The New York Herald Newspaper, January 7, 1850, Page 2

The period for which this tund is intended to secure ‘the payment of the sane. is $323 064 79. And the amount held by the Comptroller, in trust, as per above statement, is viz, A » $350,104 43, m wat invested. ee upinvested, aft 7 The interest due let May and lob PTW: sen csecesscete ++ 8,726 SA 398,890 77 ‘Bacess Over the accruing interest of,. $15,775 98 | THE BANKING SYS’ . the varied public interests to be affected by Amo Jegislative action there is none more complex in its ua- | ‘ture, or more important tu its bearing upon the gene- rel Pron rity, than the currency created by our bauk- img institutions. The subject ia intimately connected with the trade, property and business pursuits of the ple; and «very citizen is directly concerned in hay- ir ting medium established on @ solid basis by correct principles of faance. Our tion thows, that while uo public question tracted a larger share of attention, public opia- ion in regard to it has been peculiarly contlietiag aud Variable. blightened states and experisnosd financiers have advocated theories the most dissim|ar; the experience of every countty has been adduced in support of favorite syste but as yet, none ed which commands universal assent. erea!e a circulating u facilitate the legitimate businers of the commanity, nd at the same time to insure its rafety aud coaverti- Dility amid ali the fluctuations of trade, was thy uai- form motive of our changing State policy on the sub- ject of banking. It was believed, for a series of years, that this result hed been attained by the successfal working of the Safety Fund system, But the Safety Fund was exbau-ted including its future revenues, bya iewstrous failures. Ten banks, in addition to the entire loss of their own capital, amounting to $2,400 000, pored @ further loss upon the fund of more than two- Spd a balf millions. The degree ot bankruptey exbi- Dited by there institutions, was astounding and almost fpconecivable \ et it has been shown, that the Saret Fund would bave proved sufliciept to fulfil the origi- al design of iveuring the redemption of the bank avte circulation, if it had been devoted exelusively to that purpore. Lhe destruction of the fund should b» at- trivoted to the tact, that all the liabilities of the banks, however illegitimate or extraordinary, were made ebargeable upon it; and an unnatural credit was there- Dy given to unsound aud speculative intitutions, which epabdled them to expand their affairs to an inordioate extent, without reterence to thelr intrinsic resources. The Safety bund system was virtually abandoued by the creation of the free banking system wich bas grown Bp under the aot of 1508. ‘The distinguishing feature ot this new system, is its Fequirement of productive and available securities to be pledged with a State officer. asa guarantee for the re- Gen ption of the whole circulation Tis prisciple has Deen tried and tested by uewrly twelve years experience, and may pow be regarded as firmly established in pub- No estination. as the basis of all future legtolation on the subject of baukiog. The plan originally introduced by the general banking law of 1835, was Uefective in Many of its details, and new legislation has been re- quired from year to year, to reconstruct, strengthen aud perfect it, ‘The Legislature aimed, wt the outset, to require sufficient and unquestioaadle eeourity for the entire circulation. It was then conceived imporsi- Die that auy American State would repudiate its obli- Bstions, and uo one suspected that auy of the Stutes | Would tail in the prompt payment of incerest. Tne Stvoks of wll the States were admitted, therefore, as a Dasis of circulation, ‘This error proved disastrous. and ‘Was almort fatal to the eystem, duriog the eariler ps- riod of its cperation. Im the first year. several States, whose bonds bad deen | deposited with the Comptroller for the protection of the bill holders, suspended the payiment of interest their stoeks depreciated to point almost nominal and the result was seen in the failure of many of ine banks, im the years 188 end 1840 The public sustained a heavy loos, aud stoskholders Were imvolvedin irretrieveable ruin. it has been con- eidered a matter of wonder, that the shock thas given to the experiment of free baukieg did not reeult in hes entire overthrow and abandonment, Such must have ‘been the eflect, but for tbe elastic energy and capacity which cur people display im retrieving trausiemt ro- verses, and guarding agaiust their recurreace. The Legislature of 1540 preserved the system, by excludiag the ctooks of other States atter that perisd, wad requir. ing the bauks to deporice stocks of this State, {be Dusis has been improved by successive acts of legis ticn, until the security demanded by law is of the highest character in point of value and avallablity. it ie true, that ove half of the amount pledged may consist in bonds and mor but the mort be on productive property, for ao amount n excersiing two filths the appraised value, nor for m than $5 100 exch, end bearing seven per cent Inte: Whilst these reourities are not as promptly conv. asetocks. it is impossible that any conside ehould oceur on mortgages of the descriptio exacted, end it is believed they will prove a sufficient Telance, 80 loRK a8 proper Vigilance is exe: epect to the value and ttle of the premises, Tue re- Maiuing half of the circulation must be scoured by stocks of this State, or aa equal proportion of this | State and the United States, aud this must bear, or be wade equal to, at least six per cent interest. Govern+ ment stocks of this character command, and there is ne reaven to doubt they will comtiaue to command. high premium in the money market. Indeed the rap advance im the value of New lork and United Stat stookr, renders it dificult, even now, for the banks to furnich the requisite deporite, without am favestment of funds, which many regard as dics ageous. his diffoulty will increase from the gr the supply of the the steady purposes, ‘I'he weial poliey, ertabiished by the constitution. com: nual reduction of the State debt, aud it will the Safety ason to doubt that the debt of the federal governmeat will disappear by gradual reductions, in the next fil ty years. A frrious question is therefore eh cannot security whieh Pg medium. ia place oh Of mecensity must ot the Comptroller does pon, of suthorized, to advance ai it hes been intmated to him that the ject wil be presented to the Legislatare at this ses- He conceives itto be his duty, conviction that the public iaterest the exercise of # rigid aad caut in providing a fubstitute for the supe row deposited. If the door is to be 4 be done with extreme cireuuspec- rm of invest be aduitted, . y Fuad banks to mine as th " of the privileges ere lew, by a gradual Grporite of will greatly facilitate the transiti Yet it be o tem to the other the tendency of the banking facilities ohartered banks are r tai loto permanent seoarl- ption Of their bills, they W employed ut it t¢ hoped supplied without serious that this Fangementor eubatracsment, by the gradual accuma. Ietion of ury 4] amoog the pe seek employ ment im tb: king business’ The ters of four of the y Fund banks expire with the Present year, and it is understood that the stockholders of three of the institutions will continue busciaes under the geveral bankiog law. The aot of last wine ter, intended to give elect to the covstitational pro- virion, eubjreting shareholders to @ personal Mabiity in ease of failure after the prevent year, adds anew ele- ment of strength and safety to our banking system. 