4 to 5 3吋 1831, 66 1, 2 to 3 1832, " 13, 2 An average of these rates is 3 for the buying price, and 5 per cent. for the selling price, giving a medium of 4 per cent. which is sufficiently near to 4 per cent. for our purpose. 21 C. CONDENSED STATEMENT OF THE CONDITION OF ALL THE BANKS IN THE UNITED STATES, AT From the Reports of the Secretary of the Treasury. 19,000,000 68,000,000 19,820,240 44,863,344 $35,950,470 137,110,611| * In these two years, the number of branches is included. D. THE NEW YORK GENERAL BANKING LAW. AN ACT TO AUTHORISE THE BUSINESS OF BANKING PASSED APRIL 18, 1838. The people of the State of New York, represented in senate and assembly, do enact as follows: § 1. The comptroller is hereby authorised and required to cause to be engraved and printed in the best manner, to guard against counterfeiting, such quantity of circulating notes, in the similitude of bank notes in blank, of the different denominations authorised to be issued by the incorporated banks of this state, as he may from time to time deem necessary to carry into effect the provisions of this act, and of such form as he may prescribe. Such blank circulating notes shall be countersigned, numbered, and registered, in proper books to be provided and kept for that purpose in the office of said comptroller, under his direction, by such person or persons as the said comptroller shall appoint for that purpose; so that each denomination of such notes circulating shall all be of the same similitude and bear the uniform signature of such register; or one of such registers. § 2. Whenever any person or association of persons, formed for the purpose of banking under the provisions of this act, shall legally transfer to the comptroller any portion of the public debt now created or hereafter to be created by the United States or by this state, or such other states of the United States as shall be approved by the comptroller, such person or association of persons shall be entitled to receive from the comptroller an equal amount of such circulating notes of different denominations, registered and countersigned as aforesaid; but such public debt shall in all cases be, or be made to be, equal to a stock of this state, producing five per cent. per annum, and it shall not be lawful for the comptroller to take any stock at a rate above its par value. § 3. Such person or association of persons are hereby authorised, after having executed and signed such circulating notes in the manner required by law, to make them obligatory promissory notes payable on demand, at the place of business within this state, of such person or association, to loan and circulate the same as money according to the ordinary course of banking business as regulated by the laws and usages of this state. § 4. In case the maker or makers of any such circulating notes countersigned and registered as aforesaid, shall at any time, hereafter, on lawful demand during the usual hours of business, between the hours of ten and three o'clock, at the place where such note is payable, fail or refuse to redeem such note in the lawful money of the United States, the holder of such note making such demand may cause the same to be protested for non-payment by a notary public, under his seal of office in the usual manner; and the comptroller on receiving and filing in his office such protest, shall forthwith give notice in writing to the maker or makers of such note to pay the same; and if he or they shall omit to do so for ten days after such notice, the comptroller shall immediately thereupon, (unless he shall be satisfied that there is a good and legal defence against the payment of such note or notes,) give notice in the state paper that all the circulating notes issued by such person or association will be redeemed out of the trust funds in his hands for that purpose; and it shall be lawful for the comptroller to apply the said trust funds belonging to the maker or makers of such protested notes to the payment and redemption of such notes, with costs of protest, and to adopt such measures for the payment of all such circulating notes put in circulation by the maker or makers of such protested notes, pursuant to the provisions of this act as will in his opinion most effectually prevent loss to the holders thereof. § 5. The comptroller may give to any person or association of persons, so transferring stock in pursuance of the provisions of this act, powers of attorney to receive interest or dividends thereon, which such person or association may receive and apply to their own use; but such powers may be revoked upon such person or association failing to redeem the circulating notes so issued, or whenever, in the opinion of the comptroller, the principal of such stock shall become an insufficient security; and the said comptroller, upon the application of the owner or owners of such transferred stock in trust, may, in his discretion, change or transfer the same for other stocks of the kind before specified in this act, or may retransfer the said stocks. or any part thereof, or the mortgages, or any of them hereinafter mentioned and provided for, upon receiving and cancelling an equal amount of such circulating notes delivered by him to such person or association, in such manner that the circulating notes shall always be secured in full either by stocks or by stocks and mortgages, as in this act provided. § 6. The bills or notes so to be countersigned, and the payment of which shall be so secured by the transfer of public stocks, shall be stamped on their face, "Secured by the pledge of public stocks." § 7. Instead of transferring public stocks as aforesaid to secure the whole amount of such bills or notes, it shall be lawful for such person or association of persons, in case they shall so elect before receiving any of the said bills or notes, to secure the payment of one half of the whole amount so to be issued, by transferring to the comptroller bonds and mortgages upon real estate, bearing at least six per cent. interest of this state, payable annually or semi-annually; in |