The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1876-02-10

= DC highest ia,eggi.y. are Rot. as a
elAas persons wbem We would select
10 tale charge q puf property
Toe courts AFe strongly inciined =
sel5 that nationa! bAaks have Do legal
1gat of p0ver % make themselves ia.
Sc 70 return sacb securities when left
slth them for safe keepisg This 10
.he plain tenor q Justice Alien's opin-
CO q the case Of the FIRST National
tahk e Lyons against the Ocean Ma.
aonal Bank, which was decided 10 the
Corn d Appeals 90 the 23d q March.
1875 Certain bonds had been de-
posted with the cashier q the defend.
aat aed appear TO have been stolen
Tho defendant was a national bank.
and the opinion q the coar, has been
thns summarized
"ls, That the powers 10 bind the
corporation could only he presumed TO
exist 10 its officers within the scope Of
Is ordinary business-their ordinary
duties and that such deposit did not
come within that designation.
ed That the powers Of such a cor
poratlon are banking powers only, aud
that il does not include the business Of
a safe deposit company that there
could be no distinction made between
. deposit Of bonds aud deposit Of
iewelry and plate.
The decision, which is long one.
goes very fully into all the reported
cases upon the subject
Similar facts existed in the case Of
Wyley against The National Bank Of
Bratteboro Vermont Supreme Court,
1869, with tie additional fact that
the bonds were received by the cash
Ter, who gave a receipt that they were
deposited IN the bank for safe keeping
The court holds that there is differ
ence between mere agreement to
keep and an agreement to keep safely,
aud that the promise Of the president
81 bank to keep coin deposited safely
Is ultra utres The court proceeds TO
say "The cashier had no authority to
bind the bank by contract for the
custody Of the bonds. The fact that
they were received for deposit would
not bind the company; the only rem
edy for the person depositiug the
bonds is against the individual officer
who receives them"
II is certainly time for the merchants
and capitalists Of New York, who are
dopositing their securities very gener
ally with the banks for safe keeping
to understand these points distinctly
and in view of the many robberiet
which have occurred, both in the city
and country, and also because Of otheI
dangers which exist, we would war;
persons against looking for the re
quired securityin that direction.
Long observation and the experience
obtained from the test Of various mea
sures Of safety seem to indicate tina
the greatest protection to vaults is es
cured by armed guards who constant,
patrol the premises.
| As a rule, banks grant favor il
consenting to store securities, the re
Enumeration, if any is made, being N
equivalent for the anxiety, the tim
wasted, the care required and troubl
taken in attending to this business
which is generally entered into t
avoid what might seem to friends an
customers a lack Of courtesy or dis
inclination to be accommodating No
only is this demonstrated by the fac
that where there is an opportunity th
managers of banks are now advising
persons who apply to them to plac
their valuables in repositories dc
signed especially for safety, but yer
many banks are pursuing the sam
course with their own securities.