1s ts conceived th fer from being de ipterests of th murt be to inéw Affnire of the Danke, by the ¢eted in their prodemt manny waturaily bee « Cuolce of directors and ofll- errr, aceomy ¢ rigid accountability of ‘The wiedom of this amendment wiil, it is com predicted, be fully eemirwed by experience. i prove efficacious, as wel! to the proprietors of the Dbenks ac to the public. if thls principle had been in foree for the last ten years, who cao doult thet some of the most flagrant wid dissetrous fatiutes of banks ‘would bare been averted xed to thie report is ac drersed by the ¢ Deoktin relation to the tw above Mferred to ‘Tbe prncip! ertablisbee oy th. Be the settled pei not to be engreted Bien, Bat rome wnend Bane to be found meee Baterecen Kece wim plity the practical cpera Comptreer fs ct epiaion of the law ie 5 1 at the present time, ie duty to call atteotion of th Anch of the subject which f farther ection. The iret # Qot pacred April 22.1908. ree sociations, oF individual bar ke Jaw of 1894, Phall be bar ks well ne of © 4 that thelr w ne limited liability thus imposed, s0 aefvial to the | al, will p iders ve b themecives, Ite effect ¢ supervision of ta: are +o deeply tater. ment, Greater care will Oller te ts of the the « delidernte ap f the Stat bation of the public Provisions ought n ut mature consid: nit ents hare been aod may con- J, from year to year, to meet Prevent aba the ecrtifion:e of looation terbe a rpecitic pen view nm, it by But a8 the law fails to pre ity for the vie tp some ia Gieregerded With impenity, 1¢ appears, from the re tures made to thivdeparcment, that reverat bank Hot pretend to the ebaracter of beoks of diecount au deport. Whilet come show wu entire nb.ense of & counts und depoeits, others repert & mere no amount, \utended epparemtly ‘WH the law. bn com MO dburiners of bavking is carried on at the Bxed by the ceriiseatoon fie end th siding there bee way p-sunary inte Deyoud the compensation wmcn @ome convenient agent to i: attorney. Thiet cb Jovated at remote 5 . while thir owners resid their whole bur! ners one reulation obtained from the Comptroller ot they ane jected to taxetion In the place cf ¢ Lm Fy on | . the collecters have been unabe in finds dollar of funds or property the he Comptrotier reepectfaily Legislature, whether th " m may pect, there can be no doubt that the present prohibition ht either to be repealed, ot cacried into eifec: Che ual violation or evasion of & p'ain law, is too de Moralicing to be permitted law is unwise, it should be repenied; if it is worthy of coatt- Buance, Meane should be given for enforcing it. Tag To | ium sufficient to sustain and | J | respective charters will exp! . | the banks, wes, on the let day of December, 1549, $i. inution ia | } ever, toax- | of a ciroulae (mark. | { the genera! banking law, having beea | » | the time cf the heir and proper provision soem be made, without further Comptroller Troceeds) of the. tu e securities were insufficient to | redeem the entire olrenlation; & pro rata | dividend was paid te the bill hol and certif- balance additional means which th sersed But in ever: | the circulating note | presumption will never be pi be done with the funds remaining i bands for their redemption? ‘The | is $32,819 79, belonging to thirty bau! | jority ot the tailures occurred almost ten years ago. | there is no probability that this balance will be calles for by the biliholder: phe law cmite to prescribe any mode of proceeding 8 final settlement and distribution of these fam payable out of any banks may have pos instance, @ are still’ out adiog they are mostly lost, and ‘The question 14, what shall the Comptroller's | table priveiples pitation ef six years, Sual notice should be issu ill belders, to preswut the notes by @ given di that the balance then remaining be divided p: upon the outstanding eertifcates. Ifa further balance tball remain. after u reasonable notice to the certifi. | cate holders, it might, with great prepriety, be carried | to the fund applicable to the ordinary expenses of the Free Bank Department. INCORPORATED BANK DEPARTMENT. | The statement hereto annexed, marked L, exhibits | the names of the several incorporated banks. the capt- | taland circulstion of each the dates at which their ire, and the names and " | Fesidences of thelr redeeming : It will be seen that the whole number of chartered banks is 77. and two brauches; the aggregate amouat of their capital is $28.960.60; the | tion to which they are entitled by | which they have. in actual eireul | cluding sé 50 of unregistered uotes,) the sum of | g21.40ds6l 80. - | " ‘Chis statement ineludes four banks and one branch, | with an aggregate capital of $1,809,000, whose charters | expire January 1, 1560, vie | Bank of Utieaand branch. | Bank of Aut nk of Ithaca of Moarve The charter cf the Merchants’ f: city of New York, expired on the frat Monday of last having a capital of $750,000, entitied to cireulate | 500,000, and baving @ circulation on that day of 00. The stockholders of this well managed in- jon baye re-organized the bauk, by the samme me, under the general banking law, with aa iasreared capital of $1260000. ‘The new bank has deposited with the Comptroller. for the eeourity of its clreulating | notes, stocks of this State to the amount of $154,100, | and bas aseumed the redemption of the circulating | notes of the old carporation | The Brooklyn Bank, under the law of the last session authorizing the same, has restored its capital to | $160,000. by cash payments, and is now entitled toa | | clreulation of $175,000. | No ether changes, sad, it is gratifying to add, no failures, have occurred ia the ineorporated banks, ince | the date of the last aonval report from this office, ‘The circulation of the (anal Bank of Albany. which | failed in 1845, has been provided for by ths Receiver, from the assets in his hands; and it is eetimated that | the eurplus will be sufficient to make @ dividend of | about forty per cent among the remaining creditors ‘There have been received, counted, und burned, fe | thi department, during the year endiog 16th Decem- | ber ins 2 mutilated bank