The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-01-03

OF distressed Cmgrants within the period
decision ~ the supreme Court Il the United
siates, dcclarinl all such laws unclnstitutinnll.
1870, since which date no communications have
breu y III nor bonds Giv'n.
Odt OF The moneys heretofore collect d NV the
Commissioners ~ Emigration ~ agents of the
S'nte, the public faitn T. pledged 10 provide for
all cuigrht--in beh II of whom contributions
80 the iund were madc-wHo may need assist-
ancc within live years from tue date VI their ar
rival.
There are 100 acres OF land on Wards Island,
upon which were erected hos,dtals. refuge. an
asylum FOR insane persons. and other buildings
Tor 'ue use thc commission. rue lands were
tohlht and the huiidings crsc'od out OF the
cumWutaion MONEYS. Thc title to the property
l. in the Strte. The commission estimate It's
value ai s2,Oto,Vv. 1t Is su iect mortgage
1he Le1isiature at year. on the rccommen-
dation OF the Governor. appropriated $sJ0O00
toward the current exp,nsc4 from Nav |. 1876.
to- MAY |, Isl. OF tbs there had heen expend-
ca, up 10 the 81 Of November la.t, 100000
learn 10y "a Cpnlinunicati III ftum the Pfesi-
dent Of the Commission, dated Dec 49, 1875. taat
The number Of pas~eugers ftOm forcien ports
landed at New Nork from jan. |. 1875, to the
above mentioned date. ip,9. That OF
these The number which 6 ime unuer the inmc-
iii tie care ~ tno toard was i-;fj The number
admitted during The -amo period to the refuge
and hospital " p 3.p53 OF which number 0si r.
NAMED In the institutions 80 being sick In the
hospital. III insane In the lunatic asylum, fH
crippled or otherwise disabled in the refuge,
ana So children IN he nursery.
II seems necessary that some provision he
male hv NhiCh tue puulii ith MY he KEEP
win the cmitiauts-ot least until the relief
which Is sought through hill pend ng N Con-
gres IS U1t incd. fhe imuoftrnrc ot the uuas-
tion as - now we ara to lie ] with emigrunts II
~ho VI bN the fA't that out of little more Than
SbltNO res reed ~ arriving since May. iSii,
nearly c1OloN) were landed at NV York. Fur
therdet Ill wiil be found in the annual report of
the commission.
SAVINGS HANKS.
Recon. disasters among our savings banks ad
mpnsh us of the necessity Of risII RESTRAINTS
az mat mtsnnnagement. These institutions are
ch,r,n ~ ,l iy''puse' ,o W., 70 .ake
wnJ handle hUie money, are inexperienced IN
Investments. aud TO whom the loss Of any uart
nt their limited capital u a, 'cr.ous calamity.
Evcrythins practc .uic should bc done toward
ausolu'" security, and the money deposited by
ms class ~ per- us should never be mixed up
with that OF others VINO handle iargc suns. and
are cap Ole of taking cnre Of It for themselves.
ror shoiud 10 be subjected to the risks whicn
persons VI greater means aud laIge experience
are accustomed T. take.
recommend determination OF the general
law passed ~ 1873. texDlaiing these INSTITUTIONS
rection "a OF that ct provides. mat Tor the uur-
pose Of ascgrt .nins the surplus held by u
savings bank. iis lntercst-paying stOoNr and
uOhds sh ~ ne es i'm tea al their market yalue
l suggest instead iht such investments shan
above market v1lao. Any advance IN cost T.
unrealized pront until the stocks are sold and
u may never be rcaliz ,d. II premium above
par has been pad. or l. iniicated by the current
IN rket y luc. this - sure to dis ppear IA the
stocks or bonds are held IN maturity II should
bonds have been sold before maturity. ana the
| premium Il nCtualiN in nand.
l suggest. ais DID,. that the privilege. ar lutod by
sec ion -, Of leaving ten uer cent. of the aggre-
CAT" dtp1-,.s. ana also the current cash uaiiy
! b.. lAncts 90 SaNsuEs oInks. with an ordinary
bhk OF trust company sunuld he taken away.
/ lul- Is m,ue'.n. tne money Of the poor win
thlt Ui toe more auocdlItlNc and more WatClful
elias t-. au. subj lag It to thu sane tisk.. Ii
j. iuruuSia tfut with tie urUvisi 81 section 30
/ wien futpius y savings bank lending nuy mart
Of it, funds u"on notes. ON, II cxchau .e.
draft. or any ntuft personal securities Whatever.
