Dutchess county, ss. James Emott, president, and Walter Cunningham, cashier of the Dutchess county bank, being sworn, depose and say, that the foregoing is a full and true account of the funds and property of the bank; that the amount of the capital stock subscribed, is $150, 000, of which $90,000 is paid in; and that the amount of specie above stated, is bona fide the property of the bank, and has not been borrowed or in anywise obtained with the view to make this return. And these deponents further say, that since the last annual return, the bank has kept an account in the city of New-York, in the Phoenix bank, in order to have its bills receivable and current in New-York, so that its bills might pass in the State and elsewhere without discount; and the directors have accordingly ordered such surplus funds as were not needed at the bank for its ordinary business, to be sent to the Phoenix bank to redeem its paper there; and that the sum above stated, as being in the Phoenix bank are the funds of this bank placed there for the aforesaid purpose. And these deponents further say, that the balances due other banks, as stated above, are for collections recently made for such banks and not yet remitted. JAMES EMOTT, Sworn this 25th day of WALTER CUNNINGHAM February, 1833, before me, LEONARD MAISON, Master in Chancery IN ASSEMBLY, February 25, 1833. REPORT Of the committee on claims, on the petition of Mr. Russell, from the committee on claims, to whom was referred the petition of Aaron Sergeant, praying for the passage of a law authorizing the Comptroller to execute new certificates upon the sale of land for taxes, in lieu of the original certificates which are lost, and for general relief, REPORTED: The petitioner alleges, that on the 12th April, 1830, at a sale of land for taxes by the Comptroller, he became the purchaser of certain pieces of land, in the petition particularly set forth, and that he paid into the treasury of the State, the amount of the purchase money: That while the sales were progressing, and before he obtained his certificates from the Comptroller, he left Albany, and requested Mr. J. O. Dey to obtain from the the Comptroller the certificate of sales, and forward the same to him, the petitioner, in the city of New-York: That Mr. Dey obtained the certificates and enclosed them in a package to the petitioner, in charge of a hand on board the steam-boat New Philadelphia; which package, with the certificates, were lost. Mr. Dey appeared before the committee and testified that, though the applicant bought the lots at the sale, yet he left the city without paying therefor; and when he went away he requested the witness to pay into the treasury the amount of the purchase money, and obtain from the Comptroller the certificates, and forward them to the applicant in New-York: That he paid the money, took the certificates in the [Assem. No. 214.] 1 name of the petitioner, and enclosed them to the applicant, and drew for the amount thus advanced: That before his draft was received in New-York, the amount of the purchase money for the lots was forwarded to the Comptroller, and lay in his office unapplied for a long time, and until the applicant, in a settlement with the Comptroller, afterwards directed it carried forward to the credit of the applicant, and applied in part payment of his general account at that office: That after considerable delay the applicant paid the witness' draft for the money so advanced; but that in the course of their business there remained a balance due the witness to an amount greater than that in the office, (the lands mostly having been redeemed) and to satisfy the balance of this general account, the witness claims a specific lien upon the money in the office. The committee are of the opinion, that there is no necessity for legislative interposition, for the reason stated in the report of the committee in the matter of Lucas Elmendorf, this day reported; and that the Legislature cannot be required to prescribe a rule of conduct for one of these individuals as against the other, by special law relating to this particular matter; the law furnishes an appropriate remedy for the one, and due protection to the other. If the draft of the witness upon the petitioner for money advanced for the lots in question had not been paid, a different question might have been presented to the Comptroller from that which now exists, but inasmuch as these conflicting claims are not to be settled by legislative enactment, and the Comptroller having full power to do justice to the applicant in relation to the lost certificates, the committee are of opinion that no necessity exists for legislation on the subject, and therefore offer for the consideration of the House, the following resolution. Resolved, That the prayer of the petitioner, Aaron Sergeant, ought not to be granted. IN ASSEMBLY, March 2, 1833. REPORT Of the committee on banks and insurance companies, on the bill entitled "An Act to prevent the passing and receiving of bank notes less than the nominal value of five dollars." Mr. Morris, from the committee on the incorporation and alteration of the charters of banking and insurance companies, to which was referred "An act to prevent the passing and receiving of bank notes less than the nominal value of five dollars," REPORTED: The object of this act, is to exclude from circulation ali bank bills under the denomination of five dollars: consequently the effect of the law asked for, will be general in its operation. The injurious consequences resulting from the present circulation (if any exist,) must have been observed and felt by the people generally. If so, the people's known scrupulous attention to their interests, and their admitted intelligence, would, your committee believe, have produced petitions against the present circulation, and suggestions for a substitute. This act, however, is not the product of petitions. It is introduced upon notice by a member of this House. Being thus general in its operation, and not having been petitioned for, your committee view the proposition with less favor than the source from which it emanates, would otherwise receive. "The legitimate use of banks, (say the Bank Commissioners, in their report to us,) is for the purpose of furnishing a currency to be used instead of specie, in facilitating the exchange of property." Bills are less burdensome to carry than specie; and your committe believe, that the circulation of bank bills under the denomination of five dollars, is extremely convenient and useful to community, in facilitating the exchange of property; and that a withdrawal of bills of that denomination would cause great inconvenience. A prominent argument used against the circulation of bills under five dollars, is the facility afforded to the counterfeiter. That objection applies equally to all paper currency. We know that counterfeits are made of the denomination most in circulation where the counterfeits are intended to be used. If you take one's, two's ' and three's out of circulation, the counterfeiter will immediately apply himself to the making of five's and ten's. And that fraudulent practice will be more liberally rewarded in proportion to the size of the bill that is imitated. If your small bills are taken out of circulation, your coin will be counterfeited. You cannot prevent counterfeiting by withdrawing any particular denomination of circulating medium, for, upon the circulation you leave, the counterfeits will be then concentrated. The improvement of morals, the detection and punishment of the criminal, is all that can prevent the crime. Another argument used in favor of this bill, is, that banks (meaning the country banks,) make a greater profit upon small bills, than upon the larger ones, and it is urged, if you will withdraw these small bills, bank profits will be reduced, and the Legislature will be less importuned for charters. If it is correct, that the banks make more by the circulation of their small than by their larger bills, it is additional evidence that small bills are more useful to community than large, or they would not be so generally preferrred. Neither does your committee subscribe to the doctrine, destroy all profit to banks, and thereby prevent applications. We believe, where the exigencies of community require it, a bank should be granted; and we know that capitalists will not invest for general good, unless they can also obtain a personal pecuniary benefit.Your committee cannot perceive either inequity or impropriety in bestowing a personal benefit, when that benefit is the foundation of a more entensive general good. Neither does your committee apprehend that this Legislature will injuriously increase bank capital. By the immense amount of |