New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-01-06
Controller RiaEg's Report-free and safety
Fund Bapking-stafe Finances-Par he
demption.-M. Y. Beach a. sons Cham-
plain Bank.

by tehing nls readers bow many uhns tlcfe Etc
and their several uses The document he hes put
forth aud its accompanying tables would almost
fll number Of The TriJuns. and being pressed
r space can only stop present 10 notice some Of rs
mos; prominent features.
During 49, SAN 2sl we're applied 20 E1lcs;on.l pur
poses beside SIS FOR the instruction Of the Deaf sud
Dumb, and 81 go 10 the Bind.
The gross receipts Tor Canal tolls sst year. Amounted
10 s3ssl75s sei3 75s we're the expenditures the net
Cana revenue was S2sssO05. which s equal 10 % per
cent nearly 81 millions. the cost Of the Canals.
The aggregate debt Of he state. direct ans eonngelf
s t24 1850 exclusive Of s40i452l deposited W b
state by the United stats. for safe keeing. TIE War
fmuch lorger continued. will probably demand
20 be made the State Treasury for the above four mil
lions.
Or the c3ah1gs,i debt above named, 56} 900 are for
the loan Of the credit Of the State Railroad Companies
most OF them insolyent. "The Delaware and Hudson
Canal Co. Is expected 10 cancel h1 million Of dollars Of
this contingent debt, In January. ISIS"
The amount Of money received into the State Treasury
ofa the funds Crust and prneraD durrgihe
year ending September 90 ISL was S55Jz2i and the
payments from the Treasury, during period.
s5.27j46s On said 30in Of September. the bslsnce n
whatever banks the public money kept was s3s.igl
In Mr.. Fi-ggs estimate o. The that will be wanted
Tor tao ordinary expenditure Of Covenmeu, during The
ye eadng next October We find such items IS salaries
Of Government officers sSs 900; salaries Of Judges OF
the Supreme and Appeals Courts $1,000, salaries OF
Chancellor Law Reform Commissioners. sc. S35 100;
penses Of Legislature 100000 State Printing S50,Oo0
Deaf Dumb and Blind Si3 600 New-York Hospital S22
900 Commlssary $4,000 Clinton Prison $4,000; Geo
Logical Survey $4,000
The Safety Fund Bank. Note and Deb, Redemption Fund
is empty and owes $50 lotto the state It appears that
the City Bank Fl Buf1a, paid into the fund 1888, end
drew out S2796i5 the Bank Of Banslo paid In $4,000,
and drew out 1854 6o3 the Commercial Bank Of BanLo
paid IN $4,000, and took out Sll.oli; and the Com
mercal Bank Of this city (NewYofk) paid in s5,o0o
bat drew cut S2s5 $50 curious Scfiy Fund this -
The Fand was all absorbed and the deceived stockholders
lost S3l5O,OOo additional.
The Free Banks had $40 s6GJ Of their notes or paper
aAoat in the State on the ls OF December last the
dempdon Of which was secured In various ways.
During 1891 nineteen bankers Individually and two
associations commenced business 10 the state. Their
notes are secured by SewYork state stocks. 81 AL
and By bonds and mortgages $4,000.
To NEE, the demand for payment Of The notes Of &C.
faul,ing banks STATE stocks, and mortgages, nominay
worth 81 5sl 7as have been sold for s97 OO4, giving
loss Of S60.7A on securities.
We publish the Controllers remarks on PAR REpEyp.
Tons IN NEW YORK, without abbrevistion.
class of banks have been established in this State
der the system Of free banking not for the purpose Of fur
nshng banking facilities the business Of the places
where they located but with view Of putting the
rote, in circulation in New-York at par and ed-enne
them discount Of hs Of cent as provided by
In the annual report Of the Controller 10 20,
~ 81 to 63 the OF the Legislature called
this subject evil which then commencing aud
II was suggested that efectua remedy would be found
in reourir banks redeem their notes
the CRY OF New-York. This wholesome reform in the
currency has been defeated from yesr to by interests
anisgonis 10 sound currency An attempt was made o.
remedy the By requiring deposit Of fifty thoussnd
dollars a condition for The issue Of notes The neBcien-
pS1iqua banfs tnrc esfaji'tcd rifhn The last year
10Th copas Of $4,000 mort and NAM Of them at p,irfi
Is far rsored from ht principal cnes Of bunss as a
pgGci cubic 10 he tar tasd oPfn,ng nor roaa' n
esTrg The nffs Of ttf banks secured o.
