The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-08
s2,355,9D2 So

Total 3s6 ,eos So
On the LIST Of April last chapter 100 Of the Laws
OF 1857 took effect, In relation TO future transfers u
securities BY the Superintendent from this department.
II IA wholesome check upon a transfers by this ONCE
somewhat amply compensatcs for this slight difcuy
by the security affords the banks Of this State rela
ton TO their property deposited IN the Bank Department
The new process was put 10 severe test during October
last and fully answered the expectations OF the Superin
tndent by the stesness and certainty n s operations
during continued period Of excessive pressure upon the
In closing this repor, the Superintendent may be pc~
mited 10 up the condition OF banks the 2oth
OF DECEMBER, At which time his report goes 90 press
der the peculiar provisions Of the act 10 organre Bank
Department" which compels him IL have his report
printed and distributed to the Legislature on The first day
The banks Of this state as FAR the currency is COZ
cerned with the exception of single free bank and the
three safety Fund banks which have facd) are
opinion of the superintendent in the main sound Ths
receivers Of the broken free banks are rapidly returning
the notes Of their hanks There notes under pro
test But two of them have neglected 10 take up thet
notes promptly when protested and sent 10 this Office e
notes Of one the Island City Bank redeemed At par
By ,be Bank OF the Manhattan Company, in New Ycrx
~ fore stated in this report The other he Hamltcs
Exchange Bank) has ia securities advertised for sale
the 2lst and 22d ot December. Tho amount OF Qua
standing circulation If this bank the day Of wa
sse ASP for the redemption Of which the following
ties were sold, viz
New York stale stock .t2s 90 %
Bonds and mortgages 1000 -
Total. ass 900 o.
The total amount received for bonds
and mortgages. ......ss.s..... liVW W - -
The total loss 10 the people Of this state upon their res
bank circulation during the past three years has bees
only $3.50 a. and this TOO with general suspcnsios -
specie payments occurring during the present year.
appears thst system that has passed the ordeal q
tho last year, nhicting loss trifng should
mend Itself TO the entire people Of the state.
Assuming. ss The Superintendent does that we are "
have paper currency, (its convenience alone will
tnuc existence in some shape, where " be fcunA
that exccls in safety the one have nj present
The loss or actual money by the people of the state ~
have been coin had been used In the place OF bank
notes by us abrasion alone THIS, with gold currency,
said TO be between one quarter and one hall per cen'
Ter annum by actual experiment. Upon silver " com
aratvcy slight from the superior hardness OF tne mesH
That the late suspension will develope theorecs psns
and projects in relation TO our bank Avs peyono .
The 9upe may he pardoned Tor quoting single
remark from his report Of last yesr The present sus
ton OF our banks the uneasiness existne ia inc puon
mind a. 10 the action Of the Legislature upon the subes
81 h.rs,ng adds pecuar force the following words
from Iast wears report ole feels an imperative duty
to say tina, subject Of legislation should be entered
urr with greater care and dehbereuon ancnsngng our
laws in regard TO banking -
The acts Of winter In relation 10 the operations n
the Bank Department have placed upon footing both
as 10 efficiency aud security that requires no additional
All that ia desirable in the opinion OF the superin,cnd
ent perfect present system, embraced in the foi
lowing propositions al OF which have been noted In the
first-Allow no more mortgages 10 be taken hcreaner
AZ security for circulating notes.
second.Compei every incorporated bank TO gradually
same manner the free bank notes
Thrd-Conpel all banks located in the city OF Nee
York TO keen 20 per cent Of their average weekly deposits
Of all descriptions COIN special deposits Of coin n 10
form part OF the statement and every bank out Of thss
city ~ Keen 20 per cent upon s quarterly 81
depos either in coin or balance 70 tts credit in