The New York Herald Newspaper, January 8, 1857, Page 2

tbe querteriy rovarar, ta @ sound « ‘They mvet aod wil! gradualiy 4 weacer the provisions of the aot of 1838 > kre Vaal clauec ef the conaiitotion wich prowibits tb) | egisietare from gre special charters fur bankip: purposce im tow MO Heretofore, wih two exosptio »*, they pave fie? heir certifexte: af arrcolations in thi. departmeat, and een bnved in ir busipers under toe fo ral Dank inv. Mt Weuld be onjasi w me Do to remind .« ¢ Legisiavare that, ea fer ex thei: ciroulation is copcerne!. tt is now greatly Strengthened by ire persona) reepon ibiliy reaiing open eeed of ibeir Kteekbolders, ‘Mo cnitre combined systom of backing in this Stave me ‘intenaent believes wo be in as sound aud safe a eandition 60 1 baz ever been sinc. 12 imoeption. ‘There are some minor cetalls wood will be referred to ereafter in corneotion wii) this ieprriment that would be improved porbape by legislaive enactmenw. The Banke beve adapt: d themee!ves, hey books avd me Med of doing business, to ihe law as it exists; and in the @inion of ibe present Superintendent 1% would ve far Better to leave ihe system as tt pow siands, unvwached, ‘Wan w take the wk of disterbing 1) for Bowe faacid 1m mi, based apou A theory insiead of @ practical hedge o! the rea! working of tbe preseut mowud of Dankipg a6 pursued in this State. ‘The \cmptation to amend our bak lew rests with great free upon each succeeding Legsisture. There is ro eabject upon which exists a0 greata diversity of optuion we the manper in whioeb banking should be restrained or Each locati!y and 1} would seom almost that @s@ individual b>nwess man has some theory oF practoe whiod be deem «i destrabie to ‘poet me proviler business mesensitke cr bis inétvidua! locaiion. Un the one nant You meces indivicual captial with 1 demande tor rosiric ten and 2 iimited currency, whiic tho active business mae calle aiond for Dereases bank factiiies. Banking, the child of tedtvidual credit, obeye the tuev!- fable Jaw of its crosiion, tn fut and endicas attempts 10 seule the ever vibraiing balance between commerce and emmpite!, That balance moat ad will preponderate to tno ence slic or the Other, from the ever ebanging, increas. and diminishing of yaluo emong us. capital at times overtakes commerce tn this ever guatinuing race, is ocoasions ly, but seldom evideat; bat, ube etima)ated by individual enter fostered by tbe ‘very psiure of ibe govornmert us well as tne social rela. faene uncer which we live, slips irom tte grasp oaly to vene wed effort and success in the stroggio. Capital cals qurrercy Wo ite aid, and with whe: success at present tne yatee ef posinets Paper in cur commercia! emporium dis ‘tmetly shows. It ie the firm belief of the prencut Superintendent that Mo leg itimaic currency Of the State ia Sar ebors of too pe. qeasis ce of ibe Doetness of the Mate; and thet as jong ax Depking 's pursued vpon ite presen’ basin it will 89 re- main. Ae an cvidence of the fact Luat oor present papsr warrency & far short of what would be fairly supporod te be its iexitimate use, the «xchanges mado betwoon the Denke im ibe charmg bouse 1» New York, if thoee ex- ebenges existed in ibe notes uf ihe banks themscives, ‘weeld vring into daily use and maiptatn |! (bere neventy ve per cent of the entire lation of tbe banks in this Mate. The circulation of bank notes or ra.ber the noies @emec'ves, form bui et) cloment tm the busivess jactionr of our chit To the banks 1 the city of ‘Mow York they sre morely or very nearly 90, a conve miemce; Ihe element of their js Nee mainly to toeir ‘and must 10 remetn while the present Dank law we mubtarned. ‘Be people of this Stato now enjoy a paper currency wmequalies in these United States. With unis fact ¢ would feem thei Lo impediment in the wey of restriouon, or edditione) ano Operoce requirements =bould be made by Iagtaiation upon the employment of capital in the bus) = banking. * Ppear, oF come of ma ploy men: sorely ihan jegish tive wiscom MOCUKITIES WO KS KACKIVED FOR CORCULATING NOTES BY THR BANK DEPARTMMAT. ‘The act of 128, as amendod by that of 1844, settles the terme upon Which bends and worigages may bo received masecurity or circuiting Lotes; apd the amendment of 2649 m relation to the reoeptton of stocks and thetr kind, fave Bow boih in jorer, end contro! the action of this do Parimert io receiving those seouriies for circalating Bees to de iseuld thereon. Be relation to the reception of bonds ard morigaces by this Cepar iment af recurity for circulating ndtes, the 1 incumbent only reiterates the opinion of bis pre Fe ip Fay ing, that (boir reception was an orignal error of the actof 1858. It i unecessary here wo ea- @eevor to show that fact by am argumcut. The expe whence of the past iexcher every person familisr with tae ‘of our general bank iaw the truth of vbat asser have become a part and parce! of our bank ; and any obange, however aesirabie, ia the Of the Superixiendcpt, 8 or rathor will be, over- by the present high price of the pubiic stocks to de taken by him as seourtiy for circalaiing Te | € the (oregoing opinion as to the propriety Delng recerved im this department. tt may wo pre’ prehension, to state we With the redemption of the Doles 0’ the Sackett Harbor. The notes of this bank by this department st par, aithough ro * pol stocks and resi estate.’ This is be- De the fire: instance of the positive insolvency Dank with is notes iby secured. when the securities id at pudlic avcticn, from the procesas of whica ‘wore redeemed ai par tatisinctory result was produced, noi by the sale i iH i ti Hy the stoo pon aud the fact that only 90 por issued upon a § per o: nt stook of this tat», fold ab 455 per cent premium ht will be ‘seen that the superiority of 100k secaritiea trort for thet bank Polieved or for the Ceprecieuon ip the mortgages rease Of this clas 0! wecurities during th greater proportion tu the setva! lecrcase ed in this department than to any formor ! E it nit ! 