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 them.
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.
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