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Domestic News
January 18, 1838
The Madisonian
Washington, District Of Columbia
What is this article about?
On January 16, 1838, in the US Senate, Mr. Wright from the Committee on Finance reported a bill to impose additional duties on public officers as depositaries, appoint four Receivers General of Public Money in New York, Boston, Charleston, and St. Louis, and regulate the safekeeping, transfer, and disbursement of US public moneys. The bill was read and passed to a second reading, set as special order for January 30.
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CONGRESSIONAL.
IN SENATE OF THE UNITED STATES,
JANUARY 16, 1838.
Mr. WRIGHT, from the Committee on Finance, reported the following bill; which was read, and passed to a second reading, and made the special order of the day for Tuesday, the 30th instant.
A BILL to impose additional duties as depositaries, upon certain public officers, to appoint Receivers General of Public Money, and to regulate the safe keeping, transfer, and disbursement of the public moneys of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be prepared and provided within the new Treasury building now erecting at the seat of Government, suitable and convenient rooms for the use of the Treasurer of the United States, his assistants and clerks; and sufficient and secure fire-proof vaults and safes, for the keeping of the public moneys in the possession, and under the immediate control of the said Treasurer; which said rooms, vaults, and safes, are hereby constituted and declared to be, the Treasury of the United States.
And the said Treasurer of the United States shall keep all the public moneys which shall come to his hands in the Treasury of the United States, as hereby constituted, until the same are drawn therefrom according to law.
SEC. 2. And be it further enacted, That the Mint of the United States in the city of Philadelphia, in the State of Pennsylvania, and the Branch Mint, in the city of New Orleans in the State of Louisiana, and the vaults and safes thereof respectively, shall be places of deposite and safe keeping of the public moneys at those points respectively; and the Treasurer of the said Mint and Branch Mint respectively, for the time being, shall have the custody and care of all the public moneys deposited within the same, and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer and disbursement of all such moneys, according to the provisions hereinafter contained.
SEC. 3. And be it further enacted, That there shall be prepared and provided, within the custom houses now erecting in the city of New York, in the State of New York, and in the city of Boston in the State of Massachusetts, suitable and convenient rooms for the use of the Receivers General of Public Moneys, hereinafter directed to be appointed, at those places, respectively; and sufficient and secure fire proof vaults and safes for the keeping of the public moneys collected and deposited with them, respectively; and the Receivers General of Public Money, from time to time, appointed at those points, shall have the custody and care of the said rooms, vaults, and safes, respectively, and of all the public moneys deposited within the same, and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer, and disbursement of all such moneys, according to the provisions of this act.
SEC. 4. And be it further enacted, That there shall be erected, prepared and provided, at the expense of the United States, at the city of Charleston, in the State of South Carolina; and at the city of St. Louis in the State of Missouri, offices, with suitable and convenient rooms for the use of the Receivers General of Public Money hereinafter directed to be appointed at the places above named; and sufficient and secure fire proof vaults and safes for the keeping of the public money collected and deposited at those points respectively; and the said Receivers General from time to time appointed at those places, shall have the custody and care of the said offices, vaults and safes, so to be erected, prepared and provided, and of all the public moneys deposited within the same; and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer and disbursement of all such moneys, according to the provisions hereinafter contained.
SEC. 5. And be it further enacted, That the President shall nominate, and, by and with the advice and consent of the Senate, appoint four officers, to be denominated "Receivers General of Public Money," which said officers shall hold their respective offices for the term of four years, unless sooner removed therefrom; one of which shall be located at the city of New York, in the State of New York: one other of which shall be located at the city of Boston, in the State of Massachusetts: one other of which shall be located at the city of Charleston in the State of South Carolina; and the remaining one of which shall be located at the city of St. Louis, in the State of Missouri; and all of which said officers shall give bonds to the United States, with sureties, according to the provisions hereinafter contained, for the faithful discharge of the duties of their respective offices.
SEC. 6. And be it further enacted, That the Treasurer of the United States, the Treasurer of the Mint of the United States, the Treasurers, and those acting as such, of the various branch Mints already erected and now erecting, all Collectors of the Customs, all Surveyors of the Customs acting also as Collectors, all Receivers General of public moneys, all Receivers of public moneys at the several land offices, and all postmasters, except as is hereinafter particularly provided, be, and they are hereby, required to keep safely, without loaning or using, all the public money collected by them, or otherwise at any time placed in their possession and custody, till the same is ordered by the proper department or officer of the Government to be transferred or paid out; and when such orders for transfer or payment are received, faithfully and promptly to make the same as directed, and to do and perform all other duties as fiscal agents of the Government, which may be imposed by this or any other acts of Congress, or by any regulation of the Treasury Department, made in conformity to law; and also to do and perform all acts and duties required by law, or by direction of any of the executive departments of the government, as agents for paying pensions, or for making any other disbursements which either of the heads of those departments may be required by law to make, and which are of a character to be made by the depositaries hereby constituted, consistently with the other official duties imposed upon them.
SEC. 7. And be it further enacted, That the Treasurer of the United States, the Treasurer of the Mint of the United States, the Treasurer of the Branch Mint at New Orleans, and the Receivers General of Public Money hereinbefore directed to be appointed, shall, respectively, give bonds to the United States in such form, and for such amounts, as shall be directed by the Secretary of the Treasury, by and with the advice and consent of the President, with sureties to the satisfaction of the Solicitor of the Treasury; and shall, from time to time, renew, strengthen and increase their official bonds, as the Secretary of the Treasury with the consent of the President may direct; any law in reference to any of the official bonds of any of the said officers to the contrary notwithstanding.
