New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-15
Ranking In our stafe.

bad administration is 90 intimately connected with
the interests Of the people, involving uensac'ons
having their influence on the trade and comihe'oe
and labor Of the People in all department. oil IN
dustry they have endeavored TO give, as 1t deserv'
ed. a'full and mature consideration.
On no subject before the public Judgment mas
there been greater error OF extremes Of opinion 80
far apart and 80 strenuously advocated that the
true theory, the sound decision, has been often
among the things most difficult 70 be attained. 1t
as been vehementiy asserted that all banking was mo
20 the few against the rights Of the many
and a government alone had advanced In the progress
Of the happiness and prosperity Of The peo
Die which most discouraged and opposed this pursuit And
by the side OF this grew up It's antagonist no1ns
doctrine utterly the and eontendng for the giving
and the granting OF privileges and exceptions ana ran
ehses inconsistent, with that equality and simplicity which
Is essential IN the institutions under which Is our napp
meas 10 live
The great object OF your Committee has BEEN In con-
sheraton Of this question: aud OF their duties as connect
ed with a. 70 avoid either OF these and TO pursue
mat path which last Of the wants Of the people
require and TO which the Constitution directed them
rhey believe banks and banking cOnveniences OF
business which are 70 be regulated by the well established
common practical rules which govern an honest IN
teIcourse among In all the pursuits Of trace AMI com
rerce and laDorthat there 70 be neither mystery or
privilege about Them but their duties are nsi a.
clearly defined and dennaole as those Of any DINER pus
ness IN Nfe and that when acting within these regulated
limits they are valuable instruments or the movements OF
society bat Whenever san this "a asked or attempt
ed and they are thrown into the combat Of political OF
personal strife they become obnoxious, ara are worthy o.
the dsapprobson Of the people expressed through thtr
laws. 49,
An the action on this question which your Committee
intend 70 recommend, Will be based on this principle as
the cardinal feature in system OF oAnkg maj 70 ever!
creditor Of bank whether that indebtedness arises rom
the note that is pat FOR circulation the deposit TAKEN
for safe keeping there shall 10 basis OF actual eapA
secured safe, perfect and absolute manner as e
most cautious far-seeing human sAg2cly VIII Aonns u
being necessary 10 establish. ,, $4,000.
The principles which your COMMITTEES intehd fespecI
fully TO recommend as proper TO be moaea MUG 'AT %
this subject will be found 10 be few and simple lney
believe The technical language, the complex statement
the perplexing detail which has been 50 much useo 70
be altogether unnecessary and that tney Des' repe
the lne and dignity Of the senate In presenting
their vie VS. as business friends OF such INCOMES
tons Of the law will tend TO simplify the movements
and strengthen the solvspcy Of the currency
new Constitution, maured AFTER protracted debate
and elaboration and adopted and sanctioned BY the ex-
pressed voice Of the people, has In reference TO corporate
powers, established new principle, and one Nhlch Is
controlling on the action of the Legislature. While u
sanctions the giving Of such poTer-tne forming OF such
organizations II has prescribed the me nod 70 BE- NOT
specific grant, but general law ana aehs 10 ooeoence
10 this rule your Committee have maiured OIL lOI he
institution and regulation OF banks under whea without
yoritisn or special privilege, but with sufhcent guard
and abundant restriction, ali who choose to organize I'M
dor A.. provisions may do In conformity with the cher
ishei approved doctrines Of monopoyto none equal
rights 10 all. -, 80.
