The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-08


nssss Increase q hsor, bon BY tine COMMITTEE and she
aspaStnert
be closed without sxsns.on Of ,he .esuriass be,d ny
me scpa MsendepA In vust for ME BANKS anu iadvtuai
ssrssn o. shis saese IN examrssson Of the Same has
been made ny she 10 person aud ss re
suh 10 given In the table marked A. Bson and oil The
securities ,sndlsheE kind and description, therein se.
forth and The Superintendent Wedges their pses
sso oassoSy Ibe morning OF tae les OF Got has.
The examination NJ the seour,us held 10 this oihoe by
q nmisse. while y oadoucisdly eeneoo.', ssd a
wholesome check upon the department. and shond DC
continued, y hardly slhceni 70 meet me views o Me
present Superintendent
point and viii sl continue 10 Increase 10 suob 40 ex
tent thai he deems something more cfIeot0a loan Ne
tbe Lgis AZURE, due 70 Mi The parties In interest," toS
competept committee may be Tor suoe purpose
w. that bm nadence IN the department, when banker
bimeelf, which allowed the securities OF the bank OF
wbkh he president 10 siumbe- wtsnou examiosticn
Tor nearly IT years, was mi sofsAry instance Of iahn
In things unseen smopg gentlemen engaged 10 tne bus
ness Of bat king No person Authorised, or onoer OF
banking ASSOCIATION o, bar ser hsA the past year ever
compared opAy the different securities bald In vcst
by the departn mt for baDs or iaciviiua banker 10
,his safe with his own ACCOM-. OF sho ss set
or6 by the books Of the depsrtmcct fhis apparent or
rather real crDndence IN toe integrity o, tue co nod
pg The control Of this now mnaense rust funo, by lis
real owners oxLnos have been but hIterng 10 my pre-
teceseors. AZ it. certainly 10 20 mytot san ibis cont
derOe OF doubtful propr,ety ca tho cart OF the parties
ID, uselves and materially ncrsason the uncomfortable
responsibility OF the Superintendent. hiraseif'
'Ec tMeit OF me OVpefts Inc unUo1te suhe On INC
community and credit OF the dep Htmen, itself be-
fore community, requires rsd and thorough
examination Of its Affairs ard its management than thai
Of legislative annual com miI;ee.
Tbr CAD be rached j. 's believed Only By one meteod
and thai Is by nskDR the duty OF each bank, backing
osi istoD and INDIVIDUAL banner, eithr through tnef
presic or cashier TIE ludvitusi banker himself
persorshy or bya duly puthorired sgens by HIM ap
pointed 70 examine compare during ezca hsoal
year the securities Of snoh bank bar kong association or
individual banker, with the booso OF tho department;
az II fovnd srecs ye,clp for me same
Of securities 40 held for such bAfs, banking socsIoo
or Individual banker.
funo the sabsny knd re.ung confidence of The people
of thM Sis,e In their paper currency rests upon toe 10
Department aud LA p,oyes, and Se asks the Legisa
ture 10 make not only DUTY, bot gu imperative ODD
gatop Of the banks banking associaOan AID individual
bankers doing business In thus STATE 10 make toe exami
major above referred 10
QytRIEBJS SxopT or n.>.s, R.NtuNG ASSOCIATIONS AND
rsDgyp Id Al bASksi2a
made the eoty OF The superintendent OF the bhnk
ing department. cy secoO OF the act creating h!s Office,
~ least once in each quarter oil he year, 10 Tx and &c
ngbIte some ss,mday, IN each preceding qusrtev, CO
which day report sha be made 70 MN by each bank,
banking association individual banker OF ito their
condition the dsy 80 deh,apsed pevors 10 com
meLcng or uspsso ing any ousneu on the morning OF
that DAY.
The law Of ls47 which devo'ved ibis duty upon the
Comptroller made obligatory upoa them 10 mako sncn
report, and raDt mis- the ne TO hin on or before the
first days OF February, NAY August and November. snd
the act provided that failure for two aoco ed'ug
quarters 10 such report should. an incorporated
y
ncivdual banker dong business under the act of April
1885, or he should forfeit the privileges derived under
said ACT.
The act creating the Bank Department by g.
sup<rsede thai ef Is47, both the forfeiture
ara its penaue. snd renders uncertain the time allow
ed to make the report
The words OF the section " in Of neglect
or refusal 10 make such report within one month
the time ed chtl be the outr OF tho Supe,
inepdsnt &c" The tire required hardly mean the
thirty days mmet lately altar the saturday ON which the
report sha GATE may have elapsed sni Will have,
80 saturday the mdde OF The past quarter Do
saed upon by the superintendent for rs cate.