SEC. 8. And be it further enacted, That it shall be the duty of the Secretary of the Treasury, at as early a day as possible after the passage of this act, to require from the several depositaries hereby constituted, and whose official bonds are not hereinbefore provided for, to execute bonds new and suitable in their terms, to meet the new and increased duties imposed upon them respectively by this act, and with sureties and in sums such as shall seem reasonable and safe to the Solicitor of the Treasury, and from time to time to require such bonds to be renewed and increased in amount and strengthened by new sureties to meet any increasing responsibility which may grow out of accumulations of money in the hands of the depositary, or out of any other duty or responsibility arising under this or any other law of Congress.
SEC. 9. And be it further enacted, That all collectors and receivers of public money, of every character and description, within the District of Columbia, shall, as frequently as they may be directed by the Secretary of the Treasury so to do, pay over to the Treasurer of the United States at the Treasury thereof, all public moneys collected by them, or in their hands; that all such collectors and receivers of public moneys within the cities of Philadelphia and New Orleans shall, upon the same direction, pay over to the Treasurers of the mints in their respective cities, at the said Mints, all public moneys collected by them, or in their hands; and that all such collectors and receivers of public moneys within the cities of New York, Boston, Charleston, and St. Louis, shall, upon the same direction, pay over to the Receivers General of Public Money in their respective cities, at their offices respectively, all the public moneys collected by them, or in their hands, to be safely kept, by the said respective depositaries, until otherwise disposed of according to law; and it shall be the duty of the said Secretary to direct such payments, by the said collectors and receivers, at all the said places, at least as often as once in each month, and as much more frequently, in all cases, as he, in his discretion, may think proper.
SEC. 10. And be it further enacted, That it shall be lawful for the Secretary of the Treasury to transfer the moneys in the hands of any depositary hereby constituted, to the Treasury of the United States; to the Mint at Philadelphia: to the Branch Mint at New Orleans; or to the officers of either of the Receivers General of Public Money by this act directed to be appointed; to be there safely kept, according to the provisions of this act; and also to transfer moneys in the hands of any one depositary constituted by this act to any other depositary constituted by the same, at his discretion, and as the safety of the public moneys, and the convenience of the public service shall seem to him to require. And for the purpose of payments on the public account it shall be lawful for the said Secretary to draw upon any of the said depositaries, as he may think most conducive to the public interests, or to the convenience of the public creditors, or both.
SEC. 11. And be it further enacted, That the moneys in the hands, care, and custody, of any of the depositaries constituted by this act, shall be considered and held as deposited to the credit of the Treasurer of the United States, and shall be, at all times, subject to his draft, whether made for transfer or disbursement, in the same manner as though the said moneys were actually in the Treasury of the United States; and each depositary shall make returns to the Treasury Department of all moneys received and paid by him, at such times, and in such form, as shall be directed by the Secretary of the Treasury.
SEC. 12. And be it further enacted, That, whenever public moneys shall accumulate in the hands of any depositary constituted by this act, other than the Treasurer of the United States, the Treasurer of the Mint of the United States, the Treasurer of the Branch Mint at New Orleans, and the Receivers General of Public Money, to an amount beyond that secured by the bond of the officer, or which the Secretary of the Treasury shall, for any cause, consider unsafe, and it shall not be desirable to transfer the moneys so accumulated to any other depositary, it shall be lawful for the said Secretary to direct the said moneys, or any portion thereof, to be specially deposited in such bank of the State, or Territory wherein the depositary who is to make the deposite is located, as he, the said Secretary, shall select and name: Provided, The bank so selected will agree to receive and keep the moneys deposited with it upon the terms and conditions in the next section of this act prescribed.
SEC. 13. And be it further enacted, That the special deposites of the public moneys authorized by the last preceding section of this act to be made in banks, shall be made upon the following terms and conditions, and upon no other, namely:
First. All such deposites shall be strictly special deposites; and the banks holding them shall be prohibited, in the most effectual manner, from making any use of the moneys deposited, by way of loans, discounts, or in any other manner, or for any other purpose whatsoever; and to secure the fulfilment of this condition, the Secretary of the Treasury is authorized, in his discretion, to furnish the banks selected as deposite banks, with safes for the keeping of the public moneys exclusively, and under the joint control of the bank and some designated officer of the Government, or to adopt such other guards as he shall prefer.
Second. Nothing but gold or silver, or such notes, bills, or paper, issued under the authority of the United States, as may be directed by law to be received in payment of the public dues, shall be offered for deposite, or received by the bank as a deposite, under the provisions of this act.
Third. All deposites shall be passed, upon the books of the bank, to the credit of the depositary making the same; but no moneys deposited in pursuance of this act shall be withdrawn without the express order of the Secretary of the Treasury for the payment; and no drafts of the Treasurer of the United States: or orders or warrants of the Secretary of the Treasury, for ordinary transfer or disbursement, shall be made upon any bank selected as a deposite bank under this act.
Fourth. A commission, such as shall be agreed upon between the Secretary of the Treasury and the bank, not in any case to exceed one half of one per centum upon the moneys deposited with it, shall be allowed and paid by the United States, in full satisfaction of all claims on the part of the bank for trouble and risk growing out of the receipt, safe-keeping and repayment of the special deposites herein authorized to be made, all accounts for commissions to be audited and paid at the Treasury of the United States.
