The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-02

onder tho provisions Of that aci In hls deo cIos change
o Ienasr ths same FOR othsr stocks Of the kinds sDec
equs amount Of The circulating noies delivered
By him to auch owner In such manner has The cicuis
he object sf ss's provisoa - !. xs known, w.s 70
provide sa ey fund" In the hands q The uoDp roies
-hish should sectuay prso. hs pubo ssa,n ANY ioss
were 70 be allowed 70 have fun benens bsr prooer
and subsui ape or w.s ,soois aOs sshAr
uyon The surrender Of the notes for the security Of which
pcsted socls win the mDroer under me prov oos Of
the banlrg laws, should hsve - much control them
oDy vss s had IL
the depest % DO made was % ensure The null redemption
Of ths circulating nctes:
Of tho owner for Tetr nssr Of sny psrt Of stocks rpon
surrender Of 0qual amount Of lrup lAns was,
IaliDe notes should aisays be secared in rui could
Tho Comptroller bank superalenden, bound 10
render the stocks and receive tho circulating notes II In
his Judgment could mot bc done vi h safely, n was
squaliy hs duty % refuse 70 mako the exchange.
nss thA wa the requirement q tho A~s previoas
70 $40 10 couoodcd Bet h b insisted that she third
section Of The cot Of 1870 seHon laws Of $780, 8oe re-
enacted IN The second Gecacn OF the sSt ef 1874 ssion
s s q lss S.n.ns 70 ~ ~ s %. 70
the duty Of The superns nden 70 retain his hands
rites 70 The amount Of as least 100000 though
gYeo sndapger1rg the nDsl redempu q OF the ciScu-
lasing notes bs surrendered In vhis view / oAnnot
ooncu1
she provision In question simply declares that no bank
re a,socaton shall commence bu iness until shall
6epoeited Win shs Csrpss"er the seeure required by
law 70 the amount Of hundred u usand dollars II
was DdoUb edS intended Ihs before association should
be allowed 70 exercise ID. pcisga banking, should
rave capital or At esst aunJred thousand dollars.
Whether ins the most dectu.l judictous mode OF
attaining hat ohjct ~ perha be doubted But, how
ever this may be- The provison 10 in way In coniot
with the ann section Of the act Of 1898 The rgh,
~ner OF toe securities u control them by 'satung
End OF suck for another Withdrawing part Of
cntes upon the surrender OF equal oivou
1870 was passed. The only que ,tion now a. then H.
whether oan be done In such thst the cifcu.
latinG notes shall always DO secured In foil
In this c0e was conceded by the Superintendent
upon sbe bearing OF the application thst proper case
prest n,ed for the exercise OF the power II II existed
Was tho Avowe< 0beH OF the parties 10 obtain oonstruc
ton OF the statute IN reference 70 The rights Of
The parties, not only in this, but In similar cases The
great public importance OF the question: especially In the
Ing, has induced me 70 give 70 the suoe my best Goa
sderstion. The reath unhesAtng o,nvioiion tha.
10 the duty Of The Super tendens 70 surrender 70 the
owIer Of stocks deposited h him for bank purposes
any amount OF such stocks which may be upon
rece ing equal amount OF cit uAog notes. provided
be sal fed that be dt sithon Ia any manner
The redemption OF tue rsmSndsr Of The
lson as II 10 adm tied that this be done In tbis case
now before me. am Of opin n THAI the application
should be granted. The iwpostAncs OF the que son
se mel to render II proper had tie Opportunity for
with my brethren In this district have do,e So and
am liberty n stste hst consultation with justice
Gould and William Wright, tney fully tnis do
ciaiou.