New-York daily tribune., 1857-10-03
S1ErRrN CorNrY BAyK. Sent. oG. IL.

S1EUBEN COUNTY BASK. Sept. %, 1871.
IT, the Elior II the Steubea Farmer .i9r0cGie
Sir: am induced, in view of the general diatrust
which at pre5en; Enthusiastically perya1es the public
mnd throughout the broad extent of our counIynat-
ma ly directed for the moment more toward banks,
barking associations, and bankers generally than to
other pe,haps) more vulnerable interests-tO submit
for consideration, through your columns, few brief
remarks and facts j feel iupelled q the discharge
Of this duty more especially because il is apparent
that there is a tendeDcy-lulited in extent, trust,
and perhaps without evil inteRtion-to draw an iavid
ious distinction between the soundness OF the old
Safety Fund Banks aud those existing under the gen.
era banking law Of this and other Safes. This sug.
eestion first appeared 10 my notice in the c0lu ms Of
The Ncr- York HDaid, and | regret 10 know that
there are those, connected with the management of
some of the Free Banks panic stricken themselves,
unwise enough to promulgate and enlarge upon the
suggesOns CT The Heraid in the vain hope thai such
G strengthens cor dence in their own notes to
the lde Of others overlooking the act that their claims
Bonds aud Mosases and stat Stock plFetssed lroa er
capital and deposited with Pubo Tlstee for the Ultimate
,ency. Is this better security ask the creditors Of bank
than Ike amount invested good sound business pIp based
control o. competent experienced nd honest payable
npon bank ,ppiehcnd the, it vii not BE- claimed 70 be y
the most ardent adnire Of the yste Pest experience
has taught that has seldom happened thai the bill
holder thus secured has received from TO t4s class
securities the par value Of the bills seldom .5o4t 90
pending upon the times, the quantity and the circumstances
under v hch they thrown upon the market.
The Stocis Of this state have ranged since S4 fom 10 ND
- sad l2 cent and back again the .re 30 and
~ suppose large quantity of these, with lie OF
uortsae- should be thrown the the present
time how much below - cent would the average al :
question gpn hh experienced IN finance would not b.
hkey 70 differ.
design affect BY these remarks the credit or value of
these sc-rtes vii % aeknowledg b. gooi uuder ord
Ly al their lace bnt 70 sucidate the isscy Of
The claim that Ley better available sound os
n'ss pspe in the hands of capsble sud IL
consolation % creditors to know that security held IL trust
non which at least their claims De uustey
mis-
cmpeency dishonesty. The founders Of the sys,e hal
IAis II view when it adopted the policy "a do1slea
AZ use iul only % protect the honest esanst P1n-
gate aud dishonest abuse and rather th-n
o5s ~hch is the most important reliance IAs nos In my
security provided by lie Avs 0f state or e u
bank CREDITORS; each and every stoesh9lder Amy
liable T. the stock held by hln t1s aP2l.
hs 70 both banks The most imTortst po 70 De
Dsideej H. times like the pssrt is wAo ase tue stocfeod-
they e.poasbe who tae officers the aslis
they bon. above all have they large inere ~
prudence ald integrity fhre Gles
toes b. agunavriy answered then The iitos
DOtlng1 apprelenl Where duty
,n have been ud honest We ehaye reports Of the a
u nineteen banks Of thl, State within the .s ihy dave
u ,hese, sixteen e AZ lree II the Old c4s. Of the six
teen Free Banks have M kI0wsJze ii tif SEssement
the which produced
IL hss been well knowr a. financial circle. for sny Yeas
hey badly msl2gei, and ns is.pp that
;beJ have oeeu ced % yield Her the present psl sm
Fund Banks in this regiOg viz:
The Ch.rnans Cana the TompiiEs County. tie Serecs
cunty Ai the HocsesieE City Bank Snd believe Aey have
o. en- pc.c.n;y I,nasej and a. this s5cud1oty od
iher ie nIeb Ike number Free Slnk.
II taaie 20 ihi' Institution, h wh base been N ia.J
cnnn' ee- snce s oIeslIs. II, rov r.St.y p yea en-
'Seah sio esrsxI'y Tie o.p. s;,sAhJ Ii =; the eo"