favorite object OF your Committee has been, IN the
law which they have the to report al this time, 10
secure in the daily OF the bank, the employment
Of capta-a capital paid in, in the legal tenoer OF Toe
country its equivalents solid, secure WORKING OASIS
for the business Of country; always TO be relied upon
not liable to sudden expansion or contacion not easily
affected by spasmodic alarm or rumored fsurei III
healthy action in vigorous business pursuits sod re-
Of safe circulation and an efficient OASIS iOr
sound system of finance. Examination OF the oetaIis
of the law will IL Is hoped satisfy the Senate that the
first object the Committee has been to make banking
system under which the business oil the country couo 1e
honestly, fairly, safely pursued-one which the people
would sanction, approve and give their confidence
general the subject Of banking, TO be al once
protected and accessible sufficiently restrained ano YET
.seouate 10 the purposes Of business, your Committee
have found no easy to frame Indeed the dicutes
in preparing such ensctment where all proper iaeues
must granted, and all proper guarcs maintained nave
been 50 great have Impressed on the MINDS OF your
Committee with force the responsibility OF the duties en-
The mrs, proposition distinctly traced out and embodied
has been that should be open 10 s-that the privilege
Of issuing currency (auc assuredy Is one) should DC
within the reach of all who compiled with the rules re-
ouIred by lust socude for the protection OF the people
from fraud injustice. the want OF night knowledge Of
business or the cunning Ingenuity ofthe sharper:
No system Of banking be called sound which Is not
based upon business, vigorous business ID All us req
lions. Our people are business people '" ca,nOt Oe
inactive The Swelling Of the tide Of trade u commerce
and labor must be met, AM our institutions adapted 70 H.
While there Is circulation abroad there mr. be aeltes
home. While the exchanges are active SO mus DC 'ne
deposits Tee bullion and the paper must interchange
and wherever the bank Is placed, II must be bank OF
business lift be not conclusive proof tna' ssnomo
not exist al all ,,.., HI,
CITY be given TO the names Of the individuals vino are TO
compose the institution that their responsiohlty-iheir
means Of doing busnesstber associatons-ther charae
ters may be known 10 The people with whom ther ous
ness to done, and to the State at large through
which the currency issued by them is to circulate. Ana
thus the quiet and security Of the public is enhaneeo oy
furnishing them the means OF knowing Oh "no uis WI
ndence Is bestowed.
In eur system Of banking measure has been adopted
of greater utility or more universally approved lsn .e
registration Of notes Issued by the financial oeer OF ihe
state Itisa sautary guard against fraudulent Issues
And yoar Committee have embodied the same IN the t
submitted, with all the sanitary provisions OF the present
statutes in relation 10 II, made applicable TO the cfcua
ton which shall be Issued by BANKS formed uuoei te "
visions Of this law.
But the Committee beg for most Of the par
tculs Of their plan 10 the bill Itself 1t Will therein De
found that efficient measures are taken to protect the rights
of the stockhoders-.he election of their officers are
guarded peculiar obligations 10 the bank OF such
officers are limited 10 extent beyond present laws.
Sound regulations esbed in reference 10 the prop
erty which bank may hold tarlf Of circulation such
as been approved by the people FOR series OF Years
made permanent And Ia brief whatever could operate
as wise OF security has in the belief oil me COM
nittee been prescribed And the tIme the bus
ness OF bank defined as 10 make II certain lhaW
pursued legitimate manner yhonest and careful men,
il will afford them fair remuneration Tor Inc inNes'me
of capital. industry and attention. II such are he1 ue
features Of the BILL has been only nom the failure OF Tic
most honest intention that such should be their character
the important business Of the present financial nstitu
tons oil our State under whatever law formed has been
carefully considered and acting Ia the spirit OF the prn-
cpes of general law, every facility has been provide
70 enable all such Institutions which show healthy
sound action in doing legitimate business an unim'
paired capital and solid basis, 10 come in and organize
under this law. No great and sudden change has beer
deemed advisable but the effort has been TO make th'
transition from special charter or different system
the of the law reported, an easy one-no
likely AFFECT unfsvoraby the great Business interests
the State
thorough supervision has been delegated 70 the Con-
toller whose Department by this enactment, will have
the power az all times 10 know precisely as possible
the condition Of the entire Banking systemic know II b,
home examination Of competent men, cosversant viii
the nature and character OF the assets Of the bank, VIII
its debtors with all that appera;ns 10 IT, And so com
pleely Is every avenue Of information made accessible =
this officer that II believed that he will at all times
/ able 10 make the public scqusiniei with the true con
dition Of any bank in the Stste-its character, an
whether Il Is entitled TO their confidence and credit
A security full and ample has been provided In IN
regulation Of capital. paid in and possessed; ou
TO add new guards 10 that, and TO make the security
stlll more ample, fund s created for the safety
the public 10 which all mast contribute, which iund IS Sc
cured In the strctes and placed under The wA'ea
M care OF the financial officer Of the STATE and when "a
institution has not by years Of honorable msnsgemen
achieved reputation for fidelity and ousness-hke con
duet: greater guarantees are provided Al nome an