The New York Herald Newspaper, March 4, 1844, Page 1

ba Vol. X., No. 64—Whole No. 3634. ~ WINTER ARRANGE, A BRIDG ‘Tosto & Waerkax STEAM POWER TO LET. T WE! Apply tothe “Hoe” P. T. OF ie pile tes tte the bank of the Hi dale, about eaithy The In Reply to the Letter of David Leavitt, Esq., ‘ison, aud econtains ecven roots, with pleasure aurheses ene $30 per anaumn. Arbiyat the Abby Tow, ‘lew LEA vent and wenent Cottage ey Ne ee sc Soy nutes walk of either the Cas cre of excellent land, with erariecy ctivomeg trees ou of eREMIAH sMiTH, |Ametican Trust and Banking Company, recently pub- EASE—A d idence i eman doing business’ in the | been connected; and in consequence of the misrepresen- . basin PI 4s in the Eugligh cottage | tations and false coloring which have been put upon Mr. wud conels house. | Leavitt's statements, I deem it due to myself and public Oy within ten minutes walk of the Ferien Rett: | Pinion to present the facts us they actually existed. My |. For terms and further partiqulere, faa ¥, arriving same. STATEN ISLAND February ith, the ottage ia halt’ an Leave New York. Avg A.M, pair; togedl da good stable an jualoding a garden, an On Sun day the boat will leave at 11 instead of 12. KOR NEW ORLEANS—Loui iling packet ship GA‘ with attie,No shall state nothing which cannot be sustained by incon- Fea story Brick Hlouse,1 A easant sina- | testible proofs in my possession, und which are open to TO LET—The thi 2 Park flaw, oraee f Ani Park and on ata desirable location for a, competent ders, nnd who wishes to avail hjmaell of its business part of the city. disome furnished acco s wharf, foot of Wall st - Positively no goods reesived after Baturday evening, the th "Bhuprer by this line may rely upon having their goods cor- , Hultin & Woodruff, who will , 46 South street persoa to. keep proximity to the Apply at bktLuc 9 & DUPUY'S. way. |; astuiled. As the integrity of the original organization THE NEW YORK HERALD. NEW YORK, MONDAY MORNING, MARCH 4, 1844. Rar STATEMENT purchase, The stock was intended for deposit with the | pu Comptrollor for circulating notes, and was purchased uf- | fro sent Comptroller of the Stare, Hon, A. C. Flagg, who ex- cree JOHN LORIMER GRAHAM, would receive it a! par{rom the bank as security for cir- Messrs Joseph D. Beers, Myndert Van Schaic! bert Allen, presented a written report, dated Receiver of the North American Trust and Banking Company. ie toconclude the p se. On the same day a resolution | tion of that act, which im| or Port Hich- To the Public. to that effeot was passed by the following directors, viz :— | officers und members of a bankin ounep chal s" | In a letter of David Leavitt, Keg. recelver of the North | Henry Yates, Myndert Van Schaick, Charles Hoyt, Jo: | tion of that section. Gilbert Aller ie lished, reference is made to transactions with which [have e the committee was invested with power to close the con- remarks will be confined to the points which relate to my Pe... own actsand conduct in the matters referred to, and I hundi troller, ou deposit for ci tt" | the examination of all who {vel an interest in these con. cerns, and who desire to adopt truth as the basis for their decision when the character of a fellow citizen is unjust- perfecting the contract. My concurrence in the matter tlemen who made the purchase, in whose discretion and | o! nee, I strictly confided. time. 1 had not then, nor have I 9 ward alls to thei if iat a D AND WALES, THE subscriber has made unr qualled arra: gements for bringicg ove emigrants vending for their friends. wo TO LET, CHEAP—A Country Seat, connsting of about thirteen acres of land, with a | House, Stable, C fea, with abunilani h—distance from the City For further particulars, enquire on the premises. N. B.—The Bloomin the gate every hail how FOR BALE OR LEASE--On reasonable wrme Neral Houses and Lown ¥ pt. Hand, will succeed the ar day. mec Marek, het rewal and convenient | After the passage of the general banking law in this ouse, Ice House, | state in the winter of 1935, the friends of that system Daten Reformed made great exertivas to rear associations under it. ‘I felt fall four aud a half miles. an interest in these efforts, and had various consultations N. COBB. | view to the creation of a large institution under the law. ieee ‘The project, however, was abandoned by u do well to apply at SOHN HERDMAN, 61 So N. B.—Te shios of this line now cave dale and Koickerbocker 8 for any amount, pay~ tutions throughout the miec BLIN, CORK. OLERAINE, -da, &c —Persons wishing to send for it out from any of the above ie Bhips, on the most reason: heir experieucing any unnecessary de- Tarscott, one of the Arm, will be on’ the Tigiheet Mall’. | of highly respectable gentlemen, inviting ie to attend a Also, To Let or Lease—A valuable Publis Inland, within a short ride of the city, with n capable of conducting blic regort,this presents great advantages, ing capable of accommodating twenty. boarders, without interfering with the transient vi Apply as above. f ASAGE FROM D! FORD, GERRY Cl + can have them bi ports in class American able terms, and wii tention. Mr. W. fahiouable plac of this company has been questioned, shall briefly nar- rate my counection with its formation. State stock, and had no knowledge of transa and stabil ‘The di experienced in such concerns, but several of them among the largest stockholders in the company, Their own interest, and the high character they held i with several prominent individuals in this city, with a , and for some time it Was generally supposed that no bauk could be or- ganized under the law. Without my knowledge or pa- ticipation, other parties had decided upon an organization, and | received a written invitation, signed by a committee should to all others, thut they were actuated by no other | state. than honorable and correct fa to this transaction, the motives whic! individuals who made it, in order to re} fall. meeting 0a the 13th of June, 1835, at a banking room in Wail street, for the purpose of consultation upon the sub- Je speculation. It was ma: Shaw, Esq., of the house of Thomas Wilson & Co, of bt London, who was then in this city, who manifested the | and e and ct. At that mosting | met;Goold Hoyt, Thomas W. Olcott, Myndert Van Schaick, John R. Peters, Silas M. Stilwell, rs. Asef re give his personal ‘attention to th ribers or their agents here, 2 hes and comforts of those whose pas: by them will have all due and proper uttention. For apply, if by letter, post-pail Passage Office, 43 Peck lip, cor. South ‘btatned, tor large. or smal ant or sny other cl ‘of Ireland, or an} @ Passengers engaged TO LET—The HAMILTON HOUS wy ilton. ‘This well rounds will be very mu itaated at id, t: T. TAPSCOTT, ise, Di be ou demand, without ranches throuxhout th i@ of the subscriber, on the GEOKGE 