New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-11-27
TUE SAFETY FUND.

and the following letter fiom the Comptroller in
.,sa.v Evening Journal Of Thursday:
inc CoyprRoLL Err S OFFICE, Albany, Nov "a, ISL
r,.,lor feed Esq .-,.,:.,
ienr: fon Of the bill # the Bank of Buffalo anu
's ,c Bank OF Buffalo send you for publication
telet showing the OF tae Safety tuad, ana
'.,yi.ion Of the AVS appcrianng 10 the SUBJECT
t Wv respectfully, your obedIcnt servant
'e'' ''sf JoHS A. COLLIER.
CoNyrsoLLERs OFricx, Albany, Nov 25, Ieil.
,r,TrMENT OF THE SITUATION OF THE
SAFETY FUND.
.. amour, of the Capital remaining 5Oth Sep 80
i..nher ISL - tcc,ic' ~
aJr,uees from the Treasury since that
~ 80 to redeem Safety Fund Bank Notes.. i06e3i 10
p,,sce of Safety Fund, 2i,h Nov lsii- -s37gA56 80
~. The PROVISIONS of the Act OF Goth May
al the Comptroller has given notice 10 the
Sfs,v Fund Backs, that there will be re-
,,.d 10 nav per cent upon their Capital
- ,be Isl day OF January next, whicR would
,oduce lJs,iI6 ~
"a I here will be due from several Banks who
80 mi vet paid their original contribution
~ eer cent, lat January next--.--. 3l,l75 90
Which would make the whole amount Of Safe
" ~ Fund $500, 4O8 %
rom which j. to be deducted the per Cent of
The Bank Of Buffalo and Commercial Bank Of
Rn5slo since suspended. 5000 90
leaving the BALANCE, Isl January, 1912 SjG64J5 %
The Comptroller has no authority redeem the bills
n Iuspeudcd Bank until the Chancellor makes the
der required by the Act Of Sth OF Day 1885, which pro-
,ides that:
Ill ,h, be lawful for the Chancellor upon the certi6
s,e OF one of the Bank Commissioners that the
noant of the debts of such Banking Corporation over
I'D above ITS property AMI effects, Will mol exceed two
,nds Of the of the Bank Fund then paid ~ ana
crested exclusive Of all prior established claims there
~ make an order upon the Comptroller auhor]ins
in take such he may deem necessary LOT
immediate pay mcnt of tne ordinary BANK piiis VI
Il such Banking Corporation thea IN ua'iou' ou VI
he Bank Fund then PAID In and invested. ,,,,-
Upon filing certified copy OF The Chahce'iJi
gnder TINS section and hot before, tho 70 az
orsed to make provision for the redemption VI 'e o'
nor Is thor, any authority without such prior o'oc 10
eeye the bill, OF nded Bank IN payment LOT loi
other nd,btcduess at the Treasur, which oil course
gould be virtually rodcemng them IN anticipation az no
hing else bat sAch uncurrent notes wodd Ill that case
be offered in payment until the whole circulation was eA-
.1nsted.
o relation 10 the recent failures OF the Bank OF Baiao,
md the Commercial B,ak of Buffalo, the Bank Commits
one,s wee not able give the required certificate
md the Chancellor could therefore, make order upon
me Comptroller, authorizing rim TO redeem.
The Safety Fund, the law stdnds, Is only TO be
plenshed by the annual contribution of the Banks oi
ana half per ceat upon their Capital and unless further
ra,ye provision made, the bills of the above banks
ammo, be redeemed from the Safety Fund, unu the
fus Contributions sha far repeush the fuad as TO
,s the Bank Commissioners TO give the required certIh-
ale 10 TIE Chancellor and he shall make the order.
JonS A. COLLIER, Comptroller.
fAhsuv Evening journal