The New York herald., 1863-11-21

that /, IS not worth tt Of ard sacrifice that
IN regrd ,e ,ncndmc ts Of tho law mr nccloch said
that n d.em ndulents nee s.aIJ uwent 700
muon into detail in the regulation :. 'ne a.i.s ~ INV
Necessary ana unwsc he thought thai tbe ratio o. inte
rest should BE- the same IN a stato am lh. he provi.
! zion n recad usury was TOO severe. While usufy
laws might stln be needed where capital was not abun
dart they were hardly necessary u the older and richer
SISns and in no state 5h0ud'ushry make void the coD
tract There bad on times IN t' history OF The country
when the banks o. hew York might have saved large
amounts Of coin from eXportaOD and tho excessive mpor
taon goods had they possessed the privileges Of tho
Bank OF Engand of raising or depressing the rate OF in
teros tie public interest required such porods Will
occur again. The law also might meet a.eptm ents 20
compel the banks TO Keep their notes from being deprec
ated ri commercial points, and other amea1ments uo
necessary TO mention
The MAN features of the law are right but it "a not
perfect Congress was aware Of this fact and made it
the duty OF the Comptroller to rccommend such atere
toas IN his annual reports would be likely 70 improve
IT, lie had iltle doubt that all necessary and proper
amer dueuts would be made
In regard 20 the effect upon the Sta.s banks
wnch ,; =, would be produces ron Sy the o,sa1iz.
while there was no necessary an,agonism be.
tween tie two ssems, ana while the Officers Of th, GOV
wOuld wage no war upon the State banks many
OF which had noby forward 10 sustain the national
credit IN the darkest hours Of the terrible ra to which
the naton u being subjected the national banking sys-
ten would ertboess gradually supersede the bank
system Of the states, because 1t would provide bank
note circulation (Which state banS had failed to do OF
ungnestions6e so.yency, and which you'd be current
He believed that the national system would dis
because IL would commend itself to capitalists and the
peop'e a the best system yet presented to them.
The peoPle ID demanded ci the government protects On
against the npositons which they had sub ec,ed
by local ba by being supplied th circulation which
which should be 20 nearly uniform IN value os 70 meet
the requirements O. the commerce between tho -taos
The Nstona Currency act was passed. by Congress to
satisfy this detnnld Il II should accomplish hat IL
intended e accomplish il it should furnish circulation
og undonbted Sweeney, aud Of nearly uniform value
Incet tie wants OF trade and commerce, which
| know 70 state lines, and be the means ,f binding
the people 10 the government by the strong aud endur
ing ties oi ecilry interest; aud r should mainly do
this as he believed il would, by transfer INTO
tiouo banks ~ the capital invested N local banks
and that too without any the sto kholer OF the
latter, wbc could doubt that the country will be i'm
mensey the gainor by the financial revelation which
The State and na' nal systems voaid be trial.
.neld Of crcua, on Ths. ys,em whcn furnishes 70
the people the reliable the uni.
form in value that system which commends itself in
the greatest degree the loyalty Of people, is
the best adapted to the genius OF our political instiu
tions, viii. in spite of all opposition, be, long the
prevailing system OF backing In the uuited States.
Sir McCuloch closed by audng to tue effect that thu
distribution among the people of government bonds and
bank note circulation, which represented the unity Of
nation, would have in securing its perpetuty.
ile was not himself CONVERT to the doctrine that
national debt even it was homo debt, was national
blessing although The condition of England seemed to
strong argument in favor of such doctrine but the
the furnishing the people Of the United states
with national circulation OF unquesouabe soyency and
beneacent Of Their fathers would not he
thought be regarded by the present generation or their
posterity az an uumixed evil.
AT the conclusion OF Mr hcCullcchs remarks, letter
from VIM Iilden, ESQ.,; was read. and the meeting was
respectively addressed by Messis Opdyke Cooper and
by Mr. II. b. Huribut, OF Cleveland OhO who sustained
the opinions advanced by Mr. McculoCh nd tho
Necessity Of large bank at the great mooeary centre
and ALLUDED to the feeling which pre-, allied Throughout: the
West in favor of grecnbacks and particularly art
OF farmers, who to them would dispose OF th,r
Eastern money at loss.
