receivable by laws then in force in payment of public
dues of all descriptions.

Second. It abridges the discretion left with the Secretary of the
Treasury by that resolution, by positively forbidding the receipt of
bank notes not having the characteristics described in the first and
second sections of the bill; whereas the receipt of some of the notes so
forbidden might, under the resolution of 1816, have been allowed by the
Secretary.

Third. It forbids the making of any discrimination in respect to the
receipt of bank notes between the different branches of the public
revenue; whereas the Secretary of the Treasury, under the resolution of
1816, was subject to no such restraint, and had the power to make the
discrimination forbidden by the bill, except as to the notes of the Bank
of the United States and Treasury notes.

This bill, if approved, will change the resolution of 1816, so far
as it now remains in force, in the second and third particulars just
mentioned, but in my opinion, as already suggested, will change it in
no other respect.

II. What is the extent of the supervision and control allowed by this
bill to the Secretary of the Treasury over the notes to be received by
the deposit banks?

And does it allow him to direct what particular notes shall or shall not
be received for lands or for duties?

_Answer_. After maturely considering, so far as time has been
allowed me, the several provisions of the bill, I think the following
conclusions may fairly be drawn from them when taken in connection with
the laws now in force, and above referred to, and that should it become
a law they will probably express its legal effect.

First. That the Secretary of the Treasury _can not direct _the receipt
of any notes except such as are issued by banks which conform to the
first section of the law and such as will be passed by the proper
deposit bank to the credit of the United States as _cash_.

Second. That he _may direct_ the receipt of notes issued by banks which
conform to the first section, provided the deposit bank in which the
notes are to be deposited shall agree to credit them as cash.

Third. That if the deposit bank in which the money is to be deposited
shall refuse to receive as cash the notes designated by the Secretary,
and which such bank receives in the ordinary course of business on
general deposit, he may withdraw the public deposits and select another
depository which will agree to receive the