The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-07

se hsr n est Asrrsesful sisustisn. asr III
cit interoesrse with the suspended banks hes rvAsd her
eeputstion and now, when the eyes the anu
nifty open the state, attempts still making
10 sell to the banks Of dishsnor the
Of meeting .tsmporsryIwants In February 1870, two
years sAee the state failed and paid ~ interest finally
only BY selling the banks the right Of suspension for
the money since then the State has managed to make
partial payments Of its debts BY continuing s disgrace
full shnplaster operations. The result IT, that sner
ssggering two years, both the Stste0nd the Banks
ruined and yet ignorant in spite ofexpersnse"the
executive officers announce SCIENTIFICALLY that they
hsve great hopes of being able borrow some money
Of the Banksw II they do the condition pscss.
sarly he longer susPensisn. The banks resume
until the State pays then Where the State t. get the
money! If taxes, simply pay the interest thought
TO be too onerous, how sufficient be raised beth to
pay present interest and arrearagss asoi two
years since the State failed the Hrst tine and the ber
rowing system has been continued. Is the debt
any lighter now 7 Are the people any more able or
willing to pay taxes now than they were then
-Assuredy not yet the Governor has the sbsurdity
talk OF more borrowing suspension, and further
postPonement of tsxatsn 10 to be hoped that the Ls
glature win take the proper enforce the imns
date resumption Of the banks sop all borrowing, levy
taxes anply sufficient 70 meet all demands upon the
State and, II necessary pass the February dividend alto
gether until the ~ collected The spirit
abroad y the community will tolerate other course
and the people will hold strictly accountable in the
words of MI. Bdd thoss petty politicians who insult
them BY net dsring to ask then 70 pay their honest
debts" The bill before the Legislature, enJoning
immediate resumption. will probably become law, in
consequence Of which the banks postponed for ano
ther week the operation of their late arrangement by
which they to psy out their own notes to-ner.
row.
Theiollowing il synopsis Of the Bank Bill
Sec. I. Provides for immediate resumption Of sps
That the state Treasurer shall net tissue tho notes
under the revenue law Of last sessien, but shall
ceve them for tolls taxes &C., the Auditor General to
cancelled T7-7 81
eved from the obligation TO receive the notes il
sued by them in pay Of debts pay specie for
one hundred dollars to draw an order on The
in favor Of the holder who will receive State six per Ct
T. reiuss 10 pay specie to work an absolute forfeit.
are Of charter and trustees 70 be appointed BY the pro-
per court, Aiias'V .su
The trustees to give security, &C. ana public nstcs
g. The trustees to make out an inventory Of the lie
biltes and assets Of the suspended banks within TWEEN
Il The trustees to be discharged upon anal settle
ment Of the sfairs Of the bank.
paper-a violation Of this seosn to forfeit the char
" Montniy setuemenn 10 Dc maze ~ an ue banks,
and the balance due each other to be paid in gold and
silver. ~
10. No notes to be issued under Ave dollars.
H. Proxies abolished, except OF persons residing
than twenty miles Distant sick persons,
stockholder whose stock il hypohecated to be allow
ed TO vote ct elections of officers. sf
IL. Quarterly returns to be made. #3f
Is. An annual list of deposises unclaimed dividends
to be published.
"A. The banks all to receive their own notes in pay
ment of debts due to them. EAHA.
10. Former laws inconsistent with this repealed.
In another coluAn will be found letter announcing
the failure Of the Granville Bank Of Ohio This instu
ton did not make III returns at the last report.
The following il return Of the Bank Of Virginia
Con6rARAruvE BANK VIA
CHINA AND BRANcHHs, ON The lsr Jas lsai, AND lsr
JAN, 1919. trlltL