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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 doubled 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 unskilsul 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,
J. J. GALLUP, 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 10 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 list of August, 1710, on payment, &c.
Under this Act the Bank took up and added io their stock £1,000,171 exchequer bills and tallies.
1708. Charler 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 £1,775,027 178. 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. 100.
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,
£4,000,000 Os. Od. Making the public debt in 1721,
£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, £3,275,027 178. 10d., and advanced to it on account of ditto, £3,000,000: Difference,
£275,027 178. 10d. Debt due by the Public in 1738,
£9,100,0000 0 1742. Charter continued by 15 George II., c. 13, till twelve months' notice after the 1st of August, 1764, on payınent, &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 Os. Od.
In 1745, under authority of 19 George JI., 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,
£3,000,000 0s. Od. Debt in 1846, .
£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
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 27– about 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 Cur. rency 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.
Actual Circulation. Authorised Circulation, Coin. Bank of England,
£17,500,000 £27,000,000 £14,000,000 185 Private Banks, as per list, 3,700,000
2,000,000 67 Joint Stock Banks,
1,000,000 18 Scotch Banks, .
923,000 8 Irish Banks,
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.
£17,751 Ashford Bank,
11,849 Aylsham Bank,
5,854 Aylesbury Old Bank,
48,461 Baldock and Biggleswade Bank, 37,223 Barnstaple Bank,
17,182 Basingstoke and Odiham Bank, 24,730 Bedford Bank,
34,218 Bedford and Bedfordshire Bank, 8,515 Bewdley Bank,
18,597 Bicester and Oxfordshire Bank, 27,090 Birmingham bk.--Attwoods & Co. 23,695 Birmingham & Warwickshire Bk. 18,132 Blandford Bank, .
9,723 Boston Bank-Garfit & Co. 75,069 Boston Bank-Gee & Co.. 15,161 Bridgewater Bank,
10,028 Bristol Bank,
£23,597 Chertsey Bank,
3,436 Colchester Bank,
25,082 Colchester and Essex Bank, 49,704 Cornish Bank,
49,869 Coventry Bauk,
12,045 City Bank, Exeter,
21,527 Craven Bank, .
77,154 Christchurch Bank,.
2,840 Cardiff Bank,
7,001 Chepstow Old Bank,
9,387 Derby Bank-Messrs. Evans, 13,332 Derby Bank-Smith & Co. 41,304 Derby Old Bank,
27,237 Devizes and Wiltshire Bank, 20,674 Diss Bank,
10,657 Doncaster Bk. and Retford Bk. 77,400 Darlington Bank,
86,218 Devonport Bank,
10,664 Dorchester Old Bank,
48,807 East Cornwall Bank,
112,280 East Riding Bank,
53,392 Essex Bk. & Bishops Stortf'd Bk. 69,637 Exeter Bank,
37,894 Fakenbam Bank,
24,293 Faringdon Bk. & Bk.of Wantage, 8,977 Farnham Bank,
14,202 Faversham Bank,
48,277 Broseley and Bridgenorth Bank, 26,717 Buckingham Bank,
29,657 Bury and Suffolk Bank,
82,362 Banbury Bank,
43,457 Banbury Old Bank,.
55,153 Bath City Bank,
4,572 Bedfordshire Leighton Buz. Bk. 36,829 Birmingham Bk., Taylor & Lloyds 38,816 Bradford Old Bank,.
12,676 Brecon Old Bank,
69,271 Brighton Union Bank,
33,794 Burlington and Driffield Bank, 12,745 Bury St. Edmund's Bank, 3,201 Bromsgrove Bank,
16,799 Cambridge Bk.-Mortlock & Sons, 25,744 Cambridge & Camb’dgeshire Bk. 49,916 Canterbury Bank,
6,681 Godalming Bank,
6,322 Grantham Bk.-Kewney & King, 19,401 Guildford Bank,
14,524 Grantham Barrk-Hardy & Co. 30,372 Hastings Old Bank,.
