The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-09-20


The exchange of provincial notes for provincial deosn
torres, held by the bank under me require
equal proportion to the Of It's notes actually
redeemed and withdrawn rom circulation. as shown ny
inc monthly returns From inc aI onoer bs bona
hold any provincial debent res, a. now rqnireo ~
law No bank SHALL after the passing o. TINS act %
liable any penalty forfeiture for usury under the
ninth section Of Chapter y eight OF the Consolidated
Statutes OF Canada entitled An Act respecting In
tersst but tho amount Of interest or commission which
such receive shall rman as limited ny the said
chapter Every bank so surenderng It's power TO issue
notes shalt make weekly return TO the Auditor Of its
notes redeemed and withdrawn from circulation and OF
those still outstanding and the compensation herenbefore
authorized shall be paid TO it half yearly in proportion to
the amount so redeemed aud Withdrawn computed
the average Of the weekly returns for the half until
the redeemed equal 10 nine tenhs OF Its circu
ation the 30th day OF April 1885, when IL shall be
entitled TO compensation the full amount thereof
The powers Of the Governor In council in making an
arrangement with any bank for the surrender OF its
power 10 issue notes shall extend TO any provisions
which may be deemed expedient respecting tho redemp-
ton Of the notes OF such bank or the right OF ressung
such notes during the period agreed upon for the
gradual redemption thereof and generally TO all pro-
visions which the Governor in council deem expe
dent 10 the convenient working OF this act and not in
consistent with the enacmens conta ned In IT, and any
order IN council for giving effect to such provisions shall
have the force of law. Any bank VIII oh may have
such power after giving at least three months notice
in writing to the Receiver General and publishing such
notice during the like period 10 the Official gazette but
such bank shall, from the expiration Of such notice.
cease to rece 0 compensation its notes withdrawn
from ClfCuhtlOn, ana bnau pay OhC6 10 the receiver
General any sum il has received from him in provincial
notes N exchange for provincial debenures such debn
lures shall then be redelivered TO the bank which shall
be bound 10 hold the amount Of provincial debentures
required by Its charter before 1t shall the issue
OF notes. No bank surendering Its power TO issue notes
shall thereby be deprived of its claim 10 any privilege
power which shall DO granted 10 other banks on the
renewal OF Their charters In 1870 The Governor In
council may from time 10 time and over and above the
FIVE millions herein before mentioned, authorize the
issue of such amounts OF provincial notes as II
may be necessary to give in exchange for the
hall nj
their charters by banks surrendeng their power to issue
notes and such further amount as be required and
paid for by the chartered banks OF this province any
OF them, provided the total amount does exceed
$4,000, 000 The Governor may, in his discretion,
establish branches OF the Receiver Generals Department
in Montreal and Toronto respectively for the issue and
redemption thereof, and may for such service allow a
commissioner not exceeding onequarer Of per cent
Tor every three months upon the average amount Of
notes In circulation during that period. The be
held in specie by the Receiver General for the redemp
ton of provincial notes shall twenty per cent upon tho
amount hereofi in circulation long such amount
not exceed S. 000 900 Of dollars for any excess over
000 such excess not being more than So O0
twenty-five per cent OF such shall be held,
and provincial debcntures shall be issued and shall
be held by the Receiver General to tho full amount
whole amount OF provincial notes outstanding at any
timc such debeutues being held for securing the
General having full power to dispose Of hom either o
poary or absolutely for raising funds for that purpose
OF for securing the amounts OF specie to DO hold by
him under the provisions Of this section. The
Governor in council shall from time TO time ap
point six commissioners, three for Upper Canada and
three for Lower Canada. with such remuneration as he
shall determine. whose duty II shall DO to examine on
the first wednesday OF every month into the number OF
provincial notes then issued and outstanding at tho
branch departments Of the Receiver General or tho
offices OF the banks Issuing the Montreal and
Toronto respectively and also INTO the amount Of specie
and debentures then held at Montreal and Toronto
spectvely for the redemption Of such noea The pro
goods OF the said provincial notes shall form part
Ui ao acS o and o. ne pre-
this act shall BIO paid out OF the said fund
and inasmuch as some time must elapse before provin
csl notes specially engraved and prepared for the
poses Of this act be ready use therefore the
Governor in council may authorize the notes Of any
bank or banks which may have surrendered their power
TO issue notes, TO DO used such provincial notes until
sufficient number OF nocs shall be prepared and
ready for nsehe bank notes 80 used provincial notes
being numbered, signed, stamped or otherwise marked
In such manner tho Governor in council shall diroet,
so as to identify them provincial notes, which they
used shall DO notes Of the bank or banks
by which they were originally issued intended so 70
be.
The exports from the port OF Savannah for the nscai
year ending June So 1865, amount TO $17 50O and
the imports in the same time 10 $3.50 T45-ieaving
balance in favor Of exports imports OF 1885,
The tonnage employed in this business has boon
900 In the foreign trade and 49, 900 in the
coast~iss trade.
Tho Superintendent Of the Memphis and Charost on
Railroad Company reports ths history Of that road
through tho and since. He satcs that during oil Its
v,cisstudes Its loss or stock not great
generally supposed The road surrendered to tho
company tho nth OF last September and trains wero
not run through until the eth OF November Tho re.
ccr.s since that date have been 81 s01 TO- and the
expenses $3.50, 1o4 o.
project has been started At Toledo Ohio 10 connect
that city BY railroad with Gallon, Mich The distance Is
about seventy i've miles.
The exports Exclusive OF specie, from the port OF
New York for the wcek ending September IS, and snoo
the Of the year. compare follows with
those Of tho corresponding periods in 1854 and 1soS
1854 1855. 1896
For the week.. t5Ia4,oss tSoy3,o3e e27s2,2ls
d. al