, 1872-12-03

notes, which will probably go to tn
Supreme Court for final adjudication. An as
Ressment has been made upon the shareholder
| of the National Bank OF Bethel of 1516 pe
cent, which, if collected, will pay the creditors
appointment Of the Receiver. A dividend Of
more than 80 per cent will also soon be declared
! in favor OF the creditors of the First Nationa
| Bank OF Nevada. The affairs Of the Eight
| National Bank Of New York, aud Of the Firs
nHoa Naonai i Hank Of Rockford Illinois are in
closing Of their affairs is uncertain.
Ihe penango National Bank Of Franklin,
PennsylVania; the Merchants National Bank OF
Washington, District OF Columbia; the First
National Bank Of Selma, Alabama, and the First
National ~ Bank Of New Orleans, were United
States repositories. The final dividend in favor
Of the creditors Of the First National Bank OF
Ylcksburg has been unexpectedly delayed by
the recent presentation Of q claim Of the United
States for money alleged to have been ile-
enue Of that district in the year 1868. Since
that tlme no losses have occurred to the Gov
ernment by deposits il tho National Banks, al
though many millions Of dollars have been con-
tinually on deposit with banks which are desig-
mated as Repositories. The three frst-named
banks, at the time Of their failure. had large
amount Of Government funds On deposit.
The fifth section of the act Of March 8, 1907,
provides q that when any revenue officer or
other person hereafter becoming indebted to the
United States, by bond or otherwise shall be-
come insolvent or where the estate of any de-
ceased debtor, in the hands of executors or ad-
ninistrators, shall be insufficient to pay all the
debts due from the deceased the debt due to the
United States shall be first satisfied and the
priority hereby established shall be deemed to
extend rs well to cases in which debtor, not
having sufficient property to pay all his debts,
shall make voluntary assignment thereof, or in
which the estate and effects of an abscondiug
concealed, or absent debtor shall be attached BY
process Of Law, to cases in which an act Of To-
gal bankruptcy shall be committed"
The Treasurer Of the United States claims,
under this act, that all deposits in these banks
at the time OF suspension, belonging to tho
United States, whether deposited to its credit
directly, or to the credit Of it's disbursing Off
failure Of the bank, are entitled to priority OF
payment.
In tho case Of the First National Bank of
New Orleans, other questions have arisen. At
the date Of it's suspension the bank was in
Charge Of officers Of the Government, who we're
Of defaulting ex-Assistant Treasurer of the
United States. The nominal ba1ance to tho per-
sonal credit Of this individual upon the books OF
the bank vas 5915, ,779.10 and certified check
S9i. 900 collected upon it. Tho Government
holds this check, and claims that the balance un-
collected shall have priority in payment the
same as If that amount had been on deposit to
the credit Of the United States. The creditors
OF the bank, on the other hand, claim that,
at the time OF the suspension, the bank
held legal Offsets, and that there WAS really no
balance upon tue check held by tho Government.
The Receiver concurs in this opinion, and if tho
claim should be presented to him in the usual
way for settlement, it would be disullowed.
onsnccessfui attempts have been made to OBJ
n in, a ~ I'm
United States upon these questions. owing, in
part, as 1s believed, to defects in the present
bel. laree amount OF 1nhds mas been on de-
poslt "1tn tne Tor the last three years,
"h1cn VIII Do ulstrloutea among the creditors as
BOON as decision Of the Court can be obtained
upon these points.,
6ect1on nu o. the rational currency act pro-
S!oes tna1 1ne comptroller snail make ratable
disldena upon all Glazing which may be proved to
nus sa1ls1act3on or ad]udlcated IN court Of COM
Petent lurlsoc.lon; ana thls Is Inc only existing
provision n IN reference TO the method OF proce-
duro IN the proving OF CLAIMS against an insol-
vent bank. Inc law should be SO amended as to
oehne tne oatles OF the Comptroller and of
me hecelvsr u proving claims and IN preserib-
ing ing tne moae anu 10 manner f OF referring conflict,
ing lnteFests to me proper tribunal for final
arols1ament' nl!l for tn1s purpose was intro
quceu p;e lnto me lase congress reported 6y the
6 6anA coniulttee' ano re1e1reo 70 the judiciary
a VI " thg @ MEuse o. 4,
Of e Of tbase te
tne nolnod ol procedure II all cases OF 1nsol-
'eaL ~! Dnnhs. as>.
i, AZ alnenulnent ~ aiso sugeesteo giving au-
1noIlty l1r tno 'esurn OF re assets OF an lnsol-
thcir Dnon;nnona reonaat ,F+a- f,11 aspt apo
ehal1 have hean rnoJa ~ +o nro1 ~
hank e1.'A''A' - 'no
W:hara d;riaanda oro ao1o,,a3 h,- -oo.on ~
al ;t;aat;on el.o,;Ii ~ nio - y. 4o
nrsstmnn ~ the ,,1, ~ aasO aost nn naGus a
tie Treasurer in interest-bearinr securites. "-'A
srnnT ~ ~ ,,..s.E 'e'''N 4'e7'
soistAos - - AL aFt-1lE. T.
III dhe am require, res, tnat every National Bank
ein 'iIa. 80 saIt pa." " 4s5 Piots 70 sur
2;;dand ,antl ~ aa .a1 uecslon oo OF
cent ~ Ia canita1 stoai, T,;a aoi.s ~ ~ Per
haen ~ ,No oeara11., osaad n's S1sg Pio1islon
ahs,p pII ta tIa hare opsse1eu, anu she returns
hn3rad ed1 n;1nn na ~" W % 1e o. over
b1v nnrs tao nna,f+b - ~ ta; @nu ta1 e1nslus.a- ~
nlna arconn1 ,Tho ~ a1so r. ~
r. 90 n0 So anu nte ne naoultles
rat;as -. Hns fnr poraon, company, OF corRo
aartai ataa1l Ja;S " % ~ uae-t9In o. sne
IL. fJf-