The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-02-07

u,ln,63l 3o thus making the total deposits of gold
and silver during the year 1851, so2i6ao, Of whch
ss7eees2 IS were in California gold and slo6 go IS
in silver Of which $Goeo0 81 extracted from
California gold The total coinage of the amounted
to slel22 COO Of which $9795000 in gold pieces
ard the balance In silver.
The total income OF the Connecticut River Railroad for
1851 was s2l5e42 Of which for passengers sll9 7gl
freight $50 IT'S, mails and expresses sl2l3j Expenses
operating read SOB ia miscellaneous s7757 interest
$l3556, rent Of Ashuelot road $4,000 total 55i7Is
Net income s60se3, out Of which comes per cent on
the preferred stock s24 COO which leaves s4 23 Add
to last amount net earnings for January 1884, safely
estmated and there Is s3S 500 pro. hand February
/. OF this the three per dividend declared old
stock, and row payable takes all but S222s, which
mains cash on hand.
The Legislature of nearly every State N the Union
has under consideration system of free banking similar
to that which for many years has been in successful
operation this State. Several Legislatures already
adopted Free Banking law and institutions AMI
Citations have been formed under IT, There wa. clause
inserted in the constitution Of Illinois, authorizing
the Legislature to perfect system Of banking upon
stock security basis TO DO afterwards submitted direct
y to the people, FOR their refusal consent to its adop
ton Last fall the question submitted to the pso
pie and large majority decided in favor OF the b and
1t has, therefore, become W. This Banking bill Is well
understood here and capitalists wall avail themselves
Of provision 10 give the people OF Illinois currency
superior to any they have had before which
viii DO ,afe aud indispensable tina precious metals
themselves For the purpose Of posting up those who
may wish to employ their capital in banking business In
Illinois, certain important facts from an ON
cal source showing the od, opaa necessary to start
bankin that stae, either Individually, or Ia company
The answers in reply to questions put by Mr..
Thompson, tie wel.known bill broker, in Wall street,
GENERAL BANKING LAW OF rLLIsoIs
AUDiroRis 0rFIcE,
srRISoFIELD, Ill. Jan. 2f, 1852
GUS, ld "Wnl i be required that individual
Barker have any spscifed amount Of capita!n
Mas. lst Tie law makes distinction between
individual bankers and associstions aad no specified
amount Of specie capitals required.
Cues. "a. WIN s be required that he BE resident
dns Cd I do rot ind anything in the law requiring
that bankers shall reside 10 the State
Cues Sd. "What amount Of stocks must he deposit
to commence receiving circulating notes?'
.9ns 3d. Notices. than fifty thousand dollars.
Qaes 4th SWIM such circulating notes require the
signature Of both President and Cashier 20
Ans III Sec II requires the signature OF both Presi-
Ques Oh "How much specie doe. the law require to
be Kept by the bank on the 100000 Of circulation?
.4ns 5th. The law does not require any specified
amount.
Qaes eth If circulating notes should be protested,
must the holder deposit them with the Auditor before
you notify the Banker and how long the holder re-
tain such protested notes out Of the hands Of the Auditor
fins 9Th. am Of the opinion that the law does not
require the notes to Be deposited with the Auditor and
notice of the ability of the bank to pay.
CUES. tn What time after giving notice that notes
are protested and lodged in your hands would the ban
time, would he be liable to have his banking business In
erfered with by any tribunal for the single cause Of hav.
ans Ia The 26th SEQ provides that the Auditor shall
after the bank has been notified to pay any
m TO ibilitipa han nd urohih
the officers from having any power to transact business
Cues sh is It necessary for an individual banker,
Xo117?7n" - : 'A'
Ems. sh It
CUES Oh. How must the circulating notes Of An In.
dividual Banker read -
fms e,a. The same those Of associations.
Very respectfully, your ODE dent servant,
THOS. H. CAMPBELL, Auditor
In addition to the above Mr. Thompson gives what he
supposes to DO necessary steps in organizing bank
1st subscription Of not less than $50 900 to the ca
pita stock This may be done by cre or any number
Of individuals. 1t is not requisite that the whole be
Cd The election Of President and Cashier No Board
Of Directors is necessary unless provided for by art
Gle OF association
Sd. certificate must be filed Certified by the Recorder
Of the county, setting forth
The name Of the bank-its place OF business-the |
amount Of capital and nunoer OF shares-the name,
number Of shares and residence Of each stockhelder
and the time fuch bank commences and eads its exist
ence.
Copies Of this certificate must be filed with the Re-
corder Of the county Secretary Of State and Auditor
4,h The Auditor will then the request Of the bank,
order plates to be engraved ard printing executed.
9th $50 0c0 OF State u 8. stocks bearing six per
cent interest and on which the interest regularly paid
must be Deposited with tbs Auditor.
The market price Of such stocks must be above par
aRd the Auditor will then issue countersgnea notes to
the bank. Par but than par, be obtained
on the following list Of stocks
united States Six per Cents present price. ....ll6
New YORK sL per Lents... ........ilo
Ohio Six per Cents. III
Kentucky Six per Cents ..............".....lo S
Illinois Stocks will be taken bu. at rate Of 20 per
cent under the market price.
Mr. Thompson will aid and assist any banker or asso
citation, by purchasing their stockdc posting the
with the AUDITOR and WILL if desired take the first issue
same thus deng easy those who wish to bank
less than Qo0o, or who cannot readily command
adequate amount OF ready funds
The last annual report Of the Board Of Trustees Of the
Wabash and Erie Canal gives the operations Of that
week up 70 the j.. ii December 1851 The receipts and
expenditures nave been as annexed
WABASH AND EaIE CASAL-REyEyuE AID DISBURSEMENTS
--ls5i.
Receipfs.
Balance on hand 1st Dec, 1850. Sl6o 105 Go
Fron tolls and water rents 49,, Sl5IOs3 70
! Lands east and west Of Tirpe-
From Usn0 land: in the yincenncs dis
tIict ............ ..............l2sl7a 10
From interest on deposits in New
- s9lo34 60
rotal................. s5o1 ,Ooa 81
DiS5Gsegerfs
General expenses. .....Sl6,a3S 10
Ordinary repairs
Of the canal. S3S 253 IS
Extraordinary re-
pairs Of the
nal............u445 CO
- 4oe9S 81
Rebuilding bridges 2,o32 b4
Expense OF supcrintendence 6,OlS 90
Salaries and ofhce expenses
OF collecs tors oUol ou
- 5000 s.
con.tructon Of canal. 255 $40 70
Expense OF Land Office, Loganspozt,
least and west Of rppecanoe).. l,s59 50
Expense of Land Office, Washing
ton, (yincennes distriet) I'D 10
Interest paid subscriberst TO
advance Of S0o, 0o0. ...2 all2 20
no do....2isS7 90
w. ----4e059 rs
Interest paid contractors of Evan,-
ill diriann (cnunonsl / 3OO w