Abbildungen der Seite
PDF
EPUB

No bank selected

certain

but for
causes.

1836.

SECTION 6. And be it further enacted, That the Secretary of Secretary may re. the Treasury shall be, and he is hereby authorized, and it shall quire security. be his duty, whenever in his judgment the same shall be necessary

or proper, to require of any bank so selected and employed as aforesaid, collateral or additional securities for the safe keeping of the public moneys deposited therein, and the faithful perform

ance of the duties required by this act. Secretary ando Section 7. And be it further enacted, That it shall be lawful bized accenter into 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.

SECTION S. And be it further enacted, That no bank which to be discontinued 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public money, shall be discontinued as such depository, or the public money withdrawn' therefrom, except for the causes hereinafter mentioned, that is to say: if at any time, any one of said banks shall fail or refuse to perform any of said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 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 Se. cretary of the Treasury, and shall be, in his opinion necessary to render the said bank a safe depository 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 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 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.

SECTION 9. And be it further enacted, That until the Secreplayed to be coetary of the Treasury shall have selected and employed the said tinved whil

, dee. 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.

Banks now err.

[ocr errors]

statement be

teres! under cer. tain Cileumstances.

SECTION 10. And be it further enacted, That it shall be the 1836. daty of the Secretary of the Treasury to lay before Congress, Fecretary to lay at the commencement of each annual session, a statement of the

fore Congress. . 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.

SECTION 11. And be it further enacted, That whenever the Bank to pay in amount of public deposites to the credit of the Treasurer 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.

SECTION 12. And be it further enacted, That all warrants Transfers under or orders for the purpose of transferring the public funds from clared illegat. 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 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 Presi. dent 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.

SECTION 13. And be it further enacted, That the money The surplus in which shall be in the Treasury of the United States, on the first $:,(20) Wo is be day of January, eighteen hundred and thirty-seven, reserving basereralsiases 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 Treasurers, or other competen

1836. 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, or 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 same keeping and repayment thereof, and shall pledge the faith of the States rectiv. ing 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 to receive its proportion of the surplus aforesaid, or 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 State, in any one month, without previous notice of thirty days, for every additional sum of twenty thousand dollars, which may

at any time be required. Proportions in SECTION 14. And be it further enacted, That the said deposites wuch the depse 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. Secretary of the Treasury to ap

Section 15. And be it further enacted, That to enable the point three add- Secretary of the Treasury to carry into effect the provision of

this act, he be authorized to appoint three additional clerks for his Department, the one at a salary of one thousand six hundred dollars per annum, and the remaining two at a salary of one thousand dollars each per annum, and to pay the said clerks, quarter yearly, out of any money in the Treasury not otherwise appropriated.

Approved 23d of June, 1836.

made.

tional clerks.

CHAP. 116. An ACT authorizing the Secretary of the Treasury to act as the agent of the

United States in all matters relating to their stock jin the Bank ví the United States.

[Sec. 1.) Be it enacted by the Senate and House of Represen.

atives of the United States of America in Congress assembled, Secretary of the That from and after the passage of this act it shall be the duty Treasure work of the Secretary of the Treasury, to assume and exercise the Rize the agency. agency and direction in behalf of the United States, over

property in the Bank of the United States, whether the same be standing on the books of the bank in the name of the United

States, or of the Treasurer of the United States, for the use of 1836. the Secretary of the Navy, for the payment of navy pensions; and the Secretary of the Treasury is hereby invested with the authority necessary for carrying into effect the duties of said agency, by voting in behalf of the United States at any meetings of the stockholders, and performing any other act in relation to the same which any stockholder would be authorized to do.