SEC. 14. And be it further enacted, That, in case no bank within the State or Territory wherein the depositary, directed to make deposites, is located, will consent to receive the moneys of the Government upon special deposite, according to the foregoing conditions and regulations, then it shall be lawful for the Secretary of the Treasury to select some bank in an adjoining State, or Territory, such as may be most convenient for the officer to make deposites and the public service; and in case no convenient bank of either character can be found willing to receive such deposites upon the terms proposed, the Secretary may transfer the same to the Treasury of the United States, to the Mint, or Branch Mints, or to the offices of either of the Receivers General of Public Money, as shall be most convenient to the depositary from whom the money is to be transferred, or to the wants of the public service in reference to disbursements.
SEC. 15. And be it further enacted. That the Secretary of the Treasury shall be, and he is hereby, authorized to cause examinations to be made of the books, accounts, and money on hand, of the several depositaries constituted by this act; and for that purpose to appoint special agents, as occasion may require, with such compensation as he may think reasonable, to be fixed and declared at the time of each appointment; which said examinations, in all cases where the sum on hand usually exceeds three-fourths of the amount of the officer's bond, shall not be made less frequently than once in each year, and as much more frequently, in those and all other cases, as the Secretary in his discretion, shall direct. The agents selected to make these examinations shall be instructed to examine as well the books, accounts, and returns of the officer, as the money on hand, and the manner of its being kept, to the end that uniformity and accuracy in the accounts, as well as safety to the public moneys, may be secured thereby.
SEC. 16. And be it further enacted, That, in addition to the examinations provided for in the last preceding section, and as a further guard over the public moneys, it shall be the duty of each Naval officer and Surveyor, as a check upon the Receiver General of Public Moneys, or Collector of the Customs, of their respective districts; of each Register of a Land Office, as a check upon the Receiver of his Land Office; and of the Director and Superintendent of each Mint and Branch Mint when separate offices, as a check upon the Treasurers, respectively, of the said Mints, or the persons acting as such, at the close of each quarter of the year, and as much more frequently as they shall be directed by the Secretary of the Treasury to do so, to examine the books, accounts, returns, and money on hand, of the Receivers General of Public Money, Collectors, Receivers of Land Offices, Treasurers and persons acting as such, and to make a full, accurate, and faithful return to the Treasury Department of their condition.
SEC. 17. And be it further enacted, That the said officers respectively, whose duty it is made by this act to receive, keep, and disburse the public moneys, as the fiscal agents of the Government, may be allowed any necessary additional expenses for clerks, fire-proof chests, or vaults, or other necessary expenses of safe-keeping, transferring, and disbursing said moneys; all such expenses of every character to be first expressly authorized by the Secretary of the Treasury, whose directions upon all the above subjects, by way of regulation and otherwise, are to be strictly followed by all the said officers.
SEC. 18. And be it further enacted, That the Secretary of the Treasury shall, with as much promptitude as the convenience of the public business, and the safety of the public funds will permit, withdraw the balances remaining with the present depositaries of the public moneys, and confine the safe-keeping, transfer, and disbursement of those moneys to the depositaries established by this act.
SEC. 19. And be it further enacted, That all Marshals, District Attorneys, and others, having public money to pay to the United States, and all patentees, wishing to make payment for patents to be issued, may pay all such money to the Treasurer of the United States, at the Treasury, to the Treasurer of either of the Mints in Philadelphia or New Orleans to either of the Receivers General of Public Money, or to such other depositary constituted by this act as shall be designated by the Secretary of the Treasury in other parts of the United States, to receive such payments, and give receipts or certificates of deposite therefor.
SEC. 20. And be it further enacted, That all officers charged by this act with the safe-keeping, transfer, and disbursement of the public moneys, are hereby required to keep an accurate entry of each sum received, and of the kind of money in which it is received, and of each payment or transfer, and of the kind of currency in which it is made; and that if any one of the said officers shall convert to his own use, in any way whatever, or shall use by way of investment in any kind of property or merchandise, or shall loan, with or without interest, any portion of the public money entrusted to him for safe-keeping, disbursement, transfer, or for any other purpose, every such act shall be deemed and adjudged to be an embezzlement of so much of the said moneys as shall be thus taken, converted, invested, used, or loaned, which is hereby declared to be a high misdemeanor, and any officer or person convicted thereof before any court of the United States of competent jurisdiction, shall be sentenced to imprisonment for a term of not less than two nor more than five years, and to a fine equal to the amount of the money embezzled.
SEC. 21. And be it further enacted, That, in order to avoid inconvenient or injurious accumulations of gold and silver in the hands of the depositaries of the Government, it shall be the duty of the Secretary of the Treasury, whenever the amount of money in the Treasury of the United States, and standing to the credit of the Treasurer, in the hands of the several depositaries, shall exceed in amount $4,000,000, to invest the surplus of such moneys in securities bearing an interest, and issued upon the faith and credit of the United States, or of some one of the States of the Union; in all cases of such investments as selecting such stocks, or securities as are transferrable by delivery or assignment, and from the rate of interest payable, the time or times they may have to run, and the prices they may bear in the market, shall seem to him best to answer the purpose for which the investments are directed, and at no time paying more than the current value in the market for any such stocks or securities. And whenever the amount of moneys in the Treasury, and standing to the credit of the Treasurer, shall be so much less than the said sum of $4,000,000, as to indicate to the Secretary that the moneys invested, or any portion thereof, will be required for purposes of public disbursement, then it shall be his duty to sell such portions of the stocks and securities purchased as may be necessary to keep the balance of money in the Treasury equal to its wants: Provided, That in all investments to be made in obedience to the provisions of this section, the said Secretary shall confine his purchase of stocks and securities, issued upon the faith and credit of any State to such as have been actually issued by the State, and shall not be at liberty to subscribe for, or otherwise purchase, those proposed to be issued and not in actual existence, as stocks and securities in the market.
