New-York daily tribune., 1866-01-05
o,-rzs or TwE STATE.
., the superintendent OF 'ao f'""N
J'eF neprrtmenl.

What 80 s,Irth and 20 appearance tno VI
cc .bc history Of state oanking u ~ fnr1 70 the
s'ai .c of The act in question wac " ,jr oroen
Ine state q means OF transfer NE ~, ot tbe
banhs r business to the national :, t to etren1
,roeess Of formal dissou''Cs H,r ceiaj and
iroarvenisnCe OF dispersion " "a bedts have
snt lhoo','irTs Stree its passage 10 uaiAS ~ -,
surplus tAi.I.s as c.,te institutions, ana ,eeh lV,
eoseJd into the National 100, anu Sst Auction
f ,hess lad ALREADY 'a@sn eroativ facilitated their
the pass27t 81 tbose % banks had received
faorv and we're doing business un@vI e ~ tc"e tcn
saUl =, q, 70 the passage OF the 8c' u oi rho
system pi.S .be change prior 10 October isOi. ine
Hsa go ~ear therefor, has ",'hesseu lr itb
s.l s.l'ion of IsS State 0anSs' ana 'een
en tbeir wealth and influence 10 '"' A'-'''-
sA9 bo provisions Of the Enabiing act ms Iel0
ne hson effected silently almost III
toI ~ fer,9Qenent in the affairs OF th9 list.uohs I
wiIheSs IN nnbic interests. Their relations 10 TINS
or d..nt are s maintained TO the ext9ht OF lne ..
lcan,sed TO protect their circulation ana 70
ec Withdrawing these seeufues upon INC i''
tNcWCoS tNc - obstruction OF theiT nOies' .. ,>-.. 4.
turn ana -.on has been issued by this Department TO
ca f,ar its conversion was fully perfected nor
Shy ob fror been solicited hy any OauS' me Stic
has SuV Coytroler Ct tho Currency upon the doHote
iWes sor1e Of his pcOtegeS 20 not. thefeiVre el.
assu ned and honorable institutions oi the state
ofNeV; me truth Of history and to the reputation
SNcy.York banking system, 10 say that TINS
1ls -1nvsrsiOH has been wrought less Oy INC steutei
cyel,v AID superior attractions OF ihe rev ulsp. E r.
1n .f.n by the practically compulsory pohcy OF the
tion tSioi Governrent. The change was IN most IN
..oncs. verv reluctantly made and only Wneh II az
earSd 10 be the last ae native except lhe le.gSSn
sto,efher OF tie business of Danklug bGt cthuoi
W Nv ,o,nnels the eknO vlelgmcnt that the NatoHal
ta, ia for obvious and snhsIantai reasons popnr
s ie reope and has gained strong hoid upon thelr
confidence and good Mses s.t m os its final and
found ore Oh Inc S|O"HV'' s"
complete success. ..-.o.-,oa ,,o,o 80 r.,lo
-, 90 a, but 10 wait and watch the leNelOpMehls ui
ly",oi Wv lsrslation UpOn which the fate Of what is
Ia, m rs of free bglkitg seems wholly 10 OepVhu
W;tbout some modification of the existing law sue az
is hereafter more fully ed We sAlI oe COZ pence
g. witness the rapid inogration OF system oi Dana
ir ,ha bss ninistcred 10 the prosperity OF our p"pe
yortbily maintained the financial reputation 0i tne
Sftte and by It's success has furnished MuOeI H"l"
which hes been constructed giSahue mOAOpo! !"
oyelshs .oV ana destroy IT,
S,o tne must necessarily eapse before shall see
Che an6 o what is now the beginning 40 unNer tLe OF
e-ati0n of Onr present law lt loiUles sN years - 'yt
40 account Of any bank, even after by the
ycun d. - Der cent of It's circulation, Il Is autno!!@
20 vthl sr It's bonded securities ana maze post
OF cash ior TIE redemption oil TIE remainder oi Ns
notes Il is evident therefore. tat the in4! cJslng Of
fln T % over 100 bd- -Es IS hDoI tuNt tahuul De
speedily acCoNp pl5hed. -
10 fac Etste this. however, would suggest an
smondm ai OF section ], chapter $50 OF tue Laws ol
ls-l "a requires the return OF IS per cent OI inc
c!reuaa outstanding at the tlae oi giving h0tice o
CLOSING b ore cash deposit can DC made Iof the ft
demut. g! tie balance, and the statute OF limitations
.
