New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-01-09
Mutual Banking.

". have already noticed one plan FOR the organ
=. n = Mutual Bank. designed 10 relieve tie
,,,s7ral classes from the exorbitant and r'liTo1s
rate. Of interest they are now compelled 70 pay We
,ulIish below another OF more thorough and rom
prebensive Character which IS ROW exciting con
siderable attention snong the Agricultural ana
other prsdactive population q the Interior OF Mas
sachusett. The present scheme iooz' 10 'o'4i r.
form IN the Circulating MEDIUM by the oA1isni4ls
Of specie as It's basis and the substtu'Ion 'hefe'''
Of the collective credit Of the members % ''' ''A'
many ali Of whom become responsible with real
es.ste rledged ~ the ultimate guarantee Of Their
solyency.
4 c,ocise statement Of the lescny features Of
the uropo.ed bank j. contained in the petition to
the Legislature Of the State bow receiving sigma.
tuzcs especially in Worcester County. The idea
Al tie bottom Of this plan IS one Of the most pro
found brought ward by modem thinkers on sociai
s1bjects aud We shoud rejoice TO see Il tired by 2
lsr experiment The petition $ as iollows
Il ~, Hn,ro5, re s.at H-->e r. RTe,r'o'- r a'
(onporv,sFs 4 NssfaohA,ts
Tne prayer Of your petitioners huby .boweh that Dc
hrnlers mecEauc., s1d u'Eer sc-uA prot1ceI- "ho-e
herelo subscribed, conceive fai i = lnPo-s
be r he und~' tie present organization q the eurrenc
tie ust reward Of her labor. They. therefore hliaD
yrsy your honorable BODY - grant % fer charter W b
MUTUAL BANK. ve-tlg N hem the follow ING po"''''
under the following regulations 49,.
Any person, " company, b. pedgng reai e.a'e n 10
Bank may BECOME member u he Mutual behAns -,
2sny and fie COMPANY shall have power io receive NV
members 10 unlimited extent $500
Sad Mutual Bank sAali have power 20 --De psie
ney Which shall circulate a. currency among persons
Hing % rs-~;ve y a. such - 1..s
ANY member NAV borrow the pHp~r money "l ,.o be
on ~ own BOes iunning 10 maturity 70 AZ ai''N.
ding tire. fourhs lor sucn otter pfppofHp. a. -
praiIe BODY in its wisdom nay deiefhN'j ~ N' '-
tie real estate By himself pledyeo .-..,....,.r
E.rt uer1i-r shs found b. he &C u nc"fPai'L
10 receive t!e bills issued by tls Bank a. N" ~. ss
~ feir face payment Of de5s ana pa a. ~ ,,,
,ns OF trade buf no member who has ~ hs pos~'%e"
I'm. Of tho amount equal 10 ne "noe 'slu, "
lie ropeTtv bv himself pledged shal ne bound ." rev.
srv more until some Of those he'd By him shal nsTe gone
orli Of his possession .....a
counter II Bank but a. me stores wofk sbop ms,
and other business paces Of ne indidusi members o W
Coppauv tho bs shall thus be Fedeemsbe, not b"csst
hey any time command specie ~ me BANK bIi ~
they ar. all receivable % fsB Of ser1e ~ 10"
nerni.ers Of the Mutual Banking Company
The rate Of iueres' which said money shs 10 oanA
sba he determined bv ard shall Il pOs.Oe just meet ana
cover the average losses aud necessary expenses o. W IT.
sIufOn.
80 none hal be lcsned by said Bank r1cep 10 mem
Of The COrnpanv
Anv member bY paving bic debts the Bsns and giving
hurry dsys notice Re fTesideui thereof may vitndra"
from the COMPANY, nsy have hs property released from
gaf eP and himself he released from all obligations 70
he Bnnk. or 70 the holders Of the Banks money.
The Company shsD have power ~ psss such rules Hnc
ny hWs no. inconsistent with their charter and 70 eject
such officers be necessary 10 accomplish no ends
for which The Bank - Instituted
No paper shall be issued by sad BANK rnil shr
real e.fsie 20 Tho value N Two Millions Of nolsrs shaI
nave been pledged ~ ths Bank by iis member.