The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-01-07

Comptroller copceives that he has done his duty in
presenting the subject 10 the consideration Of the Le
Tissture for fuch action their wisdom may suggest.
The act of 1883 Is i'm perfect In another particular
and proper provision should be made without further
delay TO remedy the defect.
Since the passage Of the Law thirty one banks have
failed, and were closed by sale Of the securities
pledged with the Comptroller In most Of these
the proceeds OF the securities insufficient to
redeem the entire circulatioo therefore q pro rata
dividend was paid to the bill holders, and csrtid-
Gates issued for the balance, payable out of any
additional means which the banks may have pos
sessed But in every instance, snail portion OF
the circulating notes are still outstanding The
will never be presented The question Is, what shall
be done with the funds remaining ia the Com ptroer
hands for their redempuopi The amount thus held
Is S32sl9 10, belonging 10 thirty banks and as
ory OF the failures occurred almost ten years ago,
there go probability that this balance will be cae
for by the billholders.
The law omits TO prescribe any mode Of proceeding
for final settlement and distributon of these funds
The Comptroller respectfully recommends that au.
thorty be given to briog the of broken banks
to close after reasonable period, just aud equi-
table principles 1t is suggested that after the ex.
piraton Of six years Gnal noice should be issued TO
bill holders TO present the notes By given day; and
that the balance then remaining be divided pro rata
upon the outstanding certificates IL further balance
thall remain after reasonable notice to the certif-
cate hodsrs 1t might with great prepriety, be carried
10 the fund applicable to the ordinary expenses of the
Free Bank Department.
INCORPORATED BANK DEPARTMENT.
The statement hereto annexed. marked L. exhibits
the names Of the several Incorporated banks the capt
tai and circulation Of each the dates at Which their
respective charters will expire aud the names and
residences Of their redeeming agents
IL will be seen that the whole number Of chartered
banks Is II and two brauches the aggregate amouat
OF their capital is s2s 500 $780, the of circula
ton TO which they entitled by la~ is S3 2S 400 Of
which they have, In actual circulation hand Qn-
cuding 1888 95s so OF unregistered the sum Of
S2l Acc eel 80
This statement includes four banks and one branch
with aggregate capital Of Sl30o00o whose charters
expire January l. 1850. viz -
Bank Of Utica and branch ......... $500 90
BANK OF Lthaea. '..''.''.......... 2Jg0V
The charter Of the Merchauts Exchange Bank Of tbs
s.t having capital Of $4,000, entitled to circulate
s5G0oo0, and having circulation that day Of
S3tp 500. The stockholders Of this well oaged in
stituton have recognized the bank by the same
name under the general banking la with increased
capital CT 81 $50 0o0. The bank has deposited
with the Com ptroer for the security of its circulating
notes stocks Of this State to the amount Of sl59Oo
and has assumed the redemption OF the circulating
notes Of the old corporation
The Brooklyn Bank under the law Of the last session
authorizing the same, has restored its capital TO
$4,000 by cash payments, and is now entitled to
No other changes sad, it Is gratifying to add no
failures have occurred 10 the Incorporated banks since
the date OF the last annual report from this Office
The circulation Of the Canal Bank Of Albany which
failed in 1873 has bsen provided for by the Receiver
from the assets in his hands; and is estimated that
the surplus will be sufficient to make dividend Of
about forty per cent among the remaining creditors
There have been received, counted, aud burned IN
th. department during the year end ng 18th Decem-
Der instant 1882 mutilated bank notes amounting
10 Si035SS3; and during the same period there have
been cCuntersgned numbered and registered esq 934
new Dotes. amounting to s4,53o75I and delivered TO
the banks entitled to the same This vast amount Of
labor has been performed by the p-ncipa register,
aided by but clerk during the larger part
year. with the occasi 0nsl assistance of the bookkeeper
aud Of one other person employed in numbering The
large increase OF businen made IL necessary employ
additional clerk whose term OF service commenced
in August last The expenses of the department
during the year $500 35 which amount wa. re-
funded to the treasury at the close Of the ssal year
by dra~ng each bank for its rstabe proportion
cordiDg to law.
FREE BANK DEPARTMENT
The whole number OF banking associations doing bu-
sness under the general banking law lie 6S; the
Der Of individual bankers S. making aggregate of
lib banks. The whole amount of circulating notes,
couptorsgned In the bank department, and Issued to
the banks, the LIST day Of Decenber 1s49 sli
1909 for the redemption of which securities have
been seposited with the comptroller in trust amouat
ing 10 the aggregate to the sum Of sll sl6s06 &c.