notes, amounting | to $4,036,823; and during the same period there have | been countersigned, numbered. and registered, 683,934 new wotes, amounting to $4,630,764, and delivered to the banks entitled to the same. This vast amount of | labor bes been performed by the principal register, | aided by but one clerk durivg the larger part of the year, with the occasional assistaace of the bookkeeper | aud of one other person employedin numbering. The | large increase of business made it ueeessary to employ | an additiousl clerk. whose term of service commenced in August last. The expenses of the departmeat during the year were $4,700 35, Which amount was re- funded te the treasury at the close of the fisval year, by drawing on each bank for its ratable proportion ac- cording to law. FREE BANK DEPARTMENT. The whole number of basking associations, doing bu- siness under the general banking law, is 63; the nam- ber of individual bankers, 55, making an aggregate of | 113 banks. The whole amount of citeulating notes, ccuntersigned in the bank department, and issued to | 160,675, for the redemption of whieh, securities have been deporited with the Comptroller, in trast, amouat- ing in the aggregate to the sum of $11,916,506 89, Saneeuenes $1,916,206 39 | _ The whole amount of eecurities held jin trast for the ks on the Ist December, 1848, | 4 The —— Dew securities wero deposited, during the year ending | o- ~ eae Ist, 1849, via. ate Stocks 4 Londs were taken of intereas on bonds hypothecated 243,001 03 | @ titled thereto return th other securities ,, 90,427 33 73,005 1 soourlties were withdrawn endine Decem ber 1, } toe ¢ j od States lines de. Michipan dn. 24 00 Bonds aad morteng: 106,457 00 Te reulation, from Deo. 1, 188, to Saker wees 1,184,913 00 | « atement in detail, of the seourities held by the Comptroller, in trast, for each of th 1 | the amount of elrenlating notes issued to | nexed statement, tarked M. | jomptroller, previous to 1540.) | tail to the chief supervision 4 iter, who is charged with the principal depart it, the comptroller has deemed it his to increase the salary of that officer to $1,500 per um, It is believed, that mone of the banks, which the ex paid, will object to this increase of compensatio when they conside: the responsibility of the offic ite incessant labors and the high qualificatior required for the correct dis- charge of its duties. To th oon- fided the custody of nearly tw tive recurities; the receipt and to an enormous amount, utmost importance to the ban comptroller would deem it u the affairs of the department to an agent whose thae of less value than the compensation paid to the preseat capable incumbent ‘The statement annexed, marked N, shows the amount for the redemption of the circulating uotes of the ia solvent banks, INSURANCE COMPANIES. By the act passed April 10, 1849, “to provide for the incorporation of insurance companies,’ an im- portant and diffloult duty was imp: upon this office, The comptroller regrets the adi tion of the law bad not been committed to some ope of the other State departments, a3 the duties of this ofiice were already sufficiently multifarious aad arduous. The phraseology of the act is im some re- spects obscure aud indefinite, and considerable embdai Tassment has been experienced in carrying iti provi- sions into ellect. After prescribiog the amount of capital to be possessed by companies formed in this State, aud various requirements as to the maaaer of its investment, the law provides that it shall not be lawful fur any agent or agents of insurance companies, incorporated by other S'ates. to transact any business of insurance in this State, without first procuring from the comptroller a certificate of authority. This cer- tifloate is to be granted only on satisfactory proof that fuch company fs possessed of the actual amoust of ap- ital required of companies organized under the laws of thisstate, The company applyiog for a certideate is required to furnish a statement, verified by the oath of ite president or secretary, showing the amount of its capital; whether the sauie is impaired, and If so, to whatextent. To determine what constitutes satisfac factory proof on this point, is attended with much per- plexity. The real amount and solidity of the capital possessed by remote companies, is not, in all cases, a problem of easy solution The question must be de- cided vpon the infurmation furnished by the compa- nies themselves Their statements never fail to ex- hibit the nominal amount required by the law; but it | must be obvious that. in the absence of any power to test the accuracy of these reports by an actual exami- nation and knowledge of the value of the securities @ | and investments, erroneous conclusions are sometimes upavoldable, Most of the statements heretofore presented, are confined to an exhibit of the amount of capital, and the nature of the securities, with ao affidavit of the Officers of the company that the sam: It has been assumed that the certiti of authority is to be issued upon @ mere showiog of the assets, with- out any disclocure of losses or liabilities. Jt must be admitted that the language of the law leaves sone room for doudt as to the extent of the information to be furnished to the comptroller, asa basis for hia cer- tificate of authority, and this doubt should be removed by further legislation ‘A brief experience has shown, that if nothing is re- quired but « report of the capital of a company, witu- out an exposition of its liabilities aud affairs, the law must fail to afford any adequate protection to the public, and the intentioa of the Legislature will be frustrated ‘The correctness of this opiaion will be ehown by referring to a recent instance of successful fraud. Un the fourth day of June last, a statement was presented by the Protection Insurance Company of New Jersey, shewing a capital of $157.411 83 invested in stocks and other securities, represented to possess ample intrinsic value ‘The report wes verified by the afiidavit of the secre- tary and the certificate of the county judge upon the evidence thus produced, and be! company to be in a sound and flourishing c»adition, the comptroller issued a certifieate of authority, uader which, le regrets Lo add, gross impositions were subse- quently practised, not only in our own community, bat in other States. in October the company failed aud rs, from investigation, that it {ts exhibit of b ‘The parties to thts fraud ought. and it condign punishme mitted ip another, tive, it isnot perceived how this oifen with the penalty it ‘Many, and it is believed most, of the companies other States, doing business here by thelr ageats, controlied by m whore statements of their condition ars eatitied to fail But toe law bad its orig 4 must find tion, in the fact that some of these com hoped they may be subjected to com: But. the perjury wa of re such