SEC. 22. And be it further enacted, That until the rooms, offices, vaults, and safes, directed by the first, third, fifth, and sixth sections of this act to be constructed and prepared for the use of the Treasurer of the United States, the Treasurers of the Mints at Philadelphia and New Orleans, and the Receivers General of Public Money at New York, Boston, Charleston, and St. Louis, can be constructed and prepared for use, it shall be the duty of the Secretary of the Treasury to procure suitable rooms for offices for those officers at their respective locations, and to contract with such banks, incorporations, or individuals, as may be willing to contract for such use of their vaults and safes as may be required for the safe-keeping of the public moneys in the charge and custody of those officers respectively, the expense to be paid by the United States.
SEC. 23. And be it further enacted. That from and after the thirty-first day of December, which will be in the year one thousand eight hundred and thirty-eight, the resolution of Congress of the thirtieth day of April, in the year one thousand eight hundred and sixteen, so far as it authorizes the receipt in payment of duties, taxes, sales of public lands, debts, and sums of money, accruing or becoming payable to the United States, to be collected and paid in the notes of specie paying banks, shall be so modified as that one-sixth part of all such duties, taxes, sales of public lands, debts, and sums of money accruing or becoming due to the United States, shall be collected in the legal currency of the United States; and from and after the thirty-first day of December, which will be in the year one thousand eight hundred and thirty-nine, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money shall be so collected; and from after the thirty-first day of December, which will be in the year one thousand eight hundred and forty, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money, shall be so collected; and that from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-one, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money, shall be so collected: and that from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-two, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money shall be so collected; and that from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-three, the remaining sixth part of the said duties taxes, sales of public lands, debts, and sums of money, shall be also collected in the legal currency of the United States; and from and after the last mentioned day all sums accruing, or becoming payable to the United States, for duties, taxes, sales of public lands, or other debts, and also all sums due for postages, or otherwise, to the General Post Office Department, shall be paid in gold and silver only, or in such notes, bills or paper, issued under the authority of the United States, as may be directed to be received by law in payment of the public dues.
SEC. 24. And be it further enacted. That from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-three, every officer or agent engaged in making disbursements on account of the United States, or of the General Post Office, shall make all payments in gold and silver coin only, or in such notes, bills, or paper, issued under the authority of the United States, as may be directed to be received by law; and any receiving or disbursing officer, or agent, who shall neglect, evade, or violate, the provisions of this and the last preceding section of this act, shall be dismissed from the service, and shall forfeit all compensation then due to him.
SEC. 25. And be it further enacted, That it shall be the duty of the Secretary of the Treasury to issue and publish regulations to enforce the speedy presentation of all Government drafts for payment at the place where payable, and to prescribe the time, according to the different distances of the depositaries from the seat of Government, within which all drafts upon them respectively shall be presented for payment; and in default of such presentation, to direct any other mode and place of payment which he may deem proper.
SEC. 26. And be it further enacted, That the Receivers General of Public Money directed by this act to be appointed, shall receive, respectively, the following salaries, per annum, to be paid quarter yearly, at the Treasury of the United States, to wit: The Receiver General of Public Money at New York shall be paid a salary of -- dollars per annum; the Receiver General of Public Money at Boston shall be paid a salary of -- dollars per annum; the Receiver General of Public Money at Charleston shall be paid a salary of -- dollars per annum: and the Receiver General of Public Money at St. Louis shall be paid a salary of -- dollars per annum; and these salaries, respectively shall be in full for the services of the respective officers, nor shall either of them be permitted to charge, or receive, any commission, pay, or perquisite, for any official service of any character or description whatsoever; and the making of any such charge, or the receipt of any such compensation, is hereby declared to be a misdemeanor, for which the officer convicted thereof, before any court of the United States, of competent jurisdiction, shall be subject to punishment by fine, or imprisonment, or both, at the discretion of the court before which the offence shall be tried.
SEC. 27. And be it further enacted, That the Treasurer of the United States be and he is hereby authorized to receive at the Treasury, and at such other points as he may designate, payments in advance of public lands, the payments so made, in all cases, to be evidenced by the receipt of the said Treasurer of the United States, which receipts so given shall be current at the several land offices of the United States as cash, at any public or private sale of lands, in the same manner as the currency authorized by law to be received in payment for the public lands.
SEC. 28. And be it further enacted, That for the purchase of sites, and for the construction of the offices of the Receivers General of Public Money, by this act directed to be erected at Charleston, South Carolina, and at St. Louis, Missouri, there shall be, and hereby is appropriated, to be paid out of any money in the Treasury not otherwise appropriated, the sum of $--, to be expended under the direction of the Secretary of the Treasury, who is hereby required to adopt plans for the said offices, and the vaults and safes connected therewith, and to cause the same to be constructed and prepared for use with as little delay as shall be consistent with the public interest, and the convenient location, and security of the buildings to be erected.
SEC. 29. And be it further enacted, That for the payment of the expenses authorized by this act, other than those herein before provided for, a sufficient sum of money be, and the same is hereby, appropriated, to be paid out of any money in the Treasury not otherwise appropriated.
IN SENATE OF THE UNITED STATES,
JANUARY 16, 1838.
Mr. WRIGHT, from the Committee on Finance, reported the following bill; which was read, and passed to a second reading, and made the special order of the day for Tuesday, the 30th instant.
