The New York herald., 1867-06-21

the banks In relation 10 certifying their customeu
checks
OrYfcu or CoAPrRoLLIa OF TIE CURRENCY,
WAsnISaroS June s, 1861
DxAR SIR-I notice by Mr.. Calenders report OF his
examination OF your bank two points to which desire to
call your attention 1 refer TO the certncation OF
brokers' checks IN excess OF actual balances, and TO
the issue OF cashiers checks The first presume TO
be an abuse OF pracucs which has grown 70 be
q necessity In the transaction OF business in New
York. Probably you would reject without hesi-
tation q proposition 70 certify In this way for
your deposilors without discrimination, and very
few outside Of particular class would have the impu-
dence to demand tho privilege or overdrawng their &C
countA How 1t happens that brokers alone claim this
extraordinary indulgence am not prepared 70 explain
Why they trust each other instead OF requiring
each other to put forward his bank tho responsbe
party In all transactions win leave you 70 explain IL
only seems to me that the demand s utterly unreasona
BILE and ono that hs banks would not only be justified
rejecting but that prudence would require them
repudiate do say this as bearing particularly
upon your particular but upon the practice 10 gen.
era and am much gratned TO learn from Mr. Calen-
der that you have expressed readiness to lend your
AS 70 the second point, ground my objection 70 the
issue Of cashiers checks upon the law. national
bank can borrow money In either OF three different
ways-By issuing bills or exchange, by receiving de-
posts and by the issue Of circulating notes lind no
other method authorized in section eight of tho law
which defines your corporate prtviegea II cashiers
check issued in payment OF depositors check It s
paid in lieu OF the money caed for by the depositor
such would be prohibited by the last clause Of
ton twenty-thr
II tho depositor has the money his credit he
titled receive IL II be not you under obl
cation pay the check at ALL In personal interview
with you could talk Of these things in way that would
be Objectionable N letter there Is necessarily more
of formaiiy and what say may dictatoriai
only wish you to understand that my only desire and
study Is how best to promote the interests entrusted to
my charge, and am confident that with the assistance
and cooperation Of the New York banks the national
banking system be made all that its most ardent
friends could desire. But the Now York bankers must
take tho ead-must give tone and hearty support IL
rests with them direct control and perfect the system
II they would realize how much depends upon them.
should have for tbs future Very respectfully
yours, IL. r. HULBURD, Comptroler
Hon. E. HAGnT, President National Bank OF the Com
monwealth Now York city.
The annual meeting OF the shareholders Of the Mil
waukee and St Paul Railroad Company held in Nil
waukee to-day (ThursdayJ The whole number Of shares
voting were 10oSo0. The following directors were
unanimously ected:-Alexander Mitchell, Waiter s.
Gurner, Russell sage, Fred. p James, N. A. Cowdrey
selah Chamberlain, e. B. Wiley, John W. Cary, H. c.
stimson, 8 Merrill. Isaac Scott julius wadsworth,
James G. Gurner.
The Union Pacific Railway Company advertise that
they will pay the July interest their first mortgage
bonds at the offices of the company 20 Nassau street.
and after the LIST instant.
The annual meeting Of the Morris and Essex Railroad
To- hall Tha ition0