companies ba real capital, and with no view to the transaction of legitimate business at bome, but for the speculative, not to ray fraudulent, purpose of gathering « harvest of Premiums in other States. Deeming it necessary to require a more Gomplete ex- hibit of the assets, Mubilities, and affairs of the com- agencies here, under the law, before deciding upon the sufficiency of their capital, the roller has istued « circular, of which a copy is nto annexed, marked tion shall be made, whether the capil pany is impaired, or to what extemt, without the ia- formation thus called for, Uniess the opinions of the cfticers of the company are to be adopted without far- ther question, the proposed data become indispensable to the formation of s correct opinion Some of the companies to be affee object to the requirement whieh sod ay icity to the it bee sees, dividends a: at revived that apy good reason exists jn other States, seeki to lacrease bagents der the protection of our lawr, should not far- tof their condition. the Legislature was to piace ‘& footing of equality with our this cannot be claimed oa princigies ity. The p rtificate of wuthority i: q in all the counties where agencies are es'abliehed, is cbjected to . feveral companies, as unnecessary and expensive. [tis believed that some of the detatis fur- nished to this office, might be omitted with propriety, in the published reports, aad a careful revision of tuelaw im this particular, se as to define the extent of the in- formation to be published, is respecttally suggested Mueh of the embarrassment encountered unaer the resent law, might be avoided, if power were eonferred full investigation of the atfeirs of the com- by a epecisl agent or commissioner, to be ap- polwted for tbat purpose, with tue couseat of the com. peny interested, dred and forty Ove certifiestes of authority have beon There were numbered, registered, and countersigned in this department. during the year ending Deowaber 2. 1849, 1.004.401 eizeulutlug motes, amounting to $3, | O1 673, 9 \ochengs for mutilated bill rities Geposited *.. bo - In on Un tee The following now banking associations aud iudi- vidual bankers bave commenced business ander the | general banking law, during the year, vis. :— | ante’ way Bank ot Fawiiog, Parlin | Commercial Hank of Whtehall, Whitehall, Watertown Jaok ond Loam Company, Watertown c Bankers Dutchess County Bank, Amenia. bington county. liartford Bank. Hartford, W | 0 County Bank, Granby. | fatoam Valley Dank. futoam county. 1p Te wrroclations have deposited the following seeuri- on, vie ew York Stat Cireulating notes ieeved on the abore The individual bankers b: urities, via. « SOOT posited the followiag New York State S per cont stock. United tates ‘ “ issued om the above... i bankers bave given w i Cleve it business and b. & portion ef their cireulation, vis.:—Warren ( oualy Bank, }ranklin County Rawk. | nk failure bast cocurred daring the lart onth of November, Waiter Joy's Bank uspended payment, aud eloted tte doe of ite eirouiation was $50.000, which was i by New Lork stocks Arrangements 'y wade to redeem the billy from toe stock by pet beentea with the compirotier. and they Rave beea pari wiiheut interruption, at the former ageney or the benk Io this city. The premiums ow ths stock wiil da curplas of $2.600 to $5 C00 he exnal toils collected at Black Rook | din this bank, The wourgal amouct of | tous received at the Biset Kook office tm that year. | created ® larger depostte than the Canal board origi. | rally contemplated. The baisoce due to the State at | As eatly es April ne were felt by the commirsion- anal Frod, os to the rafety of the bank. and dvoirive meseares were adopted to obtain farther soew rity fer the payment of the deposite, Collateral secu. ritter. which ate estimated to be ample, wets assigned to the State, and aithouch some delay will be expert- enced in reailaing the funds mo donbt ts entertarned of the ultimate payment of the whole debt ibe expenses of the Free Bank Department daring the jart fecal year, amoucted to $12,900 67. for which Grafts are made on the several banks aseording to | it will be perceived, from the foregotog statements. tl there has been @ large increase ia the buciaess of department New securities were deposited to the amon than two and a baif miljions; and the act ' at of more of elreulation was $1,186. The lab | Uren this branch of the office, are pocoliarly arda vd reeponerd: fe Amount Of new m 4 tevned, . he return of mutliated bills to be exerained and destroyed: the * prepared ene ange sod withdraral of old and the depoxites of te ct priaeivel tod 80 apke to which may be added the eorreepon acco! ts resulting from these vario sewployed In this service ey And Tdelity worthy of pudtic an: . In view of the portance of the trast ¢ vase an efcten: ment | as chee in each year Jerued from this office to agents erentlog thirty. three companies, located ia the States of Maine, Massa. Copnestiout, Rhode Island, New Jersey, Penm- a. Ohio, eentueky, Tennessee and Georgia, The correspondence, entries aod other labore inci- devtai to thie special duty, are sufficient to employ most of the eof an additivnal clerk, amd it is res- pecttully recommended that this extra expense be Provided for by requiring & reasonable fee for each cer- tifeate iseued, to be paid inte the treasury. : : : . ‘ AUCTION DUTINS it will be observed that the revenue from this source year, Be. ton of the « The ® 4 ae of this desertpti tent law, every citizen i at Hberty vilege of eelling st suction, on flim, for the payment of the duties amount of coods sold, and the evidence requized ; aud thusthe law ry lutegrity of the party by whe made. in a great majority of & high reputation for pr ode cf ecmmercial tions of hovera! 0% to be tap. is. more than other trades and purruite which # to ail, eau protect itreif from eccattonal intruders, who are unworthy of pub lie or private confidence. It i# no disparagement of toe auctioneers, aa body, to corelude that some men of doubtful integrity may choose to engage calling, aud It is due to the hone that he should be protected § a. tion, from the fraudulemt & of thors who see to evade thete legal ead morel cDigetions Thet the 5 rent rystem efforts an opportunity for practioin, frnuds upon the treasury, is not to be deoted, an there fe teafoa to apprehend that an eceasional return is made which dcee mot disclowe the whole amount of cules cbargebdle with duty, To giard against thigevil, end in delerence to the views expressed in the annual report of my immediate predecersor the lastlegisietare, | by om set passed April It, 1849, made it the daty of the t eramioation tobe m: ecmpts de as often Lion rales kept by the auctioneers who sball have given bonds for the payment ef duties on goods sold at padiie weetion,”’ and authorizing the comptroller to employ such egentor agents as he may deew necessary toearry the sev tuto efect. In pursuance of the law, the comp- appointed competent agents to mate the pre- eation, The first examination is now in pr and there t# reason to believe that aa aenrel visitation of this Ried will produce a salavary effect. It be found advisable to clothe the investigating t with larger powers than ate corferred by the act referred to, with & view to sesertain with greater evr. tainty whether the goods scidat auction are of foreiza of domestic manufacture, Thete t+ 0 doubt that rome instances have ceeurted where alarger proportion of the rales are returned as domestic gonds, free trom duty, than would be confirmed by a0 accurate jaxpect The Oth evetion of the act passed April 1! 