A BILL to impose additional duties as depositaries, upon certain public officers, to appoint Receivers General of Public Money, and to regulate the safe keeping, transfer, and disbursement of the public moneys of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be prepared and provided within the new Treasury building now erecting at the seat of Government, suitable and convenient rooms for the use of the Treasurer of the United States, his assistants and clerks; and sufficient and secure fire-proof vaults and safes, for the keeping of the public moneys in the possession, and under the immediate control of the said Treasurer; which said rooms, vaults, and safes, are hereby constituted and declared to be, the Treasury of the United States.
And the said Treasurer of the United States shall keep all the public moneys which shall come to his hands in the Treasury of the United States, as hereby constituted, until the same are drawn therefrom according to law.
SEC. 2. And be it further enacted, That the Mint of the United States in the city of Philadelphia, in the State of Pennsylvania, and the Branch Mint, in the city of New Orleans in the State of Louisiana, and the vaults and safes thereof respectively, shall be places of deposite and safe keeping of the public moneys at those points respectively; and the Treasurer of the said Mint and Branch Mint respectively, for the time being, shall have the custody and care of all the public moneys deposited within the same, and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer and disbursement of all such moneys, according to the provisions hereinafter contained.
SEC. 3. And be it further enacted, That there shall be prepared and provided, within the custom houses now erecting in the city of New York, in the State of New York, and in the city of Boston in the State of Massachusetts, suitable and convenient rooms for the use of the Receivers General of Public Moneys, hereinafter directed to be appointed, at those places, respectively; and sufficient and secure fire proof vaults and safes for the keeping of the public moneys collected and deposited with them, respectively; and the Receivers General of Public Money, from time to time, appointed at those points, shall have the custody and care of the said rooms, vaults, and safes, respectively, and of all the public moneys deposited within the same, and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer, and disbursement of all such moneys, according to the provisions of this act.
SEC. 4. And be it further enacted, That there shall be erected, prepared and provided, at the expense of the United States, at the city of Charleston, in the State of South Carolina; and at the city of St. Louis in the State of Missouri, offices, with suitable and convenient rooms for the use of the Receivers General of Public Money hereinafter directed to be appointed at the places above named; and sufficient and secure fire proof vaults and safes for the keeping of the public money collected and deposited at those points respectively; and the said Receivers General from time to time appointed at those places, shall have the custody and care of the said offices, vaults and safes, so to be erected, prepared and provided, and of all the public moneys deposited within the same; and shall perform all the duties required to be performed by them, in reference to the receipt, safe-keeping, transfer and disbursement of all such moneys, according to the provisions hereinafter contained.
SEC. 5. And be it further enacted, That the President shall nominate, and, by and with the advice and consent of the Senate, appoint four officers, to be denominated "Receivers General of Public Money," which said officers shall hold their respective offices for the term of four years, unless sooner removed therefrom; one of which shall be located at the city of New York, in the State of New York: one other of which shall be located at the city of Boston, in the State of Massachusetts: one other of which shall be located at the city of Charleston in the State of South Carolina; and the remaining one of which shall be located at the city of St. Louis, in the State of Missouri; and all of which said officers shall give bonds to the United States, with sureties, according to the provisions hereinafter contained, for the faithful discharge of the duties of their respective offices.
SEC. 6. And be it further enacted, That the Treasurer of the United States, the Treasurer of the Mint of the United States, the Treasurers, and those acting as such, of the various branch Mints already erected and now erecting, all Collectors of the Customs, all Surveyors of the Customs acting also as Collectors, all Receivers General of public moneys, all Receivers of public moneys at the several land offices, and all postmasters, except as is hereinafter particularly provided, be, and they are hereby, required to keep safely, without loaning or using, all the public money collected by them, or otherwise at any time placed in their possession and custody, till the same is ordered by the proper department or officer of the Government to be transferred or paid out; and when such orders for transfer or payment are received, faithfully and promptly to make the same as directed, and to do and perform all other duties as fiscal agents of the Government, which may be imposed by this or any other acts of Congress, or by any regulation of the Treasury Department, made in conformity to law; and also to do and perform all acts and duties required by law, or by direction of any of the executive departments of the government, as agents for paying pensions, or for making any other disbursements which either of the heads of those departments may be required by law to make, and which are of a character to be made by the depositaries hereby constituted, consistently with the other official duties imposed upon them.
SEC. 7. And be it further enacted, That the Treasurer of the United States, the Treasurer of the Mint of the United States, the Treasurer of the Branch Mint at New Orleans, and the Receivers General of Public Money hereinbefore directed to be appointed, shall, respectively, give bonds to the United States in such form, and for such amounts, as shall be directed by the Secretary of the Treasury, by and with the advice and consent of the President, with sureties to the satisfaction of the Solicitor of the Treasury; and shall, from time to time, renew, strengthen and increase their official bonds, as the Secretary of the Treasury with the consent of the President may direct; any law in reference to any of the official bonds of any of the said officers to the contrary notwithstanding.
SEC. 8. And be it further enacted, That it shall be the duty of the Secretary of the Treasury, at as early a day as possible after the passage of this act, to require from the several depositaries hereby constituted, and whose official bonds are not hereinbefore provided for, to execute bonds new and suitable in their terms, to meet the new and increased duties imposed upon them respectively by this act, and with sureties and in sums such as shall seem reasonable and safe to the Solicitor of the Treasury, and from time to time to require such bonds to be renewed and increased in amount and strengthened by new sureties to meet any increasing responsibility which may grow out of accumulations of money in the hands of the depositary, or out of any other duty or responsibility arising under this or any other law of Congress.
