Page:United States Statutes at Large Volume 5.djvu/90

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54 TWENTY-FOURTH CONGRESS. Sess. I. Ch. 115. 1836. Secretary su- Sec. 7. And be it further enacted, That it shall be lawful for the ¢l¤¤r¤¤·=d *¤ °¤· Secretary of the Treasury, to enter into contracts m the name and 53,, };§c'{',f° °°"` md on behalf of the United States, with the said banks so selected m employed, whereby the said banks shall stipulate to do and perform the several duties and services prescribed this apt. k h' h No bank "_ nc,8. Ami be at further enacteg, at up an wblic shall be Se lsetedto be dis- lected or employed as the place of eposite o the_pu rc money, shall gndmbvt be discontinued as such depository, or the public money withdrawn r ee · ‘ · . cm- {I?`?.??’£;“;rE.’Zf°§3f°5aZ‘$F§lE3°i,§`§lS`L‘§$i?’r§?r°£f‘¥2§,‘§z?3“{>.,i}O§‘Z..“Z.’i, of said duties as prescribed by this acl;, {stipulated to be performed by its contract; or, if any of said ban s s at any time refuse to pay its own notes in specie if demanded; or shall fail to keep in its vaults such an amount of specie as shall be required by the Secretary of the Treasury, and shall be, in his opinion, necessary to render the said bank a safe depository of the pulgic rlpopeyi having duedregard to the nature of the business transacted yt e an · in any an every suc case it shall be the duty of the Secretary of tlie Treasury to discontinue any such bank as a depository, and withdraw from it_tl1e public moneys which it may hold orrdeposxte at the time of such discontinuance. And m case of the discontinuance of any of said banks, it shall be the duty of the Secretary of the Treasury to report to Congress immediately if m session, and 1f not in session, then at the commencement of its next session the facts and reasons which have induced such discontinuance. And in, case of the discontinuance of any of said banks as a place of deposits of the public money for any of the causes herein before provided, rt shall be lawful for the Secretary of the Treasury to deposite The rréoney thus withdrawn in some other banks of deposite already seecte or to select some other bank as a place of deposite upon the ter-ms’and conditions prescribed by this act. and in defziult of any bank to receive such deposits, the money thus withdrawn shall be kept by the Treasurer of the United States, according to the laws now in force; and shall be subject to be disbursed according to law. Banks now Sec. 9. And be it further enacted, That until the Secretary of the

11;;%:3 3; Treasury shall have selected and employed the said banks as places of

6,,, ’ deposite of the public money, in conformity to the provisions of this act, the several State and District banks at present employed as depositories of the money of the United States, shall continue to be the deposrtorres aforesaid upon the terms and conditions upon which they have been so employed. · Secretary to Sec. 10. And be it further enacted, That it shall be the duty of the L¢g0:°¤€:;:¤¤¤t Secretary of the Treasury to lay before Congress, at the commencement mm of each annual session, a statement of the number and names of the banks employed as depositories of the pnblicrnoney, and of their condition, and the amount of public money deposited in each, as shown by their returns at the Treasury; and if the selection of any bank as a depositplry dg the public money be gnade by the Secretary of the Treasur , w ie on ress is in session, e shall i ed'°t l tth andyconditrorr 0% such bank to Congress; ari; dubhespedbcndnlblindd be made during the recess of Congress, he shall report the same to Congress during thellirst week of rts next session. hgippslfélodpsy Spc. 11. rdnd be tt further enacted, That whenever the amount of mgm dm;. public deposites to the credit of the Treasurer of the United States, in m,m,_ any bank shall, for a whole quarter of a year, exceed the one·fourth part of the amount of the capital stock of such bank actually paid in, the banks shall allow and pay to the United States, for the use of the excess of the deposites over the one-iburth part of its capital, an interest at the rate of two per centum per annum, to be calculated for each quarter, upon the average excesses of the quarter; and it shall be the duty of the