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-Banks are required to pay interest on Deposites over onefourth of their capital:
-Abstract of interest due by Banks on Deposites.
Collectors and Receivers to retain public moneys in their
1386. Instructions are given to Collectors and Receivers, that, should the Deposite Banks in which Collectors or Receivers deposite public moneys suspend specie payments, such Collectors or Receivers are to retain the public moneys in their own hands until fursuspend specie pay- ther instructed, and continue to execute former instructions with this modification: S's
own hands, when their Deposite Banks
cirs. 12th May, 1837; V. 3, pp. 130, 131.
-lenient course in withdrawing the De posites:
Banks having failed, their sureties held re
1387. The sureties of certain Deposite Banks are notified, that the Banks having failed
sponsible for Depo- to fulfil "the terms of their agreement" with the Secretary of the Treasury, on the subject
of the Deposites, they are held responsible: S's cir. 23d May, 1837; V. 3, p. 135.
Specie circular to Receivers rescinded by resolution of Con
The keeping of the Revenue left to the
1384. Deposite Banks are informed that it is decided, by the opinion of the Attorney General, that, under the provisions of the act of 23d June last, a Deposite Bank is bound to pay interest upon the average amount of public money in its possession exceeding one quarter of its capital: S's cir. 10th August, 1836; V. 3, p. 110.
Executive, in the absence of legal provisions.
1385. The form of an interest Abstract to be returned by Deposite Banks, showing the interest due by them to the United States on deposites over one-fourth of their capital, is transmitted, with explanations of the mode of calculating the same: S's cir. 5th January, 1837; V. 3, p. 119.
The practical system of collecting, keeping, and disburs
ing the Revenue, in
1388. Details are given of the "lenient course" intended to be pursued in withdrawing the Deposites from insolvent Banks: S's cir. - May, 1837; V. 3, p. 145.
1389. Further details are given, in reference to the aforesaid "lenient course" of removing the Deposites from Banks suspending specie payments, together with other particulars relating to those Banks: S's cir. 3d July, 1837; V. 3, p. 146.
1390. The Specie clause of the Secretary's circular of the 11th July, 1836, having been rescinded by a resolution of Congress passed the 31st May, 1838, the Secretary transmits a copy of said resolution to Receivers of public moneys-which declares as follows, viz: "That it shall not be lawful for the Secretary of the Treasury to make, or to continue in force, any general order which shall create any difference between the several branches of the Revenue, as to the money or medium of payment in which the debts or dues accruing to the United States may be discharged": S's cir. 1st June, 1838; V. 3, p. 163.
1391. In the absence of any additional provisions of law, at the last session of Congress, for the safe-keeping of the Revenue accruing from the Customs, Land Sales, &c., (since the failure of the State Bank Deposite system,) the Secretary of the Treasury admonishes Collectors and Receivers to increase their vigilance and promptness in making their returns to the Treasury, and otherwise executing their former instructions; and they are especially enjoined to abstain from the use of public moneys for private advantage: S's cir. 14th June, 1838; V. 3, p. 173.
1392. The Secretary of the Treasury makes inquiries of American Consuls abroad respecting the practical systems in operation, in the countries where they reside, of collecting, keeping, and disbursing the public moneys, viz: 1. In what kind of funds is the Revenue
ed for of Consuls
collected, and who prescribes the kind received? 2. By whom, and how, are they kept, foreign countries, asktill expended or remitted, and at whose risk? 3. By whom paid out, in what kind, and abroad. under whose direction? 4. How are they transmitted to the Seat of Government, and at whose risk? 5. Can they be legally loaned out, or used, by officers who either collect, keep, or disburse them? 6. And what guards or checks are there against the misuse of public funds? The Secretary also asks for books and pamphlets on these subjects, with a speedy answer: S's cir. 7th August, 1838; V. 3, p. 175.
1393. In pursuance of certain resolutions of the Senate of the 16th February, 1839, directing the Secretary of the Treasury to report to the next session all the facts and information relative to the Deposite or Distribution of the surplus Revenue among the States, he addresses to the several Governors a copy of the resolutions, and asks their respective statements of the facts in that regard: S's cir. 20th February, 1839; V. 3, p. 185.