SEC. 9. And be it further enacted, That all collectors and receivers of public money, of every character and description, within the District of Columbia, shall, as frequently as they may be directed by the Secretary of the Treasury so to do, pay over to the Treasurer of the United States at the Treasury thereof, all public moneys collected by them, or in their hands; that all such collectors and receivers of public moneys within the cities of Philadelphia and New Orleans shall, upon the same direction, pay over to the Treasurers of the mints in their respective cities, at the said Mints, all public moneys collected by them, or in their hands; and that all such collectors and receivers of public moneys within the cities of New York, Boston, Charleston, and St. Louis, shall, upon the same direction, pay over to the Receivers General of Public Money in their respective cities, at their offices respectively, all the public moneys collected by them, or in their hands, to be safely kept, by the said respective depositaries, until otherwise disposed of according to law; and it shall be the duty of the said Secretary to direct such payments, by the said collectors and receivers, at all the said places, at least as often as once in each month, and as much more frequently, in all cases, as he, in his discretion, may think proper.
SEC. 10. And be it further enacted, That it shall be lawful for the Secretary of the Treasury to transfer the moneys in the hands of any depositary hereby constituted, to the Treasury of the United States; to the Mint at Philadelphia: to the Branch Mint at New Orleans; or to the officers of either of the Receivers General of Public Money by this act directed to be appointed; to be there safely kept, according to the provisions of this act; and also to transfer moneys in the hands of any one depositary constituted by this act to any other depositary constituted by the same, at his discretion, and as the safety of the public moneys, and the convenience of the public service shall seem to him to require. And for the purpose of payments on the public account it shall be lawful for the said Secretary to draw upon any of the said depositaries, as he may think most conducive to the public interests, or to the convenience of the public creditors, or both.
SEC. 11. And be it further enacted, That the moneys in the hands, care, and custody, of any of the depositaries constituted by this act, shall be considered and held as deposited to the credit of the Treasurer of the United States, and shall be, at all times, subject to his draft, whether made for transfer or disbursement, in the same manner as though the said moneys were actually in the Treasury of the United States; and each depositary shall make returns to the Treasury Department of all moneys received and paid by him, at such times, and in such form, as shall be directed by the Secretary of the Treasury.
SEC. 12. And be it further enacted, That, whenever public moneys shall accumulate in the hands of any depositary constituted by this act, other than the Treasurer of the United States, the Treasurer of the Mint of the United States, the Treasurer of the Branch Mint at New Orleans, and the Receivers General of Public Money, to an amount beyond that secured by the bond of the officer, or which the Secretary of the Treasury shall, for any cause, consider unsafe, and it shall not be desirable to transfer the moneys so accumulated to any other depositary, it shall be lawful for the said Secretary to direct the said moneys, or any portion thereof, to be specially deposited in such bank of the State, or Territory wherein the depositary who is to make the deposite is located, as he, the said Secretary, shall select and name: Provided, The bank so selected will agree to receive and keep the moneys deposited with it upon the terms and conditions in the next section of this act prescribed.
SEC. 13. And be it further enacted, That the special deposites of the public moneys authorized by the last preceding section of this act to be made in banks, shall be made upon the following terms and conditions, and upon no other, namely:
First. All such deposites shall be strictly special deposites; and the banks holding them shall be prohibited, in the most effectual manner, from making any use of the moneys deposited, by way of loans, discounts, or in any other manner, or for any other purpose whatsoever; and to secure the fulfilment of this condition, the Secretary of the Treasury is authorized, in his discretion, to furnish the banks selected as deposite banks, with safes for the keeping of the public moneys exclusively, and under the joint control of the bank and some designated officer of the Government, or to adopt such other guards as he shall prefer.
Second. Nothing but gold or silver, or such notes, bills, or paper, issued under the authority of the United States, as may be directed by law to be received in payment of the public dues, shall be offered for deposite, or received by the bank as a deposite, under the provisions of this act.
Third. All deposites shall be passed, upon the books of the bank, to the credit of the depositary making the same; but no moneys deposited in pursuance of this act shall be withdrawn without the express order of the Secretary of the Treasury for the payment; and no drafts of the Treasurer of the United States: or orders or warrants of the Secretary of the Treasury, for ordinary transfer or disbursement, shall be made upon any bank selected as a deposite bank under this act.
Fourth. A commission, such as shall be agreed upon between the Secretary of the Treasury and the bank, not in any case to exceed one half of one per centum upon the moneys deposited with it, shall be allowed and paid by the United States, in full satisfaction of all claims on the part of the bank for trouble and risk growing out of the receipt, safe-keeping and repayment of the special deposites herein authorized to be made, all accounts for commissions to be audited and paid at the Treasury of the United States.
SEC. 14. And be it further enacted, That, in case no bank within the State or Territory wherein the depositary, directed to make deposites, is located, will consent to receive the moneys of the Government upon special deposite, according to the foregoing conditions and regulations, then it shall be lawful for the Secretary of the Treasury to select some bank in an adjoining State, or Territory, such as may be most convenient for the officer to make deposites and the public service; and in case no convenient bank of either character can be found willing to receive such deposites upon the terms proposed, the Secretary may transfer the same to the Treasury of the United States, to the Mint, or Branch Mints, or to the offices of either of the Receivers General of Public Money, as shall be most convenient to the depositary from whom the money is to be transferred, or to the wants of the public service in reference to disbursements.
