New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-08-14
NETWORK DAILY TRIBUNE, TUESDAY, AUGUST IA, 1855

seized for debt BY such creditors ~ can ind out
who Of their obstinate debtors own my HE
Montreal Bank, under the management % the Hon
f. McGill Of the Legislative Council its Pm
prints let Of its shareholders. WITH the shSres
they seyerally hold and their residences annually
/ but know Of no other bank that has Disclosed
such a secret as this at any time during the last
! ffte, y Years. Last year Mr. Mackenzie moTed IN
Assembly that certain chartered banks, then seek
ing Increase of capital and an extension OF tneir
charters should tell the House who and whcse
tl,'ir then stockholders were, and what number a
shares they severaly held The majority, two to
one. rejected the motion, and none were more anx-
ious for secrecy than bank directors and share
holders nav ing seats
Without suy notice Of sn intention 10 apply, the
charters Of six banks were extended from lS62 to
I-7l. and the cspital OF the Bank Of Upper Cana
da. Bank Of Mon treal and Commercial Bank st
Kingston we're increased S2,000010 each; the
Civ Bark, Montreal, $500 900; the Banque du
Peuple there Si00, 600; and the Quebec Bank
81 .0O0 co., the banks were showed TO peddle the
new shares thus created and 70 sell them when
and for what premium or at what discount they
pleased To enaNle poor spectators to hold the
new stock only ten per cent was 20 be requires az
first. which favorites Of course could borrow Of
the banks and keep on renewing their notes.
meanwhile some Of them would perhaps sip into
The direction BY this kind Ct moonshlne. Why
aoti All the Directors and they sill the ind'-
ridual stockholders OF the Woodstock Railway
Company are seven they reeect themselves
they have made contracts FOR millions and expended
vast sums and all the interest they have in the
road all the money they have to this day eofec,rety
invested, is about thousand dollars! Our North
ern Railway, from Toronto TO Collnewood, by
which Monsieur Hincks juggled $4,000 from the
public has borrowed millions OF dollars through
the iucglery of our Government, both from indl-
yldusls and the public and the whole of its stock
holders lad, very recently, psd in, in cash, 300
Isl .460), and no more Our legislature author
ized il to be built BY lottery, ba the uggie that
carried it through beat in crafty knayery any lot
tery ever heard Of from Birk down to the Balti-
more humougs of 1855 Ii was provided last Fall
that all the directors of the Montreal Bank might
vote themselves such salaries as they saw fit egis
latiye assembly fashion where the daily wages OF
the immaculate members has varied during the last
three Parliaments from $40 to "a snd from "a to
Sc, the present rate.
Our banks consist of the Montreal, City, Banque
du Peuple, Nelson's, and Branch of British North
America at Montreal, Bank Of Upper Canada here,
Quebec Bank, Quebec; Zimmerman, Elgn;
Niagara District, ST Catharines; Commercial,
Kingston Gore, Hamilton and one south OF Mon
tresl if it has got afoat yet.
The Zimmerman, (started by fortunate rail-
WAY contractor on the Great Western, from Penn
sylvsDia) Molson's and the Niagara District,
were Free Banks, and gave security for their Is
sues till June last, when legislative umbratillty
specially chartered them. OF course, nobody will
use our Free. Bank Act who can logroll himself
into charter and need not give any real security
for his issues. Why should he If l remember
correctly. the British North American Bank is
chartered only to issue notes of certain value, or
above IT, and therefore it lodged more than $780,
geo of stocks of Canada or of our licensed municipal
borrowers, for its other issues.
saw licensed boz rowers, for we have Loan
Fund Law of 1852, by which the Governor may al
low or refuse TO allow any municipality to borrow
money! sort of joint per cent sinking fund being
the pretended security, which is no security az ALL
for the deiaulters swallow up the sinking fund.
First the Province lends our pet railway its credit
for SIS. 900 a mile; next, the Governor allows
towns and cities TO pretend to lend the same rail-
WAYS other sums Of 100000, 100000, $4,000,
or as the case may be- out of this sham fund,
Clause 3, Division of which is as follows:
80. They THE LoanFund debenturesl shall express
upon their face that the Provincial Government under
takes 10 pay the principal mentioned IN them and
the interest thereon, of the monies forming part OF
the said Consolidated Municipal Loan Fund, AND OUT
OF so OTHER MONIES OR FUNDS WHATSOEVER.
Then, the Province takes the management OF the
above loan fund, ana the Government again lends
its credit partially" it says, in the public ac-
counts but seemingly with the intention OF end0rs-
ing, though that is left in doubt to such munich
palites as agree TO hand over the money to schemes
previously agreed On--or 10 municipalities where
members of Assembly vote as the special interests
who govern here bid them-refusing to some,
granting to others, converting the fund into po-
litical wheel for organized knayery. Last session
the lending act was extended so that SD 100000
may be thus borrowed, and already one-half that
sum is afOat in the financial world. 1.-The school
master is abroad, so they say and he ought to
be here, for | doubt whether half our people
can read and write, and their affairs are getting
fully as involved as those of the City of NewYork
seemed to be when last looked into the accounts.
Is to the meaning of the Loan Fund Statutes,
We will find il out in the Chancery Courts a de-
cent number of years after crash comes.
The circulation Of La BdnqIs dH PeuPte, Mon
treal, Feb % last-for / find nothing later in The
Canada Ga=ette-wss $4S2 ,756; its cash deposits,
S77l ,032, on more than fourth of which 1t paid
interest; its specie and the balance due it from
other Banks, S3O6,3e0
OF Nelson's Bank merely know that it started
on your free bank scheme; was changed into a
special corporation a few weeks since along with
the Zimmerman and the Niagara District, the lat
ter of which says it opened its books yesterday
and cleared | II per cent net last year How could
il do that Ii had but little to lend; il could not
lend at more than per cent all its bank-notes
out were Sls4676 its capital consisted of 100000
in Provincial or Loan Fund debentures, and the
lending out of a few small sums lie costly pro-
cess nARHf fhSE-