8. GEL! Fort Hamilton, February 12t! STON. 127 2w#re was arranging to obtain large cash subs stock in Europe. It was intended as an inv Nathaniel Wovd, Valentine G. Hall, Charles Hoyt, Tho- mas L. Servos, ‘Thomas E. Davis, Samuel Wilkeson, Jas. B. Murray, Aquilla G. Stout, and George D. Strong. ‘The meeting decided upon organizing an institution under the general banking law, and resolutions were adopted and committees appointed to eect that object ‘The meeting tundored to ‘Thomas W. Olcott, Eaq.,of A bany, then present, the oifice of president of th tion, whe toek time to reflect upon the propos: adjourned meeting of the associates, held at the sa at known e bank woul which was versally entertained in the value of the State atock than is furnished in the fact that TO LE (—The THALIAN HALL, No, 400 Grand ia to let or room, and hat intersection of F as every convenience for such & purprse, but pied for the last three years as_a churel with seats for that purpose. Te also met there once a week. ; ‘and there is 00 other #0 convenient place for Tom so | ‘in the east It will be rented low to a zood int ae of it by re- T & J. W. COLLINS. COUNTKY SEAT AND FARM TO LEASE — A is now offered to any gentleman ‘The Farm contains uated on ihroggs’ Neck, We b hy aud vs now fi er ese Sound at Orlane fat RR m may nly upon the ships of this line sailing pane ERPOOL—The New. Lii oe jouth st. Capt John Eldridge, lottinguer, and sail on mitoérre tinne for a Lodge of any kit tenant, who could make, 1 it, Enquire in the sto: passage, having very su! ig fupetion packet ship artaen, Wi regular day, diet April TVERPOOL—Keeular Packet of the fui id packet shin PATRICK HEN: ‘Belane, burtea H00 tons, wil sles m3 3wFec place on the 23d of June, 1838, at whih Anson G. Phelps was chairman, und Henry H. Elliott, secretary, a commit. tee appointed to wait upon Mr. Olcott, at Albany, relative to his acting as president, reported the terms upon which he consented to uct, which were accepted on condition that Mr. Olcott should visit the city immediately, to us- sist in organizing the association. Air, Oleott belag una. ble to make arrangements for his immediate removal to the city, subsequently declined the office. At this stage of the proceedings | was solicited to officiate ax counsel of the association, which | declined. Subsequently, how- ever, and with'a view principally to aid the business ot my younger partners, Messrs. Wood and Powers, I con- sented to act incase Myndert Van Schaick, Esq., should be appointed president or vice president of the company. On the 12th of July,1839, at a meeting of the association, the following directors were named to be inserted in the articles of association:— Myndert Van Schaick, Joseph D. Beers, Daniel E. Ty- lee, Thomas E. Davis, Peter Stuyvesant, Stephen Whit- , Anson G. Phelps, George D. Strong, Thomas L. Ser- ‘Thomas Tileston, John L. Graham, John R. Peters, Charles Hoyt, Aqulla G. Stout, William P: Hallett, James B. Murray, Valen'ine G. Hall, William Stebbins, Henry States invested the proceeds of the advice of Mr. Shaw ashort time afterward as @ an exchange account with England, and the di the prospect of a rupture between the two countries in re- rovide for the payments accruing for these purchases. It was a department with which I wus not chat for the management of which I was not respon sional business, devoting all my energies and power the performance of my own legitimate dut Te financial officers of the tery fa af del of explaining, the causes of its di throw; and [ understand that th . To gx the duty se gentlemen, or one of TO LET—The fo eabin, second eabin_and steri fon on board, foot, of 3 MeMURRAY tory granite tront Brick Stores all street, brick Li pratgphed Hadson street, Jersey ferry. Walker street, between Broad- it order. 213 Church street, one door ces hae fronting the river, ity. i "Phiree story. brick i of the regular packets sail by letter post paid. ber hei ; euout the Country: "Also Meerrs: Spoourr, Attwood & Co, Beakers, London, payaw ‘every town in Great Britain. fe28 toM6i Aas AcE FOR GLascow-wit have im mediate dispatch, the splendid, fest mailin erspADAM CARR, Captain Scotts ‘She has excellent accommodations for eab n, second eabin b> feerae Passeagnrs. Those berths should early application to a * ‘ ry louse No. — Rivington street. ry brick House 301 Bowery, occupied by Dr. Wm. ti PAINE, 5 New street, near Wal street, : moderat SOHN F LOTS ON BROADWAY FOR 8ALE—Five lots on the west side of Broasway, thee between 17thand 18th streets,and Two between Jéth and i9th streets, Including both coraets of uxt, ou aerated ington Mo- et. ihe whole ‘ber of years, ly improved. Apply as above. Wishing to secure T. TAPSCOTT, chase money may emai 43 Peck slip. cor. Sout ‘is im i from Ginna about ere NIBLO’S CONSERV-ATORY AND SEED ESTABLISHMENT. ‘ARRIVALS OF FRESH SEEDS. THE SUBSCRIBE: patronage received by hi GUASGOW—REGULAR T! I Mareh 6 —The fine, fast sailing British M C. ‘sail as above.— Cotton, or passage, apply E. R. orto DHULL & MINTURNS, 87 South street. E.—The sloop THOMAS COLY at the foot of Spring stt y, om as jer, ‘one of the fastest and hs is centre-vonri, and of ater, and carries about 120 tons, and is well busiress. For farther par JOSEPH AGAT 237 Bron Administrator of the estate of Frank! knowledging the libera! season, for which he tefal, 2ow beg sto inform his patrons and the pub- iq business hen in Europe laat winter, with ted attention, and without any regard to ex- by the recent arrivals of the se- from London and Havre. f i’be found to contain superb varieties of new Seeds, many of whieh on board, pier 24, 6 (which were m: annual, bieunial and vereu are very rare, and will be found well worthy the atcention of and Field Seeds have also been imported, of those Which are desirable to be obtained at foreign ta, for which the American productions n by men of experience an ighting or Lona | tucalars apply to enue, ands in fact, are warranted ior wonld alao beg to reerall the ead ‘enuine character, he enused all the ol BOOTS AND SHOES. LADIES AND GENTLEMEN. roi renee the aboye articles,andwish to sa public attention to the rom, this establishment should Id seeds (procured ) to ‘be nold at public auction, serve, by Mr W. H. Frankl mm the 27th Dee | assert here is not a worthless hand a Double Dablias—Az extensive collection of these beautiful flowering Knots have also been imported 0 hent growers, and are bale of in England durin confidence in the whole stock now on men who consider a wi article to the tout ensemble 16036 oF 181 Greenwich strcet, are the only plaees n New be |. Ledlesead’ Kivess Calter, Sore, he., always on boot or gaiter in iadiay Poviisiathe * saa musade tbe ‘Catalogues, con- ach variety, terecher with in- will be published at anearly ey lection of fine healthy plant collection of fine healthy p! Conservatories, which will be found desirable ormaments for for ther Cultare, iber, 16036 and 161 Greenwich street. £1) Flower,are i the ONLY LOOK AT THIS } and see the as- ahi f BOOTS and SHOES. he Parl Bouquets, Baskets, and Vases of Flowers, New and Fashionable oot aud at upina neat but el «© Fruit aud Omameatal ‘I'rees, Shrubs, nardy Roses, ‘lowering Roots. viz: Gladiolus, Mexican Tiger Jacobean Lily, ‘Luberose, &e. ke., for ng. Faney ‘Tarra Coua Klower Yasee. acd Pots, s. God Fih, Fish Globes, & can be procared the shortest notice, eon an ‘rench and native ci 50, $4 to $4 50 and $5 per men’ new aud haudsome desi e assortment of C ricultaral Books, &c on hand. "he above are now affered for sale at LOV ing, een pure he Third An and Pham be ready for de'ivery week, Orders attended to with prova tdening Tools, Horti: ‘oare of publication, gratis) early im the ensuing mess, and thankfully received. IBLO, Sole Proprietor. 