The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-05
RncEIrrs or Produce AT TIDE WArEn.


The statement Of receipts for September shows just
what predicted that the supply Of brsadstuns in
hands at the close Of navigation likely to DO much
smaller than last year. There appears to he detsrm
nation on the part Of the producers generally to hold
their supplies of hour and wheat for better prices than
those now ruling, to which Ia TO be attributed the
ducsd receipts for the past month Should the receipts
for the remainder Of the fall OF in the proportion
reported above for September, pricea must rule hs
throughout the approaching winter for bresdstu in ali
the Atlantic markets. We repeat, what have prey,
ousy stated that the farmers will make great nistah
in holding on until spring. There will be such rub
Of produce to the senboard upon the opening of nave
ton In the spring. that prices must sink lower they
have been for years There is immense quantity OF
produce in the country, ard II must out Every
barrel of -four and every bushe Of wheat got into this
or any Of the seaboard markets before the ooss Of nsv
CATION will pay profit aud fear all got In after the
opening in the spring, will pay loss.
The Legislature ofths State have under consideration
bill authorizing tax to be levied upon the capital OF
every banking institution in the State actually paid in
We annex copy Of the BILL as amended By the Senate
BANK TAI BILL
IN .dcf concerning The tusiness Banking aud ta1aon
Of Banks.
The people Of the State of New York represented In
Senate and Assembly, do enact AZ follewe:-
L. The first section Of the entitled - An Act 10
amend the act entit An Act tn authorize the business
as to read follows.
The second section Of the act entitled An Act t.
authorize the business Of banking passed phil
is hereby amended as to read as follows:
whenever any person association persona formed
act shall lawfully transsr to the Comptrolisr any por
ton Of the public stock issued to be iesued by this
state or BY the United States person
OF persons shall be entitled to receive from the Comptro
er equal amount OF such circulating notes different
denominations, registered and countersgned sfore
said but such public shall In all casss he equal 10
o state pfOducIuR pprc cant
and 1t Aa not be lawful for the Comptroller to take any
such STOCK At rate above its par value above LIS
S2 All individual banks and all banking associations
which are now or shall hereafter be engaged In the bust
ness Of banking under the provisions OF the entitled
AN Act to authorize the business Of banking shall be
subject to taxation the full amount Of the actual cap
which in shall be less than the amount trans.
-Ired to and held by tae Comptroller security for the
VI % NOES ~ tnsir sctuAi value a.
for the debts Of any such individual banker banking
association and all the surplus funds Accumulated by
individual banker shall be subject TO taxation In the
same manner rs actual capital
~. Thsact shall take effect Immediately
Now this is on many accounts and In manyr .,i-u.
lars very good Law, but II very detective lnasmuch
As II does not apply fairly to all classes OF banks The
safety Fund Banks would be taxed upon their capital
while the Free Banks would be taxed upon their circu
laton The Free Banks have capital their securities
deposited with the Comptroller, comprise their capital
and their paper issues exceed the amount
these securities the tax would In fact be upon their
culation The Safety Fund Banks have nominal capi.
tai and their circulation nuctustes from tim to time
circumstances require In the event Of the amount
notes in circulation being larger than the capital the tex
not increased 1t applies merely to the capital where
Free Banker has relief; he may have hundred
thousand dollars worth Of stocks in the hands Of the
Comptroller security for bis circulation and may not
IN fact have more than two thirds Of. that amount
actually cut but he has no relief from the tax on the
whole amount OF his deposit There should certainly Be
some distinction between the Safety Fund and the Free
Banks this point a. 10 place the tai that II may
a equally upon both As the bill stands above II will
In the Eyea Ran