The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-27

ct Issue win doubt give rise to considerable debate
II msy be time before the matter Is finally disposed
or
The Troy City Bank has declared dividend Of four
per cent, payable en- the LIST Of March.
The directors ofths Bank of Chester County, PENN.
burned week s420 Of the old Issue of notes of
that bank srge portion Of which has been redeemed
since the recent robbery and supplied by the ennis
sion.
Ths Comptroller of this has Issued the following
notice relative to the redemption of bills OF suspended
banks 1t il important to those holding bills of these
banks gives the necessary information to
their payment in part IN full out Of the trust funds
in the hands of the Comptroller.
REDEMPTION OF BILLS OF SvsrxNpKD BANxs.
COMfrKsLLER's OSvIsE.-FREE BANK DEPARTMENT,
ALBANY Feb 49, lss-Its important that the bill hold
desiring to nave their bills for
so A. to autborss this department to pay them out of
the securities held for that purpose should notice
by the several acts If the bills presented for pay
snt to the agent residing in the city of Albany New
what they are when presented to the bank itself This
will be obvious on an examination of the statutes
thorising the proceedings in each case
BY the General Banking Law, Claws Of 1888 p 246 "a
II the bank fails refuses to redeem Its notes do
mand during banking hours, at the place where It's
notes payable then the holder may such
to be protested and fling the notice Of protest in this
ONCE the Comptroller required forthwith to give
,Ss TO tH' !, oaa r 70 pay usn n0ts ana
with to give notice that all the circulating notes Of the
bank will be redeemed out Of the trust funds In his
hands Thus IL will be perceived that whom the demand
Is made ut the bank the bank pay then within
ten days after receiving the notice seek the bill holder
or 60 to the Comptrolers ONCE where the bills de-
posted under protest. and pay the same, tho Comp
troller gives notice that he will redeem.
But by the act for the redemption Of bank notes Claws
of ls4O, l5s each bank Is to appoint agent In AL
bauy New York to rsdesm its circulating notes. and
the holder authorised to present them at such agency
for redemption and the agent fails to redeem them at
one half OF cent discount then the bank is to
dempon and payment Of interest 10 made at such
agency within twenty dayq from the time when the first
demand was made then The comptroller is to give the
ten days. notice to the bank to redee and If fail, TO
do so then he is to give notice that he will redeem out
of the securities in his hands. Thus requiring when
the demand is made agency and not ut the bank
that the demand sb0ld be repeated at the agency
the Goth day afterwards to authorize the comptroller
to act. No proceediBss therefore be had at this
once until after the second demand Is made Tbs only
penalty for nop-payn~nt the first demand at the
agency, tbs liability to pay interest at 20 per cent
But when the second demand Is made the 2cth day,
then the bank s clearly at fault the comptroller gives
his notice to 1t to redeem and it do not within the
gccurities in his hands. Every demand should be
made during usual banking hours When the demand
Is at the agency the notice Of protest should state each
day which 1t made and the hour, and be
panied by affidavit and the notes demanded stating
the days which they demanded, SO. So, and
that the notes sent to the Comptroller the identical
notes which were demanded the bank will then have
ten days after notice from the Comptroller to pay them
at his Office WILLARD FILLMORE, Comptroller