6 Broadway. £20 \mnre any quantity of Overshoes and waterproof Buskios, wentle- men’ bottom: i nusses and chil: Street, corer of HOUN & CO. No conve’ tion with any other establishment. "EVERY, KIND JUST RECEIVED PACKETS QUEBEC AND HENDRICK HUDSON. DUNLAP & CARMAN af returning their thauks to etmen low price of $3 50 rarranted ti lo Yankee about them, asa single trial will rived an additional sap- jootn of all descriptions to order. on the varieti s of Annual, Bienmat, and shortest notice—a good fit being guat in all cases, or no ale, which he is ee do pair of taste for each Ash “Leave and other ‘eaty description, sti cuftare;, Bouquets, composed of bridal or other festive Gold Fish and Globes, fi rious patterns, with other lagey arti he Lowel terms i table for parlor t ee weesse ‘ses and Stan all of wate Papel H to inform theie frieads and the public seed of any kind in the store, and hav expense to procure the best seed fiom the most 165 all of which will ranted. stribu'ion early the ensuing wee! please catl and examine for themsclves before purchasing else- ‘They beg leave wat they have not an o} ssssss weeaen ssss32 Qrershoes, Shippers, TEEN US WATKING: 11 Falcon street, between Nassan and Dutch streets, SAVE YOUR SHILLINC All that are in want off ‘or Buskins,are req 8 ti Misses and Children's Ge of the latest French fashion—the chen, the wreatest assort iL those in want will for gruel, yet fine French Calf Dres call ogain, the eat evi Several practical Gardeners wanting situations, above. H. Leeds, Henry Yates, Richard ayaa ee HE liott, Thomas G. Talmage, Cortland Palm Gilbert Al- len, Obadiah Holmes, Stephen Warren, Troy, N. Y.; 5. D. Walker, Baltimore, Md.; William K. Stron; co. N.Y.; John C, Devereux, Oneida co , N. f, Dudley, Albany, N.Y.; Thomas W. Ol Pierpont, Brooklyn, N.Y.; David N.Y.; Sheldon Thompson, Buffalo, N.Y.; James Seymo Monroe co., N. ¥.; Jonathan Trotter, King’s co., James Erwin, New Orleans, La.; William M. Oliver, Yates co., N.Y.; Washington Hunt, Niagaro co., N.Y. A committee, cena of Mesars. Beers, Van Schaick, Tylee, Phelps, and myself, was appointed to notify the di- rectors of their election, which was done by a circular ad- dressed to each, informing them respectively of their ap- pointment, and requiring them to become shareholders, within sixty days, to the amount of $5000 each, in order to be qualified as directors, All those named asdirectors acoepted the appointment and qualified themselves, excep- ting Stephen Whitney, Thomas Tileston, 8 wi ren, John C. Devereux, James Seymour, Char! ley, Richard Suydam, and Thomas W. Olcott, clined acting, or did not qualify themselves to act by be- coming stockholders, Messrs. Dudley and Olcott being un- able to act, owing to their being directors in anotBér bank, and declining for that reason. Subsequently the follow- ing gentlemen were appointed directors, to fill these and other vacancies, as they occurred from time to time :— Robert Dyson, Elisha Peck, William Vyse, Otto W. Pol- litz, David Ogden, Benjamin Curtis, Melvil Wilson, Jo- seph Towier, Charles M. Connolly, Bowen Whitney, On- tario county, New York; Samuel Wilkeson, Erie coun- ty, do 5 Charles H. Carroll, Livingston county, New ‘ork. On the 13th July, 1333, the directors (twenty-twe being ‘The next subject with which Mr. agent in England in Japuar ot its state stocks abroad was hopeless except at ruinous | lar. prices,and that they would be sacrificed to meet the heavy advances already made upon them, unless other were provided, the directors legislated, as all other tutions and individuals did at that time, upon the errone- pay Wilson, Exq., one ofthe house of Thomas Wilson and C racter and intelligence, and largely interested in the pros. perity ofthe company, both individ of several large stockholders in London, advised the rectors to meet the emergency, and avert the disastro1 curities ‘ears, at a low rate ot interest, the payment of which ob- igations and the difference of exchange to be secured by a deposit, in the hands of trustees, of an adequate amount of bonds and mortgages. ‘The proposition was favorably entertained. ‘The directors, and many of the largest ‘ockholders not directors, were unreservedly consulted espectto the measure. It was asubject freely and ly discussed, and was adverted to in the newspa| present) met at their banking office, Henry Yates, Esq. in orth if , P sore he day; and all agreed that the procurement of these mar Mirage tet of Joseph D. Beers, pre- | Cash advances would averta great calamity to the stock- Myndert Van Schaick, vice pi sner Graham, attoruey ier; Daniel E. Tylee, notary. ‘At ihe same time the directors appointed standing com- mittees and enacted by-laws, which were published and circulated. ‘Thus organised, the company proceeded to receive subscriptions for its stock. ‘The committee ha- ving charge of that matter received and passed upon 760 applications for stock, amounting to ten millions of dol- lare and upward, The whole amount of stock subscribed for and issued, as appeors by the official returns of the company te th mptroller of the State, on or before the first Monday of January, 1840, was $3,285,900, 0 that ap plications for nearly seven millions of doll were de- clined. Of the amount distributed, the directo filled up, in their own right, about 13,000 shares, equal to $1,300,000. In justice to the committee who performed the reay ible and arduous duty of ceaiag upon the securities offered for stock, I copy the following letter of nation of Myndert Van Schaick, Esq. as vice-presi. dent and a member of that committee, (published in the newspapers at that time,) a gentleman whose character is above all reproach, during whose adminiatration a ae of the subscriptions for stock had been lowed. ent; John Lori- nd counsel; Walter Mead, cash- econd cashier; William