New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-03-02

Of has not been paid within period Of years" This
enactment applies to all amounts hereafter unclaimed
Controller into the state treasury and are TO he in
vested rs possible by the Treasurer IN bonds
proved by tho Governor Controller and State Treasurer
placing the interest arising upon said Investments to the
credit of said accounts II the person I'm whose name
any Of said money sha stand credited or any Of his
legal representatives shall at any time apply 10 the Con
troer of the state for Of said moneys said officer
shall upon satisfactory proof OF the identity of said per
son, or his legal representatives, issue ms warrant
for the payment OF such moneys or any portion
thereof as the person to whom such money my thy
belong may desre The action of this section IL NOT the
enforcement OF clam on these particular deposits az
escheats is simply the taking portion OF the business
OF the savings banks out of their hands business
which has already been shown 10 have been cohducSa
with unusual fidelity ability and success from its eari-
est days. But is the amount Of these unclaimed uelo i
great 10 give the color of excuse Tor
interference The Bowery Savings Bank IN new go
is the largest in the state, its deposits on jan ~,
amounting to SlS6923OO A. In January, 1872 SsIevt
committee of the Assembly at Albany visited TINS panA
In ordanoe with resolution Of the House 10 IA
tain the amount of deposits held by the bahk WcI ir
been unclaimed for period OF ten years anu tbat
On the DIST March following the committee %
that time held s7ssIGS 90 Of general depOss or Liza
times the amount of their unclaimed deposits l9hs
the BoWeTy BANK as an h1e's s7a ga unclaimed de,
on the LIST of January 1870 Ohy SIlSoo m INA I'm the
posts OF the S19i6299 general utposs Hci 1 -,
aggregate among an the banks in the state THIS report
was made TO the committee by the bank hye days aIo
its appointments aud in their report the IdeS' III de
positors Of the above amount Uhe S07 "A returned as
unclaimed depOst) are known TO the OihoeIs my ~
/ D.,
otbcTs there ,r0mG not rc,nain triihn he period Of
,rCck one thousand dollars. for which no ownership
could De established" III concluding their report inc
bank officers peltnenlIy aiiuue 10 tno ,i "
these unclaimed deposits in the following paTaeraph:
posts. (which deposits for which owner, after dfni search
he found he Officers vgoa express no opaG9 a. g % cu
such event they will be called upon to oeSae Sh.nes gG
en- nt DOMAIN Wheeler they u direct them to be Paid to the cites
IeNoT from s1afon which ,h, Institutions enjoyed by The
liberal policy which has been pursued toward them bat TIE oc IN
ilFath
towns or ci end the question Of sufficient importance IS
6a7c al question to engage their serious attention. - .
The management OF this estimated sum OF sl7S357, IL
vided among the 1873 banks in operation IN
banks: but If transferred 10 the state Treasury
an excuse would he afforded for such an increase
make large inroads into the income arising from il.
Where then would the person in whose name any OF
said moneys shall stand credited or any OF his legal rep
resentaves," have TO look for the full amount OF inter
accrung his deposit Moreover the bill provides
10 period after the expiration or when thc uhchne'
deposits in the State Treasury SHAH permanently escheht
TO the State Are they TO DO carried forward lnden
r. however these deposits are TO hc handed over to the
custody of the State. tine time named ten years her
which they to he considered as unclaimed Is certainty
too short The very meaning OF the term SAVINGS hak
implies place where money is deposited for me purpose
OF Sdring-not TO be touched t pu ase; or rchnoss
misfortune, or any special purpose loi "c .he uePoV
tors are strangely Ignorant OF Pecnhary anaS, anu IT y
a we-knOwn fact that many OF them do make deposits
with the intention OF never gong near Tue Dahh IN tney
want 10 Withdraw inc caPlta 7otie VI % 10 ~
deposited in their hands by persons VINO az me
going away from the city ana desired 10 MAKE provision
i'm case OF being unsuccessful in new sphere OF life.
