New-York daily tribune., 1856-02-28

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In Possession of single mortgage that will not sci for
20 per cent. on the original valuation.
Mr. BRADFORD considered this clause as the most
important one in the bin. and trusted that il would
not be stricken out
Mr. NOXON argued IN favor q his motion
tending that this clause would furnish the bihoder
with no security in addition to what be now enjoyed
and COntended that these mortgages should not be re-
ceyed as security for the ss1e of circulating notes,
TO amount greater than fifth Of the dollar, OF
the entire circulation. Indeed, be lot bat
this too high; at least, he felt certain that 1t vas
high enough. lie willing to limit the amount OF
the mortgages received to the very lowest point but
be utility in fixing their acceptance at 81 per
cent.
stricken out desirable one, and hoped II would be
retained Most if not all mortgages, would receive on
sale at least 50 per cent on their face but he ven
tured to say that there could not be found capitalist
in the State who would give 100 cents the dollar
on any mortgage. Mortgages were not sufficiently
desirable investment TO justify such purchase.
He regretted, be wOuld say while up, that the Senator
from the IXth, Mr. Kelly had not gone little fur.
tber while drafting this bill, and provided that the
sale Of mortgages on deposit belonging to nsolvent
banks should be had on the premises or at least in the
cOuny in which the property l. situated.
Mr. RICHARDSON intended at a future time TO
bring in such amendment and also provide that the
per centege mortgages shall be left entirely ~ the
discretion OF the Banking Department
Mr.. WADSWORTH conceived that the Senator
from the XXlInd Mr.. NoIonD did not fully un-
derstand the point in question. reduction IN the
amount Of mortgages received would not remedy the
present evil Experience proved that these mortgages
seldom or ne brought their face. This the evil
sought to be remedied, and simply reduction in their
amount could not do it. Bot the clause under consd-
Grafton could in a great measure at least, because II
was barely possible but that the mortgages taken
would bring at least 80 per cent.
Mr. RAMSEY contended that these mortgages, of
late years at least afforded sufficient security to the
bill6oders and consequently he favored the motion
to strike out.
Mr. KELLY, in refutation Of the assumption that
these mortgages afforded ample security, stated that
in the cases Of all the banks in the State now nsovent,
and which had based their circulation on mortgages,
their security with but one exception, had failed to
realize par.
The question was then taken upon striking out, and
Mr. WADSWORTH moved to strike out the
clause which requires the mortgages to be given on
farms and country lands only tie made TINS motion
in order to draw out from the Senator from the lAth
lMr. Kelly his for excluding oity lands from
this privilege.
Mr.. KELLY stated the reason to be that all expert
ence with regard to these mortgages, went to show
that nearly ali the losses accruing to bihoders from
them, arose from mortgages upon city property Too
often the mortgages of city property were upon paper
and water lots of no value whatever.
Mr. HALE argued that farming lands, 80 far as land
is concerned with regard to Banking, WAS the only
true basis and nstanced the specuations of 1897 to
sustain his argument.
Mr.. WADSWORTH thought it unfair to in
stance that most speculative period 1857 in the his
tory of our country a criterion to go by now. lie
stated that the greatest losses from this sort OF secu
rity accrued from mortgages upon farming lands lie
characterized the proposed exclusion as most UNJUST 70
the cities and were it retained he anticipated that
there would be general protest against the measure
from our cities
The question was then taken, and the Senate re-
Mr.. RIDER next moved to amend by providing that
mortgages shall be received at 60 per cent upon their
face.
Mr. PATTERSON moved seveny.fve per cent.
Dc.h. cd down
The fifteenth section which restrained banks OF cir
culation frcm acting Savings Banks, was stricken
out on motion of Mr.. KELLY, who stated that there
was another bill be fore the Senate which had tins
object in view and which, he thought would be more
generally acceptable than this section Progress was
then reported
The bill amending the Poor laws relative to a
husband father or mother, leaving his or her family
without providing for their maintenance. Progress
The bin TO extend the time for the collection of taxes
was passed, and the Senate adjourned
THE syw-YoRK JUVENILE ASYLUM.
Mr. SPENCER introduced bill this morning, au.
thorizipg this Asylum to receive provide for, and
maintain such children shall come or be within the
provisions of the act entitled An ACT to PROVIDE i9r
the Care and Instruction OF Idle and lruant Ch-
dren" passed April l2 1885, and the expenses OF re-
ceiyng providing for and maintaining such children
shall be betrayed in the same manner, and SHAH be
provided for raised and collected ss specined IN the
4b section of the last mentioned ac and the said
ASYLUM shall be entitled to receive the same for the
support of children under their care; provided that
this act shall not be 10 construed to authorize the
Asylum to demand receive from the Corporation OF
New-York any greater sum for the support oil any
child than they are entitled 10 receive.
sEw-ioRK BALANCE DOCK COMPANY.
The bill authorizing this Company to mortgage its
property the amount OF 100000 was introduced py
Mr.. SPENCER to-day.
BUFFALO WANTS NORMAL SCHOOL.
Mr.. WADSWORTH brought in his bill for the
establishment of another Normal school II provides
that 80 soon as within year after the approval of
Iand 4 IN puf adaDted the OF
such school shall be given and conveyed to the Re,
gents of the University and the of eco, 900 shall
be given from private subscription into the Treasury
for the purpose OF erecting the necessary building,
the Regents shall establish the school, and pro-
ceed to erect the necessary buildings Upon the
performance of these conditions the State is to appro-
pirate $50, 900 Immediately. And after the preseat
wear the bill requires the State Treasurer to pay an
nually for FIVE years. and until otherwise directed by
law O0OO for the maintenance and support d the
school.
THE sEw-HAvES RAILROAD cosxASr.
Mr.. FERDON introduced the following bill:
SECTION l. That the NewYork and New Haven Railroad
o%PsS Be snS s M sIcoS coSny Of on before .
ist January 1851 default thereof the act authorizing
to the and Harlem road SHAH be deemed be
SEC The evidence of such default .b, be certificate of
the Railroad Commissioners two Of them or Ofhst.e
COMPLIED ill., which act shall be 6ed with the Secretary Of
State and iherefro the said act sha Dc 70 Dc
BUFFALO A COUNTY.
Mr. WADSWORTH gave notice OF his intention
of bringing in a bill which will authorize division OF
Erie County in order constitute the City of Buffalo
County.
YETROPoLITAS MEDICAL COLLEGE.
Mr. MADDEN gave notice of bill TO incorporate
the Metropolitan Medical College of the City of New
York.
BANKS ISSUE.
M KELLY noticed bill to restrain Banks oi Issue
and Discount from acting as Savings Banks.
GuSPowDER IL sEw.YoRK.
Mr.. BROOKS noticed bill TO define more cieafy