1846, directs | that, to entitle any goods sold as emotion fa the city of New York to ap exemption from duty goods das megrd at fen upen the voyage of importation, suctioncer sball chtatn @ certiseate from the board of pert wardens, that such goods hare been exeminet found to be damaged. Fo ns to by t of duties resident oF reeretary of the marine insnran. evy in which such goods heave been insure ipsurapee and the @ at large quantities of merchandire har: z a adopted, intended to envaren more rigid observance of the jew ig thir particular Pp he fact of « 7 ui ere ti ted of moneys remaining in the hands of the comptrolier ct en of high ebaracter and respoosibility, | by the propesed regulations, | ication of the state. | Since the law went into effect, ia May last, four hun. | of the books and accounts of auc. | the | The Comptroller would recommend a re; of #e much of the pipth restion, as requires a certificate from the officers of the company insuring the . The insu- rence companies consider themselves under no obliga: tion to furnish such a state: it. and frequently re fuse to be con- strued jogal admission of their ltubility, before the fact or amount of the damage is ascertained. THE NEW STATE ARSENAL IN THE CITY OF NEW YORK. A statement is hereto appended, warked T, from which it will be seen, that the whole amount paid for the erection of the new arsenal is $73,104, It is represented, that # smail additional appropriation will be uired. Im making this expenditure, debt of $30.00 has beea contracted, relying upoo the fulfilment of the terms agreed apon between the Comminsioners of the Laod Otiice aad commoa council of the city of New York in 1843. By that or. Taugement the real estate occupied by the old arsenal was to be sold by the city corporation, and the sum of $80,000, out of the proceeds of the sale, was to be pald to the State for the release of its title But the mill- tary companies of the city having objected to an abau- denment of the old arsenal, the contemplated sale has not been made. It is understood that portion of the premises may be sold, of sufficieot value to refuad the $20. (00 advanced by the State, reserving the arsesal buildings avd a8 much of the \4 as is required for miliary purposes, Tbe Comptroller does not permit himeelf to doubt that the city corporation will take such steps as may be necessary to indemnify the Trea sury,in accordance with the resolution passed by the oan council and approved by the mayor in May, 845. ACCOUNTS BETWEEN THE STATE TREASURY, AND THE CLYY AND COUNTY OF NEW YORK. “ The books of this office exhibit @ balance against the city and county of New York of $115,716 21, on ac- count of the State tax. The priucipal part of this balance was created by the return of the tax assesred on mutual insurance companies in that ea for the years 1845, 1846, 1547 and 1543. ‘he former Comptroller refused to place these re turns to the credit of the city, ia consequence of doubts which were entertained as to the legal liability of mutual insurance companies to taxation, on their accumulated earnings. No proceedings have been commenced to enforce this portion of the State tax, either against the companies, or the city and county. But steps were taken by the corporation of New York, to bring the legal question involved to an adjudication. A suit was instituted in the Superior Court of the cit, for that purpoee, aed the court decided that there is no power to tax the funds of this class of corporations, der existing laws, It is understood, that the city authorities have determined to carry the case beforean Appellate tribunal. win Wl eg respectfully submits this subject e gretted that the question had not been put at rast | some years ago, by a statutory provision. It is didi. cult to diecover any ground of justice or public policy, on which this class of institutions should be exem, from sesesament on their clear and ascertained profits, pre Paes. will arise, whether the balance sbove te of New ork, under the circumstances of the case ovable and inequitable to require payment from the city trearury, in care it shall be finally determined tiat it cannot be recovered from the companies. To collect it from the tax payers of the elty, would increare their contributions to the State beyond s just proportion, and operate in effect. as a penalty upon them for tbe vigilance of their authorities in seeking to bring an additional capital within the reach of taxa- tion, for State as well as city Purposes, ’ * * * ; STATE TAX AND VALUATION OF REAL AND PERSONAL ESTATE. Rate si | _ # . ‘That the actual value of the taxable property of the State is much larger than the returns of the assess would indicate, is univerrally conceded. It is bell that the average valuation of real estate, does n coed one balf th tual Vege! establisued by the esti- mate of the owners and the daily transactions between buyers end sellers, whilst in many counties the assess uniform rule or standard of valuation. produces much inequality between the counties, causing some to bear more, others lees, than their just proportion of the State tax. Whether some further provisions of law are not requred to eusure a miore equitable distribution of the public burtbens, question hich the Comptroller | would invite the attention of the Legislature. It is not doubted that the real estate, notwithstand- ing its under-valuetion by the assessors, bears much | With the personal ty. The practical difficulty | experienced in seeuteining. the rite t ead value of | personal estate liabie to assessment, is one cause of the | enstom which so generally prevails of estimating la: arty below its true vali The land is open to examination, its quantities ascertainable ity and certai ty d by no possibilisy can it the ‘he case is widely ith the varied pecuulary interests and in- | vestments which constitute personal estate. By many | ingenious devices, perhaps by mere silence on the p: of the fortunate owner, a large portion of the wealta of | the State eludes the assessor, and escapes its the cost of sustainng the government, to which all pro- y Owes its protection. The existing laws are defeo- ive