5 Bt any me since the organisation of oar free syrtem, of mortgage socurttics during the past fecn) year, ending on the 0th eptember imat, in $442,090, egainys $130,478 during the jiroal year eodiny B0tn Sep: tember, 1865 The reomipt of stooka, or rather the amount @ stocks beld by the department, decreased during that year $637,742, while the oar we ao ipcrease z present y jou of Recurition of $3,654,908 84 rapid tendency to reise the ammouui of morigege 80 as 8 basis for circulmang ‘the fect a 4 i OF (he associations bankers that have commenced vasiogae he past year but eight bare eeoured their circu ie noten by stocks aloae, whic serentesn have their ecured by pieige of ~ public #:00ks and rou! omate.” Dh was with this endency of mortgage securitios vefore bam, | bev doabi, at my immerinte pretecemsor sod mere rigid rules ‘gages by toa 4: thrown aroun the use of this clase o! sec the bearty onocarrenc@ of th» present With & sincere desire to place this clase Of we nearly a8 poreibie 2pou & par wilh toeir ros! value, ab! (onling aware of the radical dif yurround them, where rulet will be rigdiy enforced by the present Scperintendent, Other restrictions a& experience may snow vy and efectual to protest the bolders of notes by pledge of * public -toexe and real estate.’ proper for tbe superintendent hore to wtate ‘eny change in the basis of tbe securrics eid for cur notes # not, in bie Opimion, noceeary at thix OF at \rasi any enlargement of thet by the reseption ¢* different seourtios than now aliewet to be received by this depart for clroulnting note ‘Thal ao enlargement Danie Of securtie: § to becore am eventual bosives of carrescy for (ore are to wee tbat inned ern) \" Olearty evidenl to even & camual dawns Sema: de of or ct ome Tere pearly $7,990,000 of the ‘ved for the eulargornem! aod on Dave Deen a>sorved oy thin millon of dollar, in te ehape of pre we Doan paid into the treasury Maat aeonmsarly piace spon Of Mock wmaved for the same por foun ind tie way into ine reals of i ! r Hi ye Hi be Ls ry dor: tf Hi ze : © | withost rm It COMAeWOR) to lowe A #ingls dolar DUrposes merety Lemnarary, oF to supply dao the revenue of The General Fund, of i> pay * dons, et i emt eller a ” takem the loan of well wt sustamng toe pric the Groal year en ta Sept 3, feem to requires rigid aiotanancs » He present aw in reiasicn to secarties to be reowived Dy Mine department for «\roalating notes, o fay nothing of he polis farh m the mapared, by requw fag © Security Lets So Cink ebal not ony De adore Beep but immed.ately adic for fe redemption ia nd throw tte fn Raxmane oOo Horne ae. me Tree OF THR RASHES ORPARTNRT i ie the doty of each | eommitier of three member? of that body 10 or secounte and vouchers of the diteront With the receipt and dish money and by section Ii & to Bank Department, and prescribing the powers of the Buperintenteni, It made obi gaiary upon the (ne the @rouriue Jeponiiot by of 7 bamiting Sreocieions ont with the books and papers therein re Of Daoking, 1 enarie them te re condition of thet department 1» Legisiatare of 1854 wholly omitted OMAK on seriously emberrassce ib 6 bin factory vere? can be obtained. ows to tbe “hr! of the Wind and desoription of seouritics, witbout aa lm: mener tworease of Inbor, both by the commie and whe bm wiiitsg 10 sllow tbe operations of ibe past deca) year to De Closed WHDOUS aD eRewiNEtion Of Ihe BevUslues Del Dy we Bu pes beeDdeD’, Ww wust for the vanks anu iauiviiaal beubers of this Rime, am exemivation of the same has been made by the Superintendent ie parson, aud tbe re sult te given im the table marked A. Hach and ali the seouritios epagthetr Kind and description, ie tbercie vet and the Superiotende nt ack a0 wiedges Uber parse. 14 GuetOdy On Lhe morning Of the Lat of Oot. lant, examination of the seouriti-s held 10 this ollie by while it is cudoubdiedly benettoial, aud @ heck upon the depariment, and should be continued, is hardly suificicms to meet the views of the present Soperintendest. The respoombiiity reser opon that offecr bes reacbe! opm, and will itl! continue to incrosse 1) euob ao re toan tie poten’ ‘The experience of the present incumbent of that ottice ‘v, ‘bat bin confidence tn the department, when a bankr bimeeif, which allowed the reenrijes of the bank of ‘ch he was president to slamber without examiation for pearly 17 years, Was 2% @ solitary instance of fern im things unseen amovg gentiomen engsged in the bus! es of backing. No pereon wuthorised, or officer of , bas the past year ever ed perrepa)!, tbe ciflerent securities bald in trort partox Dt, for apy bank or tocividaal beaker ta , Wik his own soconDt Of tho eee OF as Bo: forth by the books of the deparcmect, fhis apparant or ratber rea! opiidence in tne ‘ninerity of tue eftiser boid- we ibe control of this now immunge irust fund, by hs Teal Owners, OAUNOE Pave beck but fluttering @ my pre deceesora, a? it’ certaibly is to mytolf. Sal this cont dence is of doudtiu) propriety on tbo part of the parties who revresens the owners of thie fond or the owners tbr mselwes, and materie!y !ncreason the nucomfortedie Tewpors ibility of the Superintendent bimeelt. ‘The palety of the owvers, the immense stake of the community, and the credit of tho deparvment itself be fore Wat community, requires a mere rigid and thorodg) examination of ite allsirs acd 8 managemons tan wei of a legiglextve annual commiiiee. Thir can be reached ii ts