Fursuch /, the YER, ci4ss Of :, cuttic. OIL " hich
FIa fHas4
/ Of the saving ptnk III common win th AZ Of rs
othrr customers. IL Is. no dUuUt de-irlple that
a RAN o. rtun OF the meAiIs of . SAVINGS uank
should be In Sucn shAp' tuat II can be prompt-
/ ~ rcallz q: .I1icieut pr VISION to this emu ~
/ uth rNi,e MAD ~ ttv me section -. which
! now athur1es temporary loans direc liy 10y the
/ -aVlngs bank 't-eil. upun certain classes Of
etvch- ana ponds. zee NJ reason " hy saw
ings oink -auuid not Keep 70, c4an Il. ans
/ otner banks do. ~ MS own custody. Ia ~ own
/ vauits.
An aggregate amount of deposits i. now al.
! lowed t. he intde pv on" p-r-lBiip To- 5000. |
I suggest that II Dc reduced t. sluJl. or at most
/ S2vvj; aud this inciusiv- Of accImulttcd IA err
! ,t. Per un- If cOnrd ratal means now put
money lnto -ay''s ua"A 'n order to got Ueit' &c
Interest tn n ClSeWA InV instltuIioas are
! Not Weaht ior thi, class. The possession Of
considerable means imlltes the capacity To take
care VI none,. Nor do | approve Of the pro-
vision of section -. allowing deposits 10 be re-
| ceiyed nom curuN TitiOns auu societies. Every
| as.ociasi n must uec,ss ri, have a business
| head. capable OF taking proper care OF it, FUNDS.
| An association ~ sny kiud does not need tbe
! aid 4 ahavinA- t@tk.
| proIcrk receive dcaDsits Of money paid into
| court ~ under tue order II "A Surrogate. \ sep
! aTate clsss OF iu-titutiOns-iru-t cruIplnies -
| have been prOvided Tor tnts special purpose. anl
such deposlts are. for the most part. in large
suuis. All Tue creditors VI savings oauk oIEu,
| 10 ht ol Tue sAWe class 70 VII creuttors ioi
| small su1.-. am inclined t. the ouiuiun that
the disMsters among our savings banks ARE due
some eAtrn ut iedst. u thclf hAViug sought
vi late YEAR. alter class 81 business Wuluu
formerly they never undeltoOA, and Tor ~hica
section - nroviaes that dividends may b,
MADE Of no, exceeding SIX per cent Der annum
/ IAIs li.Au thil Is. shuuiu tie rcnuced 20 iVe pei
cent. lllrn Interest .ui increased rlsk alwas
| 20 together. Government bonds pay now O..Il
Tour aua hali Der cent. per unnuu. aua wing.
BANKS ought NO. To ete'npted, b, enurt~ 70 -
hish interest, into deaiiug ~ any Uut the Yer,
Safest cIriti--.
secu,n - requires every saynss bans wbef
II LAS acuvfel surplus ct ten yer cent, To di
v.d' all accom- uit.t1.s beyond that. sunmi.
tuAt ten Ter cent ia NOT sufficent guar lntet
sgaInst l1rses. In view IT the great ana sudden
depreciation % winch property Of all kinds 1.
s"netiH.s iiir,r. - " A.Dw ~ present cape
rence. am no sure tnh any iiuil. shnul1 o.
pat upon the accumulation OF a surplus fini
Such fund haa better De too large IMAM 800
snai u seems u ne TIA tue limit ~ ten pc
cent. H.. Il al cN ellis lnuVh to low. lbtro sug
e--tiun- are ft-prc'iriA % united ~ yotr con
silefdii "a. sac purpose uIye IN view Ia, III a
TINS cia-- lis liuti ms, so VHldi ble TO i've wei
fare Of The great iudss OF the community. sIsl
ZEN ], a. nuued to tn. du.y tor v.iica t.r'
vere csc I'd. II fy 4lrsrui-c aritihl "a thei
n1iuie. ana thei. .i IN uld not or given 90 mo-
tbeir dement's snared b. those WAC need n.
nrlp.
COMMON SCHOOL STATISTICS FOR THE YFAR Esd
sc siIThABEK III. io.b
Total To- f7i., 4, udins O''.nce On h'n1 o.,
bel irut 80 100 .....,.... @0ta o1l =
Amount 3. ."- cne.s' s.se .......... 7ri9osl /
Amount p'td fr school Lou-.s, iopAf,
~ isa ,ao- Of cn.oi,a use. ana '''9''''
Nuufcf uf -rflul AU usr-........ .......... ll.51
Aunoer % sch1o. dlsifirts, exc usye OF
sl.or oi d. c.s,s sa6iiI Tor tie 49,
N 81 b