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time to time, as often as he may require, not exceeding once a week, state. ments setting forth its condition and business, as prescribed in the foregoing section of this act, except that such statements need not, unless requested by said secretary, contain a list of the directors, or a copy of the charter. And the said banks shall furnish to the secretary of the treasury, and to the trea. surer of the United States, a weekly statement of the condition of his account upon their books. 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 : Provided, That this shall not be construed to imply a right of in. specting the account of any private individual or individuals with the bank.
Secondly. To credit as specie, all sums deposited therein to the credit of the treasurer of the United States, and to pay all checks, warrants, or drafts, drawn on such deposites, in specie, if required by the holder thereof.
Thirdly. To give, whenever required by the secretary of the treasury, the necessary facilities for transferring the public funds from place to place, within the United States, and the territories thereof, and for distributing the same in payment of the public creditors, without charging commissions or claiming allowance on account of difference of exchange.
Fourthly. To render to the government of the United States, all the du. ties and services heretofore required by law to be performed by the late Bank of the United States and its several branches or offices (1)
164. No bank shall be selected or continued as a place of deposite of the public money which shall not redeem its notes and bills on demand in specie; nor shall any bank be selected or continued as aforesaid, which shall, alter the fourth of July, in the year one thousand eight hundred and thirtysiz, issue or pay out any note or bill of a less denomination than five dollars; nor shall the notes or bills of any bank be received in payment of any debt due to the United States which shall, after the said fourth day of July, in the year one thousand eight hundred and thirty-six, issue any note or bill of a less denomination than five dollars.(2)
165. The secretary of the treasury shall be, and he is hereby authorized, and it shall be his duty, whenever, in his judgment, the same shall be neces. sary or proper, to require of any bank so selected and employed as aforesaid, collateral or additional securities for the safe keeping of the public modeys deposited therein, and the faithful performance of the duties required by this act.(3)
166. It shall be lawful for the secretary of the treasury, to enter into contracts in the name and for and on behalf of the United States, with the said banks so selected or employed, whereby the said banks shall stipulate to do and perform the several duties and services prescribed by this act.(4)
167. No bank which shall be selected or employed as the place of deposite of the public money, shall be discontinued as such depository, or the public money withdrawn therefrom, except for the causes hereinafter mentioned, that is to say: if, at any time, any one of said banks shall fail or refuse to perform asy of said duties as prescribed by this act, and stipulated to be performed by its contract; or, if any of said banks shall at any time refuse to pay its owo 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
(1) Act 23 June, 1836, sec. 4. (2) Ibid. sec. 5.
(3) Act 23 June, 1836, sec. 6.
of the public moneys, having due regard to the nature of the business transacted by the bank; in any and every such case it shall be the duty of the secretary of the treasury to discontinue any such bank as a depository, and withdraw from it the public moneys which it may hold on deposite at the time of such discontinuance. And in 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 in session, and if not in session, then at the com. mencement of the 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 deposite of the public money for any of the causes herein before provided, it shall be lawful for the secretary of the treasury to deposite the money thus withdrawn in some other bank of deposite already selected, or to select some other bank as a place of deposite, upon the terms and conditions prescribed by this act. And in default of any bank to receive such deposite, 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.(1)
168. Until the secretary of the treasury shall have selected and employed the said banks as places of 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 depositories aforesaid upon the terms and conditions upon which they have been so employed.(2)
169. It shall be the duty of the secretary of the treasury to lay before congress, at the commencement of each annual session, a statement of the number and names of the banks employed as depositories of the public money, 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 depository of the public money be made by the secretary of the treasury, while congress is in session, he shall immediately report the name and condition of such bank to congress ; and if any such selection shall be made during the recess of congress, he shall report the same to congress during the first week of its next session.(3)
170. Whenever the amount of public deposites to the credit of the trea. surer of the United States, in 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-fourth 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 secretary of the treasury, at the close of each quarter, to cause the amounts on deposite in each deposite bank for the quarter, to be examined and ascertained, and to see that all sums of interest accruing under the provisions of this section, are, by the banks respectively, passed to the credit of the treasurer of the United States in his accounts with the respective banks.(4)
171. All warrants or orders for the purpose of transferring the public funds from the banks in which they now are, or may hereafter be deposited, to other banks, whether of deposite or not, for the purpose of accommodating the banks to which the transfer may be made, or to sustain their credit, or for any other purpose whatever, except it be to facilitate the public disbursements, and to comply with the provisions of this act, be, and the
(1) Act of 23 June, 1836, sec. 8. (2) Ibid. sec. 9.