in omitting to clothe the assessors with adequate | power to require fall and correct information from tax payer, of the awount of his personal | estate subject to assesment Whilst provision has been made in favor i= to eneble hi to ss errore of ha - | valuation, no moans whatever have been suppl! | correct under- ‘to reach personal’ aly | Bumerous cares where the owner cheoie to | withhold its existence or its value, from ths knowledge | Of the assessors. Any person in! an fackiit the certain sum; yet the officers entrusted the dificult | duty of ascertai the value of all the property sub- Ject to assesement, have no eu! to require infor- Imation on oath, and the result is, they must reiy | Saemeaaene or interested pp gd are juent iged to eet in ignorance of estou facts, or abandon tbe attempt to perform their oflice. Under eueb a system, it follows that many of the poasessors of ready money, lavestments in funds and securities and productive capital in various forms, con ribute lite or ucthing to the Treasury, | No geod reason can be given, why this xpeoles of preperty should mot bear its equal proportion of the common barthens, instead of enjoyiog a comparative im nity from taxation, at the expeore of the landed | juterest. The owner of oceupact of the soil ia subject | to taxation, on the full value of the land, although | it may be under a mortgage for @ larger portion ile, ia justances. 2 with the importance of applying some to the evils sdverted to, the comp- i to the financial officers of se. | | Toduse | a tote rom the system of aeresement was adopted, in S46. Ite provi aimiradly fi ssessed the taxeble property on the list from $136, the year 1844, to 730.585 in 1849. To a 0: le extent, this 1 tributed to the new ae lations adopted for homest assessment of | all the perronal itied to exemption. | | In referenes to this Jitor of State makes the following statement “ All personal property is awnually evsessed by town. | thip an essore elected by the people of the townships berms and instructions are prepared by the auditor of State aod forwarded to the couaty aaiitors ally, for the ure of the township arsersors, A biaok form is | delivered to each fodivtdaal, who is rejuired to retura the value of bis own property Uader oath to the arses | sor. If any perron refuses to return ® statemoat of | his peteonal property under oath, aa required, the ae | seneor arcertains the value from such evidence as be | can obtain, or from his own kaowled, dia case he returns that the party “ refused tos wear, the county auditor adds fifty per cent to the turned by the assessor, as a ty. ‘ “ Merchandise aod the etock, or raw material. of facturers are taxed Im the city, town or township they are located. No matter where the sides, his real property, stock iu merchan tice owne j | sed manufactures, are placed on the litt and taxed | where they are situated wheo the assessment is mate | Thus, the store, manufvetory and merchandise ia city aud town. are subject to the looal and corporati teen, witheut regard to the place where the ower Tesides W bether these, or any similar provietons, ate adapted | to the condition of this State, or weald advacce ite general interests, eneure » more perfect equality | in the contributions which property mast yield as tue price of its seoure enjoyment under a system of laws, | is terpeetiuily submitted to the consideration of the Legislature, = WASGINGTON HUNT, Comptrolier. | Movements of Ind.viduats, | Capt. Antoine Kemeny, i morn, and Edward Remenyl, te Georgey, arrived at Boston by the cam bri M. de Corrac, son of the minieter of war durtog the Frecch empire, was asiong the passengers by the Cam- bria at Bote | _ Senor Rivas, Charge Affaire of New Grenada, and | Sonor Cercache, Charge d’Affaire of Nicaragua, | introdwerd by | emthe etn wit | , Wesrel 8. Smith, member of the New York Legisia- | ture, from Queens county, had his left arm broken by a fall, at Albany, on Monday Inet. Ex-gov Ujbari and Mile Jagello are expected to vieit Fiitadelphis om the Tth fast, Hen, Riebard Rash, late U8. Minteter to France. end Hon. George W. Hoping, late U. 8. Charge to ror. tugal, are ip Washington. if, } struck since Sou. | Fovau declared Emperor of Hayti are of the same D Jue as those of France, bach piece raj | gente on one side the new Emperor, im an imperial cow Bovrovare's Cor | tome lke thet of Napoleon om the day of his @ ora 1, Emperor of Hayti,”” Round the edge are the words, “Ged protects my people Tet ron Catrronsia —Out marine list to-day records three more Califorsin clearances, ome vessel having Be | thom, and om the other side the inveription of “Faastia erly 200 tone of iee.— Berton Transerip:, Jan. 3. lature for deGoite action. It is to bere- | finances of this State. It is lengthy, but its ampor- et | the financial condition of this State—and who is | ought to be enforced against the city und county progress of our public works, the steady enlarge- ‘The Comptroller is of opinion, that it would be unrea- | ment of their capaci 4) Liverpool on Saturday, the 29th ult., and the latter ments fall far below tbat proportion. The want of a | CISCO. | more than its righttul share of taxation, as compared | officers, the correct political aspect of the Legisla- with | probably arrive in the Cherokee, and reach Wash- ehare of | that the merchants appear to care about is, whether | areocrates, as the sum in the city treasury would | tolerate. But the new Common Council wiil take office under the new erganizatioa of the “eemP | hands—and, unlike their p EW YORK HERALD.| Aorthwest ef Fulton and Nassau sts, JARES GORDO ENNK@?. AND EDITOR. THE DAILY Hi oun. THE WEEKLY finent, ds published , 3'per aanum rench and English, a! 6% er copy. oF Sh per ane The DULLAR WEEKLY HERALD, every Monday, 2 ents per copy, $1 per annum; sx copies @ clube, Gre., MYGEN ak ¥ , Zeente per copy—8T per an- ALD, for Vireulation en this Con~ Saturday, at 64 cente per copy, in Burope, printed CORRESPONDENCE, contusning tom portant news solicited from any quarter of the world; if aed, will be liberally ‘putd for. Né NUTICE t _inoaymous communications. munic al . 4 BLTERS | 4 sudscriptions, or with Pe et pesto ro ‘the postage will be de~ te d th: MADVERTISEMENES, at recsonable prices; the pro~ re RTISEMEN TS, prieter not resvonsible for errors in manuscript. AMUSEMENTS THIS EVENING, ITALIAN OPERA ou Astor Place—Avwa Bo.ena. BOWERY THEATRE, Boweory—Tasex Quaansaen— Brive Beanp, BROADWAY THEATRE, Brosdway.—Ion—Foun Sis- FERS. NIBLO'SGARDEN—Tigu: Rorr ~Nicope™ BURTON'S THEATRE, Chambers street—S: any—Poor Gesrueman, NATIONAL THEATRE, Chathan square—Is He Jnacous —Kie Vax Wixxie—Famare Guan, LYMPIC THEATRE, Broadwa} Ps Paince—Deav Suoe-Javny CURISTY'S OPERA MOUSE—Erworian Penvor- mances. . AMERICAN MUSEUM—Axvane Prnvonmaxons, Ar- TERNOON AND Brewing, ASTOR PLACE CiIRCUS—fovursrniaw Exrrorsea. Raov. ous Fa- Usep Ur—Invissi- AND, ——— New York, Monday, January 7, 1850. The Somperoller’s Report. We publish, in this day’s paper, the full and comprehensive report of the Comptroller of the | tance induces us to surrender a large portion of our space for its publication. Those interested in not?