The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-01-16
NcM JoracY.

New Jersey.
Tho legislature OF the State The l2h nst when
The message of Governor Ford was communicated 10
thsm After referring the general prosperity OF the
State suding TO recent improvements ia lie ess
lson and insisting upon The importance OF new efforts
10 improve and extend the school system the governor
discusses length The subject OF the banking nsi
Unions in The Stale. He says, ia substance, that:
..The privilege inferred by charter upon wentou
bsnklnx companies in this State siyes them highly mpo
~ mowers These the dsoounting of and bill
f &C. and oaning de posites and np
and lending unlimited their promissory
,,s. The lasrnamed privilege enables them furnish
currency the country which Is virtually and for all
ans.v purposes, legal lender Not being restricted e
,ba amount their issues, except by their will, they
the power in fact of regulating the currency, and
-,y the credit bus mess operations OF tho conmu
y We have therefore surrende red to them OF the
n., Inn oortsnt prerogailves of sovereignty,
. The ating of these banks, tho first day
,, ia, amounted 10 81 1852 $40 with other
n,,,s, 10 de positors and others of nearly equal
.noupt nsking aggregate OF over five and hall mil
uo,. OF dollars, payable by them on demand To meet
specie Is exhibited TO the amount OF 1882.
so or about oms,srsah OF ho amount Immediately due
- aairion they present Of available funds which
nav be resred consisting OF stocks, bonds and mortgages.
a,tao and bills receivable, aggregate OF SS $50
TIL. .um when collected and added to tho cash in hand,
.oa enable them discharge their capital stock Upon
~ ordinary princiI les OF banking they would be consd
d In an sntircy solvent condition There is however,
n,hinu more fall than these bank statements TIE
..t cIedsbe and worstnanaYed banks usually contrive
!, make az fair and reliable exhibit safest and
h,,t-conducted institutions
"teretoiore Gays the governor) have recommended
,,., m. well tho officers of banks shou
10 b.d rsponsible liabilities OF these
there should also be some limit fixed upon the issues o.
hsnk. having regard their capital stock and specie
IN hand Il should be made penal offence tor bank ON
o.. NJ Issue notes beyond speched amount there
H. io,Iinn n
lion with regard all issuers Of bank no'es-'na' isy
h, tive am pie seculy Tor their redemption IN ms re-
spec, all the banks OF this ate should Pe
rods be placed upon the same footing ,,
he txen,y four special BANKS the chhrefs o hfee
-;-. ,y,,hjn two wears, of three within four years,
rnur sthin six years of one within ten years. OF three
within years, OF two wl'hn sixteen years. VI Two
within eighteen years. three within nineteen years, OF
na within twenty years. and OF two Within twenty-five
years.
would therefore recommend the passage Of an act to
.h,s tese banks a. the expiration Of their respective
chs aud within the period OF ten years. to organize In
the provisions OF the general banking acts
TIE an last session has made great i'm
provsmsnt in banking system. Under Its operation
many OF those banks organized under the
nj act whose osersbc places OF business were difficult
and which have done and Intended to do
bona fds banking business will be under the necessity
Of winding up their affairs Some OF them have alrea dy
given notice that effect Since the year 1904 the com
nsncement banking privileges in New jersey forty
a. baot charters have been granted OF these there
nov but twenty-fJ four in operation, Iwenty-one have
therefore, either failed or have not been organized O
the six State banks chartered in lslE two have failed
=, IN. five banks chartered in 1923. four Jailed OF 81,
IL 1901 a, failed of five in 1897 only Is in operation
seven of broken banks whose affairs have been set
lied in the of chancey, exhibit capital Of zoo
circulation presented for redemption S5o<Oi and div
dend 10 creditors amounting average OF ABOUT tpfTfy
can't OF fs~ other banks have de
either settlement dividend and The affairs OF the remain
ing four are sill. unsettled They will probably pay m aver
arc OF nearly rsnfy per cent these iaiufes nave oht
ecorred within period OF thirty years The total nmonn
n o.sr. by community cannot be accurately
the claims of numerous crediio especially
bl-hoders for obvious reasons are not presented 10 the
receivers The aceained losses reach the sum Of ONE ana
half millions of dollars though 1t Is highly prob ibe they
os,po, he far short BILE that These failures
generally those severely who are the least able
10 bear them To guard against them Is the tue policy
Such measures effect increase OF the circulation
ysa rpo~sp will diminish the liability to monetary huetus
,op, md pcie The abolition of small bank
under the value OF five dollars earnestly recommendeo
q, pomotive Of that object would further recomnend
the expiration of two years tho prohibition OF hoeS
los. dollars Ths abundant nfiua
al yod from the Pac would render II not ony
urely SAFE but evidently feasible Within the a't h's
y,a,, three hundred and ysx original charters oil inc J.
have granted, aud eighty supplementary acts
rs,ssd amsndstoy of such charters Inc incorporated
authorized exceed the of forty millions
of dosrs OF charters created, there were ,Iy-h'e
for and ning thirty seven ior benevolent
literary OF scientific purposes thiftysr Tor urnPikes, ih
ty,wo for docks thirty for railroads. twenyeaht for insu
rance sixteen for steamboats, sixteen Tor plank roads four
teen for cemetes for renewal banking privileges
three for nov banks five for banking conpanies and sixty
four for various purposes"
The governor also recommends constitutions
smenduen,, providing for The election of all State and
county officers directly BY the people.
The governor recommends to the legislature the asser
on ~ one OF the sovereign States OF this confedeaoy,
essential just and we'll founded views Of international
policy and iha, the attention OF cosa,es be invited
10 q renewed consideration Of the subject.
The baltimore and Ohio Railroad Gigantic
Progress Of our Country.