The New York herald., 1850-04-09

Prom past experience 1t Ia believed that the present
tariff of tolls Is about that point which viii vi,a
the company the largest revenue while the canal "a ;
its present condition Allowing for the ordinary in
crease Of business II is estimated that the rec.nts
from tolls and other during the ensuing vesr
will amount to about $4,000, and that the current
charges will not exceed those OF last year.
IL wac stated in the last annual report that further
supplement to the charter Of the company had been
granted by the Legislature of New Jersey authorxne
the Issue Of preferred stock, and comforting other i'm
portant privileges
That law provided that the act should take effect
when the shall have been accepted by the stock
holders Of the said company: and the 18th day of
May last at meeting held for that purpose, in
forth in the sixth section Of said sup
plement the stockholders did with entire nanmity
accept the said law
In accordance with the provisions OF said supple
ment books Of subscription to the preferred were
opened the 18th day Of February last there has
been subscribcd. in all O6O shares payable at such
times as will provide the for prosecuting the
Improvement OF the canal and its works fast the
same be done economically
Arrangements have likewise been made to issue, Of
the preferred stock in addition to the 06O shares
above stated sufficient to pay all the oat-
ing debt and the interest the bonded debt due ana
to become due April 1st, 1851
about 100000 and the floating will require about
the amount tn pay it. that the preferred stock
10 be issued will not vary much from shares or
say s5Oo,00O.
BY this arrangement. the company will be entirely
relieved from all claims growing out Of their present
Indebtedness until October 1st 1851 and their entire
indebtedness will be reduced to the OF 1923 $50
being the bonded debt due on the lst day of April
1856
INN Jastv 10 ba Ia
present year the construction Of planes west
of the Summit the plan OF No. o west; and the
other repairs and improvements recommended In the
annual report Of S4s by Of which the ascending
navigation from west to east will be perfected and
capacity given to the canal carry least 5OoOos
tons annually.
At the session Of the New Jersey Legisla ture a
General Banking Law passed similar TO that ex-
listing in this State. 1t to be a well guarded
bill and will furnish sound currency We give be-
low abstract of the principal provisions OF the
bill -
Sec !. Regulates the engraving registering, &c on
the notes.
deposits of the stocks of New Jersey Massachusetts,
and the United States. equal to par for six per
stock The amount issued under this act must not
exceed in the aggregate three millions OF dollars
Sec 3. Associations authorized to Issue and loan
such notes money making them payable de-
maud without interest No notes to be issued pay
atle elsewhere than ut the bank.
4.
wit thheld by the Treasurer If they should become
sufficient security for the circulating notes
seco one-third Of the security may he in bonds
and mortgages payable in year. at per cent in-
terest-to be on unucumbered productive real estate
worth three times the amount. No mortgage TO cx-
Sec. .. Further security to be required IL deemed
necessary by the Treasurer, Governor and Attorney
Sec TO- Three days protest OF any circulating
notes, the Treasurer shall give notice that all the
notes of the protested bank will be paid by him aud
after. he sell all the securities such
bank in his hands and redeem the notes, may post
pone the sale six months.
See H. Plates dies &C. OF circulating notes TO
main in possession Of Treasurer Expenses Of this act
to be assessed on the banks
Fec l3. Provides for renewal Of mutilated notes.
Sec. Ia Misdemeanor in any bank 10 issue notes
not counters igned by Register.
Sec rs. Associations TO consist Of not less than
citizens of New Jersey Aggregate capital not
less than 500 600. nor more than s5o00oo
Sec 10 IL. Provide for acertidca,e to be given Of
the name, capital location &C. Of the proposed bank
Sec IS Associations have power to chose directors
Officers. &c.-loan money-djscount biiis-buy aud
sell bullion foreign coin and bills of exchange
Sec. - Stockholders TO be individually responsible
for default Of the banks to the sstsnt ef sbsir
Sec % "a Provide how action to be brought against
ttockholdors
Sec rs Stockholders to have claim aaainst a.soeia-
tion for any amount paid under individual liability
section.
Sec 2s To hold real estate cicnt for the eonvc
nicnt transaction Of business and such shall be
nortgagcd to the association In good faitb
Sec 20 to ~ Provide for report Of banks and their
examination
Sec 3s. No dividends be made unless capital un-
impaired
Sec 80 to IS Provide for winding hanks by stock
holders.
keepers aud other officers Of tho banks to be subject
10 all the provisions duties liabilities. taxes and pc
nstes to which the officers Of the incorporated bsuks
The above act was approved February q. The only
objection made TO It's passage that strin-
gent and that association would be formed under