(3) Act of 23 June, 1836, sec. 10. (4) Ibid. sec. 11.
same are hereby, prohibited and declared to be illegal ; and in cases where transfers shall be required for purposes of equalization under the provisions of this act, in consequence of too great an accumulation of deposites in any bank, such transfers shall be made to the nearest deposite banks which are considered safe and secure, and which can receive the moneys to be transferred under the limitations in this act imposed : Provided, That it may be lawful for the president of the United States to direct transfers of public money to be made from time to time to the mint and branch mints of the United States, for supplying metal for coining (1)
172. The money which shall be in the treasury of the United States, on the first day of January, eighteen hundred and thirty-seven, reserving the sum of five millions of dollars, shall be deposited with the several states, in proportion to their respective representation in the senate and house of representatives of the United States, as shall, by law, authorize their treasur. ers, or other competent authorities to receive the same on the terms hereinafter specified, and the secretary of the treasury shall deliver the same to such treasurer, or other competent authorities, on receiving certificates of deposite therefor, signed by such competent authorities, in such form as may be prescribed by the secretary aforesaid, which certificates shall express the usual and legal obligations, and pledge the faith of the state for the safe keeping and payment thereof, and shall pledge the faith of the states receiving the same, to pay the said moneys, and every part thereof, from time to time, whenever the same shall be required, by the secretary of the treasury, for the purpose of defraying any wants of the public treasury, beyond the amount of the five millions aforesaid : Provided, That if any state declines io receive its proportion of the surplus aforesaid, on the terms before named, the same shall be deposited with the other states, agreeing to accept the same on deposite in the proportion aforesaid: And provided, further, That when said money, or any part thereof shall be wanted by the said secretary, to meet appropriations by law, the same shall be called for, in rateable proportions, within one year, as nearly as conveniently may be, from the different states, with which the same is deposited, and shall not be called for, in sums exceeding ten thousand dollars, from any one slate, in any one mooth, without previous notice of thirty days, for every additional sum of twenty thousand dollars, which may at any time be required.(2)
173. The said deposites shall be made with the said states in the following proportions, and at the following times, to wit: one quarter part on the first day of January, eighteen hundred and thirty-seven, or as soon thereafter as may be; one quarter part on the first day of April, one quarter part on the first day of July, and one quarter part on the first day of October, all in the same year.(3)
174. Nothing in the act of 232 June, 1836, shall be so construed as to pre. vent the secretary of the treasury from making transsers from banks in one state or territory, to banks in another state or territory, whenever such transfers may be required, in order to prevent large and inconvenient accumulations in particular places, or in order to produce a due equality, and just proportion, according to the provisions of said act.(4)
175. No treasury note shall be received in payment on account of the l'nited States, or paid or funded, except at the treasury of the United States.(5)
176. Whenever proof shall be exhibited to the satisfaction of the secre
(1) Act of 23 June, 1836, sec. 12.
(4) Act July 4, 1836.