believed ouly by one method, and tbat ts, by mdiiog it the duty of cach bank, Davking sei 0:iation and ipaividual banker, eltbir throug their preeicent or cashier, or the icdividuat vanker himse'f perrovaliy, or by a duly authorized sgent by hiro ap- pointed, to examine and compare once ¢nring eaca fiscal year the securities of nach bank, banking stsociation oF individuat banker, with iue booke of tho department; and If found correct n yeccip for the’eame ebili be given the Supertotendent, setting fourth the amount sad wind of recarities 20 held for such bark, banking acsociation or ‘cdividval banker The tr terest and sniety of the owners of this great trum fund, the stabiity and revuiting coutience of the peop! of thig State in their paper curreucy, rents upon tae ia tegrity and capacity of the inlendent Of ibe Banking Depsriment acd bis ox pi and ve asks the Legisia ture to make it bot ouly & duty, bot an imperative obi gatleo, of the banks, banking nsaociations aud individual ankers doing busiress in tis Stave, tw make toe exam) Bation ebove reierred to QUAMTENLY KEMORT OF HANKS TRIRYIDUAT KANICB IS It ie made the duty of ibe Saperiniendent of the Bank tog Department by Becuiou 9 Of Ibe aci Creating his office, art once in each quarier of ‘be year, to IX aad oe mgnste some Se‘urday, in each preooting querter, co h day a report sbal! ve made to nim by each bank, tng association and Individual banker, of ite or their tre condition on the duy so leoiguated, previous to com menoing or transac icg any burinces on the morning of TANVING ASHOOLATIONS AND . Toe inw of 1847, which devolved Uiis duty upon the Comptrotier, made 1: obiigatory upoa them to mako rocd report, and irapemit the raae to Rios on or bovwro the Sret days of Feoruary, May, Avgust and Noveraber; snd the same act provided'thut a failure for two soo eding quarters to make such report, ehould, it an incorporates Dank, forient its charter, end if a banking association or idual banker dotog business under the act of April, 1838, it or he should forfeit the privileges dortved under said act. The act creating the Bank Department by seouon %, reeme to Bupertede thalcf i847, borh im the forieiture and fis penaiuer, ond \t renders uncertain the time allow: ed to make the report. ‘The words of the or refoss to mrke su report from the time requt-ed, it ebeil be the dvty of tho $ intendent, &c.”” ‘The time required can hardty mean the thirty days immeciately afler the Saturday ea which the report shail date, as it imay have ciapsed, ani will bave, if w Eaiurday im or bear the midd'e of the past quarter be aed upon by the Saperiniendent for iis caso. The act of 1847, and thas orentiog (le offico of Superin tendert do not harmonize, an7 leaves the quesiion a the time in whion the report shall be made, of the exum- iwation of ibe adaire of the bank banking assooiation ur indivigual banker, which tt is ibe duty ot the Saperin- tendent to make, in case offailure oF neglect w report, entirely obscure and unceriam ‘Ibe necessity ot a prompt report as noon as possible or at least convenion', afier the notion of the Savarday is given, is severely felt In the office of the Superintendent. Tne table or summary, wiih the nooesary examinason of the reports, to ree 1 thvir footings are correct, which ie published by tbe department, requires great Iubor and time 10 perfect, and ir essentially delayed ‘f any of toc banks Jal! in the prompt trevemission o thelr reports. The great muse of them are received prompily, but the absence ef low, one, delays the completion and when it reaches section are: in ease of noglect nin ene month situation of there Institutions were some sixty or ninety day® defo: ¢ its publicasion Ws uearly useless b itr practical efleot, ax 8 ® condition of ‘binge that may bave 4 geome only an an useful reference of tbe doad pasi instead of the living present ‘The Superintendent be jeves th asecoistion or iedividvel banker, ‘whote trapsnctore are properly #howa by their books, cap make essary report in two or three day~, exerci Ing doe Giligenod, or at the farthest iu » weox alter receiving Botice of the Saturday om which It is to date: as the report tteelf is nearly ta the form of ® proper ‘week!y statement submitted by it: ollicers to Weir board of cirector: tn every well managed bank ia the State. ‘The prompt re-eption of there roports et this office { deems 4 #0 fential by tho Sopermiendent, that be re- rpectiully asks the action of the igisiature favorably to tbe parsage of a law compelling the transmission of tho quarterly reports of tbe bank, banking associations and indivicual banker transacting Durine:; im this State, hin fifteen days from maiiag from this depart: ment of the notice of the ay \o make such ‘This =, in the opinion of the Superiniandent, atundaat ttme tnolodvvg that required for the notice to reach every benk in the Swte, make the report, aod reta m the same by mail to the department. To thi amendment should be added @ penalty of $100 for ead failure, to bo sued for and co.eoted by the Muperiaiendent. and applied te wards the miscollani ov: expense. of the office, retaining il other provisions tn relation to the making such report. INDIVIDUAL MASKCBAS Nt hes been the practice of this (opartment since iw creation, & well as when fe ailairs were in be baods of the Comptroller, to allow any individual, upon Gung the requ. te certificate of resigence, to ar-ume a name and Lutle representipg him-elt we a bank The authority to perinit such aa assumption. the pre ent Supermicnsent is who ly ‘ata joss to flad im ibs banking laws now or heretofore in force tn tal: Under *bat provwions of law Joba Doe or Richard Doe been allowed to e-#um WUe of