The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-07-26

that she Special Committee be aasho'izsd 70 euploy
counsel 70 take such measures - wnl prevent
the bank from falling INTO the haads q mrsspG =.
authorized 70 tender TO the parties who SUD-
scrbed sixty thousand dollars the capital stock OF our
bank the sixth instant funds aud request them 70
deliver up their certificates for cancellation, Is the
DISCRIMINATION Of the commissioners OF the bank OF Ph
pxve NOT 10 enter pso banking with he said psrnes
On ,he question: "sha The report o, the csnitee be
-dopedr the yeas we're sixse. nays none 70 tho epoIt
we uaan inouay adopted rbis upon she nteealn
day of February, a. D. 1858. .
one OF the resolutions adopted authorized the nit
tee 70 ploy COUNSEL the result OF which laid be
fore N the shape Of al opinion OF Joseph Lewis
Ecq upon al the facts connected With the subscription
10 ibs stock Of he bank The first points established are
ger era ard apply equally 20 all the Other banks aud are
that subscriptions ~ the capital stock, made by the
powers Of storrey as herein before des ribei, bind
reher the principal NOR the attorney that cannot be
budh upon The principal the words Of Chancellor KENT
I'd vol Al o3i, are given "The Attorney" says
"sso sSesSes powsr as os siySs deed nus' s 90
ovu name, tqrgh be describes himself 70 be agent or
attorney Of his principal the decd s held to be void
A few words eesly demonstrates this. Ia the BODY
Of the iretrnent OF the 0venants those OF the prin
cipsl-but are scaled with the seal Of the aorney-in
which case the attorney has not maze Ior n,
self or his principal named in Il is bound oy
II. Vide Hopkins Xehof., ii s H., p. l2S rorsp-
der the position n these letters still worse nn parol evi
dence he addu,ed to care the phrmty winch 40 10
spection Of the deed dlsclcses Agsn, tie foregoing
objections waived otherssequsily ssroog arse; Two
are gecers,he names Of most stockholders which
are susscrbet by attorney appear to DO feuaes-were
they in'ant NJ the time the letters OF A.
tornsy executed9 ttney either married xonen
and obligatory Finally in ten Of the letters OF
attorney the word ''fcriy'' s erased, and the word
"eighfy'' written afterwards ia four the word "tweny
has been erased and the word lorsy written Afterwards
the evidence shows that these erdses made at Pho
ni1usile by the attorneys thoshe knowledge or assent
the principals For matters apparent the face OF the
nstrumenls the policy Of the law makes them not only
voidsbe, bat absolutely void
M. j. Mcveab,. Esqy Of pbnnixv,lle; says mthst he
Of
PhGnixylle, and tina. after the suoscribtons
were made We considered them bogus, aud requested
them withdraw their inscription, which for some ne
they refused until notice given them OF the ee OF
legal advice, when they met US in Philadelphia Their
them back the 50 COO roga County Bank notes. and thus
ended their connection with the Bank OF PhRnixvlle with
the evidence sub%eed copies Of sieS,sphc
forh In answer TO inquiries from the commissioners
that the parties therein psned are not responsible fhe
greater portion Of the stock being thus csnceed apph
cation has yet been made for letters patent.
Lastly comes the OcsorarN Back Books for the sub
scripton of the stocs opened aud up 70 June %
1855 thousand and had been taken whish
amount appears 10 the letters patent and twenty dol
lars per share paid In gold and silver and notes Of
specie paying banks Of Pennsylvania, none Of which was
either Toga Crawford county Sbamokin Bank notes
Five dollars per share paid at the time OF making the
wss paid on or before the 23d day Of June 1858 making
S25 each share Of col sbaees bunting nfty thou
saDd and twenty five dosrs aud shares have
since been taken, which fifty con; also paid
the whole Of the stock subscribed for by persons
who reside within nfseen mles Of the loccsou of the
pares one OF which resides Norristo wn Aongo merry
county Pa and one Chester Chester coanty and
one in Newcastle county, Del
Board OF Directors elected Saturday, the 10Th
day Of July OF whom v Dckey Was elected Presideat
aud II. Cunningham, Cashier. or the two thousand
by the Directors Up to July TO- 1858, tne bank mai moi
commenced business.
his due 20 the public that mention should be mate q
The ssen, Of bank mote reporting az present. pru,ttse5
Exhibits made OF letters, circulars, &C. from pub
lthers Of reporters to the banks requiring Immediate
correspondence or personal Wait, 70 make certain ar
rsngsmepts the alternative would produce disagreed
bic consequences. satisfactory line call ard al
you'd % sunsAn 'Sim neglect o. de"tat CONES ne i'si,
description Of cosntsris, MANY IF ,ctich never eraed
their contsnts huL Qaotatoos that depend upoa toa
amount paid, Deposited without interest," not only
unworthy OF public Confidence but should Dc entirely
disregsroed.
Il might be considered improper eton though had
time and rpace TO endesvor by Argument 10 demonstrate
the absolute necessity OF radical and entire change in
our banking system Under tie above state OF facss
produces rottenness and corruoton? Susceptible Of
miscoranncon and evasion, u offers legaized ndu 20
the Of the stakeholder the effect to ignore the
interest existence OF the bill holder Granting epecia
privileges, yet allows them to be abused, aud pubic
Of the credit system. submitted that this Is public
and grevous wrong, requiring promp, remedy for the
common veal and the financial credit OF the State.
The following facts established by the evidence,
| statutory enacimcns ard the decisions thereon
The stock subscribed 70 theee banks by the power ri
attorney void and hence parties no; responsible
for subscriptions.
q RE returns made 70 obtain letters patent no!
aroorS ng H. av section 9th OF the &C. OF I6h April
1880 provides the pay OF TIE shares OF The
capital stock sbs he mn gold and silver or notes Of
fgecio paying banks Of this Co.,. w. s.os c
state gold and the pOtes Of soiv.- ' VI 0'"''
monweaith." ,actlve. no,
R3 The act Of October 16, 1857, -e.rcss bsaS,
respective, aud did no. embrace IN i.s p.oEis9cs
not yet ofgtnized. ~, ..-
or unGer any other me, either with CT without The sub
srtsn OF stock noses-s violation OF svodsoce OF the
forfeiture charter
The Committee, therefore, suont 70 your E1ceiency
the proprety Of adopting means 70 remedy TINS geeAs
evil either by legislative or excessive sclion.
We subscribe ourselves, very respectfully your ore
d,ent serysnis =. @ GRlr1AN,
p MILLER,
OLIVER EVANS