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We know there are instances where the public interest would be best subserved by the incorporation of new banks, and it is by no means our intention to prejudice such applications by the foregoing remarks in relation to the increase of capital.

If it were not for the apprehension that our local legislation would be found inadequate to effect the object desired, we should be inclined to add one further suggestion. Being perfectly sensible, as we have heretofore frequently remarked, that public confidence in a paper medium must chiefly depend upon its free convertibility into coin at all times, we think the character of the currency would be improved if there could be infused into it a greater proportion of specie, by gradually withdrawing from circulation our bank notes under five dollars. Such a measure would throw a large amount of specie into circulation among the community, and furnish a most valuable resource for the banks whenever a call for specie should occur. But the difficulty lies in the enforcement of such a law, so long as none such exists in the neighboring States. The legislature can act with effect upon our banks, to prevent their issues, but not easily upon individuals to restrain them from receiving small foreign notes.

In the city of New York, notwithstanding our law now prohibits the circulation of foreign bank notes under five dollars, they form a very large if not the principal amount of small bills in circulation. The experiment has been tried in Pennsylvania, and is said to have succeeded reasonably well. It might do so here, but we should apprehend more difficulty in consequence of our much more frequent and extensive intercourse with the neighboring States,

Connected with this subject, and as a measure necessary to carry it into full effect, the equalization of the standard value of gold and silver is exceedingly important. The Congress alone has the power to effect it.

All the banks chartered at the last session of the Legislature, have gone into operation, and we now have in operation in the State, besides the three branches of the United States Bank, sixtynine banks and two branch banks, subject to the bank fund law, and ten banks not subject to it.

The aggregate capital of all the State banks, as will be seen by the statements hereto annexed, is 827,846,460.

The bank fund, including the contributions due to it on the first instant, (which it is presumed have been paid,) amounts to about the sum of $290,000. When the payments of this year shall have been invested, as they will be soon, the annual revenue of the fund will amount to about $13,000. The contributions of the next year will probably raise the capital to upwards of $400,000, and the revenue to $18,000; and the increase will be in that ratio until the capital rises to about $700,000, independent of the additional re, ceipts which may be expected from new capital to be created. Albany, January 31, 1834,

CHAS. STEBBINS,
GEO. R. DAVIS,
LEWIS EATON,

Bank Commissioners,

LIST OF BANKS

In the State of New-York subject to the Bank Fund law, in operation on the 1st Jan. 1834.

153,500 42,900

23

503,253 50,000 1,688,822

13

66,

1

BANKS.

America,
Mechanics',
Merehants',
New-York,
Union, ...
National,
City,...
Merchants’ Exchange,
Phenix,
Leather Manufacturers',
Tradesmen's,
Seventh Ward,
Butchers' & Drovers',
Mechanics' & Traders',
Greenwich,
Brooklyn,
Westchester County,

$2,001,200

379,866
2,000,000

719,830
1,490,000 618,528
1,000,000 630,313
1,000,000

750,000 | 204,908
720,000 289,793
750,000 231, 307
500,000

222,592
600,000 249, 253
400,000 181,928
500,000 94,128
500,000 256,024
200,000 172,725
200,000 136, 355
200,000 154,354
200,000 256,360

112,500 4,126,292 369,496

4,199,218 281,714
2,063, 673 | 143,651
2,340,166 132,985

91,054
113,771 | 1,157,917 279

1,625,459 100,744

1,426, 249 82, 822
112,500 1,154,300 109,033
50,000 935, 759

57,910
896,485 39,797
639,867

38,530
1,169,203 38,993

485,928 15,971 37,500

488,037 26, 297 443, 208 10,104 355,744

13,629

99,900 336,400
24,827 185,920
160,877 87, 185
77,398 75,175
77,008 164,492
97,601

35,073
58,701 132,026
110,309 85,057

182, 904
109,299

85,000
36,176 95,522
5,612

5,000
41,413 107,240
21, 262 41,848
22,052

37,700
11,042 28,555
4,450 12,187

20,000
135,400

77,900
103,230
78, 200
46,425
85,800
71,920
134,900
47,250
45,725
30,500
108,700
26,550

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36,592

7,111
35,250
22,750

20,522
14,476
8,044
4,064
6,828
6,726
5,772
23,725
25,607

Newburgh,
Orange County,
Poughkeepsie,
Ulster County,
Catskill,
Tanners',
Hudson River,
Albany,
Mechanics' & Farmers',
New-York State,...
•Canal,
Troy,
Farmers',
Merchants' & Mechanics',
Troy City,
Lansingburgh,
Whitehall,
Essex County,
Saratoga County,.
Mohawk,

140,000 234,882
105, 660 192,699
100,000 190,523
100,000 | 163,902
150,000 | 233,561
100,000 186,666
150,000 284,297
240,000 121,342
442,000 | 202,098
369,600 230, 351
300,000 111,098
440,000 141, 152
278,000
300,000 101,710
300,000
120,000
100,000

147,161
100,000 73,984
100,000 150,116
165,000 49,800

347, 465
255,284
249,492
234,605
356,124
236, 237
264,510

559,299
1,069,853

887,666
812,336
972,246
675,180
729,101
511,821
264,992

52,650
56,700
24,900
109,752

12,700
20,836
25,270
10,807
34,387
13,385
26,722
40,420
77,730
55, 245
10,523
61,971
31,772
46,010

78,500
142,537
144,950
124,226
183,600

50,000
261, 437
50,000

68 | 22,017

24,495

9,848
15,865
16,159

7,436
11,928
21,086
22,405
24,032
46,241
83,276
70,102
25,579
51,323
91,482
15,252

7,502
10,605
10,482
32,500

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141, 845

5,781
11,463
9,920
7,210

56,380
61,230
71,360
49,750
50,000
20,760
20, 225

119,263
116,419

9,005

56,191

243,534
145,305

9,549
8,178
5,513
6,048
10,431

11,298
25,347
13,276
11,650
10,008

249,502 252,168

49,050 37,054

4,075 30,376 27.470

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