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Secretary au-thorized to en-ter into con-tracts.
No bank se-lected to be dis-continued butfor certaincauses.
Bank to payinterest undercertain circum-stances.
Sec. 7. And be it further enacted, That it shall be lawful for theSecretary of the Treasury , to enter into contracts in the name and forand on behalf of the United States , with the said banks so selected oremployed, whereby the said banks shall stipulate to do and perform theseveral duties and services prescribed by this act.
Sec. 8. And be it further enacted, That no bank which shall be se-lected or employed as the place of deposite of the public money, shallbe discontinued as such depository, or the public money withdrawntherefrom, except for the causes hereinafter mentioned, that is to say:if at any time, any one of said banks shall fail or refuse to perform anyof said duties as prescribed by this act, and stipulated to be performedby its contract; or, if any of said banks shall at any time refuse to payits own notes in specie if demanded; or shall fail to keep in its vaultssuch an amount of specie as shall be required by the Secretary of theTreasury , and shall be, in his opinion, necessary to render the said banka safe depository of the public moneys, having due regard to the natureof the business transacted by the bank; in any and every such case itshall be the duty of the Secretary of the Treasury to discontinue anysuch bank as a depository, and withdraw from it the public moneyswhich it may hold on deposite at the time of such discontinuance. Andin case of the discontinuance of any of said banks, it shall be the dutyof the Secretary of the Treasury to report to Congress immediately ifin session, and if not in session, then at the commencement of its nextsession, the facts and reasons which have induced such discontinuance.And in case of the discontinuance of any of said banks as a place ofdeposite of the public money for any of the causes herein before pro-vided, it shall be lawful for the Secretary of the Treasury to depositethe money thus withdrawn in some other banks of deposite already se-lected, or to select some other bank as a place of deposite, upon theterms and conditions prescribed by this act. And in default of anybank to receive such deposite, the money thus withdrawn shall be keptby the Treasurer of the United States , according to the laws now inforce; and shall be subject to be disbursed according to law.
Sec. 9. And be it further enacted, That until the Secretary of theTreasury shall have selected and employed the said banks as places ofdeposite of the public money, in conformity to the provisions of thisact, the several State and District banks at present employed as deposi-tories of the money of the United States , shall continue to be the de-positories aforesaid upon the terms and conditions upon which they havebeen so employed.
Sec. 10. And be it further enacted, That it shall be the duty of theSecretary of the Treasury to lay before Congress , at the commencementof each annual session, a statement of the number and names of thebanks employed as depositories of the public money, and of their con-dition, and the amount of public money deposited in each, as shown bytheir returns at the Treasury ; and if the selection of any bank as adepository of the public money be made by the Secretary of the Trea-sury, while Congress is in session, he shall immediately report the nameand condition of such bank to Congress ; and if any such selection shallbe made during the recess of Congress , he shall report the same toCongress during the first week of its next session.
Sec. 11. And be it further enacted, That whenever the amount ofpublic deposites to the credit of the Treasurer of the United States , inany bank shall, for a whole quarter of a year, exceed the one-fourth partof the amount of the capital stock of such bank actually paid in, thebanks shall allow and pay to the United States , for the use of the excessof the deposites over the one-fourth part of its capital, an interest at therate of two per centum per annum, to be calculated for each quarter,upon the average excesses of the quarter ; and it shall be the duty of the