This Is frequently the case among men gong to settle IN
the new Territories and West Instances have
frequently occurred Of books being prcs nj ed either Tor
balancing settlement, the deposits recorded IN which
Of long standing in some cases over 20 year,,
and which the accumulation of interest has largely
practice to deposit small sum for the benefit OF enid
not TO be touched except to he increased M such child
comes the compound interest OF course, acCuinu
iptrrcst and il more frequently than otherwise
Bnt il is very seldom Withdrawn. II is, too by means
credit Of child in savings bank for the express pur-
pose its living do mant tn the child is q years ot axe
The undertaking OF such trust Is a legitInde savings
bank operation. and trust which should not he iOIcby
taken away by the state. THIS trust Is stpuailOh-a
conractto pay 10 certain person. AT certain term ot
lie certain sum Of money, with compound interest;
and such contract only be impaired by the failure
as the bank is concerned TO impair the contract by
taking it out of the hands of the bank TN, Is an,o-
mtey forbidden by clause ia the first article Of the
Constitution Of the United states which enacts that no
state shall pass any law imparng the Obligation OF
The attn section of the bill nficts severe penalties on
any officials who do not baud TO the Controller these
OF money committed 10 Their charge iOr saiekeel
ing by doI0stoTs The officers are TO be deemed guilty
Of misdemeanor to DC punished win me Oi NOT css
than 81 900 more than 5000 or win
leso than or more than me years. or WIN pom
fine and Imprisonment Eve thousand dollhts me,
accompanied WIZ ltt van ItIp 20 q, ~, 0
which il certain bring about tulhlment Ot tht re-
Quirencuts Oh the law, should the Dill ne pascal lHt
is a clause in this section which says Ii shall De the
duty OF the Attorney Gen'saL upon RECEIVING nOuce
secretary OF any savings bank or institution for savings
mas failed 10 fulfill the requirements Of this act, to COM
meDcc proceeding, Immediately against said institution
for the purpose of closing up Its business, aud
Transferring its deposits to the custody OF the
in the accounts OF bank arise or
should its treasurer fail 10 pay over the moneys 10 inc
Controller either from Carcessncss datofnes OF error
OF Judgment large and ilOuTsling business COnicfIhB
great benefits the least wealthy portion OF the public
and inviting people to adopt the very praise worthy nt
of saving may suddenly wound up 10 the great loss
OF the dcpositOIs. No great institution, with perhaps
S2OOgOO of deposits, can be suddenly wound up WIN
out entaing great loss on los dcpOsltOrs But the wrong
does stop here Should the estate be WOund up anu
after all fortunately show surplus the depOsitOrs VIII
not get a cent of that surplus; IL II al 10
90 to that memorable and Unsuitable Canal Fund
The Bowery Savings Bank mar surplus, ACCORDING TO
the last report of $O575 the Bank Tor savings III the
City of NcWYork has surplus OF SlJli9 Ihtse SUNS
are saved of the net earnings or the money OF te
depOstOrs, and II they should be so unucky as 10 nave
the slightest oversight in their enormous accounts their
drpotOrS are be fined TO the extent Of the WhOe o
their surplus for the benefit OF the Canal Fund!
Again and again measures have been introduced INTO
the LEGISLATURE proposing TO interfere with the funds or
savings banks but so far always without success. I'm
fortunately the officials of the banks nave become 80
accustomed TO the cry OF wolf that they have at last
ceased 10 regard IL and yet II il not known that any
steps have taken to defeat the present bills OF Mr.
Fields and Mr.. Murphy, which have been referred 10
the Committee on Banks. This is a source OF CANCER
The bills might he f3vOrably reported back any day anu
hastily Struggled through the House before there was
time TO organize an opposition to them No man outside
the interested and corrupt Rings at Albany desires o see
any Interference with the savings banks. Inc purpose
OF The savings banks described in their acts OF moor
poTatiOn. That purpose has been contaminated with
ability faithfulHess, and success TACT winch alone
should insure them immunity from legislative lu'eI
ference
THE BOSTON BOARD OF TRADE on AMERICAN
SHIPPING.
l., hoo nj