Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-03-28

annually semi-annually; in which case ali bills or
notes issued by the said person Of persons
shall be stamped their face 1Secured by pledge Of
public stocks and real estate"
8. Such mortgages shall only upon improved pro-
ductive, unncumbered lands within the State worth in
dependenty of any buildings thereon at least double the
amount for which they shall be mOrgaged and the
Comptroller shall prescribe such regulations for ascer-
tanning the title and the value Of such lands he
deem necessary; and such mortgages shall be payable
within such time as the Comptroller may direct
The provisions OF sections and are modified by the
laws of lS4S and lS49, as follows:
Lac of l64e.
= The securities which banking associations or in-
dividua bankers hereinafter be organized under the
provisions Of the above reciied act, passed April ls
1893, and the amendments thereto shall deposit with the
Comptroller security for the redemption circulating
notes issued to them by the said Comptroller shall be New
York State Stocks in all be- 10 be made to be-
equal TO stock producing six per cent per annum and
shall not be lawful for the Comptroller 10 take such
stocks at rate above its par value the securities
shall not be less than onehaf in such stock and one
halfin bonds and mortgages npon improved productive
unncumberel lands in this State, exclusive of any build
ngs thereon, said mortgages bearing interest of not
less than seven per cent per aunum and amount
not exceeding o-hfths the value Of said lands.
La,c of 1s49
l. The stocks which banking associations or indivi-
dual bankers, hereafter be organzed under the
provisions Of the Act TO ruthorze the business of Bank
ing passed April 18th, 1888, the there
to, sha.l hereafter deposit with the Comptroller shall be
New York State stocks, in all be- be made
to be, equal TO stock producing per per annum
or at least one-half the deposited shall be in
the stocks Of the State of New York as before MENTION
ed and not exceeding one-half in stocks of the United
States, in all be, be made be- equal to
stock producing interest of six per per annum
and it shall not be lawful for the Comptroller to take
such stocks at rate above their value above their
current market value
In this number give only the main features of
the New York system. We find it a matter so full
OF interest, aud have many inquiries the SUBJ
ject, that we shall hereafter give full details of the
law and the rules and regulations adopted by the
..f ftaS Sfofo
out the system.
New Jersey is adopting the same policy and
bill containing similar provisions as the New York
law, is now pending before the Legislature of that
State similar movement is going on in Peunsyl-
vania.
We believe there is not merchant or business
man Of this city who does not concur in the opinion
that our present banking law is Improvement up
on the old, or the chartered bank system.
The chartered banks pay tax to the State for
their banking privileges, the free banks are exempt
ed from this liability. The chartered banks many
Of hem have surrendered their charters for The pur-
pose of adopting the free bank system.
WEBSTER AND The SoUrm.-The correspondent Of
the Pa. Ledger says
The South, strange 10 say, prefer Mr.. Webster TO
Mr. Clay; especially Calhoun, who has an instinct
i've dread of all men of action. Mr. Calhoun is
able to write speech against his enemy, or break
lance with him in an abstract dsouisiiion hut he is
no mnich for man like Clay, who captivaes the
hearts Of his audience before they have tme or feel
disposed TO scan his arguments This sort of power
has never been understood by the mere men Of the
closet. They are just much puzzled TO compre-
bend why the intensity Of heat of electric spark
should be greater than that of a cord of frewood.
Nor would they understand that Magdalen should be
forgiven because size Ioued much Men like Mr.. CAL
houn, like the scholar in Goethe's Faust Of whom
Mephisophes says:
tell thee friend a man, who speculaIes
Is like beast upon barren heath.
| Starving; yet led in circles by the Devil;
While far beyond him flesh the meadows bloom.
Touching Webster's late speech, the correspondent
of the Louisville Courier, warm Clay man, says
The last grand eff,rt of the ''God-like" Daniel,
don't take here, at all. HIS best friends dsap-
pointed. ''The speech he made in the Senate, yes
terday," said venerable Yankee to me, in Wall
street, to-day ais unworthy of Massachusetts-un-
worthy of Mr. Webster. His reputation has suffer-
ed severely for his speech is neither more nur less
than an undiversfed recapitulaOn Of all the argu-
ments employed by those who have spoken on the
great question of the day"
Clay's speech was marked for its intrepidIy, gene.
rosity. manliness and patriotism; compared with IL,
Webster's is ignoble in almost every point OF view
Tue SOUTHERN CnNvENrIoN.-The New Orleans
Crescent City, speaking Of the Southern Convention
at Nashville says:
1.-The wildness, not TO say Stiffness, Of this project
is relieved by sea rccly single feature of gravity
taching TO 1t. One week ago thought that the Con-
venton would certainly be held on the lst OF June as
proposed; and that it might be important TO send to
il as delegates from this State, of compreben-
sve patriotism, enlarged craftsmanship and eminent
abity-not to aid in doing good, (or. as we con-
ceive, no good can come of the CoHventIon,) but
preventing eriL. We are of different opinion
We have doubts to whether there will be a Con.
veniion held in Nashville the LIST of June; it will
certainly not be Convention of the Southern States;
for, unless present indications mean nothing not one
half of The Southern States will send to IL delegates
and from tl0se Staies these delegates will be cloth
ed with only such power the Legislatures-lran-
scending their constitutional functions may con-
fer upon them"
UNION MEETING IN MASON CouNrr.-The Mays
vile, KY, Eagle, in noticing meeting in favor of
preserving the Union, which held in Mason
) county few days ogo, says:
II time of refreshing to those whose spirits
had been worried by the cry of "disunion." Wings
and Democrats like brethren. acted together, as
they should lave done, in a spirit of most cordial
fraternity. The speeches strong, emphatic and
conclusive, burning with the fire of lofty patriot
, ism and an unchangeable love of the Union.
Mason county has thus set good example to the
other counties Of the State il not that any dis
loyalty exists in the minds the hearts of the peo-
: pie of Kentucky, that such meetings necessary;
but the expression of their undying attachment ia
this glorious Union, rich the memory of its past
blessings and so cheering ia its future hopes, will
exert salutary moral and political influence every
where Let every county, then, lift up its voice or
a the perpetuity of the Union.
The Forsyth, Geo.. Bee says 'it is with shame and
modification have to record the humiating fact
that the southern meeting advertised come off yes
terduy at this place turned out TO be perfect aud
j. entire failure"
9 The people of Cass county. in Georgia, have held