The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-03

UX
such statement to be pnblished once IN each week,
for the period a three months, and the expense TO
be charged upon the respective dePoGtes In their 70
lave proportions; and that hereafter, all such banks
NAV lie required TO ascertain from each depositor,
and enter in their books the places OF residence and
nativity Of each depositor, with the view to full
compliance with the above proposed requirements
Your petitioners respectfully submit that when the
circumstances under which deposits are made In
savings banks, and the causes which have produced
the existing accumulation 0funclamed deposites, are
maturely considered it viii be seen that this petit
ton is founded upon just grounds and that the law
of confiscaton pending in the Senate cannot be
equitably or validly exacted.
Savings banks are not usually resorted to by citi-
zens persons who have been long residents In this
country because the business knowledge and spirit
of enterprise they acquire early lead them TO invest
their means in pursuits which promise quicker and
larger returns than the moderate interest which
savings bank would afford and their savings are thus
absorbed in channels Of business almost as soon as
they accumulate
Ii is chiefly the emigrant who seeks the protection
of savings institution, to guard and preserve the
savings he is enabled to gather by degrees and IN
small sums and from the very necessities OF his posi-
ton as stranger if for no other reason, the TACT
remains secret resting between him and the omcers
Of the bank
here to accumulate means and establish home for
his kindred before the hazard of emigration IS en-
countered by those who are unsuited BY age or sex
to the hardship of necessitous condition In new
country; and as means are saved they placed in
savings bank for security until the amount needed
in his native home is realized This class OF cases ID
numerous.
| Another class is that of emigrants who, having
settled here prevented by the smaness of their
| means, and the want Of knowledge Of our country
and people, from entering upon business pursuits;
and resort is had to savings institution to preserve
their little gains against the time Of sickness or
want of employment, and eventually to enable them
| to engage in trade.
Others, again, who, after remaining for period in
the pursuit Of employment intending to return and
| who leave sum which they can spare, to accumu-
| late during their absence.
1t is also not unusual for migrants to make depo
sits for the benefit and In the of their young
children, intending to leave the amount to increase
until their children shall have attained their MAORI
ties or to provide against their becoming fatheress
and dependent upon strangers or the public bounty.
The chief motives In nearly all the cases are to
make permanent and secret deposits The motive Of
secrecy is constantly uppermos with emigrants; be-
ing strangers, with entitled to their confidence,
and subjected, Is they frequently are to imposition,
they guard with watchfu care the secret Of their ac
cumulations, lest they may become the prey OF the
designing and unworthy; and when sudden and un-
expected death overakes them the secret dies with
them, except SO far as it is preserved in the inacces
sble records of the bank. There being no provision
of law by which the parties interested the repre-
sentatives of these deceased depotors can ascertain
even the fact Of deposit being made, the deposit
| necessarily remains unclaimed.
And when these considerations are viewed in con-
nection with the fact that, during the establishment
Of savings banks in this city, our population have
been visited with cholera and other epidemic dis
eases, by which thousands have, without . moments
notice, been swept out of existence, the immense
amount Of these unclaimed deposits can readily be
! accounted for.
1t is estimated that the amount Of these dormant
claims is now nearly one million Of dollars If the
motives Of those who have contributed this sum could
be scanned, they would be found to have been die
tate6 by the best impulses and to have had their
4 lot NJ
dred. To afford the means of those kindred to OBJ
tain possession Of the amounts thus intended for
them, would result In welltimed benefit to thousands
Of deserving but dependant persons, at home and
abroad. THE proposed law OF confscation is adopt
ed it is obvious that it will forever cut of the posi-
bility Cd these funds being reclaimed. =
1t is claimed by those who advocate the Law before
the Senate that the Legislature can treat this proper
| ty as having eschested, and become vested in the
State by virtue of its sovereign power and may be
| legally disposed Of in the manner proposed In that
law. This claim your petitioners respectfully deny,
because, by the doctrine of escheats, property only
reverts to the State through failure Of heirs lawfully
entitled to take it, and 1t cannot he said that these
funds have thus been forfeited until due means have
been taken to ascertain the fact whether there
not lawful claimants justly entitled to the sue
| cession.
To confscate this property in the manner pro-
posed your petitioners insist, would be an a2propria,
ton OF private property to public use, in violation OF
the fundamental law Of our government.
The instances Of real estate becoming escheated to
the State, are comparatively few, and these do not
arise 80 frequently from the entire extinction Of the
kin of the deceased from their disability, Aliens
to take IL. That disability not existing In reference
to personal property, who can say, with certainty,
that there single dollar OF the vast fund referred
70 that has not lawful owner in this some foreign
country
Practical evidence upon this question is constantly
presented In this city, In regard to other personal
perry in his possession without heirs to administer
upon it. the public o6icer, appointed for that pur
pose takes possession of T. giving public notice in
the newspapers, and he protects AID preserves 1t for
| the benefit Of the persons who may be entitled to
claim it. In due time this property is reclaimed by
the relatives Of the deceased, who have become in
formed Of their rights through the public press, in
distant lands, thousands Of miles away; and many
the instances in which the necessities Of parents
wives and children, have been relieved by the assist
anl0thus afforded.
Your petitioners are informed that no case has
occurred since the formation Of our State govern
ment, in which personal property to any consdera-
BILE amount has reverted TO the State under the doc
trine Of eschests.
There are many additional reasons which might
be alluded to against the policy and justice of the
proposed confscaton, one Of which Ia that it would
create feeling Of insecurity in savings institutions,
which would tend in great degree, to impair their
manent preservation and Just ultimate disposition
Of the deposits while the confidence which would
be created with depostors that in the event OF Their
sudden decease their relatives would be insured In
the custody Of savings banks, would greatly enhance
the beneficial influence which these Institutions have
thus far exerted
Another objection is that the funds In question
have been deposited with the banks In trust, and
these institutions responsible as trustees and
liable at any time, when legally called on to respond
TO the amount Of the deposits and accumulatons.
If these funds should be taken from their possession,
and appropriated by the State, 1t would afford no
protection 10 the banks, and would not affect their
leral liability 10 make good the amounts they have
received and incurred the obligation to pay.
To perfect the plan Of your petitioners il would be
essential to establish, by law period of continued
absence, in which the presumption Of death should
arise In reference TO claims to this property, similar
to that which Is established in regard TO claims to
real estate, 80 that the legal representatives may
duly administer.
Your petitioners, In conclusion, earnestly petition
that the proposed law Of conscation be not adopted,
but that the law proposed by your petitioners receive
/ Your fayorable sanction and your pettoners. &c.