The herald., 1837-05-13

Yesterday we received from Albany copy OF
bill which was introduced for the purpose Of legal
zng the suspension of specie payments of all th'
banks in this state The following is copy:
Az AcT suspending, for limited time, certain pro
visions of law, and for other purposes.
The people Of the State Of New York, represented
IN Senate and Assembly, do enact as follows:
Sec. l. Every provision OF law in force, requiring
authorizing proceedings against any bank in tins
rs concerns, or 10 subject any individual stOckh0lde
10 any personal liabilities for the debts of such bank
which requires such bank to suspend its operations
and precesdings in consequence of refusal to pay
It's notes or evidences Of debt in specie, is hereby sus
pended for one scar.
Sec. 2 In any suit prosecuted against any such
corporation, or individual stockhoder, within the pc
nod aiore7ad, for non-payment OF It's debts IN spe-
cie shall be recoverable by the party prose-
cuhng nor interest beyond the rate OF seven per cent
per annum, and all such suits shall be originally
commenced IN The supreme court and not elsewhere
and every ofaw fact joined in such SUIT shall be
ted IN Its regular order EN- tered on the CALENDAR
according the date Of its issue; and the provisions
Of sections O. g. TO- ii, and l2 Of title 4, chapter s,
Of the third part of the Revised Statutes shall not be
applicable 10 such suits.
See. g. The amount Of notes bills issued and IN
circulation Of the several banks Of this state, shall not
hereafter exceed the following amounts respectively:
Those having capital TO the amount Of SlOO,OOO, a
circulation Of sl500G3; those having capitals TO- the
@l)U,uUO, SlfO,WU, tuCSe udNiiS CupitdS
to the amount OF 100000. s20OOO0 those having
capitals 10 the amount Of $250000, S225 COOS those
having capitals TO ths amount of 100000, $3.50 600;
those having capitals to the amount OF S4OO, 600,
$500 0o0; those having capitals Of $500, 600 $3.50
COO those having capitals TO the am0nnt of v6OO,O0O
Sf50,000; those having capitals 10 the amount OF
100000, $4,000 those having capitals TO the
amount OF 81 900 900, S00000 those having capl-
tails to the amount OF 81, 100000 1000 600; those
having capitals TO the amount Of 900, 1900
900.
Sec. 4. This act shall not take effect in favor Of
any bank not subject TO the act entitled San net TO
create fund for the neft Of hecrcdltors ef certain
moned corporations, and for other purposes, passed
April 2, 1929, unless such bank shall signify its
sent TO the provisions OF this act and the provisions
OF the act last and referred to- SO far
as regards the visitation Of the bank commissioners
ascertain the excRt of Their issues which said assent
shall be gwen within ten days, by agreement un
der lis corporate seal TO be deposited with the secre-
tary Of state.
Sec. g. Notwithstanding the provisions in this ACT
contained, IL shall be and is the duty of the bank
commissioners 10 take prompt and efficient steps ac-
cordng to the law now IN force TO forfeit the char
ter and wind up the concerns Of any bank which
they shall find IN dangerous or insolven crcumstan-
ces.
Sec g. This act shall take effect Immediately.
We doubt whether this bill will meet the emergen-
cy The provisions in relation to the prosecutions Of
suits is a species of stop lava breach Of the u. 8.
breach OF public faith and public
hsnor. The money power" of the state having been
grossly abused by the bankers-and the people cheat
cd and dcluded for years-they want now to save
themselves from the consequences Of their own folly
by another innovation Of right honesty, property and
public faith. No paper currency will do in times Of
peace. In period Of war, when the country is bleed
ing at every pore, the necessity of the case makes II
bearable-not in peace and prosperity. We mus
have a specie-payng bank and nothing less.