tary of the treasury, of the loss or destruction of any treasury note, issued under the authority of any act of congress, it shall be lawful for the said secretary, upon receiving bond, with sufficient security to indemnify the United States against any other claim on account of the treasury note alleged to be so lost or destroyed, to pay the amount due on such note, to the person who had lost it, or in whose possesssion it has been destroyed.(1)
177. Whenever proof shall be exhibited, to the satisfaction of the secre. tary of the treasury, of the loss or destruction of any certificate of Mississippi stock, it shall be lawful to issue, to the person who had lost it, or in whose possession it was destroyed, a new certificate of the same value with the one lost or destroyed; the person claiming such renewal complying with the rules and regulations at present established at the treasury department, for the renewal of certificates of stock lost or destroyed.(1)
178. The forms of keeping and rendering all public accounts whatsoever shall be prescribed by the department of the treasury.(2)
179. All warrants drawn by the secretary of the treasury upon the treasurer of the United States, shall specify the particular appropriations to which the same shall be charged: The moneys paid by virtue of such war. rants, shall, in conformity therewith, be charged to such appropriation in the books kept in the office of the comptroller of the treasury and the officers, agents, or other persons, receivers of public moneys, shall render distinct accounts of the application of such moneys, according to the appropriation under which the same shall have been drawn: and the sums appropriated by law for each branch of expenditure in the several departments, shall be solely applied to the objects for which they are respectively appropriated, and to no other.(3)
180. During the recess of congress, the president may, on the application of the secretary of the proper department, and not otherwise, direct, if in his opinion necessary for the public service, that a portion of the moneys appropriated for any one of the following branches of expenditure in the military department, viz: For the subsistence of the army; for forage; for the medical and hospital department; for the quarter-master's department, be applied to any other of the above mentioned branches of expenditure in the same department; and that a portion of the moneys appropriated for any of the following branches of expenditure in the navy department, viz: for provi. sions, for medical and hospital stores, for repairs of vessels, for clothing, be applied to any other of the above mentioned branches of expenditure in the same department. But no transfers of appropriation from or to other branches of expenditure shall be hereafter made: nor shall any appropriation for the service of one year, be transferred to another branch of expenditure in a different year.(4)
Upon the application of the secretary of the navy, the president of the United States shall have authority, whenever, in his opinion, the contingen. cies of the public service may require it, at any period between the close of the year, and the passage of the new naval appropriation bills, to direct that a part of the money appropriated for a particular branch of the naval service in the former year be applied to another branch of the said service; in which case a special account of the moneys thus transferred, and of their application, shall be laid before Congress previous to its adjournment.(5)
181. Nothing in the act of 3d March, 1809, shall authorize the president
(1) Act February 4, 1819.
(4) Ibid. sec. 1.-Act 1 May, 1820, sec. 4, 5.-Act 3 March, 1817.
(5) Act 30 June, 1834.
to direct any sum appropriated to fortifications, arsenals, armories, customhouses, docks, navy-yards, or buildings of any sort, or to munitions of war, or to the pay of the army or navy, to be applied to any other object of public expenditure (1)
But by act of 2d July, 1836, the president, under the restrictions of act of 1st May, 1820, (art. 180, supra,) may transfer from one head of appropriations for fortifications, to that of another for a like object, whenever in his opinion the public interest shall require it.
182. Where any sum of money shall be drawn from the treasury under any law making appropriation for the contingent expenses of intercourse between the United States and foreign nations, the president shall cause the same to be duly settled annually with the accounting officers of the treasury, by causing such money to be accounted for specially in all instances wherein the expenditure thereof may, in his judgment, be made public, and by making a certificate of the amount of such expenditures as he may think it advisable dot to specify, and such certificate shall be deemed a sufficient voucher for the sum therein expressed to have been expended (2)
of the Secretary of the Treasury.
Secretary to make certain reports to To cause moneys due to U. S. to be congress at every session 183 paid in certain currency
194 To state appropriations, balances, To provide clearances, with method and estimates
184 of obtaining fresh, from salt, wa. To superintend collection of reve- ter, endorsed
185 To appoint superintendent of collecTo determine forms of accounts, and tion of internal duties
196 draw warrants on the treasury 186 To exercise agency over property To report on matters referred by of U. S. in Bank of U. S.
187 To obtain statements from direcTo cause assays of coin 188 tors, &c. of such bank
198 To contract for lighthouses, &c. 189 To receive dividends and capital To cause accounts to be settled stock of such bank
190 To carry certain moneys to surplus To obtain statements of foreign com
200 merce and lay them before con- To draw by warrant moneys for war gress 191 and navy departments
201 To establish rules for appraisal of To pay public debts, &c.
202 certain goods
192 To distribute weights and measures ib. To appoint certain assistant apprais- Salary of secretary
It shall be the duty of the secretary,
183. ART. To digest, prepare, and lay before congress at the commencement of every session, a report on the subject of finance, containing estimates of the public revenue and public expenditures, and plans for support of public credit and for improving or increasing the revenues from time to time, for ibe purpose of giving information to congress in adopting modes of raising the money requisite to meet the public expenditure: to execute such services relative to the sales of lands belonging to the United States, as may be by law required of him :(3)
184. To annex to the annual estimates of the appropriations required for
(1) Act 3 March, 1817, sec. 1. (2) Act May 1, 1810, sec. 3,-9 Feb. 1793, sec. 2.