by the highest court in the State, thathese a ssocia tions are not only corporations within the meaning of the tax law (0), but are "moneyed corporations within the provisions of the Revised Statutes "to prevent the insolvency of moneyed corporations, and to secure the rights of their creditors and stockholders;" that they are not corporations in a qualified or restricted sense, but are such to all intents and purposes; and that they are bound and affected by all the statutes of this State relating to moneyed corporations, except only so far as such statutes are inconsistent with the general banking law. (p) It has also been finally settled by the Court of Appeals that the amendatory statute of May 14th, 1840 (g), is not confined, in its interpretation, to bills or notes capable of circulating as money, but, in terms, extends alike to all bills and notes issued by a banking association; and that such notes are illegal and void, although made payable in London, in British currency (r), or given for State Stocks purchased to raise money to redeem lawful countersigned circulating notes. (8) In Talmage v. Pell the Court of Appeals also held (0) Supervisors of Niagara v. The People (7 Hill, 504). (p) Gillet v. Moody (3 Comstock, 479); Talmage v. Pell (3 Selden, 828). (9) See Statute of May 14th, 1840, § 4, p. 114, post. (r) Leavitt v Palmer (3 Comstock, 19). (8) Bank Commissioners v. St. Lawrence Bank (3 Selden, 513). that associations under the general law, have no power to traffic in State Stocks; that they are banking corporations and possess authority only to carry on the business of banking in the manner and with the powers specified in the general banking law. (t) Our brief sketch of New-York legislation on the subject of banking covers more than half a century. It shows that two systems of banking, distinct and dissimilar, were successively adopted, tried, and abandoned. The first of these was in force from 1791 to 1829. The second lasted from 1829 to 1838. Some of their inherent defects and practical evils, have, we believe, been clearly shown. That our present system is a vast improvement on its predecessors, none will deny. It has made the business of banking, subject to certain statutory restraints, free to all. It cuts off a once fruitful source of bribery and corruption. And, finally, by its stern provisions in regard to security for all issues, it seems to furnish for the public all needful safeguards. The general law of 1838, modified and amended by several later statutes, has now been in operation nearly twenty years. In the main it has worked well. Its leading principle and most valuable feature that, to wit, which requires ample security (t) See §§ 3, 18, and Notes pp. 82, 94, post; Talmage v. Pell (3 Selden, 328), and Bank Commissioners v. St. Lawrence Bank (3 Selden, 513.) for the redemption in specie of all bank issues-has since been incorporated in the fundamental law of the State of New York. (v) The fact that the British Government has also adopted the same principle, and applied it to the Bank of England, will not weaken our confidence in its value. (w) note. (P) See Constitution of 1846, p. 265, post. See also p. 84, post, and (w) See p. 84, post, and note; also p. liii. ante, note (x). STATUTES OF THE STATE OF NEW YORK EMBRACED IN THIS VOLUME. Date. 1782. AN ACT to prevent the establishment of any bank within this State, other than the Bank of North America, and for incorporating the same within this State. Page. 1813. AN ACT to prevent the passing and receiving of bank notes less than the nominal value of one dollar, and to restrain unincorporated banking associations. 1818. AN ACT relative to banks, and for other * purposes. Passed April 21, 1818. 237 lxvi Date. Page. 239 1 1 17 * 1824. AN ACT to prevent the passing and receiving 1827. AN ACT entitled "Of moneyed corpora- 1827. AN ACT containing "Regulations to prevent the insolvency of moneyed corporations, and to secure the rights of their creditors and stockholders." (1 R. S., 588.) 1827. AN ACT containing "Regulations concerning the election of directors of moneyed corporations." (1 R. S., 595.) . 1827. AN ACT entitled "Of the construction of this title," (Title II., 1 R. S., 588; 1 R. S., 598.) 1827. AN ACT entitled "Of the general powers, 1829. AN ACT to create a fund for the benefit of 1830. other purposes. AN ACT entitled "Of unauthorized banking, 1830. AN ACT entitled "Of proceedings against 23 24 29 39 50 1830. AN ACT entitled " Of the voluntary dissolution of corporations." (2 R. S., 466.) 64 |