SECTION 2. And be it further enacted, That, as agent of the Directors for the United States, as aforesaid, the Secretary of the Treasury, shall statements to him. be furnished, from time to time, as often as he may require-by the directors of the Bank of the United States, or by the trustees who shall have been, or may be, appointed, either by said directors or the stockholders of said bank, or in their behalf, or by such individuals as may have the custody, control, or possession of the books and effects of the same_with statements of the amount.of the capital stock of the said corporation undivided, of the debts due beyond the same on account of said bank, of the moneys remaining on deposite, of the notes of said bank outstanding, and of the specie on hand on account of the same, and said Secretary shall have the same right as any stockholder to inspact and examine, or cause to be inspected and examined, all such accounts in the books of said bank, or of any trust arising out of or holding the effects of said corporation, as shall relate to the statements hereby required to be made,

SECTION 3. And be it further enacted, That the Secretary of To receive money the Treasury, be authorized and directed to receive and deposite and deposite the in the Treasury of the United States, any dividends which may sury. be made of the capital stock or of the surplus profits of said

SECTION. 4. Ind be it further enacted, That the Secretary To receive the of the Treasury shall be, and he hereby is, authorized and em. powered to receive the capital stock belonging to the United States, in the late Bank of the United States, in such instalments, and payable at such times, and with such rates of interest, as he shall see fit to agree to; and also, to settle and adjust the claim for surplus profits, accruing on said capital stock, on such terms as he may think proper, and in like manner to receive the amount thereof in such instalments, and payable at such times, and with such rates of interest, as he may agree to.

Approved, June 23d, 1836.

bank.

,

CHAP. 117. AN ACT to settle and establish the northern boundary line of the

State of Ohio. Sec. 1.) Be it enacted, by the Senate and House of Representrlines of the United States of America in Congress assembled, That the northern boundary of the State of Ohio shall be esta - No: hern boundt blished by, and extend to, a direct line running from the southern 3. extremity of Lake Michigan to the most northerly cape of the Miami bay; thence, northeast, to the northern boundary line of the United States; thence, with said line, to the Pennsylvania

line.

Which line shall

1836. SECTION 2. And be it further enacted, That the boundary Which line shall line surveyed, marked, and designated, agreeably to An act to east and West Jinc authorize the President of the United States to ascertain and de

signate the northern boundary of the State of Indiana," approved March the second, eighteen hundred and twenty-seven, shall be deemed and taken as the east and west line mentioncd in the constitution of the State of Indiana, drawn through a point ten miles north of the southern extreme of Lake Michigan, and shall be and forever remain the northern boundary of said State,

SECTION 3. And be it further enacted, That the northem line wertvirom the boundary line, ascertained, surveyed, and marked, agreeably to middle of Lake a law of Congress entitled "An act to ascertain and mark the Michigan.

line between the State of Alabama and the Territory of Florida, and the northern boundary of the State of Minois, and for other purposes," approved March second, eighteen hundred and thirtyone, shall be deemed and taken as the line west from the middle of Lake Michigan, in north latitude forty-two degrees thirty minutes, to the middle of the Mississippi river, as defined in the act of Congress entitled “ An act to enable the people of the Ilinois Territory to form a constitution and State Government, and for the admission of such State into the Union on an equal footing with the original States," approved eighteenth of April, eightteen hundred and eighteen, and shall be and forever remain the northern boundary line of said State.

Approved 230 June, 1836.

[ocr errors]

CHAP. 118. An ACT to remove the Land Office from Clinton to Jackson, in

the State of Mississippi. Sec. 1.) Be it enacted by the Senate and House of Representatives of the United States of America in Congress assemblert, That the Land Office at present established at Clinton in the State of Mississippi be hereaster kept at Jackson, in the same State.

Approved, 230 June, 1836.

Part of the for.

CHAP 119. An ACT to amend an actio grant certain relinquished and unep

propriated lands to the State of Alabama, for the purpose of improving uit navigation of the Tennessee, Coosa, Cahaba and Blackwarrior river.

(Sec. 1.) Be it enacted by the Senate and House of Representalives of the United States of America in Congress assembledh,

That so much of the second section of the act above recited its mer ac i trpeal. restricts the State of Alabama from having the power to sell, dis

pose of, or grant the residue of the lands granted by the act to which this is a supplement, at a price not less than the minimum

price of the public lands, be, and the same is hereby repealed. Mate of Alabama SECTION 2. And be it further enacted, That the assent of the may impox tolis United States is hereby given, to any act which the Legislature:

of the State of Alabama may pass for imposing a toll on the rise of such parts of the canal or canals, which have been or may le, constructed at or around the Muscle and Colbert's shoals of the

c.

« ZurückWeiter »