And yet there are hundreds of millions embarked in the business of agriculture, commerce and manufactures, over which the Legislature has never, to the knowledge of your committee, possessed, or claimed to possess, any right of control, except through the action of general laws, equally applicable to all. Indeed, a single individual in the State is supposed to possess a capital equal to at least double the aggregate capital of all these banks; yet the Legislature has never claimed the right of enacting special laws to control the management of the person or property of that individval. It is conceded that great aggregate wealth carries with it great power and influence; and it is not doubted that such power may be, and often is, in the hands of unprincipled men, made the instrument of wrong and oppression; yet we do not, therefore, discourage the increase of wealth, nor, indeed, its aggregation for legitimate and useful purposes. But for the aggregated wealth of that great mother of corporations, the State, we never should have had the Erie canal, and but for the aggregated wealth of these lesser corporations, no steamboat would ever have ridden or rail car run, upon our public highways, to aid the profit or convenience of the people of the State. These institutions as much as any other, distinguish us from the unskilful wild men, who preceded us in the occupation of this territory. They are based upon great general principles, and none other than such should ever be invoked, for their regulation or dissolution. Now if the precedent is to be established, of entertaining the consideration of such subjects by the Legislature, the hundred days session contemplated by the new Constitution, will scarcely be sufficient to dispose of such complaints alone. The principle once established, and rumor or suspicion admitted as a proper ground of inquiry, and every ambitious stockholder failing to be elected a director, and every dealer failing to obtain the discounts he requires-every dishonest man who is compelled to pay his note-every malicious individual who may have a private pique against an officer of the bank, will rush to the Legislature, heralding common rumors and suspicions, and clamoring for Legislative investigation; and who can fail to perceive the effects that must necessarily follow from such a course of proceedings. The very life and soul of banking institutions is public confidence and credit. Can such confidence survive a legislative decision, that sufficient evidence of malpractice existed to authorize a suspension of the common law of the land, and a resort to summary legislative interference, for the more speedy or effectual administration of justice? In the judgment of your committee, very few of the best managed institutions of the State could stand the test of such an assault. Your committee are fully satisfied from all the facts and circumstances brought before them, that the Dansville Bank is a sound and solvent institution, and is so managed as not to endanger the public interests. They therefore beg leave to offer the following resolution: Resolved: That the prayer of the petitioners ought not to be granted. A. K. HADLEY, E. CROSBY, Committee. THE BANK OF ENGLAND. The following sketch of the successive renewals of the charter of the Bank, of the conditions under which these renewals were made, and of the variations in the amount and interest of the permanent debt due by the English government to the Bank of England (exclusive of the dead weight) we take from the Encyclopedia Britannica. 1694. The charter of the Bank of England, granted under the Act 5 and 6 William III., c. 20, redeemable upon the expiration of twelve months' notice after the 1st August, 1705, upon payment by the public to the Bank of the demand therein specified. Under this Act the Bank advanced to the public £1,200,000, in consideration of their receiving an annuity of £100,000 a year, viz. eight per cent. interest, and £4,000 for management, £1,200,000 Os. Od. 1697. Charter continued by 8 and 9 William III., c. 20, till twelve months' notice after 1st of August, 1710, on payment, &c. Under this Act the Bank took up and added to their stock £1,000,171 exchequer bills and tallies. 