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accompanied by the notes, is sent to the Banking Depart. mext. The superintendent forth with gives the bank notice that it must pay the notes. If it neglects to do so for filieen days, be then publishes a notice in the State paper, will bank the issued by be notes the redeemed all that smo the trust funos in his hands for that purpose. These funds (State stocks and bonds and mortgages) are them sold by him at public auotion upon a ten days' notice, and the proceeds applied to the ment payments and cancellation of the defaulted notes. Ample lime-six years and six months- is subsequently given to bill holders, within then 3 cease These 3 no:es the nº . 03 which present charge or claim upon the fund in the superintendent's hands. This officer next makes pro rata distribution of the realdue of the fund among the creditors of the bank, and if there be a surplus, deposits = in the State Treasury for the use of bis department If failure by a bank to redeem its notes takes place at agency, the bank is obliged to pay interest upon the notes presented, at the rate of twenty per cent per anoum. If the redemption and payment of interest do not take place within twenty days, the Superintendent proceeds against the bank in the manner above described. After this dethe bank cannot issue or put in circulation any of to notes. On an application at the counter to redeem, the bank may offer the par notes of or its drafts drawn upon, banks any, Troy or New York, in pay ment of its circulaNon 80 ented presented- accompanied, if required: by an affidavit that such drafts are available at those po nts for immediate pay m Dt. This will have the effect to SAVE the bank from costs of suit, if one . brought upon its defaulted notes. Any creditor of a bank having a demand exceeding one hundred d Hare, payment of which is refused, may within ten days after such refusal, apply to a Justice of the Ba. preme Court for an order declaring the bank insolvent, resureining It from doing farther business, and appointing receiver. the Judge to consider the "expadiency" a this order, for the "proventi of fraud and injustice the order is granted after hearing and inqui-y. and a re. ceiver is appointed, this ffloer takes possession of the tire property of the bank, save what the Su perintendent has, and publishes a notice to creditors to establish their claims within thirty days. Under the direction of the 8a perin endent, he converts into cash the stock and mortgage securities, 'with the least possible delay :" red aces to cash all the demands and accounts of the bank, by private and public ale, and within sinety days" from the time of his appointment declares a dividend among the creditess, avleas the time is enlarged by an order of the Supreme Court. This can not be done for a period exceeding ninety days The stockholders of the bank may themselves proceed against One or more of them, owners to the extent tenth of tis cap tal. may apply to a Supreme Court Judge to have It declared insol rent, "or in imminent damger of insolvency " On a verification by affidavit of the facts alleged, the Judge may, in his discresion, tempora rily enjoin the bank from paying out money, transferring its assets, 0 ntracting liabilities. Subsequently, upon hearing of the parties, this injunction may be made final, and the bank declared involvent and a receiver of its of fects be appointed. A New York State moneyed corporation which for one year neglects to pay its notes, is deemed to have surremdered its franchises. These are the outlines of the provisions of our Banking law for the protection of bill holders and ore ditors. They willsoffice for information at this juncture, upon a topic of general Interest. The banks of this State, however, are kindly regarded by the public, and in the general syrapathy for the misfortunes which have overtaken them in common with the rest of us, will in hardly a gle instance be made the subject of the coercive provisions of our statutes. Forbearance, kindness nd patience will be the rule of comduot now throughout New York. STREET SCENES IN ALBANY. [From the Albany Journal, Or. 14. At an unusually early hour this morning the business streets were thronged. Knos gathered around every door may, discussing the New or York ork K suspensions of yesterday and the probabilities of more suspensions to-day collected each and Crowds a when bank, the doors ware opened there was a general rush of bill holders, and in some cames, of depesitors, for specie. At the Commercial the hall was re deasely packed as to prevent for come time either entrance or egress. Some of these were auxious faced depositors in the Savi ga Bank, ful fearful of losing their but winter's the part idlers were dependence; and greater lookers on, amusing themselve: with the scene, and with unfeeling jokes over 18. Mahcious III advisors and pickpockets We not scarcs At the other banks there was less oro wd but constant stream in and oui, and a close packed mass a: the teller's desk, all engerly thrusting forand checks ward bank notes, Scon books. the I umor circulated of the meeting of the bank Presidents and the resolve for general suspension. The news spread like wildfire. Business was at stand, and nothing was heard or talked of but the engrossing topics "banks, "securities in the department," 'Governor, "gold," "notes,' "antra session, "suspension constitution," &o. The pelice keptorder at the Commercial, and there was no where any disturbance. Indeed, the general Beling ap beared to be that of relief. Men breathed more freely, as kno wing the worst. There was less anxious whispering and more laughing and good humor than for a week past Everybody bitherto has been recounting diseaters or expressing apprehensions STREET SCENE3 IN TROY. [From the Troy Times, Oct. 14 The culmination of the panic in this city took place this morning About half an hour before the time for opening the business of the day, small depositors and bill holders began to cluster around the doors of the several banks, awaying for their opening to make general run. Tex b'clock came, and they were informed that It had been decided to sus pend specis payments; but the crowd by no means diminished On the other hand It gradually increased, and by half past ten o'clock there were as many as four or five bundred people stationed in the immediate vicinity. Generally speaking, they were quite orderly, though some, in estified with the information they had tained to outside, attempted to crowd their way to the bank counters hear = repeated. Shortly before eleven o'clock, Mayor Wotkyns made 5 address to the crowd, which they listened to in an orderly and bie peaceable manner He assured them that notwith tanding suspension had been agreed upon, depositors and bill holders had noth ing to fear. They were amply secured from loss in may manner whatever. It would soon be apparent to all that the suspension was not only a matter of necessity, bei of relief, and that the interests of all classes would be materially benefitted by the steps which had been taken. He then read the resolution adopted this morning by the banks of Albany, froy, West Troy, Lansingburg and Waterford, 3 suspend ments. specie Hon DAVID BUSL, Jr., followed. He dited the case of 1887, when, he said, immediate relief follo wed a suspensten of specie pay ments by the banks. There could be no doubt whate of similar ar result in this case. Not only would . erchants and manufacturers be benefited by the suspension, but the interests of employés would also be subserved and their condition materially improved Moderate counsels prevailed. Some three hundred persons continued to linger about the banks until noom, but they did nothing more than talk the matter over, and though officers were stationed at the several entrances, their services were not called into requisition to quall my disturbance. CANAL BOARD-IMPORPANT ACTION. [From the Albany Statesman. Oct 14.) Ats meeting of the Canal Board this morning, Mr. Auditor Benton submitted an important plan for relieving forwarders and the community generally interested in having the produce of the country brought to market. The plan is to the effect that banks having the funds of the State shall receive the checks of for warders, the banks holding the bills of lading as security. Thus practically the State furnishes funds to move produce to market, put the forwarders in business, make business for the canals, and afford relief which reaches all classes of the commenity. CANAL TOLLS FOR 1857. The following is a statement of tells received on the New York canais during the first week in October, and also the total amount received from the opening of navigation to October 8, in the years specified below: 1 Pirt a $ TOPO 1847 $121,538 $2,788,100 1848 901'831 ASSOCIOR'S 1849 120,187 2,257,48T 1880 126411 2,281,006 1851 112,754 2,611,908 1852 112,909 1853 110,466 1854 99,686 1865 116,297 2,024,399 1856 97,986