—will find this document of great value. The ity and increase of revenue, are highly gratifying; and there is nodoubt but that the requirements of the constitution, relative to the ultimate liquidation of the State debt will be complied with to the letter. News from Europe and California, Two weeks’ later advices from Europe and two weeks’ later intelligence from California will pro- bably reach us this week. The Canada will bring the news from Europe, and the Cherokee that rom California. The former was to have left was to have left Chagres soon after the arrival of the Oregon or Unicorn at Panama, from San Fran- The California news will be highly interesting. It will be to the Ist ult., and embrace the result of the election held on the 13th of November, a few meagre returas of which we received by the Pa- amaand Empire City. We shall leara, by the Cherokee, the names of the newly chosen State ture, and the names of the candidates elected to the United States Senate and House of Represen- tatives. The new M. C.’s fromthe Pacific will ington in time to give Congress some valuable ad- ‘vice in regard to California. ‘The character of the news from Europe seems to be of very little consequence to the public. All this staple or that staple 1s up or down. The poli- tical events in Europe are watched by a few indi- viduals only—by those whohave nothing else to do. The New Common Council, The old Common Council cloved their official career last Saturday evening, in @ blaze of glory, by tickhng and complimenting their President, themselves, their Clerk, and, in the fulness of their hearts, not forgetting to say a kind word oa behalt | of the reporters who had the good fortune to be | enlightened by them fora year past. To-day, a | new edition of city fathers will enter pon the duty of directing the atlairs of this great metro- polis, and giving a shape to its destinies. The Board of Assistants did one good act, at least, before they surrendered the insigaia of their office. We allude to their nonconeurrence in the resolution passed by the other board, contracting with the New York Gas Company to light—or rather make darkness visible throughout—the | lower part of the city for the term of nineteen years, ufter the preseat contract shall have expired. It is not often that we can, "with truth and ;jastice, | praise any of the proceedings of our municipal corporation; but this last one, performed by the Board of Assistants on the last day of their official existence, in administering a coup de grace to one of the most impudent and barefaced attempts to swindle our tax-paying citizens out of aa enormous gum of money annually, for the long period of nineteen years ahead, is entitled to be praised, and will, we doubt not, induce the recording angel to trike out from his record a few of the grave of- | fences which that board, as well as the other, | have committed during the year past. As some of those who are about to be installed as Aldermen and Assistant Aldermen of this | great village are fresh from the people, at is ia keeping, we think, to address them a few word on the duties that will devolve upea them, and the expectations that we hope will be realized from their career. For years past, as they very well know, the expenses of conducting our municipal aflairs have been much greater than there was eny necessity for. Our tax-paying citizens have been regularly and judicially swindled out of large sums—nominally for the purposes ef our city go- vernment, but really for that of filling the pockets of contractera, who, in many instances, were the friends or relatives of the parties who voted those moneys. Our streets have been kept in a mise- j rable state ; we have had bad lights ; we have had | miserable pavements—in fact, we have had every thing bad but water, of which the supply has been equal to the consumption, with eome to spare, and | the quelity excellent. Previous Commoa Coun- cils may have hed some excuse for their mae of omission and sins of commission, but the new go- vernment which will be Inducted into office to-day will have none. Under the old system, it was al- | most a recognised principle or rale of action, that | the members of the two boards should steal and | hide away as great an amount ot pickings for | themeelvee, their friends, relatives and political | city government. The duties of the new Com- mon Council, under the provisious of the new char- ter, are purely and exclusively legislative. All executive business has beea taken out of theit decessora, and the predecessors of their predecessors, they will not have anything to do with fingering the funds, Under the new charter, they will have every op- the Secretary of State to the Provident | Pottunity to make the government of this city one of the best inthe world. The people expect this from them, and it will be well for the gentlemen composing the two new boards, if they do not diseppomt their constituents. Tney have the power and opportunity of correcting 2 great many abuses, and they may depend upon being called upon for a rigid account of their stewardship. ‘We hope the new Common Council will ponder upon these matters, and endeavor to relieve us from come of the oppressions that have weighed upon this metropolis, and retarded its growth for oo long. As long as they conduct themselves properly as a municipal government, we shall sap. port them; but they may depend upon our oppo- sition on the other hand, if they disappoint public expectation, and prove themselves faithless to the troet reposed im them. | are writing. Tue Depication or rue Cat#oxic Cavren San Canto Borromeo —We have already in- formed our readers that last Sunday his Lordship, Bishop Hughes dedicated this church ia Brook~- lyn. It was a grand and solemn occasion, aad the house was crowded with the aristocracy of the Catholic Church. The Birhop delivered one of his characteristic discourses, acd probably, when it goes into print, it will be considered one of his best; but our object, im this article, is to commu- nicate tothe public some information which the Bishop either did not possess, or did not thiale proper tomake Known. We take it, that when e church is dedicated to a patron eaint, there is some especial reason for it; and the mquiry has often been made, who is Saint Carlo Borromeo? We shall briefly answer that question, The illustrious man, whose name this church: bears, was born ia Lombardy, in 1530, of a noble and opulent family. He early became distinguish- ed for the piety aud benevolence of his character, “pd entered the church. Hus great dedication