1708. Charter continued by 7 Anne, c. 7, till twelve months' notice after 1st of August, 1732, on payment, &c. Under this Act the Bank advanced £400,000 to government without interest; and delivered up to be cancelled £1,775,027 17s. 10d. exchequer bills, in consideration of their receiving an annuity of £106,501 13s. being at the rate of six per cent., £2,175,027 17s. 10d. 1713. Charter continued by 12 Anne, stat. I., cap. 11, till twelve months' notice after the 1st of August, 1742, on payment, &c. In 1716 by the 3d George I., c. 8, the Bank advanced to Government, at five per cent. £2,000,000 Os. Od. And by the same Act, the interest on the exchequer bills cancelled in 1780, was reduced from six to five per cent. In 1721, by 8 George I., c. 21, the South Sea Company were authorized to sell £200,000 government annuities, and corporations purchasing the same at 26 years' purchase, were authorized to add the amount to their capital stock. The Bank purchased the whole of these annuities at 20 years' purchase, Making the public debt in 1721, £4,000,000 Os. Od. £9,375,027 17 10 Five per cent. interest, was payable on this sum to midsummer 1727, and thereafter four per cent. At different times between 1727 and 1738, both inclusive, the Bank received from the public, on account of permanent debt, £3,275,027 17s. 10d., and advanced to it on account of ditto, £3,000,000: Difference, £275,027 17s. 10d. £9,100,000 0 0 Debt due by the Public in 1738, 1742. Charter continued by 15 George II., c. 13, till twelve months' notice after the 1st of August, 1764, on payment, &c. Under this Act the Bank advanced £1,600,000 without interest, which being added to the original advance of £1,200,000, and the £400,000 advanced in 1710, bearing interest at six per cent., reduced the interest on the whole to three per cent. £1,600,000 0s. Od. In 1745, under authority of 19 George II., c. 6, the Bank delivered up to be cancelled £986,000 of exchequer bills, in consideration of an annuity of £39,472, being at the rate of 3 per cent., £986,000 Os. Od. In 1749, the 23d George II., c. 6, reduced the interest on the four per cent. annuities, held by the Bank, to three and a half per cent. for seven years from the 25th of December, 1750, and thereafter to three per cent. 1764. Charter continued by 4 George III., c. 25, till twelve months' notice after the 1st of August, 1786, on payment, &c. Under this Act the Bank paid into the exchequer £110,000, free of all charge. 1781. Charter continued by 21 George III., c. 60, till twelve months' notice after the 1st of August, 1812, on payment, &c, Under this Act the Bank advanced £3,000,000 for the public service for three years, at three per cent. 1800. Charter continued by 40 Geo. III. c. 28, till twelve months' notice after the 1st of August, 1833, on payment, &c. Under this act the Bank advanced to government £3,000,000 for six years without interest; but in pursuance of the recommendation of the committee of 1807, the advance was continued, without interest, till six months after the signature of a definitive treaty of peace. In 1816, the Bank, under authority of the Act, 56 George III., c. 96, advanced at three per cent., to be re-paid on or before the 1st of August, 1833, . Debt in 1846, £3,000,000 0s. Od. £14,686,000 0 0 1833. Charter continued by 3 and 4 William IV, c. 98, till twelve months' notice after the 1st of August, 1855, with a proviso that it may be dissolved on twelve months' notice after the 1st of August, 1845, on payment, &c. This Act directs, that in future the Bank shall deduct £120,000 a year from their charge on account of the management of the public debt; and that a fourth part of the debt due by the public to the Bank, or £3,638,250, be paid off, £3,638,250, Os. Od. Permanent advance by the Bank to the public, bearing interest at three per cent., independent of the advances on account of dead weight, or other public securities held by her, £11,047,750 Os. Od. 1844. Renewal of Bank Charter, 7 and 8 Victoria, c. 32. This Act divides the Bank into two departments, viz: an Issue Department and a Banking Department; and limits the amount of Bank paper that may be issued, upon other securities than gold, to fourteen millions. This Act also limits the issues of country banks, whether upon gold or any other security, to the average of the twelve weeks, ending April 27about eight millions.—[ED. B. M.] Usury Laws. The Act of 1840, (2 and 3 Victoria, c. 37,) exempts all bills of exchange and loans above £10 on personal securities from the operation of the Usury Laws. Loans upon real estate still limited to five per cent THE BANKS OF GREAT BRITAIN. Our readers will find in our last volume a Recapitulation of the aggregate Currency of each State in the Union. We now add a similar condensed view of the Bank Note Circulation and Coin of Great Britain, November, 1845. A list of Country Banks doing business in Great Britain, November, 1848, including the Private and Joint Stock Banks of England, Scotland and Ireland, with the amount of Circulation authorised to each. |