Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1839-02-12
ID e m OCr0fir U'hig TICK,
-orC-
Far Prtsident
II Z n Il Y G. L Az
New York Banking.

The Free Banking System, (as 1t is called &,
Empire State, If we ere correctly sdyised ), mi.
rapid progress and s exciting Little attention ,-
the capita lists in that and other States The s.
principles on which these mopied institution,
established We do not fully understand five d,u
very simple
company forms under the act, and make Sc,
ton 10 the Comptroller ofthe State TO issue pane, M
the amour, Of $ 100000 The company in orde,
tain the privilege has 10 secure the State in bond,
mortgages real estate and by valid stocks. 10 q..
the amount ofthc sum thos 10 be issued The c ,.,.
Ter then suffers bills be issued BY the prrsss,
Directors TO the amount applied for and no mn. G.
failure TO redeem at any time. after short nouct :,
Comptroller sells the bonds and stocks and Como,
the company to close Up the concern.
One of these Institutions is about goirr into o,.,.
at \ Granville, \ Y.and books ore TO be ,rcoe. b.
subscriptions for the stock at several place. in the n
y OF Washington, and IN this county, during tie Pm
en-, month. In this county, n, Joei Bean,ap's n, p .
ney on the 18Th, and the h ice Of Mr. Gray, in M.
town, same day. At the Ian nt DANNY Corner. ID, Il.
18th John Barker Jr. is authorized To- receive 54'
subscriptions THE notice is signed by eighteen dire
'orS, some OF whom reside in this county. The fy..,
is new, II We mistake not and only 5e tested liver
perience.
u Alter the above article had passed INTO The L,,i
OF the compostor discovered the subioincd brief
tee on this Gree Banking System in one Of our .,
change papers, pied from q New York paprr, which
the reader will notice, in some measure from Oh
views of the subject aud the manner in whrc these ia
stitutions are established and is doubtless more 10
relied upon, the writer seems TO have had the Con
rocrs Report before him. ia relation 70 the sub
guide.
FrOrrcss Of Free Banking. From documcn'
appended to the Animal Report of the Comntt5lle
ust published. II app18rs that under the Gencu
Banking Law passed at the last session or the .e.
sla'ure, certificates have bccn filed in the Office
The Secretary Of State for my four Banking ASS
c'a'lnnS, with an aggregate capital subscribed
Slo,3I9, 40, and with n reserved right 10 ncre.
the same to the aggregate amount Of s 49, Csc
ouo. The articles of association arc 50 framed
TO cover tins enormous amount, in case 1t fhou
ever be wanted. The Duration ofihc Associate
as contemplated by their articles varies from =
yests TO 1850 years. Al the time Of taking II,
Compiroller's statements 2f ufthc SO Assoc,o,,gr
had been organized.
The securities lodged with the Comp,t. -r GA
to be applied exclusively TO the redemption " Mc
bllls which are counersgned aud registered 10 "
ComptroiIers Office ! g. ~ case said bills sho.
fail TO be redeemed 10y the Associations at the
counters. The Intercs, on he securities is pa
to the Associations so long they continue to !
deem their bills. In any event, the holdrrs of I
bills are saie--rhe securities held ~ the Comp,r,
I Ter guard ogalns, contingencies, being alone r,
fcIent for their redemption. The mortgages Iod
ed "lth the Complroller arc required Ly the Ia
! TO be only upon Improved productive uhincumb,
! ed lands "hhln this State, worth independent
Of any buildings thereon at least double The o,9o,
/ for which they shall be so moytgsged' hnd OF
one half of the securities lodged wliI the Con
lrolIer, can consist Of mortgages OF all. Tho r
must consist Of State or NaiIuna! stocks The
mount Of bills given out by tho Comptroller TO q
Associnlon is never TO exceed The amour, of se
rites lodged by SAID Association Ia his hands.
case Of each Association, he appoints Commissi
ers to view the premises on which mortgages
offered, and make fl report to bim both IN
gard to title aud value. Ga the whole, 80 do
see but every precnution has been takou 10 90
the interests Of blll-holders, which the case tJn
of.