New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-09-30
NEw-YoBK CONSTITUTIONAL CONVENTION
ElGHTEETTH WEEK-cI.t DAY.

EIGHTEENTH WEEk-cI.r DAY
Refer Laws On Banking to The Peopls-The chan
Gerry CaSh-stow on Freeho!derS-What shall
We do first ?-Cambreleng on Currency-S!a-
very Wag Notes Is. State Bank Notes-Sine
votes for IS BiIls-Spseial Corporations-A Gen.
e!al Partnership Law-Land L!milaiion-Pre-
yi0us qnestiOns
AaHAsz. Moads-. se.'t2a $50
Tain Edas~ Of TRe Tribune
SIR ! very great diversity OF sentiment and also
Of iIeres; exists lis Convention WIKI reference 70
Corporations, and especially ,hose :or ssin Or proat
would DC very happy clause added 70 any article
that may be adopted providing ia, any law which tas
Legislature ma? pass :of the erection regulation Of
Banking or oide- associations or Corporations .U- gam
proht should De submitted fellow citizens Tor
;ler Judgment thereon the 5ao;-boxes 5e:o.e con
tracts shs!! DC made under i. Thsy cave abidn-
lnteres, IL The result.
Chancellor Walworth hss sent letter - lie Couvea-
ton explanatory OF the delays which have occurred in
so- din account o. II. tarce CT tou- millions Of dol!
lars charge Of some members o. the Law Lottery
il seems the funds not in his charge. think
he aas the better OF te Convention in the way s-cu
lnent- His ccpsure IS better deserved than heirs
hlr. WaiwCrth ;e.ls TIE Convention that there are
Ica many books and papers be searched before NJ
..nets report can be sent u How Is i tina; the other
NiceC hsGceries have contr-ed 70 send theirs /.
there wealth enough and are there enough
and clerks enoush promptly seems not
Nothing De sore I'll after TIE 9th OF October
heTa=s pr!gae bookseller, publisher author
who bad brought TO light important facts showing gross
Misconduct IL hIsh quarters fOr TIE genera good the
machinery ot this despotc Court would be N operation
in Never I'D spde5 catch iiy faster
But Mr.. Waworth tells ii)r the first time
but small portion Of the funds of the Cour; OF Chan
Gerry invested the OF the Registers and clerks,
subject either the direction oIhe Chancellor
Funds, books and papers, which mad imagined 10 be
under MI W a!"orh control! are III reality II seems,
except OF appeal crriHstrry under the
neni OF the VceChance!!or=. More than ijihs OF the
funds standing IN Ar. Enmets name, IN ; l. arc eHclu
siyey under Mr. McCouns guardianship with Tespon
sbility all the part OF the officers, eXcep. lew
thousand dollars Of security. which IN the oi
the Cashier OF the Waierylet Bank. under Mr.. Wal
worths more immediate eve would amour. much
IF Registers and clerks however don't the calls
of the Convention the Chancellor he has the power
10 remove them from Office. hlr Walworth. now that
the Convention have, a think very unwsely refused
10 provide for placing these Court funds IN the Control
ers care, exhibits much shrewdness in acknowledging
that these funds saie and throwing the blame
l2S shoulders. There he is right lie says desusd
that procison might BE- made for The preservation and
scc keeping Of these funds for Ue fate thai pey Nigi
not be endangered by the negligence UTesp1Nsbggf
CfoorS into phose hand. Mey igh cone This is true.
lie also shows length the HI has taken. The
votes Of the Convention show that although this
OF the securities required namely for the infant the
widow and those involved in costly litigation they would
do nothing farther than turn the matter 10 the -
ChmcelOrs they have appointed.
Mr.. STow this morning presented two sections for
the Constitution. providing thut e!ector owning
freehold or having easeho!d property under TWEEN
ty.onc years and now existing may, by instrument
placed record and duly published declare that he
intends exempt from ncumbrancc for debt said prop
crty f assessed between 800 and 81 600 by the As
He only hold one piece OF property thus
exempt nj time md that only during his residence
IN the state. think that the Convention will not
trcv disregard Repor; No IL and land tcnures buti;
MI lottery.
