Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-08

The New York Legislature has passed oe-
neral BANKING La1c. It's provisions viii ena-
Die any person or assosIation of persons, to car
~ on the business of banking in all It's details.
by placing IN trust, under the State comptroller,
U. States or State Stock, equal to the amount
OF their capital or one half in such stocks
and the other halt in good mortgages on real
estate. The capital of such bank to be not
less than 100000, and ID 1-2 per cent in
specie to be kept on hand for every dollar In
circulation: SUITS to be brought against their
cashier and his successor from time to time
the bank commissioners to have the power of
mspechon-real estate taken as security, for
debts Ito be held and conveyedby the cashier)
the shares In the bank to be personal proper
ty and transferable in such mode as the articles
Of association may direct.
The amount of bills to be issued not to ex-
coed one half of the capital, and to be counter
signed by the State comptroller or his special
deputy. On failure to pay specie, the comp
trollerls authorised to sell the stocks pledged to
an amount sufficient to redeem the bills of the
bank. The loans and discounts not to exceed
twice and half the capital; and full returns to
be made half yearly to the bank commissioners;
a list Ofshare holders to be kept at all times in
the Office of the Clerk of the county, and to be
corporated half yearly.
No bill to be made payable at any other
place than the banking house The Iegisla-
ture to be authorised at any time to alter or re-
peal the act, and in the event of repeal, the
Chancellor to appoint trustees to dispose Of and
distribute the assets of the bank among the Gre
dItors and share holders.
For this synopsis Of the act, we are indebted
to the Baltimore Transcript. That paper ex-
presses the belief that it win work new state
OF tldngs in the commercial affairs ofNew York,
and may be looked upon as anew era in bank
ing. Ia s
Several large banking establishments under
the provision ofthis act, are already spoken of
Prime Ward q King of N. York, and the Bar
ngs OF London may start one, and even the
Philadelphia monster may convert its Wall
street agency into an immense branch bank.
The accounts received last night from New
York arc highly interesting. The New York
banks have already resumed payments. il adj
vance Of the time fixed upon, and the public
are assured by one Of the daily papers that athe
Banks have all resumed specie payments IN
the broadest extent, bills, deposits and an; and
more than that, they pay out their. own notes
pniys Elhe Commercial Advertiser In report
ing the factofresumption says: @ 81
Some Of the banks n this city commenced
Paying out their notes on Friday and Saturday
asr ahls morning they were DONG so. very
geleia w and although the resolution for re-
s1llP lon oispecie payments is not vet formally
u ioFce stll specie can be obtained, IL wanted,
rom any OF them Thebanks nave an resolved
70 resume On the 9th Of Nav, and we rather
suspect that they intend to as 50 On Monday
next, albeit not authorised thus "a gnealy',I 8
The Courier Of Monday quotes exchanqe On
Boston, at Sight, "a d IA per cent. discount:
Phladelphia,3 1-2a.3 81; baltimore. . s 8 j.
z; Richmond, 8 I-2 az; CharlestowIl. a y.
Savannah a10; Mobile, @ 4 80; New or.
leans, ga ~; Louisville. Z d s; Nashx6 %
30; St Louis, 8 10; Cincinnati 81 9.
The Stock Market has recovered u, s.
Bank closed On Monday at III. and other
Stocks at ap advance Of from 2 a per cent.
The New York Courier Of l0rdaY says
The imports Of Specie during tie last two
days, are t2OO,OOO BY the George Washing.
ton, from Liverpool; $4,000 BIZ the PstoIia,
from Vera Cruz, and $4,000 bv the Eliza.
from 81. Croix, with son other triaino ilatoIl
tafi0ns. IN addition Is poo COON s. 3 Be-
fare 0ited.1s being on board the 81 clset siiib
Mediator, from London for N. YoI
ou % 0) more Beh iel ted al The a
pll. 81 L.oniis - Be- chip sd blythe cane YES.
cel. Iir fcggM m sHs ri