Of ouis,.l.E circulation Is computed, IS purely Grh
Iary ana operates greatly 10 the dsaYantage o. Hcks
fha NAV have retired large part OF their circulation
before giving the rCce feQuleI. iulthef IrONso
that c cash deposits might be made whenever TIE
oufstari circulation should be reduced 70 $1,000
W,u.l ciliale the closing Of number Of banks. aud
be in 30 ,pect gTegdlcal to public interests Or the
sesult Ai be reached by causing the circulation, Of
NJ ch 0r cent must &c returned. 20 be estimated at
The tine ~ greatest issne as ascerGined from the quer.
ferlv tl.e leuts made by the bank.
the a nrpng character OF the silent revolution hich
hss bee nf5gIessirg in our financial system. viii BE-
more fI. disclosed " al oXllnai4oh o. the genera
F5rir,le convenient reference condense from them
ftc following b!ief summary:
NE can n inves cd in banking under our laws on The
2iih - % Scytembel .eo4. iu''.oo 80
On tic B.. las Of September l-5i ...---- - ljn1'"
Dro..as. during the fiscal var. :s6s63y's
Tbe g.es st decrease IL any previous years o-,,oo
sp'.sS = .ss' y s-.-.ed I'd and DESTROYED
uub peb sse.sds ,ec 5s"i ~ e1ng s5n sept is6 G ~
ttrned during the panic year Of l9j7. and iy abort
Ss.OC)c0 tie average yearly amount for the lest 10
I6e e,splaiio1 issued and outstanding
on iae l1;h september 1884 Was....-.. Si0,Ie,Ca
Tie circulation issued ald outstanding
ON tie 9th September, 1865, was...... 21,O094i9
Decrease during The fiscal year Sl3lOq Is6
Sscalit.ss. iseluiins cash held under
ge,cIa. laws, 20 redeem circulation,
September 80 ls64.....-...-........ 31303, ,J24 o.
Securities held under general laws 10 re-
deem circulation, September ~, ls6j.. 2j.469 ~ 4i
Decrease during the fiscal year. .Sll. .3cG Gl
The crease the different classes OF securities has
been Is i)!OWs.
Of fUaef States stocks.............. g. 52- COO %
Oi Ney 1rk State stOcks.-.--........... 22J cD 90
CfIino.s State stocks. Observation-Disclosures. 2 100 90
o. boud3 and morts sages......--..-..-.. ~, 20 cJ
E.lo!f 563 ca
lnoreasa of cash deposits to redeem crcu-
iGtiJn oC2l5 34
IJ.s! decrease stated above. 81, ga .3CJ Il
1bes2 lcis convey their own impressive commentary
snd lhel speak only o, dissolution.
NcORPORATYD BANKs.
OS TIC st OF Jalaaiy leoG, will expire the limited
Charters oi the remaining incorporated banks Ia this
state. our OF these have already commenced dOlDc
busines rnder the auspices of the national system.
The Dans Of the Manhattan Company and the bank
Of the New-Yoik Dry Dock COmpiny with unlimited
cha ter t survive the decay Of the system that gave
them Di.tl.
TIE BANK FUND.
Coair buttons TO this fund VIII cease after January
ieoD ~ 'ac charges upon twill be lqgdatcd 50 iel
as pNened, or the first Of February following There
val tlco femain estimated 5slance Of about s-GCOO
Ir ~ trife IL, o.