New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-12
THE BANKS or NEw-yoBR.
Huuua, Report Of the Superintendent OF the
RanL he nurtintMf.

ind giduai bankers doing business within the State
at the olose OF tie sca! year, Ws three huied "ho
FIVE There were, at the same period III aholhop w
the number Est stated, tity-tbrse CLOSING ana hl'
solvent banks whose notes are III process % reielP-
lion either M their counters, or nader the direction
oil Tho Department.
Tan banking associations, with an aggregate capt
tai of 81 $50, 900 and six individual DaDk rs nave
deposited the requisite securities and comienced Tue
bu.uess Of banking daring the last fiscal year. Roar
of the new associations were organized from moor"
nora ed banks whose charters expired during ths
ias, fiscal year. The Bank Of Rome, Bank OF Sllina
end Essex County Bank, whose charters expired on
the lst Of January, 1862, have not reorganzei, anu
are c,osing busiuess. IN.
IN, amonnt Of securities held in trust in this De
parttnent on September 3D. 1862, was 6,6G3lO ".
/ The amount o. circulating notes issued anu opt-
standing Oh the books If this Department ut the
same period, was $40. 239 3d. Or this sum there
was in the vaults OF the banks, on the I'm OF sep
TENDER, loUI, lOS2 iUj, leaving III no'uu 'h"""
ton S37 ,557,313 "a, zoe,
The actui circulation reported September y 1861,
was $1,000 q; SLOWING Gu increase OF s9i5n, 10
during the year. II.
Tie toisi amount OF New-fork State stock nell
in trust for all the banks ON the Let Of October so2
v,s sIg 022 500 TO- OF which amount sj,SZS,9oo
was held for banks in The Ciy Of New ork' a,Iu
Si3O,3g2l 10 for t,oGe in other feciIons OF tne
safe. Inc totsl amount Of New-York stock held
December l. $50. Mas Sl9, Sl2,|., ~ ana OF Chi'eu
I Il,
There has been deeIeaso IN the bonds aud mort.
QaR,s held as security, d1riug the past year, OF
sl54 3OS; Of Illinois Stock $50 ISj 50 Not regard.
ing Arkansas State stock as Of any Intrinsic value,
have caused it all to be Withdrawn; and with The
exeepton:Of $l4 400 O. Illinois ana Michigan ttoc"
all tie sock held in tiust ~ this Department has
been issned uaGer tho authority VI thls S1ato "nu
OF the United States.
The amount of securities transferred by the De-
parment and countersgned III tire state Treasury io
the year. was 5000 $50.
The BrCckport Exchange Bank ID the only ore
that has failed durpg the fiscal year.
Tie name of the =" Iron Bank" an individual
iank located at Platsburgh, WAS changed by AN act
III the Legislature, snd the bank removed 10 heiAl'
meT.
REDEMPTION OF MOTIFS or INs0LVKNT BANKS
IL will be Observed, from the statements herewith
subnittod that there ~ now on deposit, IN VARIOUS
bauks 10 tho credit Of the Superintendent OF thle
UepartmeI,l, the sum Of Sl0jH20 CO. This motey
is held in trust Tor the redemption Of the outstanding
notes of banks which have failed or which nre cos-
ing business voluntarily, and by expiration o. cha,
ter A considerable share OF the amount thus lsid
results from the sale OF securities belonging 10 banks
which iailed 4 number OF years since.
EXPIRED INCORPORATED BANAs.