toe Bank of the Weeters Coptinent, or the Universal Beaux of toe Whoe World, and transact busine--, and reserve pote. bearing bore in cription: on their face, aad thy , toe, whee ther are to expres & personal lisbility, to the w “1 will aad be maned by iadivicuais a bankers der the provision of the original bank law of 1438, An esteciation, {rom the Beoessity o| the care, vas com pele to state Ihe pame as uimed (0 distinguish (t and to 2 ured in the dealings. As to the tile of we individual, the rome act is entirely aiiemt, ahd v.o8 the words ‘euch Person OF aspociation Of perove,”’ to distingaieh Lbowo Who could rece re poles from (be iben Comptrotior. The Provision that the note: thus received by the parue Bbowld be executed and ign! in the manner reqaired by iaw, to make them obligatory promi ory poles payeble on Gemaad, at their of bumioes within this “inte, of Pech person or esto ation, clearly “bows Ue orip wal tenon of tbe m war, toat the Botes | ued by the Gom stroller wader i provitions to a person or an individual, was simpty to De bu: indivual promive to The Present Superintandent con-iders the practice of 8D iodrvicual ewoming the name of the Farmers’ or Merchants’ Bank, 98 not warranted by the oxicting law, Dut bae permitted | during bis administration from the fact that it bad alway. deem slowed by bis predeom for, and Doing uniling to place his individual opinion im opponition to that of bi eulire predecessom, who, ether a Oomptroiiers or “" Transact the busier: of banking ancer their. indiviseal names, an¢ their title shoud be so conned. In other worde Wi carculating notes aboald be obtmine! from this Gopariment by John Dos, as an individual banker, DM: Utle “hoved be John Doe’ Bank: and if be has partners, the toor owe somes to Comgnate their busines, like the Foo. ler Sherman's Bank, and alter toe title the nove read “Twill pay,” or “Wootter Sherman will pay, at my house,’’ a. ‘This pratioe was goon overroie by the desire ‘or founding titles and wes pormitted by tbe Comptrotier And bas oontinerd #0 long io ase an to prevent aay reform ooh throwgh tbe powtive enactment of a law barker, who ehall beresiter reared tn the report individual banker soo! Jegiviati ve eoasiaent thorived vw bequeeth bis businem and came 10 any frie his decease, The ressone for thin aimendment are eo clearly set forth in bie Janet annaal re Port, that | most respectfully call the attention of the Le Eisavure to it Statement shontng the rember of mutitaiad no's ihe demain. nations. and the amoun' returned ond can ciel during the year nd ing Begteriter 39, 1858 — Pit Banka, [norpmar! Ranks. Number of Deno securate, wand rapid, the prencmt steadent ebould be pee NEW YORK HERALD, THURSDAY, JANUARY 8, 1857. and amount DESTRUCTION OY MUTILATED HOTES, ‘Te above tablo presoows the amount in dollars as wll as ibe Bumber of mutila‘ed botes, counted and destroyed by bi ig tm thie dey during the past fesal year. ‘The doty, i will ve readily seen, bas become a respoo- sibility resting upon thie vflixe seoond only to tho sale Keeping of une securities deporited thera The methoa now followed is believed to be seonre for the bamber as well as the department. ‘The appointmens of an agent by cach bank ¢2 count end whness the destruction of ite foonptei ako by the department), would seem to je apy and al! errors im that branch of the duties < Lyipg Upon thie office. Qaite amumber of whe banks bave@ regolar epent io their employ for that purpose, Jarge proportion of them depend upon thetr own 6 Or some transient person authorised, tor the purpore of witnersing tne counting and destruction of » tingle packsge of netes. thie Doving @ witess op the part of ibe bank tisell, to the destractk p of ite votes, ls am absolute neoeenliy for the neourity of the Superiniendent; and wo notes are ever de siroyea but ike Corning is witnessed by an ofliver of the ban?, or ap sgent of the same, and his certificate «f the fect placed upox reoor?. The epp-wiment of different Individuals, ab different times, leads freqaently to jelay that ts especially an toying to this office. The notes are received and pinced in the vault to awasi the convenience of the benker, if he dcoires to witness thelr deetruciton pereonally, and ro mein urtil the Icisure gf bimee!f or sgeut prompts a oall at (be office, That ¢ gee tho methodical way in which tbe doties of the ctlve anooid be performed. The amount of work required tm i Des reached @ polvt ‘het scenrecy can only be obtained by the certatpty win which the dorks of cach day are completes; and with the fertre to repder the performance of those duties oortaly Superinteudest most ours inthe yeeommendation of hie predecessor, D © Leginiature to give Bim the power to ap Toit a suitable aod discreet person to witnrss thecozat ing and burning of mutilated bank notes rent to this office for destruction, when that duty bas been neglected by evy bank, Dancing sesccisiton, or individual banker, for ten deys after ther receipt by the deparsmens Yoir power would much fecilitate tho busimose of the office. az well able the der ker to receive his notes with greater certatniy and deepatc. CAPITAL STOCK TO EE PAID IN, folly My immediate predecessor, io bis last annua) re port, recommended to the Jagan the 0, OF rother the emendment, of the General Bank law, making is obiigatory jor cach sesociation to spooity the stuecni of capital to be paid m before oow- mencing the business of bankivg; sad that the saperin ‘obidlied from teutpg obculating votes, until furniahed with proper evidence that the cap! tal stock named m their articles Dad, tn fact, been paid up. ‘The present superinteudems cannot see any nec salty of applying the principle of paid up given amount to an agescistion, (hat is not as for ibie in ts ap pitcation 10 an incividus: banker, Phetr position 1s pre omely the same before the public, except the inctvidual ha bility of the barker applies to bie entire property, while that of the associa‘ed banker to the payment again of the amcunt of stock beld by birc, ip care of the insolvency of the asscciaiton. 