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according to his own register of issue. The Farmers' bank of Seneca County, some of the securities of which were sold to day, deposited the following securities, and received $50,000 in bills. Securities Deposited Alaban a 5 per cent stock, $20,000. Present Value. ...14,4 0 Michigan 6 " " 10 000 8,400 Indiana 5 " " 6,000 4,320 Mortgages 20,000 10.000 Total. $55,000 $37,120 This will yield the note holders about 68 cents on the dollar, according to the sales made to-day. The Millers' Bank of Clyde received $154,000 from the Comptroller, and deposited the following securities:- Securities Deposited. Present Value, Arkansas 6 per cent 70,000 45,500 Michigan 6 per cent... 40,000 33,600 Mortgages .57,500 30,000 Total. $167,503 $109,100 This gives about 63 per cent to the note holders. In this we do not allow the 1½ per cent commission, due the State on stocks sold at auction, according to the recent decision of the Attorney General, and which must come out of the pockets of the note holders, where there is a deficiency of means. Another evil influence, which the law has exercised thus far, has been to injure the credit of State Stocks, by enforcing sales at a moment when the markets are under the influence of panic. It is a period of revulsion, want of confidence, and scarcity of money, that causes the stoppage of the bank. The law then requires that within ten days the stock shall be thrown upon the market, for the benefit of the bill holders. The consequence is, that prices are established for stocks, seriously to the injury of other stock holders. These quotations go abroad, and greatly affect the market there, which again produces a reaction here. The same causes produce similar results, in a more marked manner, in regard to mortgages. That description of property has been peculiarly the sport of speculation, and the attempt to make it, at inflated prices, the basis of a new currency, to be a measure of value in a season of reaction, has singularly failed. Real estate is scarcely convertible at any price, and when sales are forced, they have in no instance brought the amount of the mortgage foreclosed. An eminent lawyer has had occasion lately to foreclose on 40 different farms, and in no instance has a purchaser been found; they have invariably been bought in by the parties interested. It is easy to see that the very materials of which the new banks are composed, are of a nature to insure their destruction. A few of the banks which have been started with cash capitals, and have employed their means in legitimate business, and avoided investments in speculative property, will succeed, not on account of the securities they have lodged with the Comptroller, but because their regular business enables them to meet their bills with specie, without having recourse to those securities. In case of failure they do not give any additional security, because the bill holder looks to the Comptroller, and not to the bank.
