New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-01-10

Wyoming
THE BANK FUND.
During the last fiscal year the Comptroller re-
deemed Sl35e50 ofthe Bank Fund Stock rom tha
means on hand belonging to the iund. OF this
amount, S35e50 was received In pursuance OF
chapter 332, laws of 1850. The State stock held
on account of this fund, bearing per cent inter-
est was sold and the proceeds applied IN redeem.
ing six per cent. Bank Fund stock, by which
gain was produced TO the fund OF l,s06 tor premi-
1ms and discount, beside IA annual saving OF $3.50
from the difference OF interest.
The COMPTROLLER has issued b ank Fund stock "a
the Commissioners of the Canal Fund Tor the bal
ence due from the Watervlet b ank 70 the Canal
Fund, amounting on the 23d OF September last,
10 s72,O59 81. Including this sum, the amount OF
Bank Fund stock outstanding ON the 3Oth SePtem'
ber was S7l5905 80. Since the closing OF tha
fiscal year stock 10 the amount Of S5,424 ~ has
been issued to the remaining creditors OF the Wa
terylet Bank which is believed 20 include all out
standing demands against that bank. large
claim was held by the receiver the Canal Bank
of Albany but doubts were entertained as to its
validity and the question was submitted, by mu.
tual consent to William l.. Marcy, as sole referee.
After patient and laborious investigation, ne re-
ected the principal item, amounting to over $50
600, and decided that the actual balance due from
the Watervliet Bank to the Canal Bank IS only
S2276 50, for which sum stock has been issued to
the receiver.
Assuming that the Banks continue to pay their
annual contributions of per cent. on their capital
until the expiration of their respective charters,
the amount to be realized from this source 10
S994 225 60 which will be sufficient, with judcious
management, to discharge both principal and inter-
est OF all outstanding claims against the ank Fund.
In addition to these contributions, there remains
mass of miscellaneous assets Of the City Bank OF
Buffalo, the Commercial Bank of Buffalo and the
Wateryliet Bank.
The amount to be realized from these deplora.
bic concerns depends, in some degree, upon the
result OF certain tigations still pending 10 IS be-
lieved, however that with proper diligence, about
$4,000 may be recovered from the assets reierred
to. The Comptroller he made every practicable
effort to secure some returns from them, and with
some effect but he regrets to say that his sue
cess has not been Commensurate with hs en-
deavors.
Since the close of the fiscal year, final settle
ment has been made with the Receiver OF tho
Commercial Bank Of Oswego, and the balance in
bis hands being 81 ,644 80, has been paid into the
Fund
An important question has been raised in rela.
ton to the liability of the banks to pay the annual
contribution OF per cent on their capital for the
last year OF their duration. The Comptroller aud
his predecessors have entertained no doubt on
this point and the payment has been made by all
expiring banks, without dispute, until the Bank oil
Utica and the Bank OF Monroe contested the va.
lidity of the claim. The charters of these banks
continued in force until the first day OF January,
1850" The Safety Fund act and the act OF April
- 1e42, require every moneyed corporation subject
TO the act TO contribute one half ofone per
its capital ION or before the first day Of January
in each year."
The ground assumed by the trustees of tho
ban ks referred to u.s. hat their charters actually
expired with the year lSi9 they were not liable
to make the contribution, payable " on or before
the first Gay OF January, 1850. Some other banks,
which made the last payment voluntarily now
claim to have the money refunded, on the princi.
pie that it was paid under a Misrepresentation Of
the law.
The question is an important one in its bearing
upon the ultimate sufIciency of the bank fund
If the remaining Safety Fund banks including the
Bank OF Utica and the Bank of Monroe, shall es.
cape the payment OF the contribution for the last
year oil their chartered term, the loss to the CAPT.
tai OF the bank fund will be sl32,74 30, and 10
that extent impair the security Of the creditors.
1t is feared that so large reduction might render
the fund insufficient to provide for the payment
Of the stock falling due in 1866.
The Comptroller has considered it his duty TO
place the claims against the Bank Of Utica and
the Bank OF Monroe in the hands of the Attorney
GENERAL, and by mutual consent, the question will
be presented TO the Supreme Court for decision ~
early as practicable.
With view to protect the creditors of the bank
ignd, and to guard against future controversies,
comptroller would recommend the passage OF q
law requiring the banks to pay their contributions
on or before the last day Of December in each
year.
BANK FUND
Balance OF six per cent. stock issued, per chap.
ia, laws OF l645, on account of the Bank Fund,
outstanding on the 3Oth Sept 1850, and redeem.
able as follows
!S5I Il
2gfl4 %
77A3U
1893 80
~ $50 %
1893 $4,000 %
1891 q