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OF THE SYSTEM OF DEPOSITE, TRANSFER, AND SAFE-KEEPING OF THE REVENUE:
[The subjects of this Chapter are too closely allied to be separated into different Sections, in the manner of those of other Chapterscomprising the fiscal agency of Banks, its early adoption and fluctuations; the currency of Bank notes; suspensions and resumptions of Specie payments; condition and operation of Banks; practical system of collecting, keeping, and disbursing the Revenue generally; distribution of the surplus Revenue, and returns thereof, respectively, to the Treasury Department.]
1346. The Secretary of the Treasury notifies Collectors of the Customs, and others, of THE FISCAL AGENCY OF BANKS: The the establishment of the Fiscal Agency of the Bank of North America, (72) and the Bank National Bank and of New York, for the "financial accommodation of the Government," and gives them de- the Bank of N. York: tailed instructions to govern their intercourse with those Banks: S's cir. 22d September, 1789; V. 1, p. 3.
1347. The signatures of the Presidents of said Banks are transmitted, with a description of the genuine notes receivable, and other detailed instructions respecting the transactions of Collectors, &c., with said Banks, to prevent imposition, &c.: S's cir. 10th October, 1789; V. 1, p. 11.
1348. Notification is given, that the notes of the Bank of Maryland are to be received, in payments to the Government, as the equivalents of gold and silver currency; which also may be exchanged with the Bank for her notes; and public moneys are required to be deposited in said Bank, retaining only a small amount of cash in hands of Collectors: S's cir. 1st June, 1791; V. 1, p. 74.
1350. In pursuance of arrangements with the Bank of the United States, the receipt of the notes of other Banks, in payments to the Government, and the exchange of specie with them for their notes, are discontinued: S's cir. 20th February, 1792; V. 1, p. 106.
of the Bank of Maryland; notes receivable as equivalent to gold and silver currency; deposites in, regulated:"
1349. The Bank of the United States (which was the second national Bank, but com- the Bank of the United States being monly understood to be the first) being now in operation, the cash notes and the post notes established, its notes of that institution may be received in like manner as those of other Banks, (abɔve mentioned,) according to the instructions of the 22d September, 1789: S's cir. 2d January, 1792; V. 1, p. 102.
the fiscal agency of sedes that of other
the U. S. Bank super
1351. Instructions are given, by the Comptroller, to Collectors, relative to their transac-U. S. Bank, as ag't of individuals against tions with the Bank of the United States, as Agent, by powers of attorney, of individuals the Government. having claims against the Treasury of the United States: C's cir. 9th November, 1792; V. 1, p. 32.
(72.) The Bank of North America (which was, in fact, the first United States Bank) was chartered, by an ordinance of Congress, on the 31st of December, 1781, " from a conviction of the support which the finances of the United States would receive from the establishment of a 'NATIONAL BANK.'" See Ordinance, 1st vol. of the Laws, p. 672.
Branch notes also receivable.
1352. The instruction of the 2d January, 1792, is applicable to the receivability of notes of the branches, as well as those of the mother Bank of the United States: S's cir. 29th March, 1793; V. 1, p. 133.
1353. The aforesaid instruction of the 2d January, 1792, is again explained, as extending receivability to the notes of branches of the mother Bauk: S's cir. 13th June, 1793; V. 1, p. 146.
President of the
1354. Notification is given to Collectors and others, that John Kean, Esq., has resigned Bank resigns, and an- the Presidency of the United States Bank, and that George Simpson, Esq., has been
other is chosen.
chosen his successor: S's cir. 25th March, 1795; V. 1, p. 167.
Suspension of spe
1355. As arrangements are making to pay all the remaining Treasury note debt, and as cie payments by State several State Banks have suspended specie payments, a public notification is given in
Banks, consequences of:
detail, by the Secretary of the Treasury, of the said contemplated payments; and that, after a certain day, the notes of Banks that are not redeemed in specie will be no longer receivable by agents of the Government: S's cir. and notice, 15th and 16th June, 1815; V. 2, p. 53. (73.)
1356. The aforesaid notification, countermanding the receivability of the notes of Banks, according to a list given, which have suspended specie payments, is to be carried into effect on the 1st of October next: S's cir. 1st August, 1815; V. 2, p. 56.
1357. The notes of certain specie-paying Banks, refusing to receive Treasury notes; are
Currency of Bank notes and Treasury
notes; preference due not to be received in payments to the United States after the 1st of October, 1815; and
to the latter to sustain other notes not at par are to be refused forthwith, according to the instructions of the Secre
tary of the Treasury herewith transmitted, [not recorded in the office, nor preserved with this circular]: C's cir. 22d August, 1815; V. 1, p. 281.
Certain Banks re
1358. Certain Banks in different sections of the Union having communicated their intensume specie payments. tion to resume specie payments on a given day, the Collectors of the Customs are informed
of the same, that they may renew confidence, according to a resolution of Congress dated the 30th April, 1815: S's cir. 18th February, 1817; V. 2, p. 71.
1359. Certain Banks in North Carolina are designated, by agreement with the United
Banks in North Carolina are deposito
ries, by consent of U. States Bank, as depositories of public moneys: S's cir. 1st May, 1817; V. 2, p. 74.
