, 1861-10-29
mEETKNG OF THE MERCANrrLK
ASSOCIATE


Resolutions ON tho Raak1nx Law
An Adjourned meettng of the Nero ntilo
Association was held Inst night at their
rooms, corner Of Lake and stste Streets, vica
President Vim. E. DoRgett in the chair. The
meeting WIS called to order at about o'clock,
when Judge scates, from the Committee On
RESOLUTIONS, made the following report:
hRes9fxd That the gensIa invelvedta
lion Of suocessipl ~ sJstem q bankine. ~ reaurinr ]
liability for the debts 81 the bank, among al tie
than he principles q any other tyaten 70 proteet
the PUBLIC agalnst frauds and to insure a safe and
&sosea Thst Vile there sre man,
provisions n the law to be yoted at the comius
election yet we deem It to be for the pubic inter
est to reject the same-for the following reasons.
Let; There should be no additional vested r1zhts
aeqn1ed under charters, to tie up the hands Of the
10; sG1 convention soon to srom adopt
public interest On this subject. '-'@@Seo os ln'
"a. The provision for re1ssuing on notes eup-
aod TO - Rfoyded nscon g.
81 That actual cash required to be paid in under
sec. y. before becoming incorporated. is too
ema4 To- Justify The organzation Of bank Of de-
capital subscribed shoald be required to be paid IN
reasonable time
:. oh. The amount Of discounts allowed, viz: two
tifSont ~ pa1a lnano han me deposits1
is a large amouat of Indebtedness for The means
ptoS1aed tor meeting dues on demand, OF b1llhold-
There is no clause recurring any amount of spe.
c1e 70 pc Kegt on hand.
postnotcs and time Bills Of exnhange. rhis Gs is
Eery Objectionable power, and very liable to abuse.
nsn ia ited tntWn 4ias ~ ~ H1e cs@tta9 oa o
there is no limitation upon the amount Of these
p"stuules - anu e1as ou's'
,, - esen.e .us teso1aslonB' 1oose scate
49, ~ Aes1 -ne n1AueAe plesent ~oalo
49, s.'e .ueu opiuioas N 1ela',on 70 tne1
xe...s. W. .o ~ maus on1es1oAAv.s .,
~ ~ l,eu1 w. ~ :. :. - bn -
80 y. 80 e.1ss ~. - - .-sas+:.,,- - - atso1e -
- n ~. ~ Iu, - -. 1,.* - Ho.15 ha 17otto. =:
~ ~ ~ e ~, 49, +,.,st - -. S~s:a.S
49, ssf. +,.aa h ~ ne 1aft 9TH Tho "a n1a Tha
- sea,,.-n1 ha,1;ro1 u law bsa n a7a-- ~.
- :teo,Fa fa,1.,a ana .ra aaxu In 49,
:. haa hon +-is5 h.d - ersr1 - haaa , 49,
~ 4.a0 49, 1-Ns e' n - ~ ~3"0 o0'" 'ue'
~ .-aa.:o.'s -. - ..-s~. - ,
In vbetber he ern,csed +h,e ,a9 oha arta~ T.,
+he hsr5o ~ 80 ,sa,,.o,e -,.~ .o;.x. 80 ta~1-s
- n1.-.:. E.. 80 80 ..1a 49,
h.e,, = to;7.-a r. nsra.sa uy-a. crr ,nv
otha, ~ $3.50 - 49, ~1athsr The sana man
saar. - 49, 49, - ~ we,, conincted +be hanks
esI,..-s-- - - .ta,, ahs-ta- ,zo,71d ~ ha1a
49, a--1ta 90, &c x.11 nnder ~, bantjn, 1,tv
/ r1a :. I,,ie5 that he thonoht tbrv would
11arr;,1 1,dd Feo sa;d tber,a he;7,rr eo,;o,s
ob7ect;ons +o +be hi, an noted j., tto ,aso,,,-
t,ons ia Il reu for no IN ,arno1, ,,,on go -
nncerta;nt;ea and hv ro+e of +ba ,,a,,1a
ratified hv 1he fons+,+n+;oro1 c,n-,e,+;ov ~
fasten 1non ma a evatam x1h,c1, mn f,,+r-a 1arr'
is1ation c.n remedy The veeted r;ohts +harahp
| otver nrevent1,g ;ts Hawss ~ +h.+ ~ ~,
| stated hv the nsrty who d1afted +ba III, -
| NJ Haclar vbo enr;naa-oa - +h.on.s ~ -
1,eois1atnre that II Vas an exact cann ~ 49,
| 1,,e. af ~ p.,1- ~ - &C. :
ha ,nnnoeed nn+,1 af1er ;te ts.t - na-
-. - 81 -.-.-..,.-a .N.... ~ ~"
| ,nt+tsr<- +h.+ 49, ,a,,1ot,.. -. s-a-.,
| reon1at5,o and am mend;n1 rove- rho - ~ :.
wiling to trrst himself ard h;s ;,,tarae+a :,
the tender nerc;ea ~ an T,;no,s Taa,.1ot.,.
.f+...h. .oa a.~,,a,;.,oa - 49, ->,n.
arssa,,+ 49, 1at - r.. o1r arase1* T.s.oa So
Ga~s~noant ~ naa .so h;,,s - sI~-e. I~'
4~a:a,>s =. ,s-.ra.s-. ~,
49, a-sa-;...a,,ta - >-:4 -. "..>:
' A1s' ~e4 ~
A-s a.. ~ o'' ~ 0'e'lA ''''e "' 'o1sA9 ~
-. .. A,,, 80 sa.o ue Aaa a. Mous ~
soe".sn .ae W.. noI"tane1*AnuAs As oo1ec
AonAo4e iea'Wen. one oD'ee1on, "Hea u
AaA Auk noaGeA uelole3 Aau uetu enoHH I'LL