The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-01-09
81 64s 5js 80 81 one, N6 ~ $26S933 IS

SAFETY FUND system
There 70 Of these in banks In ope
alton, and two branches, the charters Of all which will
xpirs by the year 1866.
The sggreg smount Of their capital Is S2oe3s $780,
name Of each ts location the date and expiration Of
Its charter, the amount Of its capital and circulation
1s4s4
By the act Of December 4, 1s47, Ooh. 4lo) change
made In the mode Of making the quarterly reports
to this department To carry this act into effect and
correct some Irregularities circular issued from
this department to the several incorporated banks
the 10th day Of January, 1s4s copy Of which is
nexed to this report and marked (K)
BY the act passed April H. ls48 Job 344) such banks
as had capital Of more than $500 600 we're authorized
to increase their issues beyond the amount allowed By
the act Of May L. 1887 but such increase was not
the amount Of their capital and the bank ssu-
the redemption in specie Of such increased issues.
To carry this act into effect, suitable die pro-
cured and circular dated April a. ls4s issued to the
hanks, with form Of contract and oath, copies Of
which are annexed to this report and marked (L.)
FAILURE OF THE CANAL BANK Of ALBANY.
intlmato supfavorabe to the solvenoy Of this bank
and early on the 18th he authorized Thomas McMul-
len, clerk in the bank department. and Andrew
White Of the city Of Albany, to examine into ito
affairs and report thereon They mme diateIy entered
upon the discharge other duties the bank stopped
sovency the Comptroller imme diatey reported that
tactic the Hon Ambrose Jordan, Attorney General
who tbe,.upon filed bill asainst the institution and
procure The pointment Of ndrew White % reseiver
The raid MoMullen and White still continued their
investigation until the Sth day of August when thew
made long report to this department nom which L
appeared that the raid hank had circulation s the
time Of Its failure Of $S5 $751; and that IL was wholly
infolvt MT and that Its Affairs had been illegally con-
Quoted and with such reprehensibe rregularity that
1t was difficult II not impossible to ascertain where
large portion OF its capital had gons-from all which It
made to this aid not nrs,aut ,Ss aporss
dition Of the bank at the times they were made Tho
report was voumipous and published In the State
against some Of the officers ofthe bank have been COM
Depeed. and are now pending and IL IL to be hoped
that thorough investigation may be had, that the
iDnocen mt may be freed from suspcion snd the guilty
df any, receive the just punishment due for their
crimes.
will be ample for the redemption Of all its circulation
1t appeared from an examination Of the books and
papers Of the Canal Bank that the
PRATT BUFFALO
wssIsrgsly indebted to 1t The Comptroller therefore
medistely appointed Joseph Sslter to examine into
ITS affairs and report this depsrtms which he did
On the Goth day Of July last, and from this report
which wac satisfactory, 1t appeared that there
,ueh Indebtedness. The report was accordingly pub
lished In the state paper and paper bshed In Buff
islo. a. required by law
Unfavorsb's rumors having reached this department
In relation to the solvency of
THE YATES soUSry BANK,
the Comptroller thereupon appointed Phlo c. Fuller
mept, which he did In somewhat voluminoss report,
dated the 2sth day Of July last which published
In the state paper and In paper published ct Penn
IL appeared from such report that the rumors were
unfoupded so far a. they imputed insolvency to the
bank but the bank advised to charge over Of
Its doubtful bad debts to profit and loss and make
DO more dividends till Its capital was fully restored,
which It promised to do, and it has been suffered TO
proceed.
These are all the Investigations which have been
had during the year but not all that the Comptroller
would have deemed Ii his duty to make, did the Law
permit him to mako them without having reason to
suspect insolvency Of the bank examined But by
the law as IL stands claws VI 1S47, SAL sec 81
the Comptroller is only authorized to examine into
the affairs Of bank when in his opinion there is good
to suspect that It has made incorrect or i'm
perfect quarterly return Il In an unsound or un-
safe condition to do banking business aud the result
of any examination IL forthwith to be published
Whatever might have been the oAjsct, there can be
doubt that the effect Of this law Is to prevent
amin atoms that might be useful.
Because IL Ia known that examinatio only
be made where there ground of suspicion the very
fact OF making 1t brings dscredit upon the bank aud
the apprehension the part of the Comptroller that
he may thus injure the credit Of u .lnk, and un-
necessarily It's affairs and incur the expense of
publishing useless and perhaps miscellaneous report,
often deters examination, when II would be made
the duty Ind publication were left to his discretion.
But he believes that would tend much to the safety
Of these institutions and the security OF the public
II was made the duty Of the Comptroller to
sNorE- Two Of these Manhattan Co. and the " Dry
Dock Co. have unlimited charters and not subject 10 the
sahty Fund act