1395. (A like communication as the foregoing of the 7th November, 1842, apprizing Governors of the adjustment of sales of public lands, and the distributive share coming to the several States in pursuance of said act, is transmitted, with a tabular exhibit of the same: C's cir. 17th March, 1843; V. 3, pp. 999 to 1004.)
Proceeds of Land
1394. (Governors of States are informed of the adjustment of sales of public lands, and the distributive share thereof coming to each State under the provisions of the act of 4th sales also distributed September, 1841, with tabular exhibits of the same: C's cir. 7th November, 1842; V. 3, pp. 965 to 970.)
to the States.
1396. The Secretary announces to Deposite Banks, Collectors, and Receivers, the appointment of William Selden, Esq., as Treasurer of the United States, and transmits his signature for their recognition: S's cir. 22d July, 1839; V. 3, p. 211.
1397. Receivers General at Boston, New York, and St. Louis, the Treasurer of the United States, the Treasurers of the Mints at Philadelphia and New Orleans, are instructed respecting their temporary accommodations, under the Subtreasury act of the 4th of July instant, for the collecting, safe-keeping, transfer, and disbursement of the public Revenue, and as to the mode of conducting their duties under that act: S's cir. 7th July, 1840; V. 3, p. 228.
1398. In addition to the foregoing instructions of the 7th instant, four other circular instructions were addressed to the various Revenue officers, respecting their several duties under the said act, all dated on the same day, (9th July): S's cirs. 9th July, 1840; V. 3, pp. 229 to 239.
Revenue surplus States-facts in reladeposited with the tion to, called for by Congress.
Appointment of Wm. Selden as Trea
Of Receivers General and other officers,
under the Subtreasury
act; their duties and
1399. In pursuance of a resolution of Congress, calling for information as to what specific matters-whether gold, silver, or notes, or certificates, or other, and what, evidences of deposite or credit, all, or any, of the REVENUE has been collected, and actually passed into sist the hands of officers charged with the immediate collection thereof, since the 4th July last, (the date of the Subtreasury act); distinguishing the amount of each specific matter-of which said particulars a report is required, by the Secretary, from the several officers so charged: S's cir. 21st December, 1840; V. 3, p. 245.
Revenue in the Sub
treasury; of what
does it con
1400. Collectors are required to deposite in Bank, weekly, to the credit of the Treasurer, by Collectors again all moneys received over the amount required for the current weekly disbursements, and to
transmit the Bank certificates of deposite: S's cir. (without date, but obviously after the repeal of the Subtreasury act) V. 3, p. 115. (75.)
1401. Former instructions are renewed, respecting the deposite of public moneys by all stances, to be made Collectors, weekly, retaining only enough to pay debentures and other current disburse
-and, in four in
ments for their respective districts-excepting the Collectors of New York, Boston, Philadelphia, and New Orleans, who are required to deposite DAILY: S's cir. 11th May, 1843; V. 3, p. 316.
Certificates of De
Treasury notes received, to specify the amount, &c.
1402. Depositories of public moneys, when they receive from Collectors or Receivers that description of Treasury notes which bear nominal interest, are required to specify, in their certificates of deposite, the amount, the number, the date, and the denomination of such notes; and, in their weekly returns, to specify the amount of such notes on hand, according to form prescribed: S's cir. 18th October, 1843; V. 3, p. 321.
(75.) The following Circular, addressed to Banking institutions after the repeal of the Subtreasury act of the year before, has been recovered since this Synopsis was prepared; and, though now obsolete by the re-establishment of the Subtreasury, is historically important to be preserved here:
"TREASURY DEPARTMENT, August 19th, 1841.
"SIR: Intending to select your Bank as a depository of the public moneys, I submit, for the consideration of the President and Directors, the following terms and conditions on which the selection will be made:
"Should your institution assent to these terms, I will, on hearing from you to that effect, give the necessary instructions to the Collectors, &c., to make their deposites in your Bank.
