Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1829-03-24

The BANK BILL, passed through the COM.
mittee OF the whole, and was ordered 10 be En-
crossed for third reading on Wednesday, by
a vote Of 76 to 90. This vote we conceive to
be so decisive, that there can be now very ltd.
doubt, either Of the final passage OF the bill, or
Of the renewal, subject to its provisions, Of such
ofthe existing charters, and the passage ofsuch
new banks, as the exigencies of the times shall
require. The great question, SO far as it can
be controlled by the decisions Of the house.
may be considered as determined. The out.
lines Of the bill, as it was ordered TO a third
reading, are as follows
1t creates a perpetual bank fund.-" by III,
annual payment into the state treasury Of one
half Of one per cent. on the capital stock Of
every corporation subject to its provisions, W.
til each shall have paid three per cent upon
its capital stock; which fund shall be inviolaoJ
applied to the payment Of such portion Of the
debts, exclusive Of the capital stock, Of any
such corporation which shall become nsolven',
as shall remain unpaid, after applying its pro-
perty and effects The fund to be invested cy
the comptroller, and the income, after dedUc''
ing the salaries OF The commissioners, 10 be
paid annually 90 the several corporations any
deficiency in the fund, below, the aggregate
amount Of three per cent. by means oil Inc 10,
solvency Of any Of the banks, to be relmsn'sea
by farther annual payments in sums mol e1cesG'
ing one half Of one per cent. ,,
1t creates three Commissioners, called" Inc
Bank Commissioners Of the State oil Ne"
York." appointed, one by the Governor and d,
nate, one by the Banks Of The first, second, ana
third Senate districts, and one by the remaining
Banks, whose duty it shall be, once at Iea'' u
every four months, 20 visit every corpora''',,
and thoroughly inspect and examine mo ~
its affairs, and to make such examination 'Io
inspection more frequently, if required "
so by any three institutions subject 10 nc a.
to apply 10 the Court Of Chancerv Tor 30 " "
junction agains. any Bank which they s...
have ascer;ained 10 be insol'ent, or 10 nav
violated the provisions Of the act; anu :,
report their proceedings to The LeglsIa,u. y
February Of each year. They are 10 ho'a '"',
Offices for two years, with an annual saa'! =,
fifteen hundred dollars each anG are enJI'".r
not to disclose the names OF the deo'o'' O.
bank, or any information obtained IN '.c 'U s"d
Of their examination, unless requlrfo 10 49, 49,,
Of justice, or in The course OF some proess''''
authorized by the act. ,t. III,
The two Commissioners appointed ~ w.
Banks are TO DE chosen by conventions ., r ps
gates; one delegate from each Bank ,', rn,
from the FIRST, second and third Senate INV wv.
to meet a, the City Hall in the City Of Ne, =.
York and those OF the remaining PAM e.
Auburn: each delegate entitled 10 one WV
every $4,000 OF the capital stock oil inc '', n.
Incorporation he represents paid IN; an anu. in IN
person having majority Of all the , .os,'
each convention, to be declared duly en p.h;,d
Any banks subject to The act is oro sl,s,iou.
to issue or have o, outanding or in eifen;.. il,
an amount of notes or bills exceeding 'N'. WE'D
capital stock paid in and actually po;s Iss s,.
nor can its loans and discounts at any ',.u 20
coed twice and half Of is capital ''''"
paid in and possessed. .,.,.in.
The banks are authorised to receive iee" n,,,
teres, in all cases, except upon notes o. y. c:t.
which are established at the rate Ole pe ..,
per annum in advance. 43any 1,k1.--
JOh Printing