P. Powers, holders. | was directed, as counsel of the company, to prepare the form of a trust deed for the one million of dol- Tare; did so, and furnished it to Mr. Wilson, and the of Messrs. Palmers, Mackillop,Dent & Co., having approved it, forwarded it to England. ‘The numes of the trustees inserted in the trust deed were M ‘Beers, Ty- lee, and myself. The deed of trust, when it arrived in Engirnd, was sub- mitted toan eminent solicitor (Thomas Oliverson, Keq of London,) who suggested a new form of deed, in which, among other alterations, he proposed, for the accommoda- tion of parties in England, in the reception of their inter- est ues the obligations of the company, to add the names of J. Horsley Palmer, Jarves Mackillop,and Thomas Dent; upon its return to this city, a new deed the form proposed in London, it being req parties in England that Lewis Curtis and Blatchford, Esqra., persons not connected with the com- pany, should act as trustees in the place of Messrs, Beers and Fylee, who were officers of the comp names of Messrs Curtis and Blatchford ws as trustees, Another deed of a similar cl 000 was shortly afterward executed between the same par- ties and for the same object, in pursuance of the plan be- fore mentioned. It was also requested by the same parties that J should act as a trustee, which I consented to do,but being the counsel of the company, declined receiving any compensation for my services. Subsequently, another trust deed, in the same form, between the same parties, was executed to secure $600,000. Trust ce: ible in five years, were created, in order to make payment of outstanding obligations of the company given for state stocks and about maturing. ‘The compensation to the trustees for th the three trusts was fixed at $33,000, of which sum $22, 900 belonged to Mr. Blatchford, and $11,000 to Mr, Curtis. The duties which have devolved pon me as a trustee, in assisting in the management of these trusts during the period they have existed, now nearly four years, and em- racing bonds and mortgages for over $2,700,000, have oven onerous and vexatious. Vor these services | have received no compensation. When these trusts were cre- ated, it Was presumed that through ther company would be sustained, and of course that I retain its professional patronage: hence my reason for declining to receive compensation as a trustee. The information, herefore, which Mr. Leavitt states he has received res- ting a bargain between Mr. Blatchford and myself, is entirely erroneous. It is proper to state, that 1 have repeatedly expressed # desire to resign as a trustee, and sh: nd have made appli- cation to the Chancellor to be discharged, but have been 5 in the least conversant with legal proceedings would pro- nounce the charges just and moderate. wi executed in themselves “Ke. in New Youn, Sept. 5, 1838. J.D Berns, Esq , President of the North ? American ‘Trust and Banking Company. 5 Dean Sin-*By the advice of friends, | write you thi letter, to inform you that the confinement to labor in th office has impaired my health, and that I desire to resign i You will please to consider this letter as such ni I deem it a duty which | owe to the institu. tion to say, thut in the department which | have had par- ticularly in charge, the committee of investments and finance have managed the taking of the securities with great skill and success. I believe that upon the sound ness and sufficiency of those securities the most implicit confidence may be placed I have admired the instances in which the members of the committee have uniformly acceded to the very lowest estimation of their own property, and have heartily con- curred in all views tending to induce thg greatest caution ‘and to obtain the most ample security for the company With respect, | have the honor to be yours, (Signed) M. VA In confirmation of the judgment of Mr. respect to the value of the mortgage secur to state, that about two years after they were pi by the committee, at atime of great depression in real estate, the parties abroad interested in the trusts, to which ral aud Cks, d'Beove Y SCHAIC Se! prune Vio Ishall hereafter reter, caused! a valuation tobe made of | Jissuaded from it by parties interested. | have hitherto the real estate in the cities of New York and Brooklyn, | yerformed my duties to the best of my ability, and shall covere the mortgages embraced in thove trusts. | Continue to do so. ‘The trustees are legally bound to de- fend and protect the rights of the distant and innocent parties, who have advanced their money, and confided in the honor and good faith of their debtors. Having, select- was a director in the company; the vd wa as the depository of securities for these obligations peculiar fitness of these gentlemen for such a duty are are held by agreat number of individuals, ther Well known, ‘They were assiduously engaged for some | °est# upon us a legal and moral obligation to resist all wf time in making their estimates, and Messrs, Wells and | forts to overthrow the trusts by whieh they are sect Tucker severelly valued each parcel of property without hensions that, in performing a du knowing the amount for which it was mortgaged to the | /¢rious, and in abiding by the decisions of the trib company. ‘Tho following is the result of their labors: — | the country, we shall meur the displeasure of the honest “We, the undersigned, have, by request of the North | portion of the communit, y James N, Wells, Joseph ‘Tucker, and John R. Faqrs., of this city, were select first named gent! iy for low> corner Canal street ‘Also—a piece of land in she same village, and West of opposite tthe Orchards pousleting, of abst 7 acre Keows as the * Moore property.’ On thi wo dwelling ion. ive improve valwar 58 Wall at. American Trust and Banking Company, of the city of] Soon after the exocution of the deeds of trust, ax pre- lew York, and Messrs. Wilson, of London, England, | pared in England, ft was axcertained that they required made a personal examination of the rea) rt material alterations to enable the trustees to protect the roperty specified in the foregoing sched trust property. The opinion of the most eminent coun- rom | to60, both inclusive, and situated in various sec: | vel inthe city was invoked. The trustee tions of suid city of New York ; we have also consulted | acted under the advice of Chancellor Kent, D several gentlemen, in whose judgment of the value of | Jen, Peter A. Jay, and William Curtis Noyes, Esqrs. and property we place confidence. We do therefore unite in | in all matters touching theit powers, duties and responsi certifying our opinions to be, that the value of said pro- | bilities, were guided 7 their united written instructions. rty ix an shown by the several prices or sums which we | It was recommended that additional supplemental deeds of nave caused to be written opposite to each parcel rerpec- | trust, making the proposed alterations, should be py tively ; and this is our valuation of the same, for safe and | ¢d and executed, which was done, and the following permanent investments. ficate ix endorsed thereon :— koown “The aggregate amount of our uppraisal ofthe said pro-| _‘* We have examined ond considered the bog eget in- perty is ealitien three hundred and ninety-five thous. | strument, and are of opinion that it obviates the difficul- and two hundred and fifty dollars. ties pointed out in our opinion dated May 22d, 1841, and ‘A VALUABLE FARM FOR SALE—The Finn, rmerly owned and occa, tuated in the upper part o a heater County. 