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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.]
TAE FISCAL AGEN
1346. The Secretary of the Treasury notifies Collectors of the Customs, and others, of the establishment of the Fiscal Agency of the Bank of North America, (72) and the Bank National Bank Tha 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. 220 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 -of the Bank of Mapayments to the Government, as the equivalents of gold and silver currency; which also ryland; notes receivamay be exchanged with the Bank for her notes; and public moneys are required to be de- gold and silver curren
cy; deposites in, regposited in said Bank, retaining only a small amount of cash in hands of Collectors: S's ulated : cir. 1st June, 1791; V.1, p. 74.
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 men
receivable, &c.: tioned,) according to the instructions of the 22d September, 1789: S's cir. 2d January, 1792; V.1, p. 102.
1350. In pursuance of arrangements with the Bank of the United States, the receipt of —the fiscal agency of the notes of other Banks, in payments to the Government, and the exchange of specie with the U. S. Bank superthem for their notes, are discontinued: S's cir. 20th February, 1792; V.1, p. 106.
that Banks :
1351. Instructions are given, by the Comptroller, to Collectors, relative to their transac- --U. S. Bank, as agt
of individuals against tions with the Bank of the United States, as Agent, by powers of attorney, of individuals 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, Ist vol. of the Laws, p. 672.
Branch notes also receivable.
1352. The instruction of the 20 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 Bank: 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
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 die 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.
Currency of Bank 1357. The notes of certain specie-paying Banks, refusing to receive Treasury notes, are 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 forth with, 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.
Banks in North 1359. Certain Banks in North Carolina are designated, by agreement with the United Carolina are depositories, 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 as Commissioners of 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 having again suspended
1361. The City Banks of Baltimore and the Franklin Bank of Alexandria, D. C., haying 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
notes not receivable. Banks under like circumstances: S's cir. 29th May, 1819; V.2, p. 104.
1362. To correct irregularities in the dates of Collectors' weekly returns, and the certif- Regulation of Col
lectors' weekly returns cates of their weekly deposites in Banks, they are instructed to make those deposites on the and certificates of delast day of the week, and the Banks to issue their certificates of said deposites on the Mon- posites in Banks, day 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.
Notes of certain Banks discredited.
Collectors to deposite weekly all sums over $500
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.
Bank notes less than $5 forbid.
ite Banks with the
1366. The Deposite Banks are informed of the appointment of John Campbell, Esq., Accounts of Deposas Treasurer of the United States; they are also furnished with his autograph signature, and Treasurer of the U. are fully instructed respecting the mode of keeping their accounts with the Treasurer in States; their weekly
and monthly returns future; and respecting the payment of Treasury warrants, and drafts for the transfer of of Deposites; paypublic funds; and the weekly and monthly returns of Deposites made to the credit of the transfer drafts : Treasurer, distinguishing the sources whence received, as well as the items, their amounts, &c.: S's cir. 28th May, 1829; V.2, p. 212.
ment of warrants and
1367. In compliance with a resolution of the House of Representatives, the Secretary of -the business and
of State the Treasury asks of the Governors of States copies of public documents or returns to the Banks inquired after, respective State legislatures, showing the capital, circulation, discounts, specie deposites, val of 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 The fiscal agency of
the United States Bank from the United States Bank) are instructed, according to articles of agreement between is transferred to select them and the Secretary of the Treasury, that all public moneys they shall receive on depos- ticles of agreement, ite are to be placed to the credit of the Treasurer of the United States; and that said
Treasurer, weekly and neys will be drawn for by him, under warrant of the Secretary upon the Treasurer, coun- monthly returns, &c. tersigned 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 10 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
1369. As all public agents holding public moneys, whether collected or received for disDeposites to include those of all public bursement, are required to deposite them in some selected State Bank, in addition to the agents.
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.
Certificates of De- 1370. Collectors are advised that, in making the arrangements herein required for the posite by Collectors in Bank, to cover cash cash payments into the Deposite Banks by merchants of their duties on woollen goods, 10 duties paid by merr the credit of the Collectors, said Collectors will be able to show that such payments had chants to the credit of the Collectors.
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.
Irregularity of the Banks in making their returns.
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.
Specie principle enjoined on Select Banks in paying dues.
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.
Banks requested to redeem each other's notes in specie, &c.
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.
Currency receivable 1374. Instructions are given respecting the currency receivable by Collectors of the Cusby Collectors, including certain Bank notes toms and Receivers of Public Moneys, particularly excluding the drafts and checks of and excluding Bank Banks, and restricting them to the legal currency of the l'nited States, (specie,) Treasury
poles, 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.
The condition and 1375. To establish uniformity in the returns of the Select Banks, showing their actual operations of Select Banks to be stated condition, a form for their future returns is transınitted, with a request that a statement will be semi-monthly 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 Banks again urged.
1376. The aforesaid instructions are further explained as to the statement required semiweekly of the entire operations of each Bank; also desiring 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.
tabular statement 1377. The Secretary of the Treasury, believing that the public interest would be prooỉthe condition andop. erations of the several moted by diffusing the tabular information herein contained, and that it will prove particu
them from their own
larly interesting to all the Select Banks, has caused that statement to be prepared, showing Select Banks made for the general condition of the Banks, under various heads; to which he has added such facts
statements severally : 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 issu- --a restriction of their
issues of notes under ing notes under five dollars, and, at a proper interval thereafter, to forbear issuing notes of a five and ten dollars less denomination than ten dollars, with a view gradually to restore a specie circulation: proposed : 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 these restrictions July, 1836; and to forbear issuing bills under ten dollars after the 3d March, 1837; with exacted, and the minithe further announcement of the purpose to act at a convenient time (if the Congress do proposed to he $20 : 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. 220 February, 1836; V.3, p. 90.
1380. The Deposite Banks are notified of the 2d section of the act of 14th instant, —these making appropriation for the payment of Revolutionary claims,”' &c., requiring that here- virtually enforced by
law of 14th April, after no Bank notes under ten dollars, and after the 3d March next none under twenty dol- 1836 : lars, 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 ---the expiration of the Secretary of the Treasury notifies all Collectors, Receivers, and Deposite Banks, that the Bankis announced, notes of said institution are no longer receivable; and their attention is again called to the and her notes inter
c. 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” New system of acfor keeping their accounts, according to a form transmitted, with a view to render the returns Banks, proposed by of their operations more uniform, consistent, and methodical: S's cir. 6th July, 1836; V. the Secretary. 3, p. 103.
1383. Deposite Banks and Receivers are required, in order to correct and obviate frauds
Specie circular to practised by speculators in public lands, to conform to certain modifications of former instruc- Banks and Receivers
in Land Districts, retions respecting the proper restriction of facilities obtained through their means and agency; stricting to specie payand they are especially forbid receiving in payments or deposites, on account of land sales, for land sales :
ments, and deposites any other tender but gold and silver coin: S''s cir. 11th July, 1836; V.3, p. 106.