16 is presumed thal it ts upon thie ground that the inte superintendent applies tae prinetple of paid np captta) op y to aszociations. Wb due ¢-forence to hia opinion, tt 8 to the pre- sept super niesdent that he Jost sight of tho great princi pie embodied im the genoral bexk jaw, and the effect of ‘any general law voder wiich @ corporation, waose basi- ness in to dea’ ip perscnsi property, can be eafely crea: ed. The general bank ‘aw, it is true, provides that the capital of every association eball pot be less than $100,000; itas distinctly says tas 1: shail pot receive cir onjating ‘potes from this department uniess i+ deposits $100,(C0 ip ibe teourities required by law. 1: is certain ly Inir to suppose that thore securities are worth par, or they should pet be taken, as upon them resta the credit sttached to ihe circulating notes issued upon their reostpt. The ouly requirement of the gewersl bavi law beyond the ope tamed as (0 capital is, that the amount shalt be named in the certificate fled ip this office, beyond witch thatcayftal eball pot be Increased, and even this isa rule of the department under its construction of the jaw Im the quarterly reiurms made to thie department by the banks, banking associations and individuel bankers, tbe amouni of the capital of each is staved aud sworn to seyord these requirements the general bavk law ignores the question of capiial, The whole scope, intent aud meanyng of that law t—aud wisely 80, in the opinion of (he presert Soperiplendeni—to secure the ciroulating pele wmaued to 0 banking sscosiation, or tadividaa! avker. ‘To carry the provisions of that Iaw beyond that potnt ie merely an effort to piace the voluntary croditor of an association or individual banker upon & footing in ad- vance of ihe protection legally aflorded to ail creditors of every biad and pame. The trust fond bekt by this department cannot be atrengthened or weakened by tue amount of capital of an aspociation, whether it be groat or small, for the simple Teason (hat (he capital is under the control of the owners thereof, and mct within the jurisdiction of the superia. tendeat. Ail past experismee teaches the fact, that when a free bank /atle it i only when its capital 1s entirely exhausted. This Is peculiarly 80 as regards all corpo: ations created under general laws, wbose capital, or tte employ ment, ts connected with personal property. The copnection of capital with general laws for its om ploymeni, which does not invest it ip real estate, is sim. ply & reliance cpon the integrity of the corporal os The capacity and integrny of the corporators is only eridence ending them to credit. ‘This thould be ro beywnd & qnostion. and it would be as reatopabie to require tat & mechani: or merchant stouid have a Oxed capital, according to law, to prose cute bis Dorit ces as a free banker. It 's the privilege of every man tm this State to become er under the simple restriction of securing certain notes Toeeived from this oifice, whicd he pro poses to c roulale as moues ; and the only grea: or para mount interest the public have im him, or them, if an as- sociation, is that thoee notes which convenience aad ne ‘ceasity compe! that public to use and receive in their bu- #8, rbould be amply secured; or in other words their mption for ihe amount for which they were \e«! seoured beyond @ coptingency. ibe great mstake in relation to the spirit and operation ofthe general bank iaw is in supposing that the pubtic need of require apy proteotion the the bank notes issucd under that Jaw, and circulated as mo bey. ‘The uae of these notes Is « necessity, and when they are created by law, the power that ibus creales bonne should protect the community irom any loss by that use, Eyery attempt beyond this, ander the ceneral laws of the ccscription beretofore reterred to, is simply giving a Hotitious standing and credit to self made which deceives tne public and renders thom an prey to frauds occasiomily perpetrated upom Wem, ‘wDver the Bame Oo! an insurance company ora bank. Tne mere porscasion of bank notes insued by this dr. partment Phould pot of taell give any addi oredit to ‘en ind)vidval or an associauom. He or they have placed in the yaulte of this department certain securities, for which circulating notes have been isaved to them to ue se money. They bave in fact purchased and paid for tlose notes, and the securities under which they are ob tamed sre in bafl omy pe ‘The mere possession 201 ia the only requiste te procure Uneve secarities wore obtaine: or paid for ls beyend the inquiry or juriediewon of the S perintendemt. Jt ineubmitted with great de'erence to the opinion of others, that the inauguration of tne Genera) Hank law, created an entire revolution tm the oomnection of onpita: with the businens of bankin, relation to ctreuiating that busizos by any and all Cities Of this State, ieoving them the choice of looation. the settlement of the amount of capita: em >izyed, an’ the upitmited use of the curremey upon a deposit of cor twin ecuritice, basing the ertire buses: of banking in this Erate upon the single idea of eecurine we public from joss upon the currency employed in conducting that business, No quallication, no location, no ¢apttal beyond the mere deposit cf $106,000 by an’ arsooiation. end $50.40 by am iodividual baxker are