The Sun.
London, England, 1836-06-14 00:00:00

SENATE, APRIL 29.

" Mr. Power, from the Committee on Banks and Insu-
rance Companies, reported in favour of the Bill from the
Assembly, to change the name and classify the Directorsof the
Farmers' Fire Insurance and Loan Company. Mr. Powers
stated the object of this Bill, and with a view to give senators
an opportunity to examine it, moved that it be laid on the ta-
ble until to-morrow, when, he gave notice, he should move
that it be ordered to a third reading."
In the subsequent proceedings no notice appears of the ul-
timate fate of this Bill, and the passage above quoted says
nothing about the main point at issue, viz.,—the power of re-
ceiving money on loan or trust. The extract from the private
letter referred to is as follows :
" New York, April 30.
" The application of the Farmers' Loan Company, for certain
alterations in their, charter, we are pleased to say has passed
the House of Representatives of this state, and our friends feel
very confident it will pass the senate also. The vote was a
strong one, 106 to 7. The principal features of the bill are,
changing the style to Farmers' Loan and Trust Company,
classifying the directors, and fixing the amount the Company
may receive in trust at 5,000,000 dollars.
"P. S. (Dated May 1.)--The Farmers' Loan Bill passed
the Senate, 26 to 1, and is now complete."
To bring all our authorities in this matter under one point
of view, we now annex an opinion given by Mr. Jay, one of the
first American lawyers, some years ago, relative to the right of
this company to receive money on trust :
" Extract from the opinion of Mr. Jay, dated New York,

12th of November, 1832.
" Has the company power to make insurances on lives, and
to grant annuities?'
" The last section enacts that the act shall expire in 15 years,
except as to insurances upon lives and the granting of annui-
ties.' Although the fifth section is awkwardly expressed, I
think it evident from that and the last section, that the Com-
pany have full power to make insurance on lives, and to grant
annuities dependent on lives.
" ' Have the company power to receive money on trust ?'
" By the second section of the Act of April, 1822, the cor-
poration is authorized to receive and take by deed or devise
any effects and property, both real and personal, which may
be left or conveyed to them in trust, and to receive and execute
such trusts, in the same manner and to the same extent as any
trustee might or coulklawfully do, and no further. And the
corporation are not tiirtrake any other kind of trusts than such
as are usual with othfir trustees.
" Money is certainly comprehended under the description of
may lawfully receive money in trust."
1
effects and property, and therefore I have no doubt that the
opinion Mr. Jay, is directly opposed to that of the
Attorney-General of New York referred to yesterday ; but if
crethdeitreofisthaen
ceenredpoafnythien matter, amtteerre, andinallptoham.
point
regards tehoem hillathn
confirmatory of that dis-
puted
s iys
has passed with a clause
power,t
he
of view the concern is in the best state possible,
and pecuniary
those cl-
pitalists an this side of the water who have taken
an interest=
it will have no cause for apprehension.—Morning Paper.
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named Russell and Boden, the former of whom
His Majesty has granted a free pardon to two men,
was convicted
at the Wilts Assizes, and the latter at the Sessions, for two
alleged highway robberies on. a man named Green. Green,
who, it appears, had received nearly 201. for his costs on these
occasions, found the, trade of prosecuting so profitable a one
that he accused a third man, named James. of a third robbery,
which led to the detection of the whole affair, and of a system
very much resembling the well-known trade of blood money.