The charters Of lie following incorporated banks,
viz: Ca,uga County Bank Chemung Canal Bank,
Herkimer County Bans. S,ueca County Bank, sew
eutL Nard Bank, Troy City Bank, aud efIchesLer
County Bank expired on the LIT Of January, ioO3'
Tbese banks under their chariers, had an autbor-
ized circulation Of & ,6.1 OJO, which enures 70 Tue
benefit Of the now GssOciaiopr CONDITIONED only up
on the deposit in each Gaze, OF tIOOvJ III Stocks III
this Depgflment. Tie law requires Tue eHcsAl0p
OF The expired Institutions 10 be returned III threo an
nual Inftallments Such hes been the denhnd ior
currency DUNG the pnrt seHron that those BANKS
hoe charers expired on tue lsj OF January, iot2,
have found 1t mpraccable 10 comply with the pro-
vsIon the return OF ohe-ilird Oh ter e euiAioh
ut the close OF tho pIetest year III su'h event,
a cllsh deposit equal " the SeleIeNcy 10 reiugeA
lie lengih Of time for which such deposit Is 10 be
held, Will depend entirely upon the promptude
with which tie notes are returned 10 De destroyed.
IL a OF three por ceut DC received on the de-
osit thus made, II will be nearly equivalent " the
iuteiost received New York stockt AT the present
mar xet value, deposited for banking purposes by
sOclAliOns aud individuals.
DEPOSIT or SECURITIES Dy NEW BANKS.
renew the Recommendation, made In the iast an
nual report from this Departments Tor modlhcation
of the law IN relation 10 tho deposit Of seculli os by
associations and individual bankers In the ease OF
tho former DEF ost OF xIOO 700, anu ia The latter,
OF 49, O at the time oi biIng certificates of OrpGnl-
zaiion Is required j, is believed that depost OF
$1,000 by new organizations, and the retention Of
that sum from eAsllng Institutions to be rfevooabe
save lrJ1gL the process OF liquid lion, would Afford
III tho protection which tie Gaze requiee he well as
| OBJ yiate Existing Inconsistencies
BANKS.
! The most important event in he financial history
OF The last irc year is the suspension Of specie pay
inent- by the banks OF thu and otter States. Tbs
occurronce dates IRON December %, lo0l, ii whicl
time tho annual report IRON this De- artlneAt had al
ready passed through The press, thus prec udiDg au-
sion to the subject.
/ la view OF tie immunity granted to the banks by
the LepIsa,ure, after the sgsptn-ion OF specie puy-
menIs IN ls5I, tAe Trainers Of The piesenI Constu-
tiOa embodied therein the following inbbitory
cause: "ihe Legislature shall have power 70
pass any law ssucicn'ug IN any manner, directly or
indfeety the suspehson o! specie pay aents by any
Ier.On, association, or corporation issuing bank
notes OF any descripti H." T. is obvious, therefore
that under the unrestrcled operation Of the laws OF
this State, an rrcdeemhtle paper currency cannot be
nainlainod. - = true, -: e.'.amnnts miLt waive
for short period the payment OF CON- il there ,yas
no ext insic demand fox The precious metals. Such
me Gaze during tue par ial Gus pension of 1857
which, being the result Of mere monetary spafm
rieo only three or four months, and therefore IN IA
10 nyaldae TIC position that there could DO DO coa
tinued fuslentOp OF specie payments by lhe banks
OF Dis State. without lhe Intervention OF cone ssy.
ing power not contemplated by the laws aud Con.
stilution oi Ncw-fork.
J. il not to b. credited that, with tlp pcnnI,y Of
being forced into immediate liquidation hanging
over them, any plumber Of sound and JuliciOusy
aged banks would voluntarily incur the hhzsrds Ic-
s1ng from reiusal 10 redeem their obligations IN
coiu. And vet the resolution 10 Suspend specie puy
mems was primarily adopted by ibe banks in the
City Of New-Y0rk--by Institutions conceded to rank
among the highest in the country for heir monetary
resources and the intelligence with which those TO.
60 roee directed. To what caues, then, are we
10 a. rbuie this acoB, ct once ViOl.iye ui financial
hoSor aud at variauce with the painest dictates Of
prudence
H. is evident, from reference to The returns made
by the banks 10 this Department, that they were
not ioIcedcnto suspension through tho inability o.
tte commercial and business classes to respond 10
ihc IHiilitra duo from them. On thn cnniIarY the