required, excep: acoorai, to his or thelr own votlion, by the enerai law. its empbatical y tree bankin; and of neneguty can t look at & sige revail, |. © security for otroviating Tt may reem a strange idea for the Hoperintendant of Banging Department to advance. ovt be cannot divest himeeif 0! Ube opinion that the tru end sad aim of the: begins and terminates with thir single object, of 96 curity w the note boider, and iy 0. Every other creditor of aa association of individual banker bs, to aay an4 confized those restrict.one io the mare pox seosion (with (he power to tranafer,) of certain gecuritinr Whout reference to oapactt banker to toaintain their credit prociesiy fire any iduai or firm encagod in the business withoet bo! that oredit by #urroundine It with » set of Inwe protection of their oreditore, which iv thet rasuit oniy tend to add sotitiously to Ht. walsh if left to 1 Gua) ae -acity unbiinded by logitlative evact monte noon place banka and babkors upon the levi ound by al individual Maer, That this is @ {air conclasion, let ve look at the power coplerred the banker by the Genoral Rank law The only restrainiog ciaure in relaticn to an asnooiation is kimpiy that Sts acgregete captal shall not be lees than $100,000, Aad aa f purposely to divest it of sil actus! ‘apiial and piace ft beyoma the contro! o! the corporators ea, the law further ye > thal no etrouiating bbe a ved from (his oflice to an aegootation 00,000 in the seourtties required by law be depo- sited therein. Lf the notes are amply secured the secu. rites deportted must be worth thet amount, vod if worth ft, the presumption is alnort comelusive that they cowt the entire $100,000, f Ifthe copsiats of $600,000, the right to demand 1 40 and recef¥e circulating notes to that amount je equal 346 «800 «= 182,600 | clear upon the deposit of that sum in securities in t! 174 1,000 171,000 ment. + O¥4 Emics on,” is entirely at the option of the corporators at any or Unregistered —¢,862 | time to pince their entire capital (without reterence to —_— —~-——— | amount) in the bands of the “aperintendent Beevee 904,180 $4,900,217 | Werelor ciroviating moter, nod thus devoly Ni Re eingiy | clase of eredtiors, ive DM! Bolters, evan i that o'aa eon- | Seprristendent, amounting 10 $1,473 64. bas been paid Bate tlets of tbe oor porstore ihewee) he T.c@ cry for agcount Of this de, artment, a required ‘The diepeval of capita: of an association or tatividual sy 851 of the lows of 1rho Denker rests wilh the cilicers of tho ono aud the tod 1g statoud et exhib te the expenses of this ‘vidual volition of the other. Por this no remety exits: i fer the ace) aeer, one flo the amoup) this beyond ihe contro! of the Legislature ite f, unk from the treasury for the payment of the ‘an attempt sboold de made to go back to spectaloharters, h will be reimbuised for bo-e advances op the \der whieb the location, the amount of capital, aad sso { Jopuary, 1867, by dretis upon the different banks bof elrculaling notes was xed; thus’ onb! and confining capital to the ciandard of legislative acto ipatead of Haas weviteble rale of ponent ona a rw Ao developed e trade ant eaen booa iMeelf, ) ober words, resarting to whe o'd wpstem of | ment of the fea) year, Ow ), 1866 ,.., ..., $14,196 70 ebartericg banks. the original object of the frar cbiee The Superintendent bas drawn from the trea- eury from thas Gate te Cotod<r 1, 1806, as fol- lows — being to exempt the corpura'ore from personal Mabiiity, make the use of for ban! ae pon legieiative poy ong $12,905 14 oe have no power to pass any k pecial charter jor banking par; ed —— HER Tt ogain says, nection six, same article: ‘ the Tegtaature Ohargeatle lo Incorporaa Banks. ' provide by law for the registry of all bite and woiey | Por ralarics,. $3,987 50 ued or put in circulation as money, aud sbail require | Miscellaneous rryy ample recurity for the re¢ omption of ine same ia sptolo ”” 4,200 18 ee to nage rather introdcee tne the or; rod setae ie Jaw of tho State, and pripoipie e TOU recs nerers eres cess rece serene s 899, i au grncral bapkir g law, te farther states, 10 section elghi of He has paid to the treasury during the the evme article ; ‘Ip case of the insolvency of any beak. | *#me time, vis , from September 80, 1856, to eeociation, the bil) holder thereof shal! be on Opteber 1, 1866:— ference in payment over all credkors of suoi | From free banks. $17,400 60 bavk or ateecia)ion.’” incorporated banks 4,183 17 ‘The Superintendent asks if this not conclusive evi: ——— 941, 681 77 dei ce tha: the end end aim of the general bank law be Es and terminates with the single idea of secaring at ei! Leaving tho treasury tm advanoo,,,......-..$17,617 88 ards, and at apy sacrifice of the rights (if I may use the term) of a!) other credwors of banks, banking asso elat'org, and individoa) baukers, the ourreney of our By the act of 12th April, 1851, creating this dopart- mevt and the trapsier of the powers and duties of = State + Cemptrolier to the Buperiptendent, 16 becomes + it not clear that the question of capita) (wD theex | ‘uty to report to the legislature the condition of thw ception of the $100,000 necessary for an asesotadion to | fund. commence business) is One beyond the control of the The balance tp the treas on the 30th Legislature ieelf, withoct striking » blow at the spr | 185s, (0 the credit of that fund was......... $116,986 08 Reoetpts ito the treasury during the fiscal year ending Sept 30, 1866 Contributions by band + Tatercst on bonds and morigages Interest on deposiv...... Interest on coniribotions, and meaning of the consiitution; and tbis. too, when ar tiole cight of that instrament liserally (to coin a word to convey my meaning) consiitutjonalises the it provisions of the genera) banking law ? Je Wt not a fair deduction. 