Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-15
CoMrrRoLLER's OFFisE,
.fItany, 9th Dec, 1870. /.

To he oil STATE
sr-since the date of the circular from this Office
curing, the payment OF half OF per cent on the
capital stock OF your bank to me sao, and
several of the Safety Fund Banks in the city OF New
York which has induced M o. rne @ @
tho statute of 1887 am inclined to think that the adj
contemplated by the last mentioned act. are 70 DC
mutton OF the Safety Fund provided for by the original
law at all events am disposed 70 give sucn cons.ruc
meat to banks in tho assets OF the City Bank of
Buffalo should supply any portion OF the existing Senelon
waived.
tions to the Bank Fund, will make payment according to
law on or before the LIST Of January next
am very '''f BATES GSookE, E. Comptroller S%l
The case of the City Bank of Buffalo evidence Of
the improprey of appointing lawyers receivers of in
solvent rnonied institutions No bank subject to the
pervision of Bank Commissioners, be hope
Iessy nsolvent unless from fraud upon the part Of
its managers not to be enabled later to dis
charge, at least, all its obligations to the public.
The receiver should be practical banker, for, upon
his judgment and business capacity depends the success
fuwinding up the Many debts, by granting
indulgence would be collected when, by ndscrminats
prosecution they would be hop lesly lost and large
penses necessarily incurred tn reby reducing the amount
of the good assets.
The receiver should at the place of business
oil the institution and conduct his business In person,
no. through agents
While upon this subject ofbank failures would
ton the public against class Of who make their ap
pesrance occasionally all sections of the country
bank agents buying and resusating the charters of
old banks for the purpose Of forcing articulation and then
falling Ohio the Of their operations some
extent. They were formerly the operators in the Wild
Cat Banks ofMichisan, and perpetrated swim.
When the Al banks Of that State exploded they
into New York, under Of the new banking law,
have flooded the country with shinplasters being ex
nd busy bu up all old
ofbroken and suspended banks in small country towns
this they make their appearance at given point
old bank charter exists represent themselves bank
from New York other place. and induce some
OF the townsmen of know responsibility to buy shares
ofthe bank pitched upon to buy up These shares
paid by the projectors, who make the nominal holders
directors in order to give the concern charter, and
able them get "good drive out Of it, the phrase
goes They then manufacture any amount Of
bills spread themselves all the country to buy
produce anything they get To prevent the bubble
from bursting too suddenly they procure broker in some
distant city, to advertise to redeem them small dis
count This will be done in Cincinnati for instance
while the bills forced ofin Wisconsin. Several banks
have been bought in Ohio in this recently and
we give this general caution
We have received the Message of Gov. shsunon. of |
Ohio. 1t is long document, and mostly occupied with
the currency question: and contains many sound maxims
The return Of the State debt and the revenue
Of the public works.
FIrAScgs OHo.
The following statement from tho Auditors books will
show the present amount Of the State debt which in
tsres paid and the which interest is pay
able; and the that will be required complete the
public works under contract estimated by the act
ing commissioners 1t also exhibits the condition of the
state Treasury, and the different funds Of the State
The total amount ofthe public debt $l4see477 IA
The amount due turnpike mpanies, on
which no interest Is payable l,es<72l l6 o |
Amount subject to interest $is,7ai755 ss o |
The amount that will be required to CON-
plete the public works 10 estimated by
the acting commissioners at $2,4as,ooo % o |
The total amount Of revenue this is sos ios %
The amount OF bills redeemed at thetrea
sury $222, W1 10 o
Transferred to canal and
state common school -rr
iund 72,sss al $4,000 ss
Balance in treasury Sll,i07 81 3 |
The amount Of state common school fund
subject to distribution is 100000 90 o |
Virginia military school fund 1929 o. |
United States military sshoolfuSd 1906 50 |
Section sixteen interest 60,35I 50 /
Connecticut western reserve fund 1919 81 |
Total school fund s2se,aoo Of
The receipts from the National road
have been AZ Q. o |
The paylaents the same 6l,2s2 o. o |
Balance in Treasury 80 81
The ofto fines, and water rents the several
public works after deducting repairs,
and ax ards Of damagesi Is as follows:
Ohio canal $3.50 ala 90 0 |
Miami canal 40973 56 o |
Miami canal extension ttj4 so o |
Hooking Valley canal l,s0s IA o |
Nuskingum improvement 1857 90 o |
Turnpike dividends 1885 e3 o |
Total, s:5t,7sl 81 0 |