20 miles from th» city of New York. it Koad, anda quarter of a mile than Ward, Kea, East Chester, 4 om the Harlem Rat ‘The above Farm contains about two hundred acres of Land, hi uader a high state of cultivation, well watered and fenced, with a double two-story dwe ling and % number ef out: buildings attached tea acres of land is now occupied as 6 Marble Hall ) before the 75 tavern will be let fi & MORGAN, near the pre- the Bronx Tavern an if the above farm and ne N. b.—This farm is well fe24 Imeod* m - e's thin one mile of the neres . the balance ‘is for dern two story house with a one 40 EN UWNG?, 26 Catherine street CK POTATORS—OF 19: FRENCH POTATOP.8—OF vaperior quality, for eal + rade fitched adoivine, 4 a barn and « large variety of fruit JOSEPH TUCKER we recommend the exeention of the same. JAMES N. WEL "JAMES KENT, (Signed) JOHN R. PETER’ “PETER w York, November 28th, 1840, “DAVID B. ‘The property thus appraised, aaa kafe and permanent © WILLIAM C investment, at $1,395,250, has been mortgaged to the com. | New Yorx, June 12, 1841.” pany for $1,025,700, showing an excess of value in the | ‘The trustees having been informed, in (October, 1841, opinion of the appraisers at the date oftheir certificate of | that Mr Leavitt intended to insist that the trusts we $869,500, ‘ ame valid for usury and upon other grounds, the trustees 1 have been thus porticular in giving names and evouts, | placed themselves nnder the legal advice of Benjamin F. in order to repel the unfounded imputations made against hutter, Samuel A, Foot, and William Curtis Noyes, the integrity and good faith ofthe organization of this | Mr, Leavitt afterward filed s company. All the facts 1 have stated and a more full de- | aside tha trusts upon these g nder oath, can be found on the files of the Court of nding for chancery. ‘Those records exhibits a systematic, regular | braced in them, and in others involving the organization and honest o ation of this company, and those who | of the company, have received the most searching and qnestion it will be convinced of their error upon refers: | thorough examination. I am justifed in saying that the ing to them. ee eminent gentlemen last named, after the fullest investiga. pon reference to the books of the Kg eh it will be | tion in preparing the pleadings in these causes, which are found that one of its first acts, after its nization, was | now pending, have a perfect conviction that the organiza. the purchase of $1,000,000 of the stock of the State of Ar- | tion of thecompany was conducted in good taith, and in kansas, The most cautious Investigation, | believe, (for || accordance with the provisions of the general banking was absent from the olty when it wae mads) prec this | lew, and thet the trusts were created in faith, for the Me NOYES. sof eral bills in chancery to set ounds, The suits have been long period, and allthe subject matters em. ees Price Two Cents, the North American Trust and Banking Company are de- sirous of negotiating and raising money upon for the ge- neral purposes of the institution, to be secured by the trust referred to at the bottom of the note. A doubt hes and the act amending t! rpose of providing forthe payment of debts justly di m the company, and of raising monies for its use, and ter consultation by the president ‘with the then and pre- | that both were justifiable and laudable objects. 1 feel a liberty to invite a reference to those gentlemen pressed a favorable opinion of the stock, and stated that he | for the confirmation of this ‘Mr. Leavitt, upon the subject of the obligations of the culating notes. A committee of the directors, consisting of | company on time (which he denominates “post notes,”) nd ublish the opinions of under the general same, passed May rtoobtain and il- | has deemed proy in order to establish that th ith of Au- | several couns: th gust, 1833, detailing the terms of payment, and concluding | of those obligations are void, because issued with a recommendation that the president be authorised | sage of the act of May 14, 1840, and he copies the 4th sec- es severe penalties upon the association for a viola- so publishes the opinion of the George D. Strong, Valentine G. Hall,’ and | counsel, given upon an imperfect statement of facts, time when that and all other questio: re under advisement b’ New-Youx, Dec. 15, 1540, ar oe teen months after date the Nowtnt 090 an Trust AND. Bankina Company 07 ir Banking House to . for value received eee preeiey to pay, at their the Court of Chan- by the counsel of On the following day, August 94, 1889, a farther report | controversies, of the committee appointed to confer with the commis. | cery, having been previously argue sioners {rom the State of Arkansas for the purchase of | the respective parties, who are anxiously waiting a deci- said stock was made, varying the terms of payment, and | sion. Mr. Leavitt havin, tract. This report was signed by Henry Yates, Joseph | me and the other offic D. Beers, Gilbert Allen, Myndert’ Van Schaick, James B. | the public as having Murray, Henry H. Leeds, and George D. Strong. ‘I'wo | penulty, | am constrained, in self defence, to state the facts red thonsand dollars of this stock was subsequently | in connection with it, although conscious of the impro- received from the Neal jean’ by Bates Cook, Esq., Comp: | priety of drawing into discussion in the rculating notes at par. ‘This was | questions involvin the first purchase of State stock by the bank, and upon | which have been elaborate! my return to the city, I united with the other directors in | courts for deliberation and ‘The directors, after the passage of the act of May 14, desired the views of counsel upon the construction in reference to their right to create obligations on I was directed to turnish an opinion, and to Samuel A. Foot, Wil ions of that | Curtis Noyes, and David B. Ogden, Esqrs., united with nature, although I participated in the confidence enter- | me in the opinion that the compan: tained at that time by the whole community in the value | notes upon time in the