New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-26
Total liabilities

This exhibit reveals . material increase In theTe-
sources Of this OF corporations and correspond ny
activity in their business. twenty-five incorporated
banks had AZ failed close their circulation account
with the Department. The entire amount OF circulating
notes which were outstanding Sept. 80, 1873. was
SS49226 80 the unsecured notes amounting to sOJo-
Cos so The amount OF securities held In trust OF sept
So 1870 wa. IG3 1857 AZ. The superintendent Then
save IN relation private bankers carrying ON business
under corporate titles
in INV last report called the attention OF the Legisla-
ture To the recent practice NJ persons Who engage IN
nrivate banking aud brokerage of assuming titles which
are intended carry with them the idea at the bNik-
it's aueson Tor the Lgisiarure to decide whether
such assumption Of title and preenrc la business should
DC sanctioned permitted by the state The number OF
the description referred to with fasc ana deceptive
90 i'm 1870; now they exceed The adroness OF some
Of of the private ban. IA shown ia the way
they appropriate names which belonged t0 now closed
stale banks. There letters ON file IN the Bank
Department, from such purely private bah1s E wmon
are written upon deliberately engraved letter
heads In which the names Of the once ~ellknown
state banks captured by these pri!a"'is; ana
further the false cUOrs reinforced by hlr lcgtn
also engraved" Organzed In -" The date when Tie
original state bank organized twice has
the Legislature absolutely prohibited private Da.ho ia
the state under severe penalties The prohibition was
maintained for many years ana Wah rus'alcd ~ Ju'
durs ter that persons should be- no longer permit Cd 10
enter upon the business Of banking of I" continue III H.
with such titles and such ar0,i and studied aTrangtneit
al detail and circus anccs intended and well cal
culatcd TO the public opinion tlat ths purely pIl
"a
y The general bank ny laws OF the state and sun oundcd
H., II the safeguards which ricnce and years OF cor
Icctiyc legislation have embodied III thht system
The SUI. rintendent closes Lis report as follows:
In former crises like the which are passing
through lie banks have been foremost IN the enoft 10
procure 4 return specie paymcnIs But the banks are
hammered now by the attitude of the Government lthas
outsa landing millions OF rcdccmabe notes which are not
rrlecinanlc In the usually cunstruc the term
The Government therefore, owes To the people the duty
OF removing this nindrancc Ia resumption just as sOon a.
possbc In other words the people owe To themselves
the duty pay their honest obligations nj the time and
in the they promised u them; for the Govern
uont II only and the instrument ~ the pcO-
pie The will do what the people Instruct II
to do. The people Will find 1t profitable Ia pay
esty Is the best policy" IN national dealings as
well as personal . Another result viii
also be accomplished at the same time, which
will be the advantage of the aborcr With the re-
sumption of specie payments the paper note III winch he
will paid tie low, VIII be enhanced III It's value
IL VIII BE- worth IL 10 hundfcdts OF dollar more In
its purchasing power than ~ IN to-day. weeks work
by mechanic abOrer Will buy from II 10 - worth
more of commodities, II the latter were To command the
same gold prices they do than the weeks labor
will purchase present II Is obvious. therefore, that
Will OF double service the LABOR OF the country 1t
will release capital that Ia now held III hand through
doubt and tmidy and cause The currents OF enterprise
to now acuycly and naturally. That result
will make demand and market for labor throughout
the entire country. The paper money, IN which tile
wages OF labor aim ~ univ cfsay paid, Will
prccate venth III value In It's buying
quality. In brief phrase, resumption means plenty Of
WORK and genuine dollar In payment Tor such work