The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-19
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There yet to be paid from the Safety Fund sss roo
account Of the Clinton County Bank with interest at
Eve per cent from 1912 and STA 0OP account of the
Bank Of Lyons Deducting $4,000 to be realized from
the assets of the City Bank of Buffalo and from some
mortgages received from the Clinton County Bank II
will leave Si34 900 to be drawn from the Safety Fsnd'
making the total loss to that Fund equal to 81 $751;
997 A. portion ofths has been paid the credi
tors Of nsovent Safety Fund banks in per cent stock
issued under chapter Ia of the laws Of ls45 and for the
reimbursement of which the future contributions Of the
Safety Fund pledged The payment of the interest
and principal of the stock issued and to be issued will
absorb the entire contributions of half of per cent
annually the capital Of all the Safety Fund banks, du
ring the continuance of the present charters Of those in
stitutions.
The cash paid into the treasury by the banks
aonnt OF the Safety Fund, from 1881 to
Revenue Of fund added to capital 800. asa6s IS
Making total of. ............ $l2a4,7s5 80
When eight or ten of the Safety Fund banks had
pended of their debts act passed. chap
ter 2a7 of the laws Of s42 authorizing the banks which
did not suspend commute for their payments the
Safety Fund for six years in advance by paying three
per cent the capital, in the bills of the suspended
banks and rebate of interest allowed to the
tribung bank from the date of payment to the time
when the annual contributions of half of per cent
would be payable Slxty-our banks awaited themselves
of the provision for committing, and paid the Treasur
SAT- 500 in the notes Of broken banks which they
were alloweda rebate Of $74, 1856 a.
The future contributions to the Safety Fund which
not commuted for under the act chapter the
laws Of 1884, have been anticipated by the issue stock
for the payment of the debts Of the nine banks which
failed prior to ls43 provided for by the act chapter
ia Of the laws of ls45 The Safety Fund.- therefore, is
used up and mortgaged for liabilities already incurred
and there is provision which be made available
for the redemption of the notes of Safety Fund banks
which may become insol vent hereafter.
The original Bank Fund of 1922 Chapter 9D pro-
vded for the payment of oil debts of nsolvent Safety
Fund banks from the Bank Fund: The act of ls42
(chaper 247 81 provides that the act of 1899 shall
be amended that wherever the word debts occurs
the shall be stricken out, and the words crcula-
from the payment of any Of the liabilities of nsolvent
banks except those created by the issue of circulating
notes history of the operation of the laws of ls42
and ls45 and their effect the Safety Fund, may be
by reference to the COmproler's annual reports
for ls43 and ls46.
The annexed table exhibits the amount of the secur
ties deposited with the Comptroller by the banks esta
bshed under the free banking law, which have suspend
ed the average per cent and the aggregate
amount of notes outstanding II will be be perceiv
ed that only in instance par realized the sales
OF the securities.
SUsrESDEp FREE BANKs-VALuE OF SECURITIES AND
AMOUNT misunderstanding AT TINE OF SALE AND
AMOUNT OUTsTANpINo.