The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-06-28

lien OF the Bank upon said stock, made salf
Of the same, l73S shares in all, at public
auction. The sums bid upon the stock va.
ried from 81 25 to S25 per share-par val.
ue 800; whole amount of sales S3O,624 "a
$4,000 thereof to be paid, aud the remain
der secured with pledges on tho stock.
The largest purchaser has not yet COMPLIED
with the terms, and The Commissioners com
template setting up at aucion The shares
struck off to him, holding him accountable
for any deficiency in the price. Before the
next session the Commissioners hone to Le
able to deposit in bank sufficient sam far
the redemption of all the bills of the Sci,.
uate Bank that may be presented.
At 2 o'clock on Sunday morning the
General Assembly ADJOURNED to the Sa,ur-
day next preceding the last Mondoy of De-
iober next, then to convene iR the State
House in South Kingslown.
The following is the Report of Tie Bank
Commissioners rs made to the Lepislo,ure,
The Bank Com .nissioners respectfully
submit the following Report:
Soon after the last session of the Geper,l
Assembly, the Banks in this State susoen-
ded specie payments in consequence of n
similar suspension which had already taken
place in N. York, and which it was antici-
pated, would soon take place in the ne;ob-
boring STATES. The Banks in the citv of
of New York suspended specie psymeots
on the lOth day Of May, those in Proyi-
dence on the llth, and the Banks ia the
other parts oftne State as soon as the news
from the larger cities reached them.
Previous to the suspension in Providence
the commissioners IN anticipation of that
event, had taken that subjec, into consider
alton, and concluded that if the Banks
should be compelled by reason of a failure
on the part of the Banks of other States.
and regard TO preservation, to suspend
specie pay ments, they would not, as Com
mIssloners, feel it their duty to apply for in-
functions against them.-At meeting of
the Banks of the city of Providence, on the
llth of May, 1887, two of the Bank Com
nilssIoners were present, and fully concur-
red IN the necessity Of adopting the meas
urc which The Banks did then adopt. The
commissioners Immediately commenced an
examination into the condition of the differ
ent Banks. They personally examined the
banks in Providence, Newport, East Green
wich, North kIngstown, s. Kings:own,
Westerly, Cumberland, and the Providence
County and SmithfeId LIMERICK Banks in
They address Circular to all
the Banks. copy of which is appended to
the Report.
In conformity with requi.iton contain
ed IN this Circular, the several Banks have
made weekly reports of their condition, and
by means of these the Commissioners have
exercised constant supervision of their
affairs. The Commissioners have, in sew
era! instances, exerted their power TO pre-
vent any further increase Of 3 scounts, and
IN some cases have advised reduction.
and their advice has been generally com
Piled with.
A charge made against one of the Banks
IN Newport, of buying up quantity Of their
own bills at discount, was promptly de-
MED by the President and Cashier on ex-
animation under oath, to the satisfaction of
the Commissioners.
The Commissioners have not seen any
reason in the course of their examination TO |
ioubt the solvency and ultimate safety ofth
Banks, so far as the public are concerned
From the Report made to the Commits
'ioners, they have prepared the following
statement, showing the comparative situa-
ION of the Banks on the lllh of May 1887,
when they suspended specie payments, and
IN the 9th of June 1887.
Liabilities. May l.. June 0.