Presidents of Banks
1360. Instructions are given by the Comptroller, to the Presidents of Banks, acting as Loans; instructions to. "Commissioners of Loans," respecting the payment of a moiety of the "Louisiana domestic 6 per cent stock": C's cir. 12th September, 1818; V. 1, p. 424.
Certain Banks hav
1361. The City Banks of Baltimore and the Franklin Bank of Alexandria, D. C., having again suspended ing discontinued to discharge their bills in specie on demand, Collectors are instructed no
(73.) The chasm of more than twenty years between the above instruction of 16th June, 1815, and the preceding of March, 1795, respecting the fiscal agency and the condition of Banks, (in the anterior part of which interval the United States Bank charter had expired,) indicates a loss of numerous circular instructions respecting the agency and the transactions of Banks, which it might be desirable to recover.
longer to receive their bills in payments of dues to the United States, nor those of any other specie payments, their Banks under like circumstances: S's cir. 29th May, 1819; V. 2, p. 104.
notes not receivable.
1362. To correct irregularities in the dates of Collectors' weekly returns, and the certificates of their weekly deposites in Banks, they are instructed to make those deposites on the last day of the week, and the Banks to issue their certificates of said deposites on the Monday following: S's cir. 3d June, 1819; V. 2, p. 105.
1363. The notes of the Mechanics' Bank of Alexandria, D. C., are no longer to be received in payment of dues to the United States: S's cir. 7th July, 1819; V. 2, p. 107.
1364. As upon an inspection of the weekly returns of the deposites of Collectors it appears that larger sums are retained in their hands than are wanted for their current weekly expenditures or disbursements, they are instructed in future to deposite weekly, to the credit of the Treasurer of the United States, all sums in their possession over $500: S's cir. 9th August, 1819; V. 2, p. 112.
1365. Collectors and others are forbid receiving any Bank notes of less denomination than five dollars: S's cir. 12th November, 1825; V. 2, p. 156.
1366. The Deposite Banks are informed of the appointment of John Campbell, Esq., as Treasurer of the United States; they are also furnished with his autograph signature, and are fully instructed respecting the mode of keeping their accounts with the Treasurer in future; and respecting the payment of Treasury warrants, and drafts for the transfer of public funds; and the weekly and monthly returns of Deposites made to the credit of the Treasurer, distinguishing the sources whence received, as well as the items, their amounts, &c.: S's cir. 28th May, 1829; V. 2, p. 212.
1367. In compliance with a resolution of the House of Representatives, the Secretary of the Treasury asks of the Governors of States copies of public documents or returns to the respective State legislatures, showing the capital, circulation, discounts, specie deposites, and condition of the different State Banks and Banking Companies, &c.: S's cir. — August, 1832; V. 2, p. 293.
1368. The Select or Deposite Banks (on the occasion of the removal of the Deposites from the United States Bank) are instructed, according to articles of agreement between them and the Secretary of the Treasury, that all public moneys they shall receive on depos ite are to be placed to the credit of the Treasurer of the United States; and that said moneys will be drawn for by him, under warrant of the Secretary upon the Treasurer, countersigned by the Comptroller, recorded by the Register, and "ordered to be paid" by the endorsement of the Treasurer directed to the Bank. They are also instructed in relation to transfers of public funds from one Bank to another; the forms of receiving and designating deposites made, from what sources, &c.; and making weekly and monthly returns of the same to the Treasurer, with the form of account current of the Bank with the Treasurer of the United States: S's cir. 1st October, 1833; V. 2, pp. 322 to 325. (74.)
(74.) The Articles of Agreement between the Select of Deposite State Banks and the Secretary of the Treasury, on the consummation of the long contemplated removal, accompanied the above circular-page 326.
Monthly returns of Deposites to include all public
Certificates of Deposite by Collectors in Bank, to cover cash duties paid by mer
chants credit of the Collectors.
Irregularity of the Banks in making their
Specie principle enjoined on Select Banks in paying dues.
Banks requested to redeem each other's notes in specie, &c.
Currency receivable by Collectors, includ
ing certain Bank notes and excluding Bank
checks and drafts.
The condition and operations of Select Banks to be stated semi-monthly.
1369. As all public agents holding public moneys, whether collected or received for disbursement, are required to deposite them in some selected State Bank, in addition to the foregoing instructions of the 1st instant, the said Deposite Banks are required to transmit to the Department a monthly statement, according to form prescribed, of all such deposites: S's cir. 10th October, 1833; V. 2, p. 327.
1370. Collectors are advised that, in making the arrangements herein required for the cash payments into the Deposite Banks by merchants of their duties on woollen goods, to the credit of the Collectors, said Collectors will be able to show that such payments had been made accordingly, by their corresponding Bank certificates of deposite to the credit of the Treasurer: S's cir. 5th April, 1834; V. 3, p. 9.
