The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-08


All OF these banks, from the time above stated, have
bee doing business under organization in
Of the provisions of what is called the general banking
law and the transition from the old system to the new
was very summary which, paper, amounted paying
their stockholders the value of the stock the company
the charter of which had expired at twelve o'clock at
night and such stockholders before O'CLOCK the mex,
morning had renvested their money in the stock of the
new bank This transaction would require that
the debts of the bank should be paid which of
included the circulating notes. but this not pre-
tended to have been done, but sham fornality some
thing in this wise, perpetrated certain sum Of
money set apart and placed to the credit some
officer director Of the bank who was dgniasd with
the title of trustee in amount equal to the crculs
ton OF the particular bank. That fund was left in the
new bank, to be banied" upon as any other funds
the bark was used and in of disaster IL would be
lost as other funds would be- and the bill holder would
be remediess for that his only security These notes.
wholly unsecured are received and paid out BY the
banks with the same freedom though there was
legal right to do They the notes Of the ne
bank and the bank is not responsible In case OF
disaster to the new bank its stockholders will not
sent that the funds OF the bank should be applied to the
payment Of any debts It was not legally liable for.
The Superintendent of the Bank Department called the
attention Of the Leg stature to this matter in his annual
report OF December, 1852. He Says
From past experience IL Is presumed that the outstand
pg circulation Of those banks the charters Of which will
expire the LIST Of January, will not be materially de-
creased The banks above referred to have already orga
nized, about to organize, associations under
the provisions Of chapter 31S laws Of 1849 and all claim
the right under their organization to issue and cir
cuate the notes Of the bank Of the name the char
ter Of which has expired, and whom in so ne in.
stances the capital stock portion OF IT, II IL be.
leved, has been divided and paid to the stockholders
The amount Of this class Of circulating notes Is now
large being the Of III and on the LIST Janu.
uary next will be increased 81 49, making in the az
gregate the sum Of So 097,.
The banks being too strong for the legislature no law
believe passed upon the subject but the remedy
is in the hands Of the people, and trust it viii be
Piled The only way to regulate such gross evasion Of
the law is to call the banks for liquidation of all
cured promises to pay and refused file bill In equity
seanst the persons who called trustees apply the
funds ncminslly under their control for that purpose
The Miners ottsville) Journal, Of the 9Th inst, gvel
the annexed report Of the coal trade Of the anthracite
region, up to Thursday the Sd. inst
ANTHRACITE Coal rRADE-1s53.
The quantity sent by railroad Il So 43 10 By canal
a. 1914 ibfor the week. 900 ii tons Total by rail
road 143 sos 10 TONS against 632 0e& 10 tons Tots
BY canal! ,s2is2 o. against eas $50 " tos SAs ~
yisd last rear.