The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-12-08

The average little than per per
num- showing small increase last year. and of 30 per
cent over the profits yielded by the capital employed in
IS45 II will be observed that Is the small capitals that
pay the highest rate per usually although this year
the increase has been greater the larger capitals In
of these large dividends paid, the accumuatons of
contingent funds have been unusually great and their
istence shown In the high premiums which the several
stocks bear in the market These represent what the
stocks appear be actually worth upon the books of the
banks Independent of the Of profit which they declare
The average premium all these banks is very large,
dcang fourishng state OF affairs than has been
shown in the aggregate by class of institutions
In any part of the country This fact is useful TO dwell
upon nasmnch that it is entirely different from what
the friends of the bank system well the institutions
themselves predicted the probable result of the system
of finance established by the last administration II is also
warning those politicians who taught by
perence that those interests which opposed the ndepend
treasury and ad vaorem tariff from fears in
relation their operation, engendered by unsound financial
theories have through experience learned that they Were
then fighting against their own interests, and that
their influence now will be exerted on the side of
the original advocates of the sound democratic poll
cy There is another consideration in contemplating
this bank prosperity, and that is in respect to the In
dividual liability of stockholders proprietos of
bank for the debts contracted in their collective capacity
should be permitted In any capacity to contract debts to
pay which their properly 10 not liable. in England the
poprieors Of joint-stock banks are individually liable In
their whole fortunes for the debts OF the company which
they belong and this has protected the public from those
runous losses which here they sustained by
the late national bank because where incur
such liabilities. they become vigant to permit such
extensive corruption take place. The constitution
Of the State Of New York provides that stockholders in any
institution issuing paper money after January 1885, shall
be responsible individually to the Of their
specve shares OF stock for all It's debts contracted after
January, 1850. This 10 limited application OF the liab
clause the effect Of which Is double the capitals
security; and this Il will be observed, applies Stree
banks those the bills Of which secured by deposes
Of New York State per in the hands Of the State
comptroller, the full amount Of the issue. Now, not
outstanding this additional liability with the Of
the federal government there is disposition part with
New York stock shares bur- the other hand, their
age aggregate value higher than before, and
Institutions In process OF formation The operation OF
sound principle considered incompatible with
financial prosperity The only institution which, yet
has sought eyade this liability clause, Is the Bank Of
Commerce. That institution has usually issued about
$3.50 Of notes. secured by s295 900 OF New York per
stocks, deposited with the comptroller OF the State
These II has Withdrawn, and ceased issue its
has In lieu thereof made arrangement with
the Mechanics Bank for Si50OO0 Of its For these IL
pays 2 per per annum, pays them out, and takes
care OF them Its They distinguished
chanics Bank is corporation and its secured
by pledge Of stocks This Of the Bank OF Com
merce evsde the liability clause but It's stock
high that OF Others which afraid endorse
their own bills. ,rtf 81 sra Fsa ..os .a
The comparative dividends Of Boston, New York. and
Philadelphia for the past two years as folowsi ,,#s