1371. To correct the great irregularity that exists in the transmission of the returns required of the Select Banks, those returns are again enumerated, viz: One weekly statement of the condition of the Bank, and one monthly statement of the accounts of public officers with the Bank, each to be made to the Secretary of the Treasury; also, a weekly statement of the account of the Treasurer, in duplicate, one to the Treasurer, and one to the Secretary: S's cir. 15th March, 1834; V. 3, p. 6.
1372. In pursuance of the "Specie principle" of recent acts of Congress, the "Select Banks" are required to keep sufficient specie on hand, particularly gold, to pay public creditors and revolutionary pensioners: S's cir. 7th July, 1834; V. 3, p. 11.
1373. It is recommended to the Select or Deposite Banks to make arrangements with each other to issue notes to a limited amount, payable reciprocally by each other; or, if preferable, to redeem in specie and re-issue each other's notes: S's cir. 7th July, 1834; V. 3, p. 13.
1374. Instructions are given respecting the currency receivable by Collectors of the Customs and Receivers of Public Moneys, particularly excluding the drafts and checks of Banks, and restricting them to the legal currency of the United States, (specie,) Treasury notes, notes of the Bank of the United States, or notes of Banks which are paid on demand in the legal currency: S's cir. 5th November, 1834; V. 3, p. 27.
1375. To establish uniformity in the returns of the Select Banks, showing their actual condition, a form for their future returns is transmitted, with a request that a statement will be made on the back of the returns, showing all the domestic exchange operations of those Banks; and that the returns be made semi-monthly, instead of weekly: S's cir. 13th December, 1834; V. 3, p. 29.
Reciprocity of 1376. The aforesaid instructions are further explained as to the statement required semiBanks again urged. weekly of the entire operations of each Bank; also desiting to know to what extent they have agreed to receive the notes of each other, redeem them with specie, and re-issue them reciprocally: S's cir. 27th January, 1835; V. 3, p. 32.
1377. The Secretary of the Treasury, believing that the public interest would be proerations of the several moted by diffusing the tabular information herein contained, and that it will prove particu
larly interesting to all the Select Banks, has caused that statement to be prepared, showing the general condition of the Banks, under various heads; to which he has added such facts as have been received by the Department in relation to the extent of their operations in domestic exchanges during the past year, their operations in the present year, and the rates charged by each on the various places upon which they purchase or collect; also, a statement of the rates at which they furnish checks on distant places; and another statement of the notes which each receives of other Banks, as far as this information has been received at the Department: S's cir. 20th February, 1835; V. 3, pp. 33 to 59.
1378. It is contemplated, says the Secretary, to require the Select Banks to forbear issuing notes under five dollars, and, at a proper interval thereafter, to forbear issuing notes of a less denomination than ten dollars, with a view gradually to restore a specie circulation: S's cirs. 6th and 20th April, 1835; V. 3, pp. 77, 78.
1379. Deposite Banks are required to forbear issuing bills under five dollars after the 4th July, 1836; and to forbear issuing bills under ten dollars after the 3d March, 1837; with the further announcement of the purpose to act at a convenient time (if the Congress do not) on the discontinuance or interdiction of bills of all denominations under twenty dollars, under pain of withdrawing the benefits of Treasury favors of the Deposite Agency, &c.; and all receivers and disbursers of public moneys are instructed accordingly, as to the receiving and disbursing bills and specie, particularly gold: S's cir. 22d February, 1836; V. 3, p. 90.
1380. The Deposite Banks are notified of the 2d section of the act of 14th instant, "making appropriation for the payment of Revolutionary claims," &c., requiring that hereafter no Bank notes under ten dollars, and after the 3d March next none under twenty dollars, shall be offered in payments in behalf of the United States; nor notes of any denomination, unless the same shall be payable or convertible "on the spot" in gold or silver coin: S's cir. 16th April, 1836; V. 3, p. 92.
1381. The charter of the United States Bank having expired on the 3d March last, the Secretary of the Treasury notifies all Collectors, Receivers, and Deposite Banks, that the notes of said institution are no longer receivable; and their attention is again called to the aforesaid 2d section of the act of the 14th April last: S's cir. 16th June, 1836; V. 3, p. 95.
1382, The Secretary of the Treasury proposes to the "Select Banks" a "NEW SYSTEM" for keeping their accounts, according to a form transmitted, with a view to render the returns of their operations more uniform, consistent, and methodical: S's cir. 6th July, 1836; V. 3, p. 103.
1383. Deposite Banks and Receivers are required, in order to correct and obviate frauds practised by speculators in public lands, to conform to certain modifications of former instructions respecting the proper restriction of facilities obtained through their means and agency; and they are especially forbid receiving in payments or deposites, on account of land sales, any other tender but gold and silver coin: S's cir. 11th July, 1836; V. 3, p. 106.
Select Banks made for
them from their own statements severally:
-a restriction of their issues of notes under
five and ten dollars proposed:
these restrictions exacted, and the miniproposed to he $20:
these restrictions virtually enforced by law of 14th April, 1836 :
the expiration of the
charter of the U. S.
Bank is announced, and her notes inter
New system of accounts for Select
Banks, proposed by the Secretary.
Specie circular to Banks and Receivers
in Land Districts, re
stricting to specie payments, and deposites for land sales: