The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-02-05
sAvmos BASKs-JonE INTERFERENCE OF THE

s,AvN0s BANKs-WJnE INTERrERENoE OF THE
LEGISLATURE IN OR CRY AFFAIRs.-In recent
articles we said that the Legislature of this State
being invited by portion of our citizens to inter-
fsre with cur municipal affairs, by undertakingto
prevent the Common Council doing particular
act would not stop there, but would proceed in
their meddling operations SO as to upset our
whole city government, and throw all things
into confusion. By reference to report of the
proceedings Of the State Legislature in Wednes-
days HERALD, it will be seen that the unclaimed
deposits in the city savings banks have been sue
cessfuly attacked in the Senate, and what
is worthy of remark, the two Senators--Beek-
man and McMurray-who have been so jealous
in persuading their fellow members to interfere
in the case of the Broadway Railroad protested
in vain against oppression from the Capitol" in
reference to these moneys, which have been
voted to the State treasury. These gentlemen
have given the Senate On inch, and they
seem determined to take an ell The wedge has
been inserted and it will probably be driven
home by repeated blows till it makes destruc-
tive rent The Senators from the rural dis
tricts have been taught lesson of interference
by our city members, and it will go hard with
them. or they will better the instruction"
What right has the State treasury to the custody
of these unclaimed funds. which it was stated
by one Senator amount to million of dollars?
We would go further, and say, what right has
our city trcasury--what right has the Board of
Supervisors--to the custody Of this money? 1t
belongs to the banks; and the owners or their
heirs may yet turn up. If it is never claimed,
it renders the savings banks the more secure.
for it will make up for losses and frauds. Let
the money, therefore, alone and let it stay
where it is. If there is any public right to it,
most undoubtedly it belongs to the city yet
the Senate have laid their hands upon it for
State purposes. Nor is the mischief likely to
stop even there--this is but the beginning of
the end.
But there is graver objection than one even
ofpolicy or justice, against the bill. It is an
unconstitutional measure; being an er post
acto law, having aretrospect7cc : ."" ."1.""
Of prospective, and interfering with existing
contracts. When the deposites were made it
was ON the condition that shey should belong
to the banks in case they were never claimed
by the depositors or their heirs and the State
has no right to make q law annulling this con-
tract which was part of the inducement to many
depositors to invest their capital, and part Of
the security on which they relied against loss,
or the breaking up Of those useful institutions.
Any meddling with them may have the effect of
running them by disorganization, or by inducing
depositors to withdraw their funds Why is it
that our Legislature cannot let well enough
alone But wha tever right they may have to
legislate in this respect for the future they can
not legally touch cent in the banks, and they
might just as well legislate the money out of
merchants safe because he happened to owe
debt to some party who had not appeared to
claim it.