manner and for thi y of State credits. sed. ‘These opinions I now publish, in vin ctora who made the contract were not only | Board of Directors, who acted in full confidence of their e | soundness. itis proper to add, that the results of these opi in. the | have been sustained by a late decision of the community, gave the strongest confidence to me, and | Correction of Errors—the highest judicit The payment of the above obligation, with others, amounting in the aggregate to +600.0 0 is guaranteed by the transfer of secur dal $00, 0 under @ Deed cuted between the us, by his publication, presented -s and directors of the company to jolated this statute and incurre? its nry Yates 0° 8 Wiltam Curtis @ Noyes, Trustees, bearing even date herewith eesccescescecess ablic journals property, and iscussed, and are before the 10.000000000000000000000000000 090900000000000000000009 Our opinion has been requested upon the we have carefully con: reference to the acts referred to. ‘There can be no doubt that, independent of the act of May legal, and may lawfully be negotiated. banking law contains no restriction upon the making and using such paper, although payable upon time; one of the main objects of that act was to protect the public in regaid medium which it authorized to be is- sued, and for this end it required a dey osit of securities with’ the comptroller, and that the circulating notes them- selves, which were intended to be used as money, should be payable on demand (Laws, 1585, p. 2 nguage of the sectior » the same as money, according to the ordi- nary course of banking business, as regulated by the laws ‘This section, therefore, related rested entirely upon the judgment of the respectable gen- | 1840, 5340, the notes are ce, owned a dollar of | ciate other counsel with me. had the right to make | (® the circulating 6, § 3); upon doing “they might loan tribunal of our at the time, been intimated that the at- tentions. | refer especially | torney general and bank commissioners intended to inter- led to it, and the | pose to prevent the creation of such notes, the president he oft-repeated | caused letters to be addressed to those offcers, incloxiny accusation that the company commenced with a stock | each copies of the op de under the advice of Gabriel | the right of the comp and usages of this state.”” to the circulatin Neither this section of the law, nor ony of the others having refer ng notes, have any thing tc do with an ordinary promissory note or bill of exchange, nor do straint whatever upon the associations in respect to the use of the ordinary mercantile paper of the country, among which bills and notes are the most were at liberty to creat na already mentioned, asserting y tocrente notes on time, inform- them that the company intend g to meet any proceeding int deepest interest in the success of the company, and who | pose of testing the question. they impose uny fed for the pur- As no reply was received to riptions to its | those communications, the right was considered as acqui- nent, and | exced in, and the company proceeded t ifthe cash subscriptions abroad had been made, as was | tions in the manner pointed out by th confidently expected (and but for that expectation the | | ask the fa ‘not have commenced business,) the whole | some of the stock was required and intended for deposit with the | satisfy the innocent holders of the obligations of the com- Comptroller. pany that the directors acted in good faith, and with pro- No stronger evidence oan be given of the confidence | per regard to the inte It is supposed, howev act of May, 1840, has a mor and that it’ forbids the associations from muking or using any ordinary bill of exchange or promissory note of its own in the usual course of its business, the same is payable on demand and without interest. That section ix us follo or individual banker, as su v, that the “4th section of the legal advisers, extended application, will tend to dis this question, and will erusal of the opinio e mist which surron s of all concerned. t comments at length upon the contents of returns made semi-annually b the same time the Government of the United | and cashier to thecomptroller, as required mithsonian Bequest, | fers to their details. “No banking association, , shall issue, or put in circu: lation, any bill or note of said association or individual je payable on demand of this section the same shall be without interest; and every otticer or member of a banking association, or by er, shall he deemed and adjudged o risonment, or both, y law, and re- He thus connects my name with equal to $500,000, in that stock. them:—It must have been known to Mr. Graham, as “rhe constant etfort by the directors to preserve the Ar- trustee, that the bonds and mortgages embraced in the kansas stock from sacrifice, and also the Indiana state | trust deeds were included among the axsets of the com- stock to the amount of $1,200,000, purchased under the | pany in the returns to the comptroller made in July, 1840, is for | and in January, 1841 misdemeanor, punishable by fine or in jiscretion of the Court having cognizance thereof.” In our opinion, this section does not apply to ordinary bills and notes not intended to be, and not, ip fact, issued and circuluted as money instruments are not, in our opinion, either within the in- tention of the Legislature or the language of the sec- ur reasons for this conclusion are th of said returns omitted point: | to include the 1,800 honds or post notes among the debts, ment in ‘not obtaining a large cash subscription to the | and made no mention of, or reference to, any trusts w! stock of the company in England, produced mainly by | ever.” ‘The reply to this statement shall be brief and conclu- the deposition of the accountant of the com- ing the following fact 1. Thut the returns to the comptroller were made by tis not my intention, nor have [ the means to enable me | the president, cashier, and himself; that the counsel of to furnish @ history of the financial operations ofthe bank. | the company was not consulted, and did not participate in ed, and | their preparation; that it was aduty which properly and jo, for 1] exclusively devolved upon the financial officers of the was constantly and unrem ttingly engaged in my profes- | bank, and that they alone were responsible for its accu- racy ‘and truth, having sworn to the same as required by aw. 184, p. 306, sec. 4. ) lation to the Northeastern boundary, entailed upon the | sive. company acontinual necessity for raising cash means to | pany, establi tion in question. briefly these :— The general banking law did not impose any penalty upon the issuing of circulating notes pay although the ixsue of such paper by the associuti against the spirit of the act und, as we know. frequently, had become