New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-01-10
Circulation issued on the above S785,l8O

Circulation Issued on the above S783,l8O 90
-Four individual bankers have given notice OF
their intention to close their business, and have
returned q portion of their circulation, viz:
Henry Keeps Bank, Wstert0wn; Village Bank. Ran
dolph; Cortland County Bank Commercial Bank LOCK
port. .. -,
For particular statement of the securities held
by each bank. reference may he had to the an
nexed statement, marked X 81
The Farmers and Mechanics Bank, Ogdens-
burgh, having complied with the sth aud 9th sec
tons of the act passed May 90, l54l, and the two
wears publication having expired, the funds held
by the Comptroller in trust for the redemption OF
the circulating notes of said bank have beengIven
up. This act should be so amended as to require
satisfactory bond Cor the payment of any notes
that may be presented alter the expiration oil the
two ears publication required by law. Unless
some such security is required, 1t is apprehended
that cases may arise exposing blll-holders TO IN
Justice
In pursuance of chapter 33l, laws of 1850, pro-
per steps have been taken toward making final
distribution of the funds held by the Comptroller
for the creditors of certain insolvent banks and
bank ers On the LIST of May last, a notice was
given iof which a copy is annexed marked h. to
the holders of the CIRCULATING notes Of 26 insovent
banks to present the same for redemption within
six months, as provided by law The time allow
ed for this purpose having expired, the Comptro-
Ter will proceed without delay, to distribute the
residue OF these funds among the holders of certif
Gates given for balances due on the notes returned
to this office.
INSURANCE COMPANIES
1t will be seen from the annexed statement
marked NJ that 81 certificates Of authority have
been issued since January l, 1850, by the Comp
trollcr to the agents Of thirty insurance com
panies of other States doing business with this
State, under chapter 30s, laws Of lS49.
During the same period, % insurance CON
panies eleven stock companies and fifteen mutual
companies have been organized under said act
within this State, and have furnished the Comp
troler the requisite evidence of their compliance
with the law.
The Comptroller is of the opinion that the law
permitting foreign companies TO insure lives IN
this State, should be so changed TO require all
companies out of the State, doing business here
by agents to invest all life insurance premiums
received within the State ldeductlng reasonable
and fixed allowance for profits and expenses, IN
the hands of trustees resident in this State, and
to be approved by the Comptroller, to form
trust fund for the payment of the losses which
may accrue on policies issued by such companies
to our citizens A system which encourages
men to provide for the future support and comfort
of their families by an annual deposit from cur
rent income, in the form Of premium life in
surance deserves the fostering care and attention
OF the Legislature.
Such guarantees should be eXacted as will
efectually protect their rights and fulfill the in
tentioDs Of The Individual who devotes portion
of his earnings to purchase a pecuniary compe-
tency for his children after his death. The
moneys collected for premiums ought to be held
as a trust fund, accommodating from year to year,
and to be kept sacred for the ultimate perform
ance Of the obligation which must sooner or later
arise on every contract Of life insurance.
An intelligent citizen, who has given much at
tentiOn 10 the subject, estimates that the amount
paid by the people of this State to foreign corpora
tions, in premiums for insurance on lives. within
the present year, will exceed 100000 When 1t
is considered that the policies are a continuing
contract, on which further payments are to be
made every year, during the life of the party IN
sured, at the same time estimating the rapid ln-
crease in this branch OF insurance, the Legislature
can hardly fail to perceive the Importance OF
adopting such safeguards as will afford to our ctl-
zens the security they seek, and for which they
pay. such ample equivalents. In making these
suggestions, the Comptroller would not be under
stood as questioning the integrity OF the corpora
tions in other States which have established agen-
cies here. That many Of them are in the hands
of honest and responsible managers, and are ad'
ministered with the most upright Intentions he IS
well assured. But 10 assume that no exceptions
will occur would be to disregard all past expert
epce In some of the States charters have been
granted with great facility the nature OF the
capital and investments are far below the stand
ard required from similar corporations In our own
State; and we must not forget that, with the best
intentions, there is strong temptation to divide,
or sppropriAte premiums received on subslsting
nolicies as profits actually earned. In case OF de-
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