m.

Fourth. That if he can not find a depository which will so agree, then
that the Secretary can not direct or authorize the receipt of any notes
except such as the deposit bank primarily entitled to the deposits will
agree to receive and deposit as cash.

Fifth. That although a deposit bank might be willing to receive from
the collectors and receivers, and to credit as _cash_, notes of certain
banks which conform to the first section, yet, for the reasons before
stated, I am of opinion that the Secretary is not _obliged_ to allow the
receipt of such notes.

Sixth. The Secretary is forbidden to make any discrimination in
_the funds receivable _"between the different branches of the public
revenue," and therefore, though he may forbid the receipt of the notes
of any particular bank or class of banks not excluded by the bill, and
may forbid the receipt of notes of denominations larger than those named
in the bill, yet when he issues any such prohibition it must apply to
_all_ the branches of the public revenue.

Seventh. If I am right in the foregoing propositions, the result will be
that the proposed law will leave in the Secretary of the Treasury power
to _prohibit_ the receipt of particular _notes provided his prohibition
apply to both lands and duties, _and power to _direct_ what particular
notes allowed by the law shall be received _provided he can find a
deposit bank which will agree to receive and [credit] them as cash_.

III. Are the deposit banks the sole judges under this bill of what
notes they will receive, or are they bound to receive the notes of every
specie-paying bank, chartered or unchartered, wherever situated, in any
part of the United States?

_Answer_. In my opinion the deposit banks, under the bill in question,
will be the sole judges of the notes to be received by them from any
collector or receiver of public money, and they will not be bound to
receive the notes of any other bank whose notes they may choose to
reject, provided they apply the same rule to the United States which
they apply to their own depositors. In other words, the general rule as
to what notes are to be received as cash, prescribed by each deposit
bank for the regulation of its ordinary business, must be complied with
by the collectors and receivers whose moneys are to be deposited with
that bank. But it will not therefore follow that those officers will be
bound to receive what the bank generally receives, because, as al