a public grievance resent means of yable on time,and circulate as money, illegal, yet it wan’ e practised; and although of no ordinary magn: enting it or of p jing notes, like those ‘and resembling them in almost every particu! were issued by many of the associations, ond the ignorant und unwary were easily imposed upon by means of them. ‘These notes were generally on time, und sometimes car- mall interest, und for none of them hed the public other than the association itself; none bad been furnished to the Comptroller, in compliance with the spirit of the general banking law. and to punish those who rhould engage in con- tinuing or practising it, that the section under considera- tion was passed, ‘This, and this alone, wastbe mischief that existed, and the Legislature intended to remedy If we are correct in thi demanded the provision in question to the construction of the he words are loose and ger and limited by this necessity, and by the inten- tion of the legislature, as deduced from'the evil they de- signed to prevent and punish, and the language they have employed to effect these It isa principle we nishing those in point of fact, the returns made in July, ‘asters, and its final over- | and in January, 141, were in all respects accurate prepared the details of them from the books h them, is preparing a statement on that subject, and will | and that all the debts and assets of the bank are truly exhi- shortly publish it. bited in these returns, ‘That although it be true that the eavitt has connected | notes themselves were not specifically mentioned in t my name, is the creation of three truats, by the company, | returns, yet the debts of the company which they repre- amounting in the aggregate to two millions of dollars, sented, and of which the: Information Me reached the company from their | instsnce truly stated. i an 1840, that the negotiation | were literally and truly complied with in every particu- were the evidence, hat the requirements of the law Vis eared ‘To which [add that I never saw the returns referred to, nor knew their contents, until | read them in the news- in 1938 I formed a co-partnership with William Curtis ous expectation of better times, and decided honestly and | Noyes and Enos T. Throop Martin, Exquires, the business in good faith that the true interests of the stockholders | to be confined to law and chancery consisted in preventing the sacrifice. At that time Fletcher | ® partner with William G, Wood and William P. Powers. , | Esquires, whose business exclu t of London, then in this country, a gentleman of high cha- | ancing and other ma‘tersjeonnected with ‘The firms were enti The terms of each is view of the necessity which there can be little tion itself; for al- ul, they are to be ely related to convey- a ely distinct, and occupied separate artnership were, that the earnings should be equally divided between its. members. In respect to the first item of $10,000, mentioned by Mr sacrifice of ite state stocks, by a resort to its mortgage se- | Leavitt as received by said firms, I deem it unnecessary to nd engaged tourge his friends in England to | repeat the statements made b; make the necessary cash advances to accomplish the | his reply to Mr Leavitt, publ object. vertiser of the 23 The plan proposed was the creation’ of two trusts, one | day—and which I ha for a million and the other for half a milllon of dollars,the } | trust, satisfactory explanation of that matter. obligations of the company to be given, payable in several | only add, that I received but one third of the amount of } e; the residue was divided among in, ners, in the manner stated by Mr. Noyes. was maturely considered by a committee,and the services rendered catefully investigated; it was'passed upon and audited by directors who were among the largest stock- in the company. In respect to th jually and as the friend | offices. settled in the construction of statutes, and especially those of a penal nature, thet they » extended by intendment to cases not ainly within the mischief sought to be remedied. —(2 war. on Statutes, 737.) the legislature, having an eye to the origi passing the general are never to hed in the Commercial Ad st. and other jeurnals of the m ‘subjoined—he has given a Now it cannot be sup jaw, the scennity of the pub- g medium, and the abuse which ex- ystem, could have intended to pre rom giving bonds ordinary purposes of trade and com , and not iasued,or intended to circulate, as money It was no part of the object of the act, as originally puse- they were left to the judg. of dealers in them, in the same man- tions between individuals. with equal certainty, no evil in this respect demanding 4 that cha ou vent the associations bills, and notes, ed, to regulate these matt ment and prude holde ther charges of the two firms, they ery instance by my partner: detail of all the services rendered, and mined and audited. to impart a knowledge of the ex s performed by myself and part- company, unless reference be had to the volumnious papers and vouchers on file with the receiver. If it were practicable to exhibit m detail the numerous itsms, which constitute the charges for the professional y four partners and myself, embracing a eriod of over three years, deducting therefrom the dis- ursements which are included in the accounts, any one In the first place, then, we regard the notes in question ax not being within the intention and spirit of the fourth section, and therefore not within the section itself. ficient to exempt ther In the words of 3 proved authority upon the subject, e, it tent of labor and busin ners for t from the restraints of To bring a case wit should not only be within the misch the legislature, but also be wit import of the words of the act, It ix to be obs interpretation, a part, anda very import usual part of the business of banks and banking usso- ed, that unles It is well known that m and chancery practice, which yielded me indi ich I had fostered for over eriously impaired, and finally destroyed, by my con- nection with the all absorbing busin It was a source of constant complaint by my law Messrs. Noyes and Martin, end the issue ful their preaictions, that m extensive and prosperous law id cannot be conducted at all purchase and endorse a bill of exchange payable vpon time, the endorsement being, in effect, u new bill as to them, and, consequently, in this view of the case, illegal. having a balance or an account with w upon it, unless the draft was made payableton demand; a requisition which would be un- 8 well as absurd and inconvenient, and would kind of business altogether, or ren- They could not large of this compan Nor could’ the: another bank, attention to the concerns of the company would ultimately supersede and destroy my other business. Mr. Leavitt states