Sfoo Of ne STATE u Mr. iort that NE n0ft ouid be
half PEI emit batter after he dsai Of The bank than during
bIhf'
The opponents Of par REDEEM ptons complain Of the
Justice OF compelling the banks 10 redeem ct two places
The practical effect would be redemption al only one
place And then as TO haIdshpthe banks crowd twenty
Of dollars Of currency into the hands Of the people
on which the stockholders are drawing more than million
ofdoars Annually IN interest and instead Of making the
which justice demands b. redeemng their notes s.,
point Is hch wou render them equivalent 70 gold aud
silver they are content to reap the additional gains on the
dscredt Of their own promises BY redeens them II hsf
- eontendea that half Of per only fair
Enumeration to the banks for transmitting fund. TO New
Yors TO r-oes te notes IL 10 be supposed that the
tsnEs which have furnished facilities for sending products
10 dewser Of the value Of seventy millions OF dollars
will be subjected 20 Inconvenience expense IN getting
funds in New.YoIk 20 redeem their notes
In the annual report of 1916 statements were pre'ened
which proved that those banks that kept their notes Al
IN New York had good circulation IS those thst re-
deemed a discount Of half half ofone per cent
When ample security, as required BY the Constitution
shaD have iesn provided for 81 the circulating notes,
with a conviction the public mind that al the bills
I'm soiS and silver In NewYork, what Is to prevent the
currency Of this State from becoming not national
Currency at least orite medium IN that vast region
Of Tie West which contributes % large portion % our
canal ana looks ~ Newiok for market TOR
Is products
Mr.. Fsgg gives a long aud Interesting statement Of
Bank Investigations, the results being rather dserediA'
bic to the conductors OF certain banks.
o. the Ca,nfLAIN BANE. owned by Moses Y. Beach
K SON The late Controller thus speaks:
On the ith dag Of MAY last The FIRST quarterly report Wa
received from the ChaDplau Bank. individual b4nk
established under hela~s OF this state and purponus .
lie oca 81 and trauactug business IN the town Of KLEIN
burrh Clinton County The circulating notes delivered
TO thu. bank 10 the sum Of 5000 aud are wholly
occurred by . per cent. stocks a. tins state
The CORRECTNESS. OF the fst qlaeIy report was lied
BY the oath Of H. ID. Beach, Is Attorney for James 3
MacLean. President who 50 Tar =, the papers, inis ON r
show, - the individual banker MI Beach was informed
that the report could not be accepted a. The law required
that 70 should he verified By the oath 81 the President and
Cashier, ara that tns could noi % cone ~ poNy on
the 18th day OF the same month quarterly report was
received similar IN all respects 70 me oher excepting
tha- 10 sworn q Ia New" ok ~ ~ u heAe Aite,
ney the City Of Newl ok on The 7thi and by James g.
President in CNntOn County, on the llth -
oil May The quarterly reports for August ana November
we're each vered ike hf by H. d. bea1h, Ia
New York, and subsequently, by hr hacl-eAn IN Innton
Having sufficient reasons from these facts, and from In
formation derived from other sources 10 suspect ne cor
rsctness OF these quarterly reports commission "as T.
.ued on the 10th Bishop Perkins. Ls4 a. specA
sgen 70 examine the matter, and who commeneed
he invest cation At Eenburgh. the 25th INST By hts
report which consists chiefly OF the answers OF Mr. Mac
Lean under oath, 20 written inierrogatoucs appears
mat he u farmer residing in the town Of Elenburkh
mai the principal business the bank transacted In
he CITY Of NewYoIk, there being no other o-cef OF
ssept Al Eenbur.h or the county OF Clinton than the
President: that H. D. Beach, Of the City OF New foi<'
keeps the books OF the bank in that city az agent thar the
President MIR MscLezn has never bad any or the circu
ting notes specie. other funds Of the bank 10 MS
possession under his control, as President thee-
that h d Beach appointed him President q the nank
received salary As SUCH ana htheltO ms
been paid about 80 only for his services -.
IN farther appears that Nj Beach son claim % De the
the bank the espondence being win thai
i'm ana thai Mr. MacLe has furnished any OF The
airsi ard claims no therein has he per
,yusd any act IN relation the deposit Of ne stocks ~
rs the uaymeut OF the uotes tie never ssned any OF
80 ireuatiuk notes President. that service having
hen REFORMED by h. ID. Beach a. hls attorney trcaA
= -, 80. have been presented Mr.. Mclean ioz Pay
,at bnf he aid not redeem them having 10 iunds oi
g., nuruosa IL also appears that the President "a 20
k,oedra Of the correctness n the statements maze IN
bs srt.rly reports the Controller except IRON me
.fdsxs and represent OF NJ Beach he report
T M. speca AGENT states that Mr MacLean resides aoui
Is mi - from lstsburgh there being no vi ase neai
I - a