The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-06-10

vhs,A Railroad pushing forward that work with
SzssfssA Of spirit Fifty miles have been
pied, and the contractors making rapid progress.
Fem Rome to the extreme terminus Of the road Cape
sincent Is ninetysix miles running through thickly
settled country which quite productive, and embracing
population Of some 10000 Prom Rome to Perrepont,
The preeent terminus Is nifty three miles The road runs
twenty-six and half miles through Oneida county,
twenty-five through the eastern part Of oswego, and
about i've six into Jefferson county. The continue
ION win carry about forty miles and will form
connecting line between the great commercial emporium
q this State and the dominons Of the Queen, thus
bringing the 100000 of Canada West through
The medium Of Kingston into most desirable business
and social connection with the States. The original
hopes Of the projectors Of the road fully sustained
BY the great Of the small portion already opened
The intention Of the directors u.s. ths ut about the
time of the completion of the road 10 Watertown which
viii be the end Of August the further portion to
cape Vincent shall also be finished For the promotion
II this result the iron for that end amounting to about
aeoo TONS will be delivered at Quebec, Chaumont Bay
and sacketts Harbor About $50 have already been
landed at the latter port 1t furnished at $40 per ton
The provisions of the Free Banking bill of Massa
shusets in its amended shape passed the Legisl
sure Of that State, are as annexed -
FREE BANKING LAW OF MASSACHUSETTS
Sec J. Any number of persons, not less than fifty may
become body corporate for banking purposes subject
70 all the duties, liabilities and rest rictous to which the
existing banks liable. The stock not to be less
man Slc0OOO nor more thon 81 100000.
The stock of banks hereby authorized by this law
shaI be divided into shares Of hundred dollars
half the capital must be paid In before the commence
nent Of operations and the whole within year there
after.
Before the commencement OF operations certh-
eate shall be filed in the Office of the Secretary of the
Commonwealth, signed by the president and directors
stating l. The corporate name OF the bank 2 The
name OF town or city where located The amount of
stockholders and the number Of shares held by each.
When the bank Is to go into operation. No bank to
assume the name Of any e-existing bank.
The capital stock may be increased at q subse-
quent date by vote OF majority Of the stockholders
The same proceedings shall be had as in the first instance
g. Such bank shall carry the business of banking
at its banking house but elsewhere and may
pay dividends semi-annualy. If any bank neglect to
carry on the business of banking forfeiture Of privi
The Auditor Of State is authorized and required to
procure the engraving and printing Of circulating notes
notes to be registered numbered and couLtersgned by
the Auditor before delivery.
Banks authorized by this law may transfer to the
auotor al rate not above its par value nor above its
nsrketvaue public stock issued by any city town
States the State of Now York by the United States
and receive therefor equal amount Of circulating
notes
g. Tho auditor is authorized to exchange any such
stocks fer others deposited by the bank provided the
security be equally good and the amount Of circulation
not reduced below fifty thousand dollars.
g. The auditor is authorized to deliver to bankers
Under this act powers Of attorney to receive interest
dividend on their stocks held by him. Such power to
be revoked whenever occasion may require it.
10 Such banks authorized to loan aid circulate such
notes according to the ordinary course of banking.
IL. In Of failure pay such notes presenta-
6on they be protested and ii not redeemed within
Ten days after notice. the auditor is authorized to give
public notice thereof and that they will be redeemed out
81 trust funds in his hands.
IL Banks established under this law restricted in
the amount Of circulation to the limit the old
institu.ons-viz, twenty Eve per cent beyond their
capital
Is All plates dies aud materials for printing such cir
suatiug notes. to remain in the custody of the Auditor
Of State
collars and imprisonment not less than i've years II he
permit circulating notes to be issued to bank beyond
hs collateral stocks.
Is Each bank established under this act shall in ad
dtion to the ordinary returns required by law specify
the stocks deposited with the Comptroller for its crcula
zion
10 The Secretary of the Commonwealth is authorized
20 prepare separate abstracts for the banks established
under this act.
II. The Bank Commissioners shall have the same power
the banks established by this act chartered
banks and they required TO examine the certificates
u stock held by the Auditor In trust for such banks
Is Whenever any free bank shall return to the Audi
Dor ninety cent Of the bank notes received from him.
and shall deposit unde for the balance the Auditor
return to this bank all stocks previously received from
10 Free banks that renqush business must 1--we six
20 the Auditor for payment within six years after the
Seue Of such notice.
10 The Justices Of the Supreme Court authorized
20 adopt proceedings against free banks similar to those
aganet chartered banks whenever the Court may deem
necessary.
n whenever any bank shah be placed In the hands
agents receivers for liquidation by the Supreme Judi
sai Court the Auditor shall transfer TO such agent all
socks moneys held by him In trust for such bank
n This act may be amended repealed at the plea
sure Of the Legislature.