that my partners and myself received $44,000 for professional services. amount was received, there should be deducted for actual cash disbursement, included in that amount about $4,000, My proportion of this participation in the salary, ervices to the institution, le proportion of office rent, clerk &c. for the two firms, amounting to upward of $4,600 per annum.) amount to $2,900 per annum ; « s1m which will not be considered exorbitant for the labora per- formed In order that the expenses of our professional establish- ments may be understood, it is proper to state that during the three years referred to my partners and myself paid. For ren*, Ist year te to destroy th der it nearly valuele Assuming that this The teatmiasion of service to the public. So, sociations gould not give their note for a site for a ban! house, or for materials to erect one, or for an arrear of ry to an officer, unless it was payable on demand. and It is confidently believed that these views alone must satisfy all that the section in question was not intended to, and does not, interfere with the rights of the associations to draw bills of exchange, make [promissory noter, and other contracts in the ordi leavin, sum, allowing my partners would, for my three ter deducting a without interest. the next place, we are of opinion that sueh notes are intelligible import of the words” of On examining that ect, it will ely to the ‘notes aded to circulate as money the Le lature still keeping in view and intending to promot original object of the general banking law, and the safety against «worthless currency. ‘The original act allowed the stocks of any of the States to be received 4 security for circulating notes; this act forbids it, and confines him to the stocks of this State The third section requires securities to the amount oi one dollars to be deposited with the Comp troller, before the business of banking shall be commen the return of mutilated circula djthe issue of new ones uot within the “plain, © Ath section of the seen that it relat ‘association: in clerks, 2 500 per aun., for 3 ork at $500 for 1 yet "ESO each per 1 $220 pei ‘Two clerlis, at $100 pr aun.,for 3 yearns by the Comptroll hundred thousan The accuracy of this statement is beyond disp the books of our firm will show. Reference is made to th bers for capital stock, for examination of title aud official certificates of approval, & 1 cases reasonable. ham, Wood & Pow partners of that firm, ‘These charges were in y were received by and equally divided between the As much has been said respectin; the amount received fom the company for profwssionel services by my partners and myself, I declare for them and myself, that a full equi dollar that we have received, and gent man who inv venth, eighth, ninth andstenth ilating notes, and to the securities provided for them hands of the Comptroller, and the resi js the power of the bank ‘commission imposes penalt ymit to their examinations, fora, from ite frame and language, that this amended act was pasaed with a single eye to the circulating notes, and way not intended to interfere with the ordinary operations of the associations in the use of commercial paper. is also the just infer They are, that ‘no bi ex, af such, shull iss te 10 relate to the upon them for refusing to alen€ was render It cannot be doubted, there ery just and intelli- gates the matter will be convinced of the rectitude and moderation of our charges, and J in- Ilest scrutiny into them. yclnsion | would rem my own right to the am ave sustained a heavy loss, which | held from the organization of the compan: en sold itat a sacrifice of ; he interest on the whole amount for six years, less « dividend of $200, making a loss on that investment alone of $6400. ed upon my stock, exceeds double the amount I have re- sived from the institution for professional services. will be seen, therefore, that, instead of being benefitted by my connexion with this company, ithas been disastrous to me ii ‘assment, and the subjecting my moti srepresentations, vite the words of the section.— sociation or individual bank in circulation, any bill or in the compan upon which | js only applicable to a ciroulating medi um, like bank notes or other currenc stitute for money ; of suc circulation, but this form of applied to bills of exchange no resemblance to bank note money. No we atew wecks past, to which i intended as a sub ax on issue or us expression is rarely, if ever, ind promissory notes, hav: and not intended to pass ructed merchant, or business: man ks of his ontstandiny in circulation. st have sustain- notes or dille i The Legislature ed to have used there well known and fem! rms in their common acceptation (2 Dwar, 702,) and so, the section should be read aa follo o, or individual banker, as such, shall utin circulation as money, any billor note, f e intent to prohibit their circula- tion as money, and not otherwise, is so clearly inferrible at to be correcte dwed, this is, in several in ral banking law itsel/ The third section authorises the associations, on comply to loan and circulute” their notes and the twenty first ection declares that contracts made by any such associations, and all notes and bills by them issued, and pnt in circulation as money, shall be signed,” &c.; ing is necessarily implied by the fourth ¢ professional business ives and conduct to the I feel, however, an en that @ candid perusal of the preceding 1 all erroneous impressions. JOHN LORIMER GR New Yorx, March 1, 1844, statements cannot fail to dig a OF he ude -ovisions of the act itself ; To THe Pun x, the language of t The undersigned were partn in the conveyancing 838, 1839, 1840, and engaged in that bu nowledge of the re es thereof, andl of the nature und extent of its of John Lorimer Gra ham, E during the year were uctivel and hada full and accurate ing with the act, read the preceding statement of Mr. Graham and the one by Mr Commercial Advertiser hesitatingly declare ony tacts which they cont orto the business in which w firm belief of their accuracy in eve @ reasons, we are well satisfied that the notes in a. the sai of Fs nd not within the prohibition of the knowledge of the truth of the so {ar as they relate to ourselves a question are lawful, fourth section of the act of 14th May, 1 at the above conclusion: ally avoided considering the qu tated, whether the act o fates to associations form when that act took effect, was not unconatitutional and other particular, M. G. WOOD, and in operat New York, March 1, 1814 is atill an open and unsettled question, and pre subject of very serions consideration. it necessary to express jews already prevent: Orinton ov Sam ano Wieuiam Contis No A note, of which the follow been presented to us, isa sample opinion upon tw. high | we regerd the vi upon the amended