New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-02-09

two hundred persons insure in Stock Companies at the
common rate Of per cent por annum, their three
years insurance of $780, 900 would cost them e. 800
instead Of 900.
The COHOEs WATER cONPAST.
Mr.. SPENCER brought in bill authorizing this
Company to borrow such suns Of money as may be re-
qurCd to pay the debts ard to carry the business of
TIE Company, and 10 issue therefor the bonds If said
Company for the payment Of the same
RAILROAD COMPANIES
Mr.. RAMSAY brought ID biz bill amending the gen
era. law relating TO railroads by providing that any
railroad company having funded debt, secured by
bond and mOngag or otherwise that shall apDronrate
any Of IT. net earnings to the payment satisfaction
OF such funded debt, any part thereof or to sinking
fund for the redemption of such debt, any part
thereof; or any company that may have heretofore
made such Appropriation, may by resolution Of the
ceeding such appropriation, and divide said stock
az dividends pro rata among the stockholders of said
company aud that the capital stock Of any such CON-
pany shall if necessary be increased to meet any such
issue Of stock. Ii referred to the Railroad Com
mittee.
RELATIVE TO PARTITIONS.
MIR. WADSWORTH brought in bill amending the
Code Of Procedure and other laws relative 10 actions
of partition which provides as follows:
SECTION amends the Code Of Procedure that shall read
as follows The provisions Of the Revised statues relating to The
seed by joint tenants or tenants in common shall apply 70
actions Tor such partition eIoughi under h act 50 iaI as me
the action without regard 70 its form provided however, that
manner provided section 1855 Of the Code and the
thereupon be served provided in said last
toued sections and provided further that ~ such actions
guardian may be appointed infant panth defendant
N the manner provided IN sections 10 ana 10 o. me
chap part the Revised Statutes shall have the power
given by section 3 Of the title.
SEC The second section Of entitled An Act in
relation to the partition OF lands passed Apnl To- rs
wherever they occur and inserting in lieu thereof the word
60 III 60 ,.La sHso.
ENROLMENT OF THE MILITIA.
Mr.. NOXON brought in bill amending the Ac
relative 10 the enrolment of the militia, which pro
vides that the communication money shall be applied ex
cusyely 10 military purposes for the benefit of the uni
formed militia, and no money shall be paid from such
fund by the County Treasurer Except the compensa
ton to the Assessors for making the enrolment bu
upon the order of board of officers which order shall
specify on ts face the objects for which such money Is
paid The compensation to be paid the Assessors shall
be the same a. that allowed Assessors for making the
annual assessment of property.
The CENTRAL PARK.
Mr. SICKLES this morning gave notice Of his inten-
ton of introducing bill for the regulation and im-
provement oftbe New-York Central Park.
THE VACANCY II THE REGENCY.
Tie resolution moved yesterday, by Mr.. WADS-
WORTH for the election OF two Regents OF the l nj
versity on the 18th day of March, in the place
of the late Jabez Hammond and p :. Nan Rensselaer,
adopted.
GRANTING GRACE.
The bill making bills of exchange, or drafts payable
at sight, without grace being allowed thereon, was
taken up in Committee Of the Whole.
Mr.. KELLY in advocacy of the measure, briefly
stated the origin and cause of the practice of
granting grace He could easily conceive the neces-
sy for the practice century or even halt century
ago before we had railroads and teegraphs but the
splendid roads and telegaph5 now enjoyed entirely
removed the necessity, and in his opinion, justice to
all parties concerned demanded its adjustment. In
Europe il is true though, in certain cases, the allow
ance of days of grace ranged Omhree to thirty days,
while in some cities, in LeghOrn there was no a.
lOwance, and in other places, where grace was
allowed by law, the respectable among the
mercantile classes refused to accept it. But the
cause for this wide range and these discrepancies no
longer existed. Steam and telegraph have rendered II
possible to make and the same rule. Mr.. X.
thought that as New York was the great commercial
State she should initiate the reform. Should the pro-
visions Of this bill be extended to paper payable at
specified day, il will be extended to all prOnins-
sory paper. Even no grace is required or asked
for upon the coupons Of bonds of municipalities ana
incorporated companies. ,
Mr. WADSWORTH did not think the bill worked
a complete reform. 1t does not provide for uniform
rule. He argued that the commercial world needed
protection as well the banks. He moved to strike
out the second section which makes all checks, bills OF
exchange or drafts upon any bank or banking asso-
ciatiOn upon any person within the state, payaDe
on presentaticn, without grace. -.
Mr. HALE opposed the bill generally, but thought
that if il was to pass the only clause it contained that
was commendable, was that denying grace to banks
and bankers.
Before any question was taken the Committee re-
ported progress.
i IN.