The difficulty which talking Delegates and those who
quietly listened 10 them for the las, four months when
they might have checked them and thus have enabled
the Convention 20 with the public business and
which have often warned them Of has al last stared
them in the face This morning, nearly an hour was
spent in dsputng about what ought 10 be done first One
Member proposed to 60 with Reports Nos. and
after getting through with No Il The Chairman OF
Committee No. 10 anxious that its Report should be
taken up before Nos. and t. Mr. Allen dealer IN Sc
curics, money, sc urging that the questions OF the
Elective Franchise and giving 10 the People the election
Of local officers should De- placed behind the Report No
Il on Municipal Corporations, $50 that Corporations
might bc fully considered, whether the rights OF the
electors who the electors ought 10 be, or were
not properly settled the quarter OF century
Mr.. Allen is sevcntyiivc years old-the father o. the
Conventou-and reported 10 be very rich Education
10 al not even mentioned. Mr.. NicoL, Chairman
OF that Committee never opened h. lips on the subject
OF his Report
The Convention agreed TO take up Reports in the toll
lowing order Nos 10 IL = 4, land Report 10 which
has appeared in The Tribune, then read
Mr.. CAMBxELENG said that the question OF Currency
the instrument by which Contracts Capital Wealth and
Labor should be nehs0rrl-Wds deeply lnIsreeung.-
England had suffered more than any other country
by AN unsafe Currency-England discovered new
mode OF making way upon the Currency OF the
world by the issue in 1895 Of Bank Notes. The
experiment continued from l6li to lc4i, satisfied
the British Government that Il wes dangerous and
unsafe and the Commercial business OF the Bank
separated from the CurIcncy-Muistcvs sought no
longer blend the Currency win the Revenues OF the
State and the Commerce oi the country. Nj. c. gave
concise history OF the Currency OF The Union, con
demning course, being the same which England
r1.i tfFa
and hall The Capitalist alone rcaps the harvest oi
the explosions caused by the Paper system When
business stssnates, when laborers can get no WORK.
when Cscdit Is az It's lowest ebb, the wealthy Caps
roaps hia harvest purchasing e. his own price what
those who pressed must dispose Of obtaining for
value comparatively small nort:sged property a; forced
sales Mr.. c. expressed opinion TIA: the Panic Of
lc ans the suspensions that followed would soon re-
real check placed upon t1c issue O Paper
Money. Free Banking viii increase, cur lssues-the
prostrator OF Trade will eusueBaukE;ptc insolvency
and the .acrihcc Of the and iniefest OF the
tnuniiy viii be the final resultand thit because agents
are permitted 20 do what The Federal Constitution pro
hlbis the United States from attempting VIZ TO issue
N unlimited quantity of Paper Currency be advised
that the power should be taken from The Legislature OF
lesalzing the Suspension OF Cash Paynenis-:he DIS
honorng o! their contracts prorn.se-by the Banks
Il hard for the People 20 lose 10 per cent and the
Banks 10 gain II His wish would be 10 prohibit
the Legislature from charterIns Banking Corporations
but Paper with Currency and bust
transactions that II cannot be now done de
wished tha. eecusl might be taken 70 proaioit
the Notes OF other States circulating IL this State
Why should've take security from Bankers within the
State tpr ;he redemption Of every Note they circulate
IN order that the public may be safe and yet allow In
reuse quantities Of the Bank Notes OF the neshoorns
States 10 crculs,e among Money, although these
Bankers give security a, al for similar redepaons
He wished TO follow the example OF England IN limiting
the amount OF the Paper Currency
Mr. Camb-elenss report Of June 29!h, from Commit
I've No To- repeals the present Constitutional provision
abou, the incorporation OF Banks-prohibits Special
Charters for Bankng-but allows Associations to be
formed under general laws-prohibs the Legislature
from sanctonng Banks Bankers in suspendins cash
pSymcnts-makes all individual! Bankers and all Stock
holders in Banking Associations responsible for al the
debts OF such Banks and Associations IN their private
and individual capacities-rcquires registry Of Bank
Notes and ample sccs.ity Tor ACKNOWLEDGEMENTS
all perpetual Charters Tor other purposes which now e
ercise Banking powers. after 1855 and prevents all
Banks frou issuing notes except under ihe above pro
visions atter 1850
Mr.. cqubreleus. on July q made % report but no;
from h Committee tina, Inc shareholders or creditors