The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-01-20

II stated that the sHairs of the Morris Canal Com.
pany are to be cverhauled through chancery suit and
that tho recent sale Of the canal as will be Investigated
very thoroughly. Some of the Stockholders under the
new company, are induced to make some movement in
the business, feeling themselves aggrievsd sufficiently
to call for ac.ion in the premises
resolution has been introduced into the lower House
OF the Legislature of that the committee
banks be instructed to inquire into the expectancy Of
peaiing tho act Of last session charerng the Lehgh
County Bsnk and that the said committee have power 10
send fer persons end papss to take commission de-
petitions Of should they think proper 20 to do
The resolution was strongly advocated and exposure
OF great piece of rascality ever existed promis
cd in of nvestgation. Mr. struthers of Easton
stated that esa 900 Of the stock Of the Lehigh County
Bank had been paid in Pan6eld bank notes. which were
not worth seventy-6ve cents the dollar. Mr. Brady
expressed himself in favor Of the resolution and believed
10 the case Of the Lshgh County ank there had been
frauds, which he was In favor of ferctng out The re.
solution passed by large majority and we may soon ex.
psct report. We trust the committee will thoroughly
investigate this concern and give the public the benefit
o!tneir discoveries. We have here official statement
showing that the issues Of the Planeld Bank to an
several thousand dollars larger than the total CIR
cuiaon Of the bank, according to tho report Of Dec
2sh last have been used to pay up part Of the capal
stock Of the Lehsh County Bank The directors Of tho
Piaineld Bank of New jersey the 2sh of December
last reported the circulation OF that institution to be
$sl 49, Of which from fifty to sixty thousand dollars in
bills principally Of small denomination were in circua
tion In this city and vicinity at the time we find
that $4,000 Of the bills Of this bank paid into the
Lehigh Cosnty Bank at Allentown, Pennsy lvania az
part the capal stock Of that bank According to this
statement the actual circulation Of the Paiu Id Bank
could not At that time have been much less than s40 Ooo
This being settled FACT what confidence can the public
have in tho ofcal reports Of such an institution With
nominal capital Of only $50 ooo have already found
issues OF Its bills amounting to about sia0O0 and how
many more in circulation would be- difficult question
to settle The Legislature fin Jersey cannot do otherwise
than investigate the affairs othis bank Let acommittee
be appointed to search thoroughly the movements of this
Institution, and sive detailed report Of its condition
Give the committee power to for persons and
and 5y commission to take the dispositions of individuals
The public require complete examination into This
thing, and the Legislature is bound to grant Il
The Legislature Of any State should, upon proper
representation, investigate the effars of any bank
Ing institution within its Jurisdiction having the power
to grant charters, to establish banks 1t 10 obliged to
protect the people against any illegal practices these
panks may attempt In the event Of Committee being
appointed to investigate the affairs Of the Psnned Bark
we would suggest that particular enquiries be instituted
In relation to the specie tem whether the amount on
hand at the time Of the stigstion W. fair average
ofths amount usually In the bank and whether Oh
tanned for the purpose Of appearing in the report
All tho reports Of banks msde by commissioners, By
cOmmeeor by the directors of the banks have hereto
fore been very and have not the pu-
pose intended. We want the details procured from an
hctusl examination Of every department. particularly in
reports made in relation to banks suspected Of being in
ln uI safe condition.
The payment Of the February interest the public
ebt Of Pennsylvania, Is still very doubtful question.
hepssssgs Of The ball directing the interest," due in Feb.