to his profession, and his luminous example of sacri- fice in the cause of relizicn and humanity, gained for him the warmest afi ction of the great capital of Milan, and he was early promoted to be the Bishop» and ultimately the Archbishop of that diocess. He presided in the provincial council of Milan, in which canons were enacted protesting against tome of the worst abuses of the Roman church. He cold a vast estate, and distributed the proceeds of it among the poor of Milan, in the time of the great plague, and, by many acts of sacrifice and munificence, gained for himself the reputation of exalted piety and distinguished benevolence. He died at the early age of forty-six, his life having been shortened by the ansterities and denials which he practised in the service of mankind. Contemporary writers of all shades of religious opinion accorded to him the greatest moral purity of character; and this would not likely have been the case, at that period, had he not been entitled to * the most exalted ecomiums; for, it will be remem- bered that his life began soon after the explosion of what has always been called the Lutheran Re, formation, when the passions of mankind were dee;ly strred, and justice was unlikely to be ac- corded to any religious character who had become distinguehed on either side during that heated and tremendous controversy. On the death of Carlo Borromeo, his body was embalmed, and a tomb was prepared for his recep- tion, under the pavement ot the Cathedral of Milan, which is regerded as the most gorgeous religious edifice in Italy—far surpassing Saint Peter’s in beauty of architecture, in elaborate finish, and in exquisite detail. This tomb is still visible, and stands in the midst of a sepulchral chamber. The walls are covered with alto relievos, chased in silver gilt, representing the principal events in the life of the Samt. One of the most beautiful scenes delineated in this work, is the attempt which was mace by a roffian hand to take his life. At that period the practice of assassination was common in Italy, and some member of the Order of Humi- liati, inte which he had attempted to introduce some salutary reforms, attempted hus life. A priest, by the name {of Farina, engaged to execute the will of the conspirators; and the blackness of his crime becomes still greater from his having been lured to Co it. This assassin, having gained access to the private chapel, fired an aquebesque while he was kneeling before the altar. The bul- let struck him on the back, end dropped harmless on the ground. Undisturbed by this atrocious event, the holy man coutinued his prayers, while consternation filled every bosom present. The as- sasein made his escape, but he was finally taken and executed, although Saint Carlo attempted to save his life. The lust of these emblematic scenes, engraven in silver, is his reception into Paradise. This tomb 1s the most gorgeous shrine of gold, sil- ver, and precious stones, which exists in Europe. The body of the Saint is depomted in & eoffia of rock chrystal, which was the gift of Philip the IV. of Spain. The front 1s lowered by a windlass, and displays the body in pontifical robes, in an inner shrine. ‘The body is still well preserved, and the features bear a strong resemblance to the portraits of the Saint, executed during his life. This shrine has been visited by kings, priests and pontiffs, and it contams relies and offerings of immease value. It is estimated that the intrinsic worth of the tomb, in metals and precious stones, 1s not Jees than fifteen millions of dollars. Waea Napo- leon entered Milan, the couqueror of Lombardy, it | was intimated that he had an intention ot appro- Priating these treasures to pay the expenses of the campaign; but so great waa the veneration of the Milenese for their illustrious Saint, that the nch meu of the capital assembled, and voluntarily made an offering of several millions to the coffers of the Young conqueror, on condition that the shrine of Borromeo should remsn undistarbed. He was beloved during his life-time by the poor, the help- less, and the destitute, whom he had relieved, and he has been respected by posterity, and venerated as one of the most exalted and noble characters re~ corded in history, Of all the saints in the calendar, and Heaven hnows they are numerous enough,there is certainly | no one to whom 4 sew temple could be more ap- propriately dedicated. The memory of such a man should be preserved, and it isan honor to thove who have had the management of the affaire of this new church, that they paid so worthy a tn- bute to the memory of one ot the greatest and the beet of men. The humble dwelling, called atter his name, is but a poor illustration of the magaifi cence of the tomb where his ashes repose; bat in our times, when men have learned to look through forme to substance, it matters little whether the cflering mede to genius or virtue be simple or mag- nificent. It was, at all events, an act which won the respect of these who knew the history of the great citizen of Milon; and it 13 a matter of special wonder, that a mon who knows so well as Bishop lughes how to take advantage of every cireum- stance which can give etleet to diplomacy or to speaking, should have overlooked in his discourse £0 important a subject as the one about which we Perhaps, in the refinement of his po- ley, that distinguished prelate thought he could make use of that cxtr ordinary oceasiva to betier advantege, by preachiag more about the saprema- cy of the church of Rome, than illustrating its pre- emincace and splendor, by so brilliant an example ot piety and of talent as he might have foand in the of San Carlo Dorromeo, of Milan. We be- ve that if the facts become knowa ia Milan, some offering will be sent to this new etarch in. Brocklya. It could not have a beiter pastor thag Dr. Pise. Aster Prack Riot —The trial of the persone indicted for inciting the riot, which occurred in front of the Astor Pluce theatre, oa the memora- bie tench of May last, is set down for this day. It is eaid that some strange developements will be made on this trial, thet will astonish the unsophis- ticated portion of the community. Carvaner.— Abou’ twenty acres of land on the plantation of Mesere Vinprinue Montegut & Clement, in the parieb of St John the but in consequence of « damece bas been effected, ri Tin time, and with the sid of their gangs, bave forti« the levee so af to avcidall dabget of oa. N. 0. Delta, Dee. 25. ae MAILS FOR EUROPE, THE WEEKLY HERALD. The steamship Cambria, Capt, Shannon, will leave Boston on Wednesday next for Halifax and Liverpoot. ‘The mails for all parts of Hurope will close in this city at three o'clock to-morrow afternoon. (The Meekly Herald, printed in French and English, for cireuiation ‘n Europe, will be published at 10 o'clock, to morrow morning. Single copies, in wrappers, sixpence, ¢ ss