SEC. 15. And be it further enacted. That the Secretary of the Treasury shall be, and he is hereby, authorized to cause examinations to be made of the books, accounts, and money on hand, of the several depositaries constituted by this act; and for that purpose to appoint special agents, as occasion may require, with such compensation as he may think reasonable, to be fixed and declared at the time of each appointment; which said examinations, in all cases where the sum on hand usually exceeds three-fourths of the amount of the officer's bond, shall not be made less frequently than once in each year, and as much more frequently, in those and all other cases, as the Secretary in his discretion, shall direct. The agents selected to make these examinations shall be instructed to examine as well the books, accounts, and returns of the officer, as the money on hand, and the manner of its being kept, to the end that uniformity and accuracy in the accounts, as well as safety to the public moneys, may be secured thereby.
SEC. 16. And be it further enacted, That, in addition to the examinations provided for in the last preceding section, and as a further guard over the public moneys, it shall be the duty of each Naval officer and Surveyor, as a check upon the Receiver General of Public Moneys, or Collector of the Customs, of their respective districts; of each Register of a Land Office, as a check upon the Receiver of his Land Office; and of the Director and Superintendent of each Mint and Branch Mint when separate offices, as a check upon the Treasurers, respectively, of the said Mints, or the persons acting as such, at the close of each quarter of the year, and as much more frequently as they shall be directed by the Secretary of the Treasury to do so, to examine the books, accounts, returns, and money on hand, of the Receivers General of Public Money, Collectors, Receivers of Land Offices, Treasurers and persons acting as such, and to make a full, accurate, and faithful return to the Treasury Department of their condition.
SEC. 17. And be it further enacted, That the said officers respectively, whose duty it is made by this act to receive, keep, and disburse the public moneys, as the fiscal agents of the Government, may be allowed any necessary additional expenses for clerks, fire-proof chests, or vaults, or other necessary expenses of safe-keeping, transferring, and disbursing said moneys; all such expenses of every character to be first expressly authorized by the Secretary of the Treasury, whose directions upon all the above subjects, by way of regulation and otherwise, are to be strictly followed by all the said officers.
SEC. 18. And be it further enacted, That the Secretary of the Treasury shall, with as much promptitude as the convenience of the public business, and the safety of the public funds will permit, withdraw the balances remaining with the present depositaries of the public moneys, and confine the safe-keeping, transfer, and disbursement of those moneys to the depositaries established by this act.
SEC. 19. And be it further enacted, That all Marshals, District Attorneys, and others, having public money to pay to the United States, and all patentees, wishing to make payment for patents to be issued, may pay all such money to the Treasurer of the United States, at the Treasury, to the Treasurer of either of the Mints in Philadelphia or New Orleans to either of the Receivers General of Public Money, or to such other depositary constituted by this act as shall be designated by the Secretary of the Treasury in other parts of the United States, to receive such payments, and give receipts or certificates of deposite therefor.
SEC. 20. And be it further enacted, That all officers charged by this act with the safe-keeping, transfer, and disbursement of the public moneys, are hereby required to keep an accurate entry of each sum received, and of the kind of money in which it is received, and of each payment or transfer, and of the kind of currency in which it is made; and that if any one of the said officers shall convert to his own use, in any way whatever, or shall use by way of investment in any kind of property or merchandise, or shall loan, with or without interest, any portion of the public money entrusted to him for safe-keeping, disbursement, transfer, or for any other purpose, every such act shall be deemed and adjudged to be an embezzlement of so much of the said moneys as shall be thus taken, converted, invested, used, or loaned, which is hereby declared to be a high misdemeanor, and any officer or person convicted thereof before any court of the United States of competent jurisdiction, shall be sentenced to imprisonment for a term of not less than two nor more than five years, and to a fine equal to the amount of the money embezzled.
SEC. 21. And be it further enacted, That, in order to avoid inconvenient or injurious accumulations of gold and silver in the hands of the depositaries of the Government, it shall be the duty of the Secretary of the Treasury, whenever the amount of money in the Treasury of the United States, and standing to the credit of the Treasurer, in the hands of the several depositaries, shall exceed in amount $4,000,000, to invest the surplus of such moneys in securities bearing an interest, and issued upon the faith and credit of the United States, or of some one of the States of the Union; in all cases of such investments as selecting such stocks, or securities as are transferrable by delivery or assignment, and from the rate of interest payable, the time or times they may have to run, and the prices they may bear in the market, shall seem to him best to answer the purpose for which the investments are directed, and at no time paying more than the current value in the market for any such stocks or securities. And whenever the amount of moneys in the Treasury, and standing to the credit of the Treasurer, shall be so much less than the said sum of $4,000,000, as to indicate to the Secretary that the moneys invested, or any portion thereof, will be required for purposes of public disbursement, then it shall be his duty to sell such portions of the stocks and securities purchased as may be necessary to keep the balance of money in the Treasury equal to its wants: Provided, That in all investments to be made in obedience to the provisions of this section, the said Secretary shall confine his purchase of stocks and securities, issued upon the faith and credit of any State to such as have been actually issued by the State, and shall not be at liberty to subscribe for, or otherwise purchase, those proposed to be issued and not in actual existence, as stocks and securities in the market.
SEC. 22. And be it further enacted, That until the rooms, offices, vaults, and safes, directed by the first, third, fifth, and sixth sections of this act to be constructed and prepared for the use of the Treasurer of the United States, the Treasurers of the Mints at Philadelphia and New Orleans, and the Receivers General of Public Money at New York, Boston, Charleston, and St. Louis, can be constructed and prepared for use, it shall be the duty of the Secretary of the Treasury to procure suitable rooms for offices for those officers at their respective locations, and to contract with such banks, incorporations, or individuals, as may be willing to contract for such use of their vaults and safes as may be required for the safe-keeping of the public moneys in the charge and custody of those officers respectively, the expense to be paid by the United States.