"1st. To receive, and enter to the credit of the Treasurer of the United States, all sums of money offered to be deposited on account of the United States, whether offered in gold or silver coin, or in notes of any Bank which are convertible into coin in the vicinity of the Bank. "2d. If the deposite in the Bank shall exceed one-half of its capital stock actually paid in, collateral security, satisfactory to the Secretary of the Treasury, shall be given for its safe-keeping and faithful disbursement: Provided, That if the Secretary shall at any time deem it necessary, the Bank to give collateral security when the deposite shall not equal one-half the capital.
"3d. To make semi-monthly (or oftener, if required) returns of its entire condition to the Secretary of the Treasury, and to him and to the Treasurer of the United States, weekly, of the state of his account; and to submit its books and transactions to a critical examination by the Secretary of the Treasury, or any agent duly authorized by him, whenever he shall require it. This examination may extend to all the books and accounts, to the cash on hand, and to all the acts and concerns of the Bank, except the current accounts of individuals, or as far as it is admissible without a violation of the Bank's charter.
"4th. To pay out of the deposite in hand, in gold or silver, if required, all warrants or drafts which may be drawn upon it by the Treasurer of the United States, and to transfer any portion of that deposite to any other Bank or Banks employed by the Government, within the United States, whenever the Secretary may require it, without charge to the Government for transportation, or difference of exchange, commissions, or any thing else whatsoever; but the Secretary of the Treasury shall give reasonable notice of the time when such transfer will be required.
"5th. To render to the Government, whenever required by the proper authority, all or any portion of the services formerly performed by the Bank of the United States, or which might be lawfully required of it, in the vicinity of the Bank.
"6th. If the Secretary of the Treasury shall think proper to employ an agent or agents to examine and report upon the accounts and condition of the Banks in the service of the Government, or any of them, the Bank to pay an equitable proportion of his or their expenses and compensation, according to such apportionment as may be made by the said Secretary.
"7th. Whenever required by the Secretary of the Treasury, the Bank to furnish, with all convenient despatch, bills of exchange on London, payable at such sight as may be required, at the usual market price for the time being, without commission or advance for the profit of the Bank, or any charge whatsoever beyond the actual cost; the payment of said bills to be guarantied by the Bank.
"8th. The Secretary of the Treasury may discharge the Bank from the service of the Government, whenever, in his opinion, the public interest may require it.
"I am, very respectfully, your obedient servant,
Secretary of the Treasury."
1403. All moneys paid to Collectors, as unascertained Duties, or as Duties paid under protest, are required to be deposited to the credit of the Treasurer of the United States, to be kept, or drawn and repaid, in due form, by order of the Secretary of the Treasury, ac cording to the 2d section of the Appropriation act of the 3d March, 1839, setting apart the same as a fund to meet those protests: C's cir. 13th March, 1839; V. 3, p. 709. (76.)
1404. Any balance of such fund aforesaid, appropriated to repay Duties overpaid, or paid under protest, as may remain in the hands of Collectors at the end of a quarter, must be deposited to the credit of the Treasurer of the United States: C's cir. 9th May, 1839; V. 3, p. 733.
1405. When transfers are to be made of public moneys from one Bank to another, the Treasurer will issue a "Transfer Draft" upon the Bank in which the fund may then be at his credit, in favor of the Bank to which they are to be transferred, for the amount required, stating that it is to be placed to his credit in such Bank. This Draft will be recorded by the Register of the Treasury, who will authenticate the record by his signature upon the Draft; and then, finally, it will receive the sanction or approval of the Secretary of the Treasury: S's cir. 1st October, 1833; V. 2, p. 322.
1406. ("No deduction whatever is to be made from the moneys placed to the credit of the Treasurer, (in public depositories, strictly or virtually such,) except in one of these two modes:" that is, by Warrant" of the Secretary on the Treasurer, (ordered by the endorsement of the latter to be paid,) and by "Transfer Draft" of the Treasurer, (approved by the endorsement of the Secretary): S's cir. 1st October, 1833; V. 2, p. 322.) (77.)
