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-Banks are required 1384. Deposite Banks are informed that it is decided, by the opinion of the Attorney to pay interest on Deposites one- General, that, under the provisions of the act of 230 June last, a Deposite Bank is bound to fourth of their capi
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.
-Abstract of interest due by Banks on Deposites.
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.
Collectors and Re- 1386. Instructions are given to Collectors and Receivers, that, should the Deposite lic moneys in their Banks in which Collectors or Receivers deposite public moneys suspend specie payments,
hands, when their Deposite Banks such Collectors or Receivers are to retain the public moneys in their own hands until fursuspend specie pay- ther instructed, and continue to execute foriner instructions with this modification: S’s
cirs. 12th May, 1837; V. 3, pp. 130, 131.
Banks having failed, 1387. The sureties of certain Deposite Banks are notified, that the Banks having failed their sureties held responsible 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.
- lenient course in withdrawing the De. posites:
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 remov. ing 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.
Specie circular to 1390. The Specie clause of the Secretary's circular of the 11th July, 1836, having been Receivers rescinded by resolution of Con- rescinded by a resolution of Congress passed the 31st May, 1838, the Secretary transmits a gress:
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.
The keeping of the
1391. In the absence of any additional provisions of law, at the last session of Congress, Revenue left to the Executive, in the ab- for the safe-keeping of the Revenue accruing from the Customs, Land Sales, &c., (since sence of legal provisions.
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.
The practical sys- 1392. The Secretary of the Treasury makes inquiries of American Consuls abroad retem of collecting, keeping, and disburs- specting the practical systems in operation, in the countries where they reside, of collecting, ing the Revenue, in
keeping, and disbursing the public moneys, viz: 1. In what kind of funds is the Revenue
collected, and who prescribes the kind received? 2. By whom, and how, are they kept, foreign countries, ask
of Consuls till expended or remitted, and at whose risk ? 3. By whom paid out, in wbat 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,
surplus directing the Secretary of the Treasury to report to the next session all the facts and infor- States--facts in relamation relative to the Deposite or Distribution of the surplus Revenue among the States, he tion to, called for by
Congress. 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.
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 September, 1841, with tabular exhibits of the same: C's cir. 7th November, 1842; V.3, pp. 965 to 970.)
Proceeds of Land sales also distributed to the States.
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, 1943; V. 3, pp. 999 to 1004.)
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.
Appointment of Wm. Selden as Treasurer announced.
1397. Receivers General at Boston, New York, and St. Louis, the Treasurer of the Of Receivers Gene
ral and other officers, United States, the Treasurers of the Mints at Philadelphia and New Orleans, are instructed under the Subtreasury respecting their temporary accommodations, under the Subtreasury act of the 4th of July act; their duties and 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, 1940; V.3, pp. 229 to 239.
1399. In pursuance of a resolution of Congress, calling for information as to what spe- Revenue in the Subcific matters—whether gold, silver, or notes, or certificates, or other, and what, evidences matters does it con
treasury; 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 inatter-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.
Weekly Deposites 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 Collectors, weekly, retaining only enough to pay debentures and other current disbursements 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. 1402. Depositories of public moneys, when they receive from Collectors or Receivers that Treasury notes
description of Treasury notes which bear nominal interest, are required to specify, in their received, to specify certificates of deposite, the amount, the number, the date, and the denomination of such the amount, &c.
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. “Sır: 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.
“Ath. 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.
"61h. 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.
“Ath. 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 eervant,
Secretary of the Treasury."
1403. All moneys paid to Collectors, as unascertained Duties, or as Duties paid under Duties unascertained, protest, are required to be deposited to the credit of the Treasurer of the United States, to or paid under protest
to be deposited, and rebe kept, or drawn and repaid, in due form, by order of the Secretary of the Treasury, ac- funded by appropriacording 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.)
[Same subject. )
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,
1405. When transfers are to be made of public moneys from one Bank to another, the TAE TRANSFER OF
DeposiTES : By Treasurer will issue a “Transfer Draft” upon the Bank in which the fund may then be at • Transfer Drafts" of his credit, in favor of the Bank to which they are to be transferred, for the amount required, ede by the Register, stating that it is to be placed to his credit in such Bank. This Draft will be recorded by and approved by the
1406. (“No deduction whatever is to be made from the moneys placed to the credit of Warrants and the Treasurer, (in public depositories, strictly or virtually such,) except in one of these two modes of abstracting
Transfer Drafts ; two modes:” that is, by“Warrant” of the Secretary on the Treasurer, (ordered by the endorse- Deposites to the credit
of the Treasurer. ment 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.)
(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. (6) 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. (a) 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 ab
stracts 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 De
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 TREASURY WAR
on them by the Secretary of the Treasury in favor of the Treasurer of the United States, RANTS: On payment, turarea nto the breas- countersigned by the Comptroller; which Warrants, being endorsed by the Treasurer, will ury, with receipt of (on being paid by the Collector to the bearer thereof, and said bearer having given his repayee :
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.
TREASURER'S 1408. The Secretary of the Treasury gives instructions to Collectors how to proceed in DRAFTs, to be covered returning to him the Treasurer's Drafts on them, after having been paid by them, viz: by Warrant: