New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-05-22

EXECUTIVE DEPARTMENT
Aru,xy N. Y. MAY 20, 1855.

EXECUTIVE DEPARTMENT I
ALBANY. N. ". May 20 1865
Hon. CHAtycEY NJ DErHw, Secretary Of STATE:
have not approved the bill entitled An
Act TO provide for the final closing Of Incorporated
Banks passed by the Legislature at Its last session By
chapter 49, Laws Of 1854 all acorporMod banks are
required 10 return their cireuang Do'es 70 tne super
intendent of the Banking Department for destruction
onethrd part in year, onetrd part IN two years.
and the remaining oDe-thrd In three years from the
expiration Of the charter tho hrst hnd second IN
Superintendent is required TO DO made equal to the de-
fcfency For the third nstallment 10 deposit is re.
qurd and the notes are returned at the convenience c
the bank 1t appears by the last report from The Bank
Depart men that the outstanding circulation OF ncor-
dorated banks. whose charters had expired, was
on the 3Oth of September ls64 q, ss FOL OF these
banks all but ten would come within the pro
visions Of the present bill. and hence all lnbil-
ty for the circulation issued by them might be ex'
tneuished in two years and the loss thrown upon the
community. There being no penalty attached 10 the
circulation Of these notes and no inducemen for their
return in the nature OF cash deposit. the obvious In
eres of the anIs would I've TO keep them outstanding
until the expiration Of two years when all further
liability for Il cir redemption would cease. 1t seems 20
me this bill is unnecessary, because by chapter 10
Laws Of 1857 cry bank after having redeemed 20 per
cent of its outstanding circulation Cat the time o TIE
expiration of rs charter of notice of closing busness
may make cash deposit with the superintendent, ana
after due notice and the expiration of six years may
cut off liability for the circulation not presented iOr re-
dempton out Of the fund thus deposited The Logsla
ture at its session amended tins act so thst inc
notice be ven when IS per cent Of the crcuaiioh
outstanding, above mentioned has been redeemed
This brings the provision within the rench Of all and
ohvateS difficulty which has heretofore existed IN e
gard to Of the Older banks This BIN Is moreover
Objectionable because extends privileges 10 iDcOrpo
rated banks which are not granted to banking nsSo-
Citations and indiv dual bankers These would sti De
obliged 10 comply with the law OF 1852. by making
cash deposit and conforming 10 the other regulations nv
10 time which the. law imposes IL il manifest that
the b is innON alton upon the general policy OF past
legislation on this subjecr, under which many banks
..n~. .Nr nd D-ln
their Liabilities large amount OF currency Issued by
expired and closing banks is still in the hands oil the
people. Experience demonstrates that while the or
culation comes in slowly. very small percentage rs
finally lost. The most ample security and The longest
practicable period for ITS redemption ought to be
aloydl 70 the community The existing laws seem 10
me fair toward the banks and experience does not. In
my Judgment indicate necessity for breaking through
the safeguards and restraints which have heretofore
been deemed proper for the protection Of the public
SECOND AND THIRDAvESUI RAILROAD COMPANIES.
also do not approve Of the bill entitled Al Act 10
confirm the ordinance Of the Common Council Of the
City of New York, authorizing the Third Avenue Rail
road TO and extend their tracks and tie Act
TO authorize the Second Avenue Railroad Company IN
the City of New.York to construct new tracks" In
some respects these proposed enacinens are haoie To
the objections which prccuded my signing the bil
To authorize tLe Dry Dock, East Broadway and Bat
terry Railroad Company TO extend their railroad tracks
and to authorize the Ninth Avenue Railroad 20 use
portion Of the some and which were presented in my
message 70 the Senate the 18th Of April last. II Is
sought by these bills TO obtain permission for companies
aud different termini in addition TO those now respect
lively enjoyed BY them. In order to Obtain
the interference with the cairiage-way of some
streets already obstructed 10 an extent which
has greatly abridged the purposes to which they
originally dedicated. Remonstrances have been
presented against these bills, numerously signed by
reputable and influential citizens o. the city OF New.
