New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-03-31

Fer sales Of Socks, Il. zee Fourth Page

Tuesday, p. M.
There was no marked change in Stocks today.
and the business was moderate. The movement In
Morris continues. and prices were higher.
There is a more active inquiry for bills and some
leading drawers asked ~. The range for hrstci@s
bills was AeN. The operations for the imports OF
specie have taken nearly all the cheap bis from the
market
In Freights there is len doing and the market
has tendency downward. Some engagements are re-
ported made al lower figures To Liverpool some en-
gsgemsnis were made al 70 ard 2id. For Antwerp 81
rs was paid for Flour and fod for drsin.
Two or three packets have arrived within two
bays bringing more or less specie The American Es
gle from London has flo550o and the Argo from Hs'
yrs $4,000 francs The svie de Grase hiss also con-
siderable amount The receipts in the aggregate are
probably 100000 Previously the receipts this month
had been s4s556o making total this month OF about
million two hundred thousand dollars.
A most remarkable opinion has been delivered
By Mr. Attorney General Van Buren, subject of the
deepest Importance the banking interest of this State
In the opinion of this Scion solemn contract made BY
this state with those engaged banking under the free
set is no contract st s and may be broken at the pleas
ure Of the Legislature although the banks have done
nothing whatever 10 violation of the terms of the act
under which they came into existence. positive
grant of certain powers Is assumed to be merely the
suspension Of certain prohibitions aud upon this as
sarned basis the Attorney General comes quietly 20 the
decision that a, the pleasure Of the Legislature the
mowers may be withdrawn without infringing that
ton of the Constitution which prohibits State Leglsls
lures from impsirng the obligations of contracts Such
decision is in the very face OF and logic. The
hat
tons the deposi, of securities payment of all expenses
&c &c banks may be established and the Controller
shall furnish to them notes for circulation This is not
simply repeal OF the restraining law, for Its contains
additional stpustious and is drec, and solemn
tract between tho state and the banker Yet the Attor
ney General decides that it ia contract and that
peal Of the Free Banking Law may have retrospective
action and shut up without ceremony the institutions
established under and conducted with strict regard to
he requirements under the cless supervision Of the
Controller. Bsrnburning and Loco-Focoism could
scarcely 20 farther than this We give below what Of
this opinion mas come 10 hand. IL given in course
Of the debate on the Dansvle Bank at The request Of
Chairman Of the Bank Committee:
ct csunot be supposed that the Legislature intended
10 reserve this authority over corporations which are
scted upon individually and every feature OF which IL
directly sanctioned by them and at the same time TO
authorize the erection of indefinite number of corpo
raons with like greater power the location, dura
ton and capital of which arc not directly submitted to
legislative appreciation but which shall yet be free from
legislative control or modification.
at lis possible that In associaDg under the General
Banking Law, individuals may make agreements among
themselves verbal otherwise, which are unknown to
the public In which the public have no Interest which
arc forbidden by no law, and require grant from
Government TO give them validity that these should
properly be considered part OF the charter OF such
interpretations subject to legislative notification.
hat thu ahp IA
sire to interfere with such arrangements between ind
vduas and IL is impossible to express any intelligent
opinion on the extent Of the power OF the Legislature
over Them until such case Is presented farther than
10 say the private and independent agreement
of the individuals Alone their relative rights can.
not be interfered with by the Legislature But the
porate attributes of these associations their name place
of business amount of capital and limited liability.
cession and duration. and above all their corporate
banking franchises derived from legislative grant
and cannot exist without H. These are their material
and substantial powers, and these the Attorney
General entertans doubts that the Legislature has
reserved entire control under the sh section before
erred to- which provides that the charter of every
porston that sha hereafter be granted by the Lagisa
ure shall be subject TO alteration suspension and repeal
In the discretion Of the legislature
But individuals who avail themselves simply Of the
privileges conferred by the general banking act stand
different footing as to them the act operates mereyt Is
believed as repeal of the restraining law The act OF
1887 Chapt 90 repealed much OF the restraining law
as prohibited persons not Incorporated from keeping
offices for the purpose OF receiving deposits or discoun'
ting notes or bills the general banking act extends this
repeal SO allow individuals, complying with s
provisions make and issue promlssory notes 10 crcu
late as money When single individual Issues notes In
conformity with the latter act there Ia noprovison
made for making and filling certificate, no assocs.
ton succession or limited labity-no corporation IL
created and the individual 10 personally liable for the
redemption OF his bills In such no charter Is grant
ed and the provisions of the Cont tuition of the United
States which forbds State Legislature TO pass any law
mparing the obligation Of contracts does not apply and
the State In the opinion OF the Attorney General may
again prohibit those acts the part Of individuals which
the law now permits suffer their continuance as pub
lie policy shall require"
The State Bsnk at Newark, N. ]. has declared
eni.snnusl dividend of 81 per cent payable on the
Is. of April
At Boston money is comparatively easy, the
banks have been dscountng to fair extent and good
business paper can be negotiated In the street and
y cent. Mex. Monday the Boston banks will disburse
over half million of dollars in dividends The rail.
way share market closed Saturday a. the following