Average to each depositor, $208,91; deposited, year 1859, $30,808,383; withdrawn, 1859, $23,308,109; received for interest, 1859, $3,049,924 ; total interest placed to credit of depositors during the year 1859, $2,610,912. Total, interior towns and cities......... Compared with Massachusetts, the aggregate follows: 8,933 67,872 $ 9,144,027 deposits are shown as 159 582 SECURITIES AND INVESTMENTS OF THE SAVINGS BANKS OF THE STATE OF NEW-YORK. The Chamber of Commerce, at a meeting held January 5, 1847, on the motion of PROSPER M. WETMORE, (then its secretary,) appointed a select committee to report a plan of an institution for savings, especially designed for the advantage of persons employed in mercantile houses, and, if they deemed it expedient, to apply to the legislature for an act of incorporation. The committee consisted of the president, (JAMES G. KING,) JAMES DE PEYSTER OGDEN, PROSPER M. WETMORE, MATTHEW MAURY and TOWNSEND HARRIS. The committee invited the coöperation of the Mercantile Library association in carrying out the object, and the board of directors of that association appointed a committee of conference, consisting of CORNELIUS L. EVERETT, THOMAS W. GROVER, W. A. KISSAM, HENRY R. BARKER and THOMAS J. BAYAUD. An application was made to the legislature for an act of incorporation in April, 1847, but it was not successful, on the plea that a general law to authorize savings institutions was contemplated. The application was renewed in the fall of that year, at an extra session of the legislature, and again without success, on the same plea. It was however, renewed in March, 1848, and an act was passed April 12, 1848, which was announced to the Chamber at a meeting held May 5, 1848, in a report presented by Mr. WETMORE in behalf of the select committee, a certified copy of the act being then submitted, at which time the following gentlemen were elected its first trustees in behalf of the Chamber, in accordance with the provisions of the act, viz. :-JAMES DE PEYSTER OGDEN, PROSPER M. WETMORE, MATTHEW MAURY, WILLIAM H. MACY, CHARLES KING, ROBERT KELLY, BENJAMIN R. WINTHROP, GEORGE W. BLUNT and OLIVER SLATE, Jr. The act was the same as originally submitted by the Chamber, with the exception of substituting the term "Institution" for that of "Bank." The following are the corporators named in the act, viz. :—MOSES H. GRINNELL, JAMES G. KING, JAMES DE PEYSTER OGDEN, PROSPER M. WETMORE, MATTHEW MAURY, TOWNSEND HARRIS, THOMAS W. Grover, ISAAC H. BAILEY, W. A. KISSAM, JOHN J. PALMER and WILLIAM H. MACY. By this act of incorporation, its officers consist of a president, two vice-presidents and a treasurer, who are chosen annually from a board of twenty-four trustees. These trustees are the president, vice-president and treasurer, for the time being, of the Chamber of Commerce; the president, vice-president and treasurer, for the time being, of the Mercantile Library Association; nine trustees elective by the Chamber of Commerce, in classes of three each, so that the term of one class expires annually; and nine trustees elective by the board of trustees of the Institution, also in classes of three each, one of which expires annually. The trustees are to be persons who are or have been connected with mercantile pursuits, and shall not, directly or indirectly, receive any pay or emolument for their services, nor shall they, directly or indirectly, borrow or use the funds of the corporation, except to pay the necessary current expenses. The investments are required to be made in government securities, or any public stock created by any law of the United States, or of this State, or of the corporation of this city, and on bond and mortgage, on improved real estate of double the value of the amount loaned; and on a vote of three-fourths of the board, investments may be made in the public stocks of other States of the Union. The institution may receive deposits from clerks or other persons, and the trustees are to regulate the rate of interest, to be allowed from the profits of the institution, after deducting all necessary expenses. JAMES G. KING was elected the first president of the institution, May 11, 1848, and continued in office until his resignation, in May, 1850, when MOSES H. GRINNELL was elected, who has successively, each year, been re-elected, and is now its president. The institution commenced its operations July 1, 1848, in the building then known as “Clinton Hall," in Beekman-street. It was open for business three afternoons