39,038 Hereford City and County Bank, 22,364 Hertford and Ware Bank, 23,635
Hull & Kingston-upon-Hull Bk. £19,979 Reading Bk.-Stephens & B. £43,271
6,889 Harwich Bank,
5,778 Ringwood and Poole Bank, 11,856 Hemel Hempstead Bank, 23,842 Rochdale Bank,
5,590 Hertfordshire, Hitchen Bank, 33,764 Rochester, Chatham & Strood Bk. 10,480 Hereford, Ross & Archenf'd Bk. 27,625 Royston Bank,
16,393 Ipswich Bank, 21,901 Rugby Bank,
17,250 Ipswich & Needham Market Bk. 80,699 Rye Bank,
29,964 Kentish Bank,
19,995 Reigate and Dorking Bank, . 13,700 Kington and Radnorshire Bank, 26,050 Ross Old Bank, Herefordshire, . 7,420 Knighton Bank,
9,090 Saffron Walden & N. Essex Bk. 47,646 Knaresborough Old Bank, 21,825 Salop Bank,
22,333 Kendal Bank, 44,663 Scarborough Old Bank,
24,813 Kettering Bank, . 9,192 Shrewsbury Old Bank,
43,191 Lane End Staffordshire Bank, 5,624 Sittingbourne and Milton Bank, 4,799 Leeds Bank,
53,357 Southampton Town & Co. Bk. 13,599 Leeds Union Bank, 37,459 Southwell Bank,
14,744 Leicester Bank, 32,322 St. Albans Bank,.
3,743 Lewes Old Bank,
44,836 Southampton & Hampshire Bk. 6,770 Lichfield Bank, 22,786 Stone Bank,
9,154 Lincoln Bank, 100,342 Stourbridge Bank,
17,295 Llandovery Bk. & Llandilo Bk. 32,945 Stafford Old Bank,
14,166 Loughborough Bank,
7,359 Stamford and Rutland Bank, 31,858 Lymington Bank, 5,033 Stourbridge Old Bank,
17,560 Lynn Regis & Lincolnshire Bk. 42,817 Shrewsbury and Welsh Pool Bk. 25,336 Lynn Regis and Norfolk Bank, 13,917 Taunton Bank,
29,799 Macclesfield Bank, 15,760 Tavistock Bank, .
13,421 Manningtree Bank, 7,692 Thornbury Bank,
10,026 Marlborough Bank,
19,073 Tiverton and Devonshire Bk. 13,470 Marlboro & N. Wiltsh. New Bk. 12,490 Thrapstone and Kettering Bank, 11,559 Merionethshire Bank,
10,906 Tring Bank and Chesham Bank, 13,531 Miners' Bank, 18,698 Towcester Old Bank,
10,801 Monmouthsh. Agri. & Com. Bk. 29,335 Union Bank, Cornwall,
17,003 Monmouth Old Bank, 16,385 Uxbridge Old Bank,
25,136 Monmouthsh. Newport Old Bk. 8,600 Wallingford Bank,
17,064 Newark Bank,
28,788 Warwick & Warwickshire Bk. 30,504 Newark and Sleaford Bank, . 51,615 Wellington Bank, Somerset, 6,528 Newbury Bank, 36,787 West Riding Bank, .
46,158 Newmarket Bank, 23,093 Whitby Old Bank,
14,258 Norfolk and Suffolk Bank, 4,551 Winchester, Alresford & Alt. Bk. 25,892 Norwich Crown Bank,
45,120 Winchester and Hampshire Bk. 6,737 Norwich and Norfolk Bank, 75,372 Weymouth Old Bank, .
16,461 Nottingham & Nott'ghamsh. Bk. 10,866 Wirkesworth and Derbysh. Bk. 37,602 Nuneaton Bank, .
5,899 Wisbech and Lincolnshire Bk. 59,713 Naval Bank, Plymouth, 27,321 Wiveliscombe Bank,
7,602 New Sarum Bank,
15,659 Wolverhampton Bk.-G. & Co. 14,180 Nottingham Bank, 31,047 Worcester Bank,
15,463 Oswestry Bank, 18,471 Worcester Old Bank,
87,448 Oxford Bank, . 14,277 Worcestershire Bank,
14,309 Oxford Old Bank, 34,391 Walsall Old Bank,
19,937 Old Bank Tonbridge,
13,183 Warminster and Wiltshire Bk. 24,996 Oxfordshire Witney Bank, 11,952 Wrexham Bank,
3,289 Pease's Old Bank, Hull,
48,807 Wolverhampton Bk.-R. & W.
10,033 Reading Bk.-Simmonds & Co. 37,519 York Bank,