New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-01-30


In the matter Of the Empire City Bank
By the sb article of the present. Constitution OF the
State which intU operation let j -oua-y,
ls47 it was provided, among other things-snd the
provision shows the prev aiiing grievance OF the
times-tbat the stock holders in every corporation
aid Joint stock association for banking purpose is
sung bank note aoy kind of paper credits 70 cir
culste as money, should be individually responsible
to the amour, Of their respective shares OF stock for
sis debts and liabilities and that no sus pension o.!
specie payments by any person association, or cor
operation Issuing bank notes OF any description,
should thereafter, directly indirectly, be sanctioned
by Law.
On 5th April 1si9 TO give full effect to the consti
tutiCnsl Injunction AM 20 enforce the responsibility
thus declared and TO provide las expressed In the
title "ior the prompt payment OF demsuds against
passed al act uDder which the present proceeding
has been instituted. And to prevent, as 1t would
seem, all possible question or evasion the act in
series of thirfytwo deliberately drawn sections, not
only prescribed the manner in which such RESPONSE
bility should be enforced, but expressly declared
that it should be enforced " in no other manner"
one Of these sections allows q judi ment on any
debt exceeding co. against the Corporation or Asso
citation IN twenty days after suit brought unless the
Judge on a sworn statement Of facts, shall certify
that there is good defense. Another directs that
upon satisfactory proof 10 Judge OF the Supreme
Court that an e1ecuti N actually issued, thougn not
returned cannot be collected, he sbal at ones mske
San order declaring the insolvency Of such Corpora
"tion or Association" And even without fret re
sorting 10 the ordinary method OF judgment ana exc
cutioI-an operation, however as has been stated,
of only twenty cays-the CREDITOR ia ten days after
mere refusal Of pa, ment, may apply for al order,
under which upon hearing OF the parties on snort
notice il the Ju ige determine that tue Corpora
ton or ASCOT .On 10 not already solvent, ne sasl
mai further order declaring Il nsoveIt, restrain.
ing any further exercise Of its corporate or legal
rgh,s eDj, lining lite assets and immediately ap-
pointing Receiver
IL the Empire City Bank then, under the evidence
before me- clearly solventF Inc exlsnog ON err;
cbossp oriy . month or two ago, know but little OF
It's sffors. The President, indeed, from ME own
declarations may almost be literally said TO know
nothing. Both, however Notwithstanding thsrsoort
and limited acquaintance With the nstltutios, aPpssr
from the list before to have participated Ia its
sccommo1 atoms To the extent of a fe~ thousands
But the late Cashier who il is said kae* the ias'ta'
ton we'll and had also share OF lis ay0s alIhou3h
snumoped hss not attended ~ SHE'D 8h on the more
CLOUDY. if Lot more Obscure portions OF is history.
He has not deemed II necessary-perhsps nov Easy
even TO defend himself ana that against charge.
among other misfeassnces appearing on the isce Oh
the books Of having permitted one Director % ioaa
or sppfoprate 70 himself more than hall the caPuN,
or three others large portion Of the residue.
Enough however, appears not~lhssndlog 'ne
much be rsa retted absence oil the lss 70
enable the Court AZ II seems TO me, very pr,mPuy
10 determine that the INK Is not clearly s2'seaI.
FIRST isnd that is q leading iDdica'ioa II hss sus
uenoed payment S,e0nd, before the suspension
20 unavailable were its assets and 40 pressing me
oennand upon th.m that although authorized ltssi
only TO loan at per cent per annlm II Wa ooro.
ing frequently and in large amounts IN the sggregs
e,e than s70 OOO at the rate, in some instances OF
: n.r cent p.r mouth Third although )soslss
irtitution and bound 70 the most eIsc' punctu<I3,
!, REUSED 10 pay it's undsputsd debts Tor tsn aaa
even for tEebty days and upwards, after demsad-
Fourth. il suffered judgments against ~ 10 % ~,
covered and executions upon them u Dc ssuea' anu
20 ,em,ip and TO be returned unsstished ether In
hole or ip part FfA, il allowed An INJUNCTION
sg.in., ia business to be Issued and when Inst on
cou,oromse with the creditor, we Withdrawn or ois
.olvsd or supposed to be, im nedlstely executea
x;,hout security 10 three individuals, two OF them
n NO, All debtors to the Institution aud selected oy
director, occupying the same position AM sosoiuts
ss,igrment of al ts property and effects, TO the no9-
nal amount Of nearly half million to psy in sredi
tsrs. ,,..-- TIA
To saw that such 40 insttuton-oi whose history tns
above i an epi'ome-whstever may be me NUM- =.
icd proportion between it, nominal sssn a." 80
real liabilities Ia clearly solvent; and .sss
ind &c should eli tally Determine TO Dc Co. nss
PROPOSITION utterly at variance with the so s-tou-
Of language and With tho whole sPlnt .. su insss.
lar aet whose provisions W afs called ME-
bret and especially with thaf Provison sI,a evi
| an uusatsAsd execution in ssch cssss c"A''-