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Joint Comm. on Banks and the U.S. Treasury. Report, 1834
Senate No. 22 On January 14, 1834, a committee was created to see if any Massachusetts banks had received public monies from the United States
Treasury, and if yes, were any charter provisions violated? On February 1, 1834, the committee submitted a report. 1. Do any local banks have agreements
with the United States Treasury to receive deposits? 2. What are the contracts? 3. Have there been any charter violations? Just two banks had
agreements with Treasury to hold, to the credit of the United States, coins and notes. If the deposits exceed half the capital of the bank, collateral
security had to be provided, but that had not happened so far. The bank had to make a weekly report about its condition and the bank's book were open to
the Treasury at any time. The bank was to pay any warrants requested by Treasury. If business required a Treasury agent to be in the bank full time,
the local bank would pay part of his salary. The Committee consulted with people at each bank, all of whom were very helpful. A couple of things
made the committee uneasy, but each could be dealt with and neither was incompatible with the banks' charters. An in-depth Treasury examination could
be an invasion of the privacy of local clients and the precedence of the Treasury in securing cash might make it difficult for local people, but
neither eventuality was likely and could be dealt with at the time. (Digitized from a microfilm copy of title originally held by the Massachusetts State
Title:   Ordered, that Messrs. Wells and Williams, with such as the House may join, be a committee to inquire whether any, and which, of the banking corporations within the commonwealth, have entered into any compact, or agreement with the Treasury Department of the United States, relative to receiving and disposing of deposites of the public monies arising from the revenue of the United States ...
OCLC Number:   1401020701
Available Volumes
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