The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-11-22


1, the sbsspce Of quotations At the Latest date II must
10 understooA that there have been aes sncs the
previous date The last quotation H. therefore, the cur
rent one of the day It will b that no change Of
copsequencs has been realised in any Of the leading
public securities. Operations in Government and State
have been limited for months past notwith-
standing the stringency in the money market and the
increased value of money for almost all purposes.
The oct to establish free banking law in the State Of
illinois, which passed the Legislature Of that State in
February last has been accepted by the people In the
provided by the constitution, and is therefore
law Of the State The principal points In the Law as
adopted follows:-Any person or association Of
persons who shall transfer to the Auditor of the State
public stocks Of the United States government any
State its par value which full interest
annually paid any stock Of the State of Illinois, at
valuation twenty per cent less than It's market price,
shall receive from the Auditor equal amount Of ccu
lstng notes Of different denominations to be properly
registered and countersigned Associations formed In
this way shall have power to carry the business Of
banking by discountng bills notes and other evidences
of debt by receiving deposits by buying and selling
gold and silver bullion, foreign coin, bills Of exchange
by oaning money real and securities and by
exercising such powers may be necessary to carry on
such business In the event Of any banking association
thus formed falling refusing to pay any bill or note on
demand the Auditor after days notice given in two
newspapers printed in the city Of New York. may pro-
coed to SELL at public auction in the city Of New York
the public stock pledged, such portion as may be
and out Of the proceeds Of such sale shall
eel pay the said bill note default in paying which
shall have been made There Is nothing in the act i'm
plying any pledge tn part Of the State for the pay
of bills notes, beyond the proper application of
the securities pledged to the Auditor for their redemption
Every association shall be liable to pay the holder of
mt I'm cir attn fha
ment of which shall have been demanded and refuscd
damages for the payment thereof in lieu Of interest
ut the rate Of twelve and half per cent per
from the time of such refusal until the payment Of such
evidence Of debt and the damage thereon No banking
citation individual banker shall issue put in cir
cuaton any bills notes Of such association banker
unless the shall be made payable demand Every
such association bankers shall always keep hand
sufficient amount Of specie to redeem all such bills or
notes as may be presented at the place Of payment
Every banking association individual banker who
shall hereafter carry banking business in Illinois,
under the Free Banking law must make out and trans
NIT to the Auditor of State full statement of its affairs
as they exifted the first Monday Of January, April
july and October Of each year verified by the oath of
its President and Cashier; which statement shall be de-
posted in the Office Of said Auditor the twentieth day
Of each Of said months in each year. which statement
hall be published quarterly in the nearest newspaper
and such statement shall contain:-lst The amount Of
capital stock Of the association individual banker
paid and invested according law ID The value Of the
real estate specifying what portion is occupied by the
socatien individual banker for the transaction of bust
3D. The debts owing the association individual
banker and the date and amount Of each bill or note
discounted and when the made payable. 4th.
The amount Of debts owing by the association ind-
vdus banker and the amount deposited in other banks
5th The amount of notes bills then In circulation,
said association banker Of loans and discounts and
specie hand what amount Of notes Of ether banks s
held by such banker association 9th The amount Of
suspended debt held by such association or banker.
The stockholders in every corporation association
gained under this Law, will alphabetically responsible
the extent Of their respective share shares Of stock
all it's indie btedness and liabilities of every kind No bank
started under this law shall exist longer than twenty
years Any association banker doing business under
the provisions Of this act shall not be authorized to take
receive exceeding per cent per annum inter
est on any real personal security which interest
may, in all cases. be received in advance and in the
computation Of time thirty days shall be month and
twelve months q year.
The free banking system will in few years be In opera.
ton in nearly every State in the Union New York
the first to adopt It. Since New Jersey Msssachusett
Ohio Michigan, and Illinois have passed bills what
similar and so far they have worked well Such system
now under discussion In Louisiana and before the
spse Of many years PennsylvAnia with all the oppo-
ston, will take 1t as the best known. IL Is In fast
the only that property protects the bill holder.
This the people nderstsnd In all cases where
such . law has been submitted to the electors
Of any State, 1t has received overwhelming
jority. This shows the Of ths people. II.
inois will have banks Of her own subject to her
laws which will give the people Of that State bet
ter currency than they ever had before. II viii drive
out Of circulation the ungaranteed paper issues foreign
banks, and give them issues they know ell about The
free banking system affords the best possible security
the bill holder 1t requisites the banking capital the
State by the actual wants Of the community and
there is danger Of paper currency obtaining circu
laton beyond the demand for commercial purposes The
people Of Illinois have what has long been wanting
in that State and the prosperity Of every interest will be
considerably enhanced Capital will be attracted to the
most prominent points and enterprise will receive
impulse. The agricultural, mechanical and manufac-
turing classes will at once be msasurabiy benefited
by the facilities furnished By this activity Of capital 10
extend their operations, and from this time forth
the progress Of Illinois viii be second to other State
In the Union.
The Governor Of the State Of Georgia In his message 20
the legislature putt down the public debt at si72l
q The Governor omitted the liability Of the State
account Of the Central Bank The State Treasurer gives
the annexed account Of the debt independent Of the
Central Bank liability -