafter by the bank with which they may
have been deposited to the district attorney, who
shall issue duplicate receipts for the same one Of
which shall be forwarded by the bank TO the Secre-
tary and The other to the Solicitor of the Treasury
But no payment of any such bond or Of the udg-
ments obtained on the execution, il any issued there
having such execution shall be valid; and such paw
ment shall be only made into one OF said selected
banks to the credit OF the Treasurer OF the United
States. 0--
SEC. a. Andb IL further enacted. That from and