The OF Is47 and tia. creating 'ae once OF Sapc-n
teno er, DO not hnropIze sns leaves the question as 10
the in whian the report shall be made or the exam
nation Of The Affairs Of TIC bark banking association Or
ipovic ban ker which 10 ire duty Of the Superm
upcnt 70 make IN csse ofisllure or neglect to report
entirely obscure and uncertain.
The necessity OF a prompt roper; scon possible
least after the notice otthe Saturday is
gv.p severely fen IN The cfce OF the superintendent
the reports their ioo'Sgs correct which
published by The department requires grea labor aud
time perfect ana essentially delayed n any Of toe
banks sh The prcmIA rsprmi,sion o. their reports.
The great n'ass oi them are received promptly,
eu, 'hs .osenes o. lev, or e s snss
report; and when reaches tue public eye or those
Of the bankers ihenselvs only shows wha. the real
situation Of these INSTRUCTIONS were some SHY or ninety
days befo iis publication. 10 fact It nearly useless
N ~ practical eject ~ simply presents con ion 0!
things may have materially changed aud seens only
useful reference Of the dead pAs instead OF the
Ths superint<nd be teves thai any bank banking
,cosion rdiv,dssl banker deserving OF the name,
wbo,e usrAactort properly shosn by their books,
make The n,ces ary report 10 two or three day,
after reccvrrs notice OF The Saturday which l. 10
report itse nearly ia the form OF proper
weekly stsieneni submitted by ~ ohcers 70 tbeir board
Of Director IN every well managed baak IN the state
1he prompt reception o. these reports 81 this ofbce Is
oeemtd 90 sssen'ia by No sapern,naen, INA. ne re-
the passage OF Las com pens the tsasnaston OF Tho
quarterly reporu Of the sAass, banking sssociaoos and
Individual banker tan-e5;lng ouraesS n The STATE,
within nn<cu days from he mailing from this depart
mept o; The notice Of the cay 10 MAKE such report
This IN the opinion u the Supern.onacnt ABUNDANT
time Incl udps that required the every
bank the STATE make the report, Aoi rc,a the same
be adssd penalty Of sico Tor each failure, 70 DO sued
for and collected by the supernienden and applied W
wards the nscslan 90 expense Of The Office, retaining
al otber provisions N relation 70 the MAKING such re2Ut
| NDiyDuAI rssHBss.
! hrs been the praence Of this department. rnee is
Comptroller, TO allow any Ind vioEa UPON anng the
requisite certificate OF residence 70 assums name and
| title Representing himsef ~ . bank
The authority TO permit soch assumption, the IRE
ssni srpcrnienssnt who " ct a loss 70 hnd IN ihs
banking laws nov or nero,oofe IN force 10 10, sAie
Under what provsons OF as has John Doe or Richard
Doe been allowed 10 ssums The tito Of zoe BANK Of the
weterp ocpaseni, or tne Universal sAss o toe Woe
World and transact brs.ne~ ana receive note bearing
those crp,isp their face, and thu zoo, when they
are 10 erprt~ perrcuh liability, 10 toe word II WIN
| paw, I" aad be asp>d oy iadividuas . bankers
Under the prov mon Il toe ortrnA bank la~ Of ls3s
an association, from me necessity o. the Gaze vas com
pslsd 70 state The name a. umed 70 d,ensush y aad 70
be u,cd IN ia dealings A. TO The tile Of the Individual
the Act eaireiy silent aid We the words such
persob sssooaaro7 % ors TO dis,nguish tnoso
Who could notes from the then Com prciS The
prvv-,,n teai the note thus received by The p>rre
should be executed and drned IN the manner required
by law make Hem obhg1ioyy pIomt sory posss
\ paysble on ocmAad, A. Their II o. bsrneis ythiu
this STATE o. such person alton, clearly bows
the oricna snnou o tbe VA tna, the sosss s1ed
BY the Com stroller vnler " prcvirons 70 rerson or
On indvidrsl Wa simply 10 be hi indivual pronie 70
pay
The present sup-~ntsotent ooude~s the Practice Of
iodviousl lining toe name Of the Farmers or
Merchant Bank. warranted BY the existing hv,
but perpiued during his ~ min srA,on from the
fact THAI II hs1 sivAys been allowed by biz prcteoe
sor and being Wiling 70 place bis Individual opinion
In Opposition that Of ke coure pretec essa, who,
either OcnptrolIsrs or superintendent, have hvs
r,aby permitted ruch sssuwr,on, ne believes sound
4 polry yousd dicaae thai INDIVIDUAL banker should
au,sct the bus4pces OF banxng urocr tser indivtsA
nsmss s,s tile snous be 20 cousned- In Other
words circulating sbe1d be ooaAned from this
\ dspsrmect by John Doe ~ an individual banker, D.
4 ttie ,,ta he f,l,r