New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-02-25

Tx Cl.cago Pea, Of Tessisy rotces - follows
TIE -sser, kgisltys Lc;ion IN beEsi Of me isl0''
CeruL Rsihosd Company;
a IN Of eo.siieTsole importance, bo,h 20 ne
state AID tie Illinois Central Railroad Company, oS-
cane law on Saturday, lsst l. provides that NJ 50
u+sl from the AgaitSfs ysiusuon oi tue CoAp"N;
prouerty for purposs Of ssse.smen may De TAKEN 70
H. suursma Couit Of tie Sa:p, wherever INST Hsua-
ton IL deemed uIjust- By means Of tins lsF, me
assessment OF the Iosd Wi Dc uniform and lnpaiu2i'
Iast vear L WAS $40 eco eco Gnd in 1871, S7OS,Vh-
sif;r enee for the two yeSrs tbs: vii hardly occur
vher the law a which We speak . enforced. Ice
Co-rpsry hope that the msas0re VIII serve them IN
s;esc OF the decsra;ory act shlcn ,ney 10 pass
but vbsA vac semitic Committee, TO De heard CT no
InOre."
Tie CoriSgtor Journal gives the follosins s;s'e
,sr. cf the Affairs CT the Covinston and Lexiogi'n
Railroad Compspy which are TOW before the Courts;
Reside TIE ttockboli.rs indorsers and income
boudhoslers there three sets OF moItgaSe oond-
holders each set having distinct interest," i1e ~
come 6cndhoLers VII erdeavor 70 secure snare W
The ais,ributiop. while the city Of COSingnon. az
stockhoIder and ndorser, VIII make az effort 70 save
some part Of he $4,000 for which che IS naoe, ara
which s involved in the disposition OF the properly
The mortgage debt, With ds'e OF issue Is u'ided as
follows: eo,,n
Ia, Mor,ss. MA1,h J. 1852 .................. Sist@
"a houase, March l. lSl5...'...'..''''.'' LSo ~
TIE date Of issue is likely to become matter OF
come importance AID the resder Wi besr i IA mind
A suit by James Winslow, trustee OF tae second
mortgage is a. our readers aware pendlcg 10 the
Fayette Great Court. Tie railroad coupsoy has
fled an answer TO the petitou and the holders ot To-
come bord. have lied answers ard cross oeulons'
The case will come up for hearing IN june mex.
To ada 70 the complications slresdy exist NJ, sques-
ton has been raised 20 the validity Of the mort
cages. ~ ,e,o ,,,.,l;,, n,,a
charter Of tie LckiEg snd Lexington Ralroal ON
pary." authorizes the Corporation 3" TO borrow NOT
exceeding 500 Geo. al interest not greater than
e cent per amman, and pledge the properly OF inc
CORPORATION 10 secure the payment OF the money ooc
rnsed and issue certificates of stock therefor.
Under this act toe first mortgage for OJV was az
ecated: $9Si sSS Al realized CONTRARY 20 state
ueuts in one or two Of the Cincinnati papers there 8
in this act no positive restriction as 70 rate 81 winch
the bonds may be cold, and the first mortgage woud
seem 20 be Mid sg2inss al The word.
o. the first day Of March, 1853 and without aaihori'
ty OF law the second mortgage for 81 900 w. was exc
cuted. The net proceeds amounted 70 ,o1O -
By on act Of the Legislature approved February d,
1854 the secord mortgage was legaIzed ana unmit-
ed power conferred upon toe Railroad Company 10
borrow money upon the credit OF the corpofaGon OF
such terms 81 such rate Of interest, for such times,
in such places and 10 such amounts as The directory
Of the Company deem proper.
