New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-30


INSTRUMENTATION. IS So IS 1854 SCI jss s.
Carried forw.rd 80 400 70s 81 Tot,......e2,!3 "a o
The Anthracite coal tunnage OF the Uoi'ed States
has pueased from 365 tuns in 1920 to 575336) tuns
in 1854 The increase aimee 1912 ia from !, lOsOOl
tuns 10 5,753 1863 tuDs. The increase has been
cutie regular but largest in lsi7, 1851, 1882, aud
1854 In 1851 the tunn age increased than lOo
900 tuns an excess greater man the entire tunnsge o!
,s42. The increase in 1884 was 900 tuna.
We have received copy of the General Banking
Law of Indiana passed at the las. session of the Lee
eislature Of that ate over the Governors ve'o Ia
como points il is Improvement on the old Law, as
making the eecuity of note-boders greater, bu' 1t Is
still Objectionable in many respects The rage OF
securities receivable deposit for circulating notes
is too great and the rate at which they may be taken
10 q Ct below the market price, is too indeh1ite
The Auditor will be kept constantly employed
STUDYING the New. York Stock lists, in order to dis
cover that the Stocks deposited with him do not TAU
below the point where it becomes his duty to eau
upon the Banks for more security. The true policy
would have been to have adopted the baking secu-
rites Of this State, Government and New-York
Stocks equal to y Ct Under the new act there
can be no individual banks. Sec. p states tha any
runber Of persons, not less than eleven, may make
Bunk, and majority Of them mus. be residents OF
tie State No bank may Issue circulating notes OF
less denomination than five dollars - an amount ex-
ceeoI one twentieth Of its whole issue, at least suc1
we presume the intention OF the following contradc-
tory provision, where 20 negatives are presumed to
nah an affirmative, Murray to the contrary not
wtbsts ndings
Provided however, that Banking Association,
under this act shal be authorized 10 issue bills for
circulation of less denomination than five dollars, TO
amount Lot exceeding one tsenteth of their whole
issDe"
TIE sxth recton is as follows:
Wherever any association Of persons. formed un-
der this act th6 legal transfer ID the Treasurer of
State $50 600 worth of stocss bones such as here
matter specified such association OF persons shAl be
entitled 70 receive from ths said Auditor for every
$40 " orih of stocks or BINDS thus transferred ana
deposited only e00 in notes, Of different demo rnna-
iious registered and countersened "a aforesaid to be
Used by them IN the usual course OF oaukiog ousaess
az Money Provided that IL all the persons compos-
ing such ass ocarors ths be bona hde re idents OK
this State and bona fde owners, in their own right
end in trust for the use or benefit OF othes OF
the stocks or bonds transferred and deposited IS
aforessd, then for every $40 worth of stocks
boz de thus deposited, such association shall be
titled TO receive Only eco c notes, As Aforesaid.
The sequiter 10 the eff" following Provided"
in the above section, does not appear to be very
clear as The two statements are identical, aud Sec.
90 requires that only majority Of the stock Of any
Bank shall be owned by resident citizens of the
State. The aggregate circulation under this Ac!
csnrot exceed six millions. Sec. says:
Such stocks shall consist Of any portion Of the
public debt created CT hereafter TO be created,
by the United States or by this Safe, and charge
able on the Treasury, such other States OF The
Union ss pay interest semanDuJly, or u, any less
period on their public debts; bu, such public debt
shsil in all cases be, or be made 10 be, equal to
stock producing tx per cent, per annum; and II shall
he Ia nj far he 10 n
rate above its par value, TOR it's market value.
If bank fals upon demand TO redeem is notes,
the Auditor is required forthrsh to notify the bank TO
ma payment and if the bank does not Immediately
DO TO- the Auditor without delay, must advertise that
the circulating Io'es Of such bank will be redeemed
out Of the trust fonds in his possession Protested
notes to have no preference. Banks TO carry on
business only at their place Of location Security
with the Auditor held exclusively for REDEEM ption of
circulating DOies No bank 10 deposit less than
ESQ 600 Of securities. No bank 10 be located in a
place Of less tLan ore thousand Dhsbtan,s unlees
such place be county seat. Rate of discount y
cent President and Cashier 10 be residen.s Of the
county in which the bank Is located Stockholders
to be individually liable 10 an amount equal TO
and beyond their shares, and this liability to
continue for one year sitter transfer Of stock. The
Dire cors, 70 be at least five of which a maj )rity
must be residents OF tae county in which the Bank
is located. The B4nks must receive each others
notes. The Banks organized under the old Law must
meet the security requisiion Of the one by put
ting up additional security and cancelipg suiceuo
amount Of notes. Interest on protested notes 10 y
cent p annum. When secu.tes have deprecated
p cent. the Auditor must cell for additional security
and revoke the power TO collect interest until such
additional security ia put up. Sec. 46 Gays:
Before any Banking Association shall reosive
from the Auditor any notes TO be circulated by il
money the owners thereof shall fls with said Auditor
certificate of the Clerk Auditor sud Recorder Of The
County where said Bark is . be located, 10 the
effect that such owners are possessed OF taxable prop
erty free from incumbrs nce, and subject TO exec1-
top other than the interest in ssid Bank aad within
the limits Of this State 10 the amour. and sus OF
Lot lees than % per cent Of the snouI of the crcu
la'ioD Of sueh Bank: or, in lieu thereof said
shall file With said Auditor bond to be approved
" the Governor, Treasurer, Secretary aod Auditor,
or -joIity Of them 10 the amount Of % per ant
Of "a % circulation; and, an additional security for
the 70 fenption OF the ifsues OF such Bank said
tifcsie O. bord shall be renewed annually"
Bank Commissioner may be appointed to exsu-
ire apy Barr. Sec. "a requires the appointment, by
every Bank. OF an agent at Indianapolis, to redeem
its note. in coin or EIchsoge on NewYork either at
dseOus, Of cent for cein, or ct the current rate