Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-02-03

ALBANY, Jan. 30th, 1910.
Mr.. Maynard, from the standing committee on
banks and insurance companies, this morning re-
ported to the Senate, bill for act entitled % An
act to alter and amend the act passed April 10 1888
entitled An act TO authorize the business OF bank
ing The bill was read twice, and referred TO a
committee of the whole Senate. The bill consists
of ten sections, and provides substantially fol-
lows:
I. The comptroller shall not deliver to any bank
ing association any circulating notes unless salts
factory proof that the capital stock of the
TO the amount of at least Sl0000 has been actually
paid in, or secured on bonds and mortgages real
estate, pnincuinbcrSd ia this State pav-Si= With.
three years with interest Of six per cent if payable
semi-annually, or seven per cent, payable annually
z. No stocks shall be taken as security, other than
stocks Of this state, or of the United States.
3. Individual bankers doing business under the
act of 1888, shall forward statement of his affairs
under oath, TO the Comptroller, on the first Mon
days of January and july Of each year. This state
ment must comprise the amount and description of
the debts due to him by his business of banking,
and the security therefore, and the amount which
ought to be included in his computation of losses
the amount and kind of debts owing by him in his
business OF banking; the amount Of notes in circu-
lation; also, the average amount OF debts due To
and from him in each month for the preceding six
months; the average amount of specie on hand and
the average amount of circulating notes issued by
him during the same time.
Section provides that any indiv idual banker who
neglects for month to comply with the require
ments Of the law, shall be subject fine Of $1,000.
Any officer member Of association, or individ-
ual banker who shall issue notes, bills drafts evil
dsnces of debt OF any Kind, except such shall be
obtained from the Comptroller, according TO law,
shall be liable 10 fine or impri sonment, both at
the discretion Of the Court. IL any officer mem
Der Of banking association, or any ndi vidual
banker, shall purchase redeem his notes at dis
count, fora less sum than purports TO be due by
the terms of such note notes, he shall forfeit and
pay three times its nominal amount.
The last section provides, that in case Of the vo-
laton Of part of the the offending associa-
ton may be proceeded against and dissolved by the
Court OF Chancery, in the same manner as any mo-
MED incorporation may be prosecuted and dissolved
From the evident favor with which this bill was
received in the Senate, infer that all the most i'm
Portant parts of its provisions will be incorporated
into the General Banking Law.
Mr.. Tallmadge reported bill in conformity with
the petition Of the Corporation OF the city Of New
York. for authority 90 fund portion Of its floating
debt. Mr. Ncrplanck made some statements res
pecng the 6sc al condition OF your city, which sat
sed portion Of the Senate that the bill ought not
10 pass. He said the Comptroller's report Of last
year stated the whole floating debt Of the city TO be
100000 The Corporation now estimate it at
17O0,WO dollars; and this increase Of upwards Of
half million Of dollars, was not accounted for in
any way. He said it had been the practice Of the
Corporation to borrow large sum OF the banks
cry year, IN anticipation Of the collection Of the
tves, ,d ttai ihis um was to be included in the
amount io BE- iurdcd and that the Corporation would
have HAT 90 vance n addition TO the whole revenue
of the year, TO meet the current expenses Of the
year
Yoanr, which mentioned yesterday, has been adj
rlstei vifhoat ort to the duello. In executive
session IS Edwards hoped senator's would forget
and foraivc, snd lat mis- ht Mrs Hunter. the very
respectable ard polite old lady who represents the
disinct 81 q. BAN and New Rochelle, in the Sc
safe. was running 5out in that kind Of perplexity
which Is sometimes exhibited by setting hen in
dificuit snc t'isaic circumstances.
rs',r~ .. slid the mstron, I" have known
yc'i Tor seven trs and ] have always found you
20 no an aHaLis atniable, and courteous gentleman;
ard. sif. VIII ni 10 my feelings the violence to
.ar has vow 2 follow up the unfortunate msun-
drrstandif4 viii friend Colonel Young. to an ar
btran'ent wiib deadly weapons"
hir lalimad made fitting reply; aad there the
waiter ieruius lri
Pc house sat Will late hour last night. The
Nh,FH leresocih N overthrow 20 all their argu-
m'nN re .'nst t1o sub treasury and other matters
zoe tNeN ma re liking about for a week or more,
slhhF ing pief'ous question just in time 20 cut off
,'th'.No" spetoh all ready for delivery, of the
hoa. ianl C'roul treat indignation was manifested
~ tr"ni a'mscii and all the little Grouters bu, the
az, ~ would not relent, and poor Paul
il speedily adopted. " i'"e'
Mr. La'ak, another distinguished member from