Six months prior 10 the issuing of the second ut
gsse, and az time when toe Only lien on me rosa was
the rst mortgage the City of CoyiEgtOn lndorsed the
bonds Of the Railroad Company for $DO,VOv. Ims
was done under an act Of the Legislature, approved
jar. g. 1882, which provides IN reference " TINS
SD, that - the sa1 company may ISSUE eu-h
indebtedness rs msy be deemed proper, and secure
the same by giving lien upon the property and as
sets Of the Company
The income bends, amounting in the sssregs.e t, to
$780, Sni netting $3.50 s5 Oh we're i'sued July IT,
1851, Dec. /, 1854, ard Feb. l. lsjj
The third mortgage, fer s6Oo,OOC, netting only
$500 600, was Issued June I, 1850:
The foregoing statement embodies the main facts rs
derived from the ac;s Of the Legislature, and the re-
porte Of the Company. IL has oeen stated IN the pub
he prints that part OF the income bonds were issued
prior TO the execution of the second mortgage. This
does not appear to have been the case. The second
mortgage was issued March |, 1913, and legahIed
Feb. O. 1854. The first set OF income bonds was ls'
sued July 10, 1854.
The following letter, from S. C. Thompson to
Thompson Brothers of this city, in reference to the
rev barking law of Michigan, will be interesting to
macy Of our readers:
"LAS,ISG, Michigan, Feb. %, 1859.
" he'vI THOMSON BRoIHEss, Baker Nss. York
"GTSTLEsES: As have spent nearly fortnight
in this state here at the capital ana in the City of
Detroit, making thorough investigation OF the
provisions Of the new banking law and the consruc-
tOrs placed thereon by the State officers, can now
give you, trust, such statement will enable you
fully 10 answer the numerous queries propounded you
copcernir the same.
" This Free Banking Lsw, evidently framed with
the intention OF giving the Banking capital the
privileges now enjoyed by the citizens of other free
banking States was through hasty legislation passed
through bo;h HOg'e' aud ubnte % the PeoPeh. being
frmsd by aTee msjorty and is only when the law IL
eirg practically tested BY the establishment. Of the first bank
UDc.r IT, that 10 discovered hat several sections liable 70
various Constructions.
For Instance one session says ths, any banker association
may invest IS e cent CT s capital IN certain stocks basis
for Ike amount eIs cent? Of circulating notes aud
other section that bank shall deposit any
socks The shall IS cen.
circulating notes thereon Thus although the trainers o. the
law doubtless intended % the banks the privileges IL is
suing circulation equal to those enjoyed IN York yet tns
wording .uch enable anti bank Sa.s Administrator
ton % put such construction upon 70 deter capitalists
from investing under IT,
Thus the perm,ory word may BY Attorney
General State Treasurer shall only aud the words
above CO. but rot than three quarters OF the capital
To who has infinitely examined the ard tenth
sections Of this law the above dcrepsDces and paby
Of contradictory constructions clearly obvious The poueer
esr the Ssc BSnk Of Michigan organized under al the
restrictions imposed BY the State officers and h steadily pro.
toward tive operations although meeting with delays
aid ocu,iIes consequent upon las Administration,
While dozen others have withdrawn from TIE Geld
the bed, without filing their
III State Treasurer r. gs;er. &c, actively engaged
registering ccuntesn.Dk and numbe ring the rotes
spp.6 b aats the affairs ths the Treas
ureT s nice IN particulars for which however the
Issue circular defining the disputed portions lsw ecccd
70 the opinions Of the Attorney General Such Document
will be eagerly sought by capitalists who looked %
this State BED to blnhipg bat Who owing deons
quen;y there bat bank that hss fe1 papers Of
saulzstioD.
By The tine this reaches yon the State Bank will be- IA
active operation IN the City o! Detroit in oudcg formerly
occupied BY the Michigan Insurance Bank.
"YOar' tra'J SAML C. THOMPSON"
The Tir,es gves The following condensed quarterly
return of the Banks OF the State Of New York 10 De-
cember Ia, 1873:
ELw-YoRK BiyX:-DEc. 10, 1883