New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-01-03
THE GOVERNORS MESSAGE.
EXECUTIVE CHAMBER, ALBANY, Jan. ?, 1874.

To the legislature Il is my duty to make
known to you the general condition Of the State, and TO
recommend 20 you such matters as Judge cxpcdient
STATE DEBT.
The unpaid principal q the bounty debt was, on
the 3Oth Of September as 200 81. This portion OF
debt wll by the annual tax provided by tho terms
OF the act authorizing tie Loan be paid in full In about
Eve years. II contracted and Is to be paid In our
present currency Tho residue OF the State
debt, which amounts 10 25oSo5 o. contracted be-
fore the IN gold, AMI tho hoEos Of the State and
good faith demand that II shall bc PAID both principal
and interest in gold cow II IL TO be paid except $500 II
loan OF credit 10 the Long Island Railroad out of rev
euues pledged Tor thcspurpose and not by taxation
less the sinking funds shall prove insufficient TO enable
the State tho credit OF such funds, 20 procure tho
means TO satisfy the claims OF the creditors OF
the State they become payable" OF this last
mentioned species OF igbt, s22j1,9O OF principal
will be due On uc ist OF July next ard
S87JOD OF principal viii be due the st Of January,
1873 The Controller OF tho opinion in which concur
that there will be difficulty In obtaining tho means OF
meeting these payments. on the credit OF the sinking
funds as authorized by the Constitution.
The entire State debt wes. Oh the 9oh Of september
last $40 09 ~ the amount Of principal paid the
last year being S2,s2G,il "a
TAXEs
The State tax levied the past year IL FIVE mills and
seven yuinc hundred and tweueths OF mill OF this
tax two mills required for the annual payment on
bounty debt, Ia and quarter for the sup
port OF the public schools threcegths VI mill TO meet
payments for work the Capitol, seyentynine one
hundred and twenteths Of mill for canals and one mill
and three eighhs OF mill for general purposes The
total yield Of the state tax is sl1,C9,93 81.
NEW CAPITOL.
The new Capitol Commissioners report TO me that OF
the G50OOO Appropriated by the Legislature at its last
session. they have expended s363 mp the 22d day
| OF November last making with what has been pro-
viousy reported, about two millions thus far expended
the construction Of the building, independence about
| 100000 pad FOR land.
SALT SPRINGS.
The quantity Of salt the Onondaga salt springs,
| inspected during the last fiscal year, s,5i9l91
bushels This shows decrease Of production, compared
with tho previous year. OF 7905i bushels. The net
revenue 90 tie state has been $26Gj6 70, which ia
! S7,2jl % less than that Of the previous year.
on the lst OF October last GO banks doing business
under tho banking law Of this State. During the fiscal
year circulating to the amount Of sI7T7 have ven
destroyed by the department. Twelve banks have been
credited with lost circulation Eo the amount In all OF
S6725 the for redeemng the after the usual
legal notice, having expired The amount OF circulation
outstanding including that Of incorporated banks, bank
ing associations and individual bankers was on the lst
OF october last s2lni3j TO- OF this amount the sum OF
Sl3525 secured By deposit Of stocks mortgages, and
cash. residue, being circulation issued by inoor-
porated banks in prior 70 The passage OF the
general banking law IL, of course not secured by any
| deposit IN the banking department
There were on the 1st Of July last IA saving banks
the aggregate OF 500 2535o These assets may now be-
estimated upon the ratio OF increase Of the before,
at S2sOOO0O0O The number Of persons having deposits
Ia these institutions was Jan. l. 1871, SI2O9 ask
your especial attention the necessity OF being very
cautious of charters for savings banks
some failures have occurred among this class OF insttu-
tons during the past year. Being intended 20 In
duce saving habits among those OF small means, by en-
abing them to obtain interest the which they
can, from time to time, lay aside from their daily
ng It the duty Of the Legislature TO provide in their
charters every possible safeguard for the protection OF
the depositors. The object kept view should be
rtOry than high interest At my instance Senator
Palmer. then Chairman OF the Senate Committee
Banks, cordially cooperating with mel, law passed
at the lie ative session OF 1863 hapter Of the Laws
Of that year, requiring that all persons desiring
lie savings bank should execute certificate, setting
forth the name OF their projected Institution. iu
tended place OF business the name residence occupation
and postohce address Of each member OF the association
and containing declaration from each OF
them that he Is willing TO accept the duties
OF n trustee in such institution; and requiring
that such certificate, with q copy OF the proposed
charter fled with the superinend, mt Of the Banking
Department, least co days before the annual session
Of the Legislature Tie law provides also that notice Of
intention to organize such Institution giving the par
tcuars contained in the certificate. shall be published
newspaper OF the neghborhood whore 1t IS proposed
to be established for six woeks IL then makes IL the
duty OF the superintendent OF the Banking Department
transmit TO the Legislature at Its next eetng
port concerning the xpedcncy OF Incorporating each
Of such proposed institutions Every legislative COM
mittee to whom bill for Incorporating a savings bank
shall be referred, which has been introduced otherwise
than in the manner and with the preminaries above
described H. by the OF this law required report
against the passage thereof or course this law be-
dsre garded by "A subsequent Legislature but recon-
mend strict compliance. ON your part, with its pro-
visions calculated TO avoid needless Increase OF these
Institutions and TO guard against careessy framed char
ters recommend TO Your consideration the propr1ety
of restricting, by general law, appcabe 10 All savings
banks the amount which be held on deposit for any
depositor TO a moderate sum. Those who deal IN
large amounts are usually capable OF providing invest
for themselves IL ia not right that the funds Of
this latter class OF persons should be mingled with those
class OF Institutions and for whom specially savings
banks created.
The tendency OF late years legislation
respect savings banks and other mOncyed ncorpora
tons is shown by the fact that during the three OF
administration have found mysef obliged 10 refuse
creasng the powers OF savings banks and other mOneyet
institutions under various names. In connection with
the Constitution providing. that corporations shall noe
be created by special act except for municipal purposes
and in where, I'm the Judgment Of the legislature
the objects OF the corporation cannot he obtained under
general laws" OF late years there has been great
tendency 10 overlook the intent OF this limitation upon
legislative power II 1, true the judgment OF the Les
ature To decide whether in special case they are
justified in disregardng the general prohibition This
discretion however should be exercised not arbitrarily,
but In harmony with the purpose aud intent OF the whole
section; which obviously, 10 take away from tho
Legislature the right OF creating corporations by special
act except whore IL clear that the object could
not be obtained under general laws.
INSURANCE DEPARTMENT.
The number OF insurance companies subject 20 the
supervision OF the Insurance Department was tho
first day Of December 1871, 23s, as follows:
New-YOrk Joint stock fire insurance companies ... 81
Ncw-York mutual Insurance companies. 10
New-YOTk marine insurance companies.
New-York life insurance companies. 30