SEC. 23. And be it further enacted. That from and after the thirty-first day of December, which will be in the year one thousand eight hundred and thirty-eight, the resolution of Congress of the thirtieth day of April, in the year one thousand eight hundred and sixteen, so far as it authorizes the receipt in payment of duties, taxes, sales of public lands, debts, and sums of money, accruing or becoming payable to the United States, to be collected and paid in the notes of specie paying banks, shall be so modified as that one-sixth part of all such duties, taxes, sales of public lands, debts, and sums of money accruing or becoming due to the United States, shall be collected in the legal currency of the United States; and from and after the thirty-first day of December, which will be in the year one thousand eight hundred and thirty-nine, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money shall be so collected; and from after the thirty-first day of December, which will be in the year one thousand eight hundred and forty, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money, shall be so collected; and that from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-one, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money, shall be so collected: and that from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-two, one other sixth part of all such duties, taxes, sales of public lands, debts, and sums of money shall be so collected; and that from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-three, the remaining sixth part of the said duties taxes, sales of public lands, debts, and sums of money, shall be also collected in the legal currency of the United States; and from and after the last mentioned day all sums accruing, or becoming payable to the United States, for duties, taxes, sales of public lands, or other debts, and also all sums due for postages, or otherwise, to the General Post Office Department, shall be paid in gold and silver only, or in such notes, bills or paper, issued under the authority of the United States, as may be directed to be received by law in payment of the public dues.
SEC. 24. And be it further enacted. That from and after the thirty-first day of December, which will be in the year one thousand eight hundred and forty-three, every officer or agent engaged in making disbursements on account of the United States, or of the General Post Office, shall make all payments in gold and silver coin only, or in such notes, bills, or paper, issued under the authority of the United States, as may be directed to be received by law; and any receiving or disbursing officer, or agent, who shall neglect, evade, or violate, the provisions of this and the last preceding section of this act, shall be dismissed from the service, and shall forfeit all compensation then due to him.
SEC. 25. And be it further enacted, That it shall be the duty of the Secretary of the Treasury to issue and publish regulations to enforce the speedy presentation of all Government drafts for payment at the place where payable, and to prescribe the time, according to the different distances of the depositaries from the seat of Government, within which all drafts upon them respectively shall be presented for payment; and in default of such presentation, to direct any other mode and place of payment which he may deem proper.
SEC. 26. And be it further enacted, That the Receivers General of Public Money directed by this act to be appointed, shall receive, respectively, the following salaries, per annum, to be paid quarter yearly, at the Treasury of the United States, to wit: The Receiver General of Public Money at New York shall be paid a salary of -- dollars per annum; the Receiver General of Public Money at Boston shall be paid a salary of -- dollars per annum; the Receiver General of Public Money at Charleston shall be paid a salary of -- dollars per annum: and the Receiver General of Public Money at St. Louis shall be paid a salary of -- dollars per annum; and these salaries, respectively shall be in full for the services of the respective officers, nor shall either of them be permitted to charge, or receive, any commission, pay, or perquisite, for any official service of any character or description whatsoever; and the making of any such charge, or the receipt of any such compensation, is hereby declared to be a misdemeanor, for which the officer convicted thereof, before any court of the United States, of competent jurisdiction, shall be subject to punishment by fine, or imprisonment, or both, at the discretion of the court before which the offence shall be tried.
SEC. 27. And be it further enacted, That the Treasurer of the United States be and he is hereby authorized to receive at the Treasury, and at such other points as he may designate, payments in advance of public lands, the payments so made, in all cases, to be evidenced by the receipt of the said Treasurer of the United States, which receipts so given shall be current at the several land offices of the United States as cash, at any public or private sale of lands, in the same manner as the currency authorized by law to be received in payment for the public lands.
SEC. 28. And be it further enacted, That for the purchase of sites, and for the construction of the offices of the Receivers General of Public Money, by this act directed to be erected at Charleston, South Carolina, and at St. Louis, Missouri, there shall be, and hereby is appropriated, to be paid out of any money in the Treasury not otherwise appropriated, the sum of $--, to be expended under the direction of the Secretary of the Treasury, who is hereby required to adopt plans for the said offices, and the vaults and safes connected therewith, and to cause the same to be constructed and prepared for use with as little delay as shall be consistent with the public interest, and the convenient location, and security of the buildings to be erected.
SEC. 29. And be it further enacted, That for the payment of the expenses authorized by this act, other than those herein before provided for, a sufficient sum of money be, and the same is hereby, appropriated, to be paid out of any money in the Treasury not otherwise appropriated.
What sub-type of article is it?
Politics
Economic
What keywords are associated?
Congressional Bill
Public Moneys
Receivers General
Treasury Regulation
Senate 1838
Depositaries
Fiscal Agents
What entities or persons were involved?
Mr. Wright
Where did it happen?
Washington, D.C.
Domestic News Details
Primary Location
Washington, D.C.
Event Date
January 16, 1838
Key Persons
Mr. Wright
Outcome
bill read and passed to a second reading; made the special order for tuesday, the 30th instant.
Event Details
Mr. WRIGHT, from the Committee on Finance, reported a bill to impose additional duties as depositaries upon certain public officers, to appoint Receivers General of Public Money, and to regulate the safe keeping, transfer, and disbursement of the public moneys of the United States. The bill outlines provisions for Treasury facilities, mints as depositories, appointment of Receivers General in New York, Boston, Charleston, and St. Louis, duties of officers, bonds, transfers, special deposits in banks, examinations, penalties for embezzlement, investments, and phased transition to gold and silver payments.