York. The argument presented in their favor is based
upon the assumption that the public would be benefited
through the increased facilities afforded IL measure
lIs " ke fru4 hpf
grants and privileges be conferred upon corporations
whose routes fixed by former agreement with the
Common Council Of the city of New York and ratified
by State legisla on. to al extent TO add additional
tracks in streets already occupied and 10 occupy other
streets resulting In an interference with accustomed
communication and business and in effect TO authorize
the construction OF and additional routes without
compensation the city treasury, or equivalent
in the way of reduction OF farce think not On thus
point repeat the views expressed II my message OF
April ID already referred 10:
The present condition OF public finances and increased bur
9 iaas, S S % Of s STATE on
the part Of those Iesronbe for tie enlargement Of IT.
all legitimate eans replenish the treasury whether Ma
ona Stat City and II h therefore TIE suggestion o. pu
legislature should either consult the convenience o. the
travelling pubhe by allowing rate Of fare ropooned 70 the
hxed the pubic treasury should be benehed oy ihe gains
METROPOLITAN RAILROAD COMPANY.
Neither can approve the Act 10 authorize the Me
tropoltan Railroad Company Of the City 81 New.Yorf
10 construct tunnel under broadway, and foF other
purposes" This bill appears TO have been eiaoora.ey
vn and seems have proyIyed against az improper
cement OF private rights am inclined u tIlnk
that the structure contemplated or something occupy
in the prominent route IRON the oot OF Ut auW!
10 the upper part Of the city may be made pacuchDie
and NAV BE deemed necessary RAPID access 10 and
from The business center OF NewNork Is OF vital I'M
portance and II is not improbable that some more sys
1tic direct and well guarded measure will finally
l uaugurated Ny objections 10 this bill are. that al
though a specified route is laid down there 10 no re-
IL coupIeted There being obligation that II shall be
constructed with reasonable rapidly (the general ran
road act allowing five years for the construction
Ct the road from he ualr VI .,is
through financial disasters other causes the cen
fboroqghfare Of our commercial metropolis would
obstructed or unsettled for ve1atious period Even
should the work be vigorously prosecuted. broadway
must be rendered at intervals and or short distances
for hong time unpleasant and uncomfortable to fave
and business and IL 20 me therefore, TINT inc
legislature should have provided against the contn-
rencv of prOlOnging the inconvenience through Tie
financial vicstudes 10 which snch enterprises are 700
often subjected. But controlling Objection 70 the ap
proyal Of this bill II found IN section iOur "hch hu
ihorizes The yansr Of STATE and ciy property tOr me use
Of this company. 1t reads "a follows; -
The Mayor Aldermen and Conmonhty OF ,he oity o, VIEW
York are hereby authorized 10 permit The us by raid Metro
po.i.al ~ ,tr rsns of the state OF New York to the
sd Mayor Aldermen and CommOnay OF Of SUCH other pub
bic lands places IN the sed city a. tey may seem proper 10
allow said Company to oceupy either temporarily OF per
suery for the public convenience III the co-ucon ope
and nae of the said railroad and tunnel and upon such
and under such regulations may be prescribed 10y tie
said Mayor, Aldermen and Commonelty
Nv The PROVISIONS of that portion Of the section cited
IL will be perceived that the whole Of the Battery so
ucb sLa be deemed necessary. which s IL one sense
the property of the state, my he converted lhto
Messenger and freight depot. The same use might be
made OF the other public parks and places OF the city
along or near the contemplated route. can see grave
objections TO such diversion OF the paIks OF puDne
grounds which are designed for the benefit Of the peo'
ole and wi ch are essential TO their health and conducive
10 their pleasure cannot consent on my part " sch
use of these grounds without feeling that had Fooeu