The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-03-14
LEGISLATURE OF NEW YORK.
SENATE.

ALBANY, March l3, 1s49.
THE CANAL OF ALBANY.
Mr.. BoxEE made detailed statement Of the report
from the select committee appointed to investigate the
affairs Of the Canal Bank It is elaborate review
Of the past and present condition The bank started
under excellent auspices having strong aud sfnosnt
beard Of directors composed Of many Of the best bas
nees men Of Albany. Admirable by laws estab-
lishsd-so good that the committee quote them ct
length. 1t went well till series Of spsculations In
the management snsued; andit then went on from
bad to until IL appears to have held on to exs.
tencelonly by unloading its directors and sell
ing its deposits through, long wretchsd career or
course sxpsdients kept up appearances. review Of
each directors course IL separately given When the
bank was closed by the receivers appointed by the
Comptroller 1t had deposit for private individuals
sl24,7l2 SO. On deposte for banks in different parts
Of the State, $4679lo S. The entire assets Of the
bank when closed, good, doubtful and bad,
amounted to tl,27l ,1t0 &c. which has, BY losses
on ecnpromiss debts, and losses ON stocks,
notes and other sssests, been reduced to $425.
029 o. Out Of this Is to be redeemed the entire cir
euaton Of the bank, sio2 1885, leaving to be divided
among depositors $2S36 SAB Al, about 40 per cent
thus appearing that the loss Of the interest
Canal Bank bills worth par aud dspositss 40 per
cent So, excepting for the unhappy stockholdsr,
this failure has not been utterly disastrous 81 was
at nrst expected. The desperate condition Of the
bank may be imagined. whom It 10 known that for
long time prior to its failure had paid ct the rate of
SEQ each day for interest and discount and that It's
overdrafts amounted to third Of its capital
The committee alluded especially to the necessity Of
the strctest integrity the part Of banks In New
York or Albany ss they become the dspositoriss Of
the funds Of the country banks.
Mr.. CoRrvELL dissented from some Of the legal
opinions advanced In the report, but eoneurrsd in
the report generally.
Tho Comptroller sent Q Communication to the
Senate, showing that the whole amount Of money
loaned out OF the United stss Dsposits Fund wss
$9395 270 al Of the loan Of 1908, $i9S 66o-of the
loan Of l70s, $oS,2la o..
THE CODE or PRACTICE.
On . resolution offered for Afternoon sessions, at
which the bill to amend the code Of practice should be
considered,
Mr. FIVE said the code as IL was shaped not
ceptsbls to the people, but that 1t might b., amended
a. designed by the committee. He urged that uness
the Senate intended NOT to discuss this question: It
would provide for an amendment by an examination
Of the bill.
Mr. JOHNSON said the Legislature Is the last place to
Which the code ihould come He willing to vote
Tor what the committee recommended, ~ the judg-
peBt Of wise men, learned In the lsv. IL had made
the code mere like what the constitution inten dsd
Instead Of tns wide latitude vested In rsvisers BY the
law, bad made Of what before was 80 netting
Ike possense
Mr. GrDDxs decided that tho Senate should oars-
fuzzy examine this report. Perhaps the people would
be willing that bill should pass this subject (as
this bDD'
Ths report and bill we're made the special order for
every afternoon.
The COURT OF Appeals.
Mr.. WiLKiNi Of the Judiciary COMMITTEES, reported
bill fixing all the q the Court Of Appeals at the
capitol.
MIR CoLE, Of Tho committee, dissentsd.
AFFAIRS.
The bill fixing the liability Of stockholders Of banks,
after January, 1850, was debated
MIR. CAwLKv objected to the BILL as tending to pro-
tect the banks sgsnat the people He thought extra
ordinary haste svinced by forcing ths bill through.
The people could live without It.
MIR coLr thought 1t the great measure CT the SOS