Duties unascertained, or paid under protest, to be deposited, and refunded by appropria
THE TRANSFER OF DEPOSITES: By "Transfer Drafts" of the record
ed by the Register, and approved by the Secretary.
Warrants and Transfer Drafts; two
modes of abstracting Deposites to the credit
of the Treasurer.
(76.) For the regulations for the disposition of this fund, see Disbursement of Protested Duties, next Chapter, Section 3, letter (a.) (77.) For a full explanation of Deposites, Transfers, and Disbursements, see note at No. 1414, Section 1, next Chapter.
OF THE SYSTEM OF DISBURSEMENTS OF THE REVENUE BY THE TREASURER AND OTHER OFFICERS WHETHER OF MONEYS ACTUALLY DEPOSITED IN THE TREASURY TO THE CREDIT OF THE TREASURER, OR OF MONEYS CONSTRUCTIVELY IN THE TREASURY, OR OF MONEYS NEVER PRETENDED TO HAVE BEEN IN THE TREASURY.
SECTION 1.-General instructions respecting the disbursement of public moneys by Treasury Warrants and Drafts-with incidental Instructions respecting Deposites and Transfers of public moneys; also, certain anomalies respecting Disbursements, and irregularities of Disbursing Agents.
SECTION 2. Of the Disbursements of moneys never pretended to have been in the Treasury, or deposited to the credit of the Treasurer: (a) of the refunding of Tonnage duties and Light money; and the refunding of Impost duties in general, and reductions thereof, equivalent to refunding.
(b) Of Drawbacks of duties, or Debentures for the payment of Drawbacks--with returns of abstracts thereof to the Treasury.
(c) of Disbursements on account of Bounties on Fish exported, and on account of the Tonnage of Fishing vessels, with the entries therefor, and returns of abstracts thereof to the Treasury.
(d) of Disbursements on account of Revenue boats and cutters; on account of Light-houses; sick and disabled Seamen; expenses of suits for Fines, Penalties, and Forfeitures; expenses relating to spirits, wines, and teas; public stores; measuring goods for drawback; and expense of drayage, cooperage, &c.
(e) Of Disbursements on account of salaries, fees, emoluments, and contingent expenses of Custom-house officers; and returns of abstracts thereof to the Treasury.
SECTION 3. Of the Disbursements of moneys actually deposited in the Treasury, or of moneys constructively in the Treasury: (a) of the refunding of duties paid under Protest-the same having been deposited in the Treasury, to the credit of the Treasurer, as a separate fund, to be refunded by appropriation on certain contingencies.
(b) of Disbursements on account of the salaries, fees, and emoluments of District Attorneys, Marshals, Clerks, and Jurors, &c.; on account of Judges of United States Courts; of Governors and Secretaries of Territories, Members and Officers of Territorial Legislatures; and of all others who receive their pay direct from the Treasurer.
(c) Of Disbursements on account of Military Pensions, whilst they were wholly or in part under the direction of the Treasury Department.
TREASURER'S DRAFTS, to be covered by Warrant:
General Instructions respecting the Disbursement of public moneys by Treasury Warrants and Drafts with incidental Instructions respecting the Deposite and Transfer of public moneys; also, of certain anomalies respecting Disbursements, and of irregularities of Disbursing Agents.
1407. Collectors are instructed in relation to Treasury Warrants, which will be drawn on them by the Secretary of the Treasury in favor of the Treasurer of the United States, Warrant the Trens- countersigned by the Comptroller; which Warrants, being endorsed by the Treasurer, will
DISBURSEMENTS BY TREASURY WARRANTS: On payment, to be
ury, with receipt of (on being paid by the Collector to the bearer thereof, and said bearer having given his re
ceipt in duplicate) be transmitted by the Collector to the Treasury, with one of said receipts endorsed thereon, the other receipt being retained in the office of the Collector: C's cir. 1st December, 1789; V. 1, p. 7.
1408. The Secretary of the Treasury gives instructions to Collectors how to proceed in returning to him the Treasurer's Drafts on them, after having been paid by them, viz: