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.

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?