The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-22

Mr. PRATT had been toll the real blame as Upon Com
missioner Gardiner.
Mr.. COSBY moved to amend the resolution by empo w.
erng tho committee To rep,rt soon as practicable
Agreed TO, and the resolution adopted.
Mr.. WALKER moved that wien the Senate adjourn
to-day It be until 10 o'clock On Friday. Agreed to-
Assembly,.
ALBANY Feb. 81, 1865.
The 0swego contested seat laid on the table
BILLS RIpoRrsD, ETC.
To regulate the liability hotel keepers.
To incorporate the Mechanics and Farmers Savings
Bank of Albany.
For the appointment OF issioners to prevent en-
croachments on New York harbor
The Senate bill to asaend the charter Of the church
charity foundation OF Kings county.
To increase the stock OF the Manhattan Gas Light Com
New York aDeDu 'a0 'n'r'sf Of the gas company in
Relative to the veyances and devses Of real estate
BONDS AND MoRIoAG AGES As A B,s1s OF BANKING
Mr.. BLATcHFoRD reported bill to prohibit bonds and
mortgages as basis for banking The following is the
report OF the committee
The Committee on Banks, to whom was referred that
part Of the Governors relating to banking
That In their judgmsn the certain and entire secu
rty OF bill holders requires that bonds and mortgages
shall longer be received basis for banking he
experiment has been txied gor sixteen years. Dur.
ing that time thirty banks which had deposited mort
cages az security for their circulation have failed
ana In not single instance has the security when
brought to sale under the reqsiton Of the law rea-
lied the amount for when it deposited. Indeed,
so isr from such result the average amount realized
has rot exceeded sixty ger cent-the amount of
mortgages sold being S24, Ia and the amount which
they produced being III This startling fact Is
conclusive with your committee that alteration in
tie present Law ID clearly demanded. 1t needs no
argument, at the pfesent day, to prove that the
right to issue circulating notes is privilege granted
to bankers, which should invariably be exercised
only on condition of giving TO the public perfect
guarantee for the redemption OF such noes Such has
been uarly the policy OF the in this State ever
sineethe adoption Of the Safety Fund system ni 32e
and Il only when that system, after a long trial.
wAsfound TO be defective aud to secure the
object desired that under the free banking law de
post Of securities consisting OF State stocks and mort
cages, was resorted 70. Bat experience has demon
tated that whilst the former restricted they have
iatteriy been to the stocks o. our State and the
United States have afforded complete guarantee the
after have quite failed TO do The former are readi-
" and at the shortest notice. convertible into cash at
their full value whilst the latter attended with en-
barrassments In Their conventions which IMPAIR at the
time, their intrinsic value How great yer may have
been the care and caution exercised the bank depart
ment and there has been lack of vigilance the esti
mates OF the value OF the morgsged property have not
thus far in ons instance been sustained by the result
OF each sale The whole aKont OF securities held a.
the percent time by the department for the secur
y and eventual refempten OF circulation Ia see, 0l9
$780, Wthat amount se,7ls,24s, more than one quar-
ter in bonds and mortgages The increase OF these
securfesl during the last year has been nearly
Your conmitte. believe that the banking eystem of
the Ssae under the present free banking law especially
90 far as security Tor s circulation is con,ernee is
PRACTICE and sill that Is requisite to insure its perma
nency and command fer IL unlimited confidence Is to
tmove from y the boni aud mortgage feature. No
Lie III be materially served ~ II and tho ncre ,sed de-
nsrd which it will afford for the increased and ncreas
ing ISSUE OF our State stocks will give TO them value
which cannot fail to 10 the benefit of the State
lis subject OF price and congratulation that dur
banking institutions and banning credit in other States
have osumbled to pieces before the legitimate and sens
tive lava Of tradeour institutions have passed through
w fNu af1arak la
with credit unmpaired and with increased character
for stability and clair for confidence.
Your committee beg leave to report the bill herewith
and recommend its passage.
The following is the bill recommended by the commit.
Al act 10 proht bonds and mortgages being recired b.
Me Superintendent Of he Bank Department basis
lis PEOPLE OF ths State of New York represented in
Senate and Assembly. do enact follows
Section /. The securities which banking associations
and individual banker hereafter to be organised
under the provisions OF th. authorize the
OF banking passed April 49, 1855, and the amendments
thereto shall hereafter deposit with the superintendent
of bank partmcnt security for circulating notes
shall be New York STATE stocks stocks Of the United
States In all to be TO he made TO be equal to
stock reducing six per cent per annum and 1t shall not
be Lawful for tie superintendent take such stocks at
rate above their value, or above their current
market value.
Sec .. snconsisent with the provisions Of this
act are hereby repealed.
Sec 8. This act shall take effect on the FIRST day Of
May next
Mr.. BLArcmoRp, from the Committee on Railroads, to
whom referred the memorial Of the HARLEM Railroad
Company, reported In favor OF the following bill
Sec J. The par value of each share OF the old capital
stock 0. the New York and Harlem Railroad Company
shall be $50 instead Of $50.
See q This act shall take effect whenever Il shall be
approved Of at gener. meeting OF the holders Of such
to che vote.
Gee g. The directors Of the company shah give the
same public notice Of submitting this question to the
atockoidert as Ia required by law TO Re given for
election Of directors aud the ballot shall be severaly
marked" Yes or "Non Such notice being given Il
may be 60 voted the next or any cleo
ton OF the directors
rux LIABILITIES oy noryL KErERs
The Committee Trade and Manufacturer reported
In favor Of the following b 70 regulate the liabilities Of
hotel keepers. Tia provisions are az follows
SEQ l. Whenever the proprietor or propretors Of any
hotel shall provide safe 10 the Once Of such hotel
money, goods, ornaments beonsng 10 the guests Of
such hotel and shall notify the guests thereof by post.
ing notice stating the fact that such safe Is provided
and In which such money, jewels or ornaments may be
Deposited In the occupied by such guest
In conspicuous manner and such guest shall neglect
to deposit such money jewels, or ornaments In such
sas the proprietor propetors OF such hotel shall not
be liable for any loss Of such money, jewels or orna
merts sustained by such guest by theft otherwise
Sec 2 Whenever the proprietor proprietors Of any
no,s shall pest In conspicuous manner 10 the room OF
,ucb su,sito bot the door Of such room or rooms
'neAvng his room or rooms to lock the door OF his
s% ees 70 eepOst the key or keys thereof With the
n me once, and such guest shall neglect 10 do
i nc prletor or propretors Of such hotel shall not be
Lhte OF any baggage OF such guest which may be
80, a rom his saiA room.
+sa rHE rEw WORK A tiaHr COMPANY.
fhc social eomuiftee OF the New York Delegation,
rsfcrts .avora5y the bull increasing the capital
II So Fcrk vbh scue a=aendments The bin a. re.
90 e4gptsaact of the Manhattan Gas Itch.
(sl-1-f. ). - =. :. ESW i0Et, laeoreo~sed ~