1 again repesst, from beth the constitotion and the law, that the true intent and mean ing of the general bapkivg jaw looks vo tho slegle objec: 971,200 72 of secari f the bil holier, and that it wieely leaves (as | Warrant unpaid Sept, 90, 1856...... 156 24 it should de) for the public wea) snd the success of ted eee vidual enterprise the employment 0! capital in the Bas) BOUND... 000s cccene $187,742 94 Payucnis 2 of banking, as fveo as ita use iB any caber braneb ct bes ry or chet? bod Redemption of #100k . bumap industry or eftort? » $83 550 00 ‘And in concluding this branch of the Soperiniendent’s | int reston stock... 93,088 36 report, does not the fact that during the past tn years | loan to Commercial Bank of Al- the employment of capital in the Dur! of banking, bar + $0,020 60 risen from $43 0/0,0C0 to $97,( 00,000, while currency has Ani 46 erly advanced from $20,000,000 to $31,000,000, and the —_—_—- Teeult of the part Secal year presents a iM greater din LC Tee parity between their use; the increase of capital betog Wasranie unpaid Sept. 30, 1860.. during tbat time, $12,216,711, while corrensy bas ad vanced only $2,332¢91, clearly dei thet tots construction of the genera) bank law as to tho use of capital is actipg in perfe% barmony with the business Bank Of Uties and Branch, U'ioa, Deo. 1, 1849. of Monroe, Recheater, Deo’ 31, 1840 New York State Bank, Albany, July'l, 1862. Bank of Lapsingburg, Lansingburg, Jaly 1, 1865... the then Gomptr’!)« i The vas Walker and othors, oa, to recover tae amount due ptbon ) trustees of the | dietmotly shows that a1 from there for th potions to that fund. The capital to be employed in ‘of the State of » k were beaten, and jadgment ob. action by legal provisions, if suc: |, Will oniy creates | talmed tor oom, a the November cireait, myth to misicad apd denerve the public. held ip the city © 4)sny in 1862. e same rule of credit shoul be applied to danke. A bill of exceptions was flied, and after considerable bankipg serociations and individual bapkers (except an to | delay, was d before @ tult and a» new trial circulating notes: obtains against individual enter | ordered, at wi time an opinion tbe Cours was priee, directed ww otber burmens counsels, ‘vis: be ind! ven covering the whole ground of the suit. The soan- vidual Mability, integrity, ex pand capacity of the tel for the department has no doubt of s final er party or par’ epgaged in ‘business cf banking. of the whole amount by ‘THB DEETROCTION OF HANK NOTR ree, — be tried, % is hoped, during the present ‘The adjournment of the Nature last winter without -d Action upon the recommendations of my predecessor. ‘The total assets belonging to this fund, all told, in she Compols me to-call your attention to such as relate te ths | hande ofthe Treasurer and Superintendent, are as fo! operations of this department, at least such as moet my concurrence. He, under the belief that the concurren: resolution of 1862 aid not have tbe force of law (and i coincide with bim,) recommended that authori. fo Fond ule be gtven the Superintendent, by positive ent, to destroy the bank note plates business. ‘The present Supertatendent respectfally aske sent Legislature to autborixe him to cestroy all the custody of the by =p whisb, jain used for printing bank of broken a« weil as ly he wishes. The action yoked upon this subject. EXPIRED INCONPORATED RANKS AND THEIR CIRCULATION, o> of this report exbibite the nom- ks whose charters bavo expired, hich they had outstardirg at Abe ¢3 piraticn of tbeir respect ve charters, and the amount of eveh circulation on the 30th of mber, mul ‘The amount due trom the banks above named for comendng. aes, contributions to tbe fund may be considered somewhat ‘Theee notes are used by the sssociation that has svc. } Coubtial, owing to the usual success attemding the ef coeded tne expired bank. With tho exce} ‘of tne | forts of avy in ion oF person in e' the Bepk of Monroe and the Livingsten County , every | ment of money justly due the peopie of the of expired chartered bank bas been svoceeded by & as association with substantially the same stock iders It ts believed that the trustees of the two last named ag ® if bapks, ¢ither use for their own benefit these notes or income of the countenance their use by otber partier. ‘took place) ‘The outstanding circulation of thete expired paake ov demand« the 20th Bep ember, 1855, was..... o: $31,66* 000 in 1861, Add to th’s the circulation o! the Bank of Che over the papgo, Ontario Bank and Ontario Rranch 19 11. Bank, expired during the past fecal year... 468.440 x.) 4 ‘Total «os «$6,809,986 bg ey returned and beni Be] +44 the pest year, under ebapter Lows of 1864... canecceee cece een ee B04, 040 of some of his opinion the fersonal I either vpom every whose name any sveb expired, or those of the new edit. That circulation is cortainly have been 1 5ifesd & aBre zee ... $670 76 | $0 furnishes any evicence of fetare preapertty, it would same; bat | Dow be made our present bemking the wotes of the last two the clearer teushinge of ee to their defects, _ pome have been ease at | before experimenting epee powers of endurance that Superintes tent anita ac. ee gree nen Ser ae 2 eee Soret eetalatore to pay thaws balances into ph a whteh one amy be tee! applied towards the expenses of thts Tetras ee preach Vepesmaaanemn cavers wo teang B OBXPTRAD SAFETY FONP RATES ing any principle or practies tm the method of wansacting “ 108 of the laws of 195( ro | the business of banking im thts Rate, bbe respectfully banks, OF rather thetr trastocn, to re | Mk the aid of the Lagisieture tm the detaila thelr Gireulation to this department { and efficien 7 of ine following Oxpiration of their charters, or within . which bave dese reterred te ender their ‘of May, 1956, if their charters had | Proper beads in this repert. ‘The followhng list shows the names 0 1. The passage of am act malcing it the duty of enoh trustees have made the mecormry de | bank, banking association and individual banker, throngh meet the requirements af that ect, beir officers, or the individual banker t parson, or an ontted, and the amount — Authorized agent duly appatated, ames ‘a sack fiscal ‘York State Bank... .