Year: 1862

Payments, including redeemed p c. notes 0l2 1eS IL
baance OBSERVATION-DISCLOSURES. oi0lI,I4l Al


The Northern Light this morning brings
$7l0,842 2s as remittance from California.


The Commercial Fire Insurance Company has de-
clared dividend of six per cent, payable on de-
mand; the Empire City Fire Insurance Company, the
usual semi-annual dividend Of seven per cent, pay
able on demand; the New York Equitable Insu-
rance Company, semi-annual dividend of ten per
cent, payable on the 9th inst.


The following resolution was adopted at the
meeting Of the associated banks, held on Saturday
last:-


Resolved. That inasmuch probable the
Secretary OF the Treasury will be compelled to resort 10
demand notes in payment Of government obligations,
which notes will largely become the circulating medium
OF the country, and inasnuch the banks will be
pressed to receive them on deposit and in payment Of
debts; therefore,


Resolved That before we consent to receive such notes
we must require that such legal provision be made by
Congress as shall insure their speedy redemption and
that committee of this association be appointed to con-
slider that subject and report to an adjourned meeting.
A majority Of the committee make the following
report, which has yet to be acted upon


TIE special committee appointed on the 2sth ut to
consider what should be pursued by the associated
banks Of the city Of New York relative to the demand
existing legislation and the mcasuIes before Congress
embrace the following facts


l. No provision appears to have been made proposed
for funding the first issue Of demand notes, limited by
the act OF the extra session Ct Congress to fifty millions
except that they continue receivable for public dues


2 second issue Of fifty millions is now proposed in
additional section Of the National Currency BILL to be
legal tender in all parts OF the country to be the
at any stated place. to be receivable everywhere for
public dues their issue and reissue by government $50
your committee read the proposed section) to terminate
when the national currency TO be issued by banks and n
dividuas shall amount to one hundred millions OF dol
lars and being receivable for government Stock these
are fundabe.


g. No alteration has been made in the reserve of coin
required in the original National Currency b butt the
cond issue Of demand notes being legal tender these
would, is probably assumed take the position
coin in the proposed national banking SYSTEM part of
that reserve and be funded upon the general resumption
| Of specie payments if not before.


These measures contemplate alteration of the none
tary Standard they propose TO demoneze gold and sill
ver and would convert these into merchandise for all
sums OF five dollars and money values prices Of
every kind would become subject to the altered standard
or legal tender and the receiving of this legal ten
der would become obligatory upon individuals well
institutions (f constituonaD. Your committee enter
tain the hope that the omission TO provide for funding the


first issue Of demand notes has been unntentiona AMI
that the existing to reissue them will be revoked
by Congress- for in the situation in which the proposed
measnTos would leave that Issue the notes would degene
rate into an rredecmabe currency. Not doubling the
disposition of Congress to make these amendments to the
proposed measures which are less alarming in their cha
racter than might appear at first view, your committee
would submit the following resoutions-


Resolved. That it is inexpedent to ADOPT any pcrma
nent line of policy in reference demand notes the
United States until Congress shall have adopted some
adequate measure for the redemption of the same.


Resolved, That Congress be and they are hereby
spectfuy solicited to make positive definite that pro-
vision in the National Currency bill which relates to the
termination Of the power TO Issue reissue proposed


fifty millions Of legal tendor notes, and 10 make the FIRST
lfy millions Of demand notes subject to the regu-
ntons which apply to the ISSUE reissue funding Of
| the fifty millions OF legal tender notes.


Resolved, That Especial committee OF - be appointed
TO proceed Immediately to Washington and confer with
the government In relation TO the financial measures
under consideration In Congress.


Resolved That the situation OF the country calls for the
greatest possible economy in public expenditure,
swerving fidelity in every department. and energetic
ap catcn Of physical and mental power to the defence
any incumbent Of Office who habtualy neglects these
serious injury upon the cause Of his country.


Resolved That, IN view Of the destructive tendencies
Of irredeemable paper currency, would most
nesy but respectfully, urge upon government the i'm
porance Of providing fer the Withdrawal OF tho demand
Issues Of the United States in exchange for bons and
stocks bearing interest and payable within at the
mnation Of "a stated number OF years.


The following resolutions were referred to the
committee


Resolved, That the amount Of demand notes TO be
taken by the banks shall not extend beyond the aggrc
cato unpaid balance CT the loan taken by the associated
banks, until ample provision shall be made by Congress
for their redemption.


Resolved That the that extent taken under
rules Of apportionment TO bo made by tho Loan Commit
tee n such that the amount shall be borne pro
the Indebtedness Of the several banks Ia the
citation Of this city TO tho government.