each week during its continuance at that place. After its removal, 9th May, 1854, to the premises purchased, No. 516 Broadway, where its present banking house was erected, the institution has transacted business every business day from 10 o'clock, A. M., to 2 o'clock, P. M., in addition to the three afternoons as before. The institution has, from its organization, to January, 1852, allowed interest to depositors on sums from $5 to $1,000, at the rate of 6 per cent. per annum, and at the rate of 5 per cent. on larger sums; since that period its rates have uniformly been 6 per cent. on sums from $5 to $500, and 5 per cent. on larger sums. The following shows the progress of its business, viz.: Number of open accounts, January 1, 1860, 7,203. Average amount of deposit to the credit of each depositor, $253 61. Its assets, as exhibited in its last annual report, January 1, 1860, are as follows: Investments in Public, State and city stocks,... Loans on State stocks,. $824,814 24 "Bonds and mortgages on real estate in this city and 829,550 00 "Real estate,.. 64,408 24 28,000 00 40,942 77 111,971 71 ..$1,899,686 96 Earnings on investments to December 31, 1859,. Cash in Bank of Commonwealth and U. S. Trust Company,. Total assets January 1, 1860,..... List of new Savings Banks incorporated during the session of the Legislature of New-York, 1860. Trustees of the Institution for the Savings of Merchants' Clerks, elected Elected 1858, term will expire in 1861. by the Chamber of Commerce.. REPORT ON DECIMAL WEIGHTS AND MEASURES, AND COINAGE. A SPECIAL Committee of the Chamber of Commerce, in the year 1857, reported that a natural standard that would remain invariable under all circumstances, is without doubt highly desirable, and would give that exactness and permanency to the system which absolute perfection requires. Whether such can be obtained, your committee would leave to those whose pursuits render them more competent to decide. In any event, however, it seems practicable to establish a decimal system, the exact relations of the units of which may be readily adjusted to an arbitrary or philosophical standard, should such be hereafter obtained. Many years, however, may yet elapse before this question of invariability can be decided, and even should the decision then be adverse, so great is the importance of a scientific basis, that the problem would ever, Phoenixlike, rise anew and present itself for new years of experiment, as science enlarges her resources and obtains more exact instruments for the solution of difficulties. If this is, therefore, made a preliminary question to the adoption of a uniform system of weight, measure and coin, we shall be obliged to wait for an indefinite period for the commencement of that reform which is now so greatly needed; and of all the principles that have been thus proposed as the basis of such a system, none has met with such universal approbation as the decimal. Long established habit has reconciled people to the common methods of computation. Indeed, the great majority scarcely know of any other. There is ever more or less unwillingness to abandon that which time has rendered comparatively easy, and custom has sanctioned, notwithstanding inherent defects. Even among those who may be classed as thinking people, there is a disinclination to exchange old and familiar methods for new ones, with which they are not practically familiar. * * * * * The decimal reform will prove a labor-saving machine of the first magnitude; and as regards the saving of time, we hope soon to lay before the public a collection of facts that will excite astonishment. * * It will be conceded that no reform of equal extent and magnitude has ever been effected, which required so small a sacrifice of public and private convenience at the period of its introduction. We disturb no existing institutions; we ruin no branch of business; we jeopardize the interests of no class of citizens; we interfere with no public records; we introduce no barbarous words; we demand no changes but what can be effected with ease, and all the required alterations will be decided improvements. Every part of Europe is alive to this reformation. Societies have been formed in various countries for its establishment; and from the fact of our currency being formed on the decimal principle, all eyes are turned upon us, with the full expectation that we shall take the lead in this noble enterprise. Should we accomplish this useful object, we shall gain the |