The following resolutions then presented by Mr.
r. ii UroS, and, after some remarks by the CHAIRMAN
Resolved the this meeting and after listen
ing the able exposition necessity which exists for
such an institution from the Hon Hugh Mctuloch thai
il is eypedent TO organize National Bank in this city,
with sufficient catal to meet the wants Of the country
under the system recently lnanguratcd by Congress.
Resolved That tho capital Of said bank be five mil
hons OF doars with privilege to Increase the to
found eNpedient.
Resolved That the subscription to the said stock bo
made nj the Office OF the United states Trust Company
Eeso!ved, That committee Of three he appointed BY
ths meeting to select suitable persons as comms
Sones to receive subscriptions to the capital stock Of
said bank.
whercupon Mcssrs. B H. Hutton. o. Defores, Grant
the las, resolution and alter vote Of thanks to Mr. %c
c%oSn Sr his interesting and able SGy aadTsss the meeting
ELISHA Rlccs. Secretary.
OPENING OF THx SUBSCRIPTION BOOKS.
The undersigned Commissioners selected at meeting
held at the Filth Avenue Hotel the evening october
last for the purpose Of receiving subscriptions 70 the
capital stock Of National Bank, with capital OF
tho capital said bshk will bc opened on
Monday, the sd day OF November inst at the Office OF
the United states Trust Company, No. As Wall street. in
this city, and open daring the business hours Of
each day until the let day OF December, inclusive.
Five per centum OF the amount of each subscripon will
be required to be paid at tho time of subscribing and the
balance In instaments may be called for by tho III
ecors IN accordance with the act Of Congress- which re-
lure al least thirty per centum 70 10 paid IN before tho
bank commences business and the remainder in install
nent OF ten rer cenum every two succeeding months
PETER COOrER,
GEORGE OPlYkE,
FREEMAN CLARKE
DAVID DOWS. Conmississsrs.
JOSEPH STUART, |
HTS1sM,N HkSRX " ! hHIToS Mnt1i
NEW YORK, Nov. g. 1858.
ARTICLES OF AGREEMENT.
We the Undersigned do hereby severaiy agree TO take
the number OF shares OF hundred dollars each
opposite to respective Names OF the stock OF
ISOLATION orgauized by the subscribers hereto or
by those whom the stock shall be awarded undor the
act OF Congress Of the United States OF America, ent
tied hAn act provide national currency secured by
pledge OF United States stocks to provide for the
circulation and redemption thereof approved February
20 lst5 such association TO be called the - National
Bank Of the City OF New York the capital stock 10 be
eve millions OF dollars.
ANA we hereby constitute aud srpos Peter Cooper,
Geo Opdyke, freeman Clarke. David Dows Jsseph stu.
art Henry W. T. Mali, aud Benjamn II. Hutton, |
commissouers 10 receive subscriptions for tho capital
millions u dollars sbsll be subscribed 10 award che
such subscrbers or to ~ portion the same sr:opg tho
subscribers, ss they shall deem best.
And do seyeraly agree 10 ray to such ion
ers, the time OF our Subscription the OF 0ve per
upon the amount VI respective subscrptioDs to
be paid by them 70 such association when orgarzed so
Car stock shall be awarded 10 respectively and
agree 20 ay such association the residue OF the
for he stock which shall be awarded 10 respect
ivey according 10 the provisions cs section said
act winch requires the synent 0t at least thirty per
centum o the capital beo tbe bank commences bust
and the balance In nsiseuts OF IeE per cent
Ia eAch two mon ths thereafter.
Tho ference between The f,e cent. pad at the
sine ol subscrpaoD ard hve per cent. upon the stock
awarded 10 the subscribers resTesteiv shall be repaid
by said ccnme esorefs 10 he ssbs, Tibes respectively
after such award shall be appl sd in part
OF the balance or ss.h stock AT TIE election
OF tie respectiv y subscribers.
The subscr ters whom stoc ~ u be awsf 5ed
ally rroe and agree " execute as required by tbe said
act the cerscate ment"ned IN the sixth secon thereof
and articles q ASSOCIATION.
IL shall he PROV ded IN srcb astces of assosatou and
in the by laws that tall messngs OF the stockholders