New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-28
LETTERS ON THE CRISIS.
REVIEW OF THE CRISIS-BANK CHARTERS
LUMINOUS LEGAL OPINIONS.


LUMINOUS LEGAL OPINIONS.
7. ne Editor Of The ~ y Tyibr&
SIR A great wreck has taken place popular sci
tation, which swelled with irresistible: force over
whelmng all monetary credit, has at lsst subsided,
leaving ~ upon dry land where stand looking upon
the vast deep which has submerged our treasures.
Still, we may feel some eef that we have place %
stand, although we have been denuded, and that We
are no longer rocked upon the fuctuatng surge kr.
yerplanck might help to apt classical quotation
can think only Of the storm-bsstea Trojans drying
their wet garments, "msguo telluris amore.' The
Roman made votive offering for his escape 9Th life
from shipwreck. Under the auspices Of our GOV.
King, We are to render Thanksgiving, not for our
escape, to which he makes alusion in bis Procsms
ton, but for unusual blessings, which would seem to
denote that the times bad been psc asry prosperous
One of the curious circumstances of this epoch is
Il at the bn Ike, after struggling with desperation, as
for their very existence, aganst suspension of specie
payments III der the belief that 1t would be forfeiture
of their charters that the suspension has sctu.y
taken place. have discovered by the aid Of legal ad
y.ers that il il TO have no sI,h effect at ALL that 80
far from irremediabe Forfeit re there Is not
even ioI the intervention Of the Legislature.
How are we to account for It, that corps OF ipan-
cieis welding the whole banking power Of this city,
sgal advice at earlier day, ara saved Themselves
from e1bsusting and Intellectual effsgt 10 maiutau
themselves is it that they bad equal fdencs 10
their legal knowledge in their financial soility
lost, and that the officers Of fifty banks were paaic.
stricken like the crowd that hrobeed our streets on
the memorable 18th Of October
4 singular instance Illustrative OF ths general eb
seuce Of cool calculation was think exhibited By the
Savings Banks, which allowed deposits TO be With.
drawn without the usual notice required By the terms
Of deposit In ordinary times this motto, might be
peLsed with, but it was foolhardy Lot to impose it
when general rush was made for other objee:
than 10 get possession Of specie.
When the crash came, fnanciers AZ first looked
about in oisuay, having, DO doubt, the impression
that the whole financial corpus Of the City Of Now
Yoik beo been stove up. Presently, however aniuls
ten returns, upon suggestion being made that the
bal ks might eorduct their business usu. rotwith
standing their Inability to pay specie. From whom
that advice came know not bu. Judge Davies was
The st Of the Judges that took the gr. Und that
payment Of specie not sufficient cause for Gust
iDg the regular belk officers and appointing re-
ceIver.
know 10 parallel to this sudden eIrcation from
despair by happy Judicial discovery but the case Of
the Pilgrim in Blu vans eilegory, who, after having
been hut mp a. days 10 the dungeon of Doubling
Ceste called to mind that he had all the time key
h bis pocket that would unlock the prison d1oT,.
But although per Sc the refusal 70 pay specie w.s
held not to justify the appointment Of receiver, yet
If night be doubtful If this could apply % continued
refusal. as perpetual Suspension might thus be m:de
legal That your readers may understand the question:
will summaiily mention the provision. Of las appl-
cable 10 it,
l. The Coz sttutiou, at. g. s. provides that the
Legislature shall have power 10 pass suy lay
ticrina in any manner directly or indirectly the
pension of specie payments by sny person. so,a,ion
or corporation :uins bank VI any description
ii BY q law psssed in 1898 amended in 1851, upon
preseLtment Of any babk.potes 70 the bank by waom
l,sWo, std refusal TO pay 10 lawful molsy Of the
United States, the Superintendent Of Banks may ell
the securities Of such bank held by hin for payment
Of al is cir6 uiat.ng nofes.
III. BY lsw Of 1919, the refusal by bank 70 pay
dtb' Authorizes The otter 10 sppiy 70 toe S1p,c
Court 'or an order Declaring the bark ipsOlvent AID
sppoin'irg receiver; but such Court to have dis.
dictionary power 10 deterIire whether such bAhk !