$18 500 | to examine the securition heli @ trast for cach of Oity Bank... x bl town: eck, E ew May, 1656. boeiness, in thetr 4 with this departmon! sud the " (RORUNG PANKA. public, to prosecute the a banking vader their During the past fiscal year sixtoon banks and bankers, | OWN proper names, who were coring their buainens ea tho date of the inst 76 1 To eoabie the devises of am todtyigual banker to portfrom the Su of this department, have Centinue the business and name of ack banicor ie their o Fund, received from the Olty Bank of , now to enable th ment to perform ite duties with aceu- The - racy and dimpatob. ed, in thy of the Atiae B: 2) Of Which in reapectfotly ev bmitted Cipmer: and the bainoce of neoey ia iy bade JAS. M, COUB, Superiniendont, ADVEBTISEABETS REV®WED EVERY DAY. © BROADWAY q 375 dispomng of their rab sok of asd cmbeeea Ties under cost, previews « their removal lo 429 Breadwe. 8. R—A large assurimeni of boniton collars, vets, he., D Jow cosh, *. LL OUR FRENCH MERINOB ARE XOW A fay ia per gent trom cost They must be oad babe 1 ruary. Beantiful Ay im lope, ‘ana be. 6d. per 2ard, heed ‘Werth te. ant o. se are barguine rarely mot with) At tbe i Great paie, ‘Broad way, Near Fourth vireef. BK BPLENDID assORT a LL OU! eon ENT OF Are new veliing at Je. and Ss 64 per yard. ‘ Al the great sale, pe meee ‘Near Fourth strees LL OUR ‘Bilke, Peplinetta, Pam =. rea, ‘Mer nes, Ave new selling at an suoritce st ave great tab 703 way, near Feurth stroet BANDS, Closing off at am ° Enormous sacri: oe. At the great sale, 703 Broadwey. BE ROBES —UBSDELL, PIERSON, LAXB & large and have just received. Jate steamers. & PE Rew Moureing Bloke, | | ame BANDS, asnorimeni of lik robes for ovoaing drossen, Pounarmes, ORAPES, ETC. Selling off ala reat seorttice tepaive ao Fs Ly JauKson way, between Spring and Prince street. @ OFF STOCK. Ladies will ‘ua Cente pod y- Geecripuen « pric Dey Goops, b 103 Brosdwaey, oar Peurth street, ARS ARR NOW SELLING WITHOUT AN veg" ‘They must be seld at nae ae ea, ear Fourth strest. OLOSH THE ‘We shall offer eur entire elock suvck during the Month of Jani % At Gn most eases) ONE-HALF the ORIG ‘order to YLEARANCE SALB.—GENIN'S BAZAAR. reas embrettored hanakerchiefa a $1, werth $2 2% jan 5 Handkerchiefs, a GENIN’S Bazaar, St Micholas Hote), 61) Broa¢way. Cas THE ego a WHOLE wo seltiwg ef below cost, at HaN K' niced 4 Canal street cy RANCE SALE —EMBROIDERIBS—GERIN'G BA sans. Sete, seta, {i 40 por cant Delow tm GENIN’S Bazaar, 5t. Nicholas ECIBED BARGAINS IN Summer goods of every deacription. Comprising silke, remain At the great sale, 703 Broadway, near Feerth strost. MBROIDRRIKS ARE NUW OFFRRING ‘Ata tremendous sacriéoe, They must bs soid by the le of Feb: cary. Ladies’ 68 cambric per Embroidered haadkerchiets in fine qualvea, ‘Onty 4s. 64. each, all pure linen, 61S Breadway. At the great sale, ‘708 Broadway, hear Fourth street ‘VERY LADY SHOULD EXAMINE THE BARGAIN E'S hice geoaa, a te great snl 103 Broadway Near fareo MBROIDERIRS.—CLEARAWCE SALE GENIN’ E bacaar.—Our immense stock of oe will be edeared eat, of coat, te make reem for ka Nis ‘Bazaar, 613 Broadway, St Nicholas Heiel URS AT HALF PRIOE—TO CLOSE THE We shall eter our enue fr ook during te Jan at Gn mout cases) ONE HALF the ORIGINAL PRI cruer We dee an eaire elearanes. cca go FOR BOY'S WEAR. ‘Casimeres, ‘Broadcloths, eamblets, te, de Ath great saariden, 78 Beeadway, Nour Pourth street, At the great anle, REAT BALE OF - Pread 78 Near Fear wreak LINEN CAM@RIC HAND sack in the eky, at 748 Broadway, shove Astor ples. i 4, 0. MILLIKER & 00., Prepriesr.. Gtk, BALE OF MOURNING GOODS. ‘The subseriber being induced to enlarce rovermenta % ENTS’ PRINTED BOB! Aerehiefa—The best ant japkine, Ae, At equally Jow prices, N.B.—Hlore will Pt im posttively close business om the Hh diny of | LAPS SLRIORING CLOAKs, GENIN'S BAZAAR, A eheao carment, wit) elegance eombined, ma- PSH ict Seated SS ati ARSEILLES AND TOILET QUILTS— Tremendous ua akin cloaks abeve are the city. not to be fowed in an; poe Td At the prest sale, 703 ay, ear Fourth sireet. wt ROBERTS & 0O.. TS PROADW. eae digpose of rich stock of inces and om broidertes, for sewn days, under cori, previews MUSICAL AED DANCING. 926) BROADWAY.—MME. SAUVAGRAU'S DANCING 6 cademy, orery for Jomeona 863 Tie entra’ eal he eee Grand ‘selree every pomber ef younr tadien. tienen tained as above. R SALE OR EXCMANGB.—A 6% OCTAVEPIANO IN renewood case, & Haven, New York. the jamily having ne farther wae for tt. Can be seen at 140 Fulton treet, Bi lyn, ap saire. Wowld be sold cheap for cash, or exehanged for et cash prices, ‘LL, CAROLINE RN DANCING ACADRMY, 21 Howard street. moet fer the imarsction of ee and gentlemen @ 3 ovclook P.M. and 7 In the evening Re practice, Grand soiree danauate every Saturday eveniag, from ; (011. INFORM PA, J, BRUGCHI, FROM ROMT, Bi her friends and the public roneraliy lessens on the guitar at meterate terme. ‘& Mb] Broome street, in the candy store. b pile, at $2 BO per month a per mon egaed ot thir teodeuten 12 Twenty eighth street, between TAROPORTES 4 nt a rte Py ND MELODRONS TO LATA? ‘4