, 1877-07-17
4ot~A''"ss't' ss'sssa S1s Lob tba. u
4 1ttSThfftEAf, L, AEETrn

HISTORICAL 5kETCH.
Tho Butchcra' d Droycrs Dank was organ
lied n 1867 with nominal capltai Of *a50,000,
OF whicl, 80 per cent Was puil H.. From time
TO time dlviiends wcro declared, and were
credited to stock on the books until 10 per cent
@ rho reAPs 5snk d' E1'k'e asaP?l.. saPl.s!
Ing business from th1 start, aud. In addition to
heavy Iist Of large .iepos!tors, beeatne popular
viii. smail dcpositors, of witch 1t had host.
years agu, when only 10 per cent OF tho stock
WINS ratd TIP, sl,arcs were selling from ~ TO
q per cent, Or little over Is per cunt premium
THH NBw uANKtNa LAW TO ne RESISTED.
As the Suspension Of tho Butchers d. Drovers'
Is cbargeabi1 to the new Banking law wElicl.
takes elect OH Aug. !, and ns It Is freely stated
that several othcr Institutions will owe their
demise to tho same cause'lf tho law bc en-.
upon several Of tho State banks to learn
how that law was regarded. lie found u In
small fayor; but tllls WIS not al. flo found
that IN vsoF Of possible trouble, counsel learned
IN H. law h tssn and The postum
banks oreanlzed after Aug. /. The reporter
visited the ot'iccs Of several prominent lawyers
TO Learn n on wlaa Ef99and 1' .n
tho chartcrs under which tho banks were
orEoDkcd constitute u contract between
the statu aud tho corporation under n decision
Of the United etates Supreme Court thnt afi
Stutc. They hold that the Constitution Of the
United States declares agatt.st tho right OF auy
Legislature TO impair the obligations Of con-
ttnCt. They thereforcfhuld ihat this now Bank
lug law, making restrictions aud requirements
not contained In tho prlciial charters, Is uu at
tempt at the in,s drment Of cuntracts and
cal,raot stand. Nearly a'l Ut tho Statc banks
were organlzcd under tic general law Of 1858,
lawyess who Insist on the validity OF tic new
law as against existing banks, hold that the
general law Ut 1866 c0ntaine1 section which
gave to tho Legislature the right to pass asncu.l
atory laws whenever deemed necessary, u1l1, al
though tho revised lar, in Vol. ] Of Wagucr's
Statutes, rcpeals that original law, au1 does not
re-cnact thts particular section, set the fact
stands that by orgatlzlaE under tho original
their charter as subsequent Legislatures might
desire to llakt, and consequently ore bound bY
tlts ainendutory provisions Of tho new Law.
This involves very iiicc law point, and there
Is o probability that s0nlo OF thg banks will Join
IN refusing to qualify under thu nuw law aud re-
slattuR Its enforcement.
the PIKE COUNTY uAax.
ST. L0uIs, Mo-. July la,--Tho Qi4e- Democratic
q tho stockio1slera ot the PlEo County Bunk
to-day, the Directors reported tho total liabil-
ties VI tho bank were $l15.OIU; tho net value
Of assets nhout s7U00U. Statements were tuatlo
tl!at Thy 4eposltors would recelys dollar for
bank ID S400, ,001 with Is por ccut paid in. The
majority Ut the stockholders nre solvent, md
tl1rrn seems to be no doubt that the bAnk'a
Indebtedness will coon be pail. The leposItora
pall pasacl resolutions granting tho bank slx
months to pay thu bnlancea duo them, providing
the Directors will pay ~ por cent instal'menls
fast their assets aro realized upon, aud that
the Directors will call upon the stockholders
within thirty days for such amounts as will
meet all Liabilities not mt by tho present
nsscts. 4 stateuicnt by a. n. Weir, Cashier,
shows that the first speculattons u,ale by him
wcro for the purpose 6f trying TO make up SONS
losEes BY the bank. liz also confessea thut two
diytdeuas were pala out Ut tho deposits, there
being no profits out Of which 10 make dividends.