The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-04

cy-THE PLAINvIELp BANK.-We have received
very interesting and useful intelligence from Tren-
ton, concerning the proceedings Of the New Jer-
sey Legislature on the repeal of the Painfeld Bank
charter. The agency Of this concern, in this city,
has been publishing false statements of their pro-
ceedings-sayng that the subject had been dropped
by the Legislature, when in fact it has only began
swill be seen by the following
From the Trenton State Gazette
| Tx NEw JERSEY LEGIsLATURE-CoUNcIL, Wednesday,
Feb. 25Mr Wright moved to take up the bill TO repea
the charter OF the Plainield Bank.
Mr. Wilson hoped the gentleman would let the business
take its usual order A good many bills had been pr"
gressed in during his absence. which probably were
important in the estimation of those who had charge
of them as ere the bills the Councillor from Hudson
MIR Wright retorted with severity He was not 81
all obliged to gentlemen for the anxiety they requen
manifested about his conduct ne was master Oh hS o"
conduct and responsible tor 1t himself
The bill was taken up and the reading commenced and
Mr. Wright asked leave to withdraw the bill as the Coun
subject and he (Mr wy did not wish to preJudirs he IN
terests oil the Bank Leave was granted and the oil
Mr. A. w. Brown then offered resolution Tor the ap
pontment of three commissioners by the Governor to
investigate the affairs of the Plainied Bank;
Messrs Ihrie and HUM opposed the resolution as nasty
Messrs Hamilton, Wilson, Wright and Dodd advocated
ii, due to the Bank, which was suffering in conse-
quence of the presentation here Of bill to repeal It's
charter.
printed. Not agreed to-6toS
| The resolution was then adopted.
| From this it will be perceived that resolution
has passed, directing the Governor OF New Jersey
to appoint three commissioners to investigate the
accounts and acts of the Plainield Bank, previous
to the repeal of the charter. This is all right and
proper and is the course that should be pursued in
relation to every doubtful institution. If the char
ter were at once repealed, the bank might take
advantage of the sudden act, stop payment next
day, and leave large quantity of their paper aoat
But as time and investigation are given, the bank
must continue to pay out, and thus the community
will have an opportunity to get rid OF these bills,
either at the agency at the Sun Office IN Fulton
street, or at the bank itself, in Painfield.
We trust, that as the legislature of New Jersey
has given little time, the community will EN-
brace the repreve, like reprieve from the gal
lows, and get rid of the PlainEed as soon they
They must indeed, submit to be shaved, cut of 81
cents on every hundred dollars, but they ought to
be very we'll satisfied to get off so easily and SC
cheaply. Let them remember the Jacksonville
shinplasters-these were issued by the same
| financier-and by the same agency. Is there any
proof, any guarantee that the Plainfield Is not
| chip of the same block When we warned
the public to avoid the Jacksonville, we were vio
lentIy assailed-called "rascal'- villain" for
GER" and other choice names Libel suits were
commenced against us-and James r. Whiting
was engaged as counsel-yet all these valiant Ell
forts did not prevent the catastrophe of the Jack
sonvilIe, and the consequent lossto the community
| Is there any guarantee that the Planheld Bank
now in the same virtuous hands, will not end as the
Jacksonville did The Legislature OF New Jer
sey certainly think not. They are wisely deter
mined to protect the community, IN these eras o.
shinplaser revvals, from the losses and evils OF
badly managed bank, and have accordingly order
ed the Governor of New Jersey to appoint three
persons to investigate that precious concern
In the meantime, get your Plainfield changed
and touch not any more, for the present. The
banks of New York can furnish a good-enougf
currency for the people of New York. There is nc
necessity to go to an obsure village in New Jersey
TO get currency, and then to submit to be shaved
out of 80 cents on the trash
IMPORTANT POPULAR MovEMENr.-THE BIO KEN
BANKS AND TRUST COMPANIES. After a sleep Of
nearly twenty years, from 1925 to 1914, the public
mind begins to wake up to the results OF the recen
bank and trust companies Of this city, and we per
ceive that the first movement has begun in the fol
| PUBLIC MEETING.
A" SHALL JUSTICE SLEEP FOREVER"
| The alarming disclosures which recently have bee
made in relation to the affairs of the North America
Trust and Banking Company. wherein IT is shown an
proven that several millions OF dollars he special depo
sites Of widows orphans and other persons have bce
UNANIMOUSLY and criminally squandered by individuals
who had the direction and control Of this and other inst
tutons the character and believing that the tim
has when is for the honor OF our couf
try that stop should be put to such wholesale syser
calls for the condemnation Of such boldfaced robbery,
the undersigned do hereby recommend public meetin
the people this city, to deneunce such acts to be he
on such day. and at such place. as shall be herenfte
designated by meeting of the undersigned.
Due notice will be given to sgners when and wher
the first meeting will be held
This is the right ground, in order to prevent sue
conduct in future among the managers of our mo
MED institutions. So far as the past is concerned
we believe justice is out of the question. BY Law
the Grand Jury has no right to indct for fraud an
swindlng, after the lapse of two years from tn
: date Of the act This takes all such cases out c
the criminal courts-but public opinion ought to b
brought out IN order to sustain good institution:
and put the brand on the bad. The following
only partial list of the explosions in this city fc
few years past -
Exchange Company, capital; 81 loo' &C
, North American Trust & Banking Co. 5000 0C
American Life Insurance & Trust Co... 2o00,0
: Southern Life Trust Co... 1000 on
1 Erie Railroad Co.. 5000, 0O
| Commercial Bank 10000
| La Fayette Bank Observation-Disclosures. 500 Oh
/ Brooklyn Bank. 2O0,O
Chelsea Bank. l0OO w
ClintonI Bank. ................ l000, OF
Wool Growers Bank. Observation-Disclosures. 1000, OF
Jack JACKS willie Bank lMoses Y Beach agent iOo,ot
Webelieve all the capital of these banks is SUM
Besides, the following banks have lost part of the
S capital
\ Mechanics Bank, say. ................ 10000