678 



NEW YOKE. 



pecuniary interest, whether as owner of prop- 

 erty subject to mortgage held by the bank or 

 as borrower, guarantor, or partner of a debtor 

 to a bank, which may influence in any degree 

 the performance of official duty. Strict en- 

 forcement of this rule may occasionally exclude 

 a good man from such a trust, but like results 

 are incident to all general rules of public policy, 

 and the number of improper men excluded will 

 be much greater." 



The number of joint-stock fire and fire and 

 marine insurance companies organized under 

 the laws of the State on January 1, 1879, was 

 49, against 95 in the previous year. Total 

 unobjectionable assets, $56,585,455.55, an in- 

 crease of $81,656.92 over the previous year; 

 capital stock, $25,057,020, a decrease of $900,- 

 000; total liabilities, including capital, $37,- 

 984,693.73, a decrease of $1,363,965,20; net 

 surplus beyond capital, $18,616,387.99; total 

 income for the year, $21,097,468.04, a decrease 

 of $1,315,503.45. The fire loss was $7,923,- 

 684.54, a decrease of $1,724,004.67; the marine 

 and inland loss, $848,172.97, an increase of 

 $345,957.81 ; dividends to stockholders, $3,- 

 019,243.73; all other items of expenditures, 

 $7,799,860.82 ; and the total amount of expen- 

 ditures was $19,590,962.06. 



Charges were made by the New York Cham- 

 ber of Commerce against the New York Central 

 and Erie Kailroads relative to unjust discrimi- 

 nations in freight expenses against New York 

 City. A committee was appointed by the Le- 

 gislature to investigate the charges, consisting 

 of A. B. Hepburn, chairman, of St. Lawrence 

 County, and eight other members of the As- 

 sembly. The position taken by the president 

 or chief officer of each company was one of 

 public interest. In a joint letter to the com- 

 mittee they substantially declare that the an- 

 nual reports contain about all the information 

 that can justly be demanded by the public. 

 This position is based on the theory that the 

 rights vested in a railway regarded as a pri- 

 vate concern so far overshadow its character 

 as a public corporation that the rights of the 

 public in the latter virtually cease to exist. 

 To the railway the State has granted a part of 

 its sovereignty, to be exercised with due re- 

 gard to the rights of the grantors the people ; 

 and this endowment of sovereignty has passed 

 beyond the control of the grantor. The com- 

 mittee was clothed by the Legislature with 

 power to send for persons and papers, to in- 

 vestigate the abuses alleged to exist, and to 

 report to the Legislature what legislation, if 

 any, is necessary to protect and extend the com- 

 mercial and industrial interests of the State. 

 Their first session was held in New York City 

 on June 12th. 



, The town-bond repudiation sentiment re- 

 ceived a severe blow early in the year by the 

 action of the courts. The town of Lyons, 

 Wayne County, was bonded to aid in the con- 

 struction of the proposed Corning and Sodns 

 Bay Eailroad, which was never built. The 



town authorities refused to pay coupon inter- 

 est, alleging that the bonds were invalid. A 

 suit at law was instituted, and a decision ad- 

 verse to the town reached in the United States 

 Supreme Court in the last week of April ; it 

 held that the recital in the bonds was an estop- 

 pel, and that the bonafide holder was not bound 

 to look further, and the obligator could not 

 go behind it. The town of Thompson, Sulli- 

 van County, was one of the first to contest its 

 bonds. These were issued in aid of the Port Jer- 

 vis and Monticello Eailroad Company. They 

 were recognized as valid and the interest 

 promptly met until 1872, when further pay- 

 ment was denied on the ground that the obli- 

 gation was illegal. Two suits to compel the 

 payment of interest due and refused were de- 

 cided adversely to the town in the United 

 States Circuit Court, and were appealed to 

 the Supreme Court of the United States. On 

 the other hand (and this precedent has led to 

 many other contests), the Court of Appeals of 

 the State, before which the matter was brought 

 in other suits, decided that the controverted 

 bonds were issued without power or author- 

 ity, and ordered that they should be delivered 

 up and canceled. The bonds were, however, 

 transferred to New Jersey holders, in order 

 that suit might be brought in the Federal 

 Court. The Court overruled the Court of Ap- 

 peals decision, and ordered a verdict of $28,- 

 220.87 to be entered against the town. The 

 result in these two cases was watched by a 

 number of towns. 



The State Convention of Nationals to nomi- 

 nate State officers assembled at Utica on Au- 

 gust 29th. William Voorhees was elected 

 chairman. The following nominations were 

 made : For Governor, Harris Lewis ; for Lieu- 

 tenant-Governor, John Wieting ; for Secretary 

 of State, P. K. McCann ; for Comptroller, John 

 A. Shannon; for Treasurer, Julian Winnie ; for 

 Attorney-General, George H. Wright. The fol- 

 io wing resolutions were adopted: 



1. That the national-bank currency shall be with- 

 drawn, and that all money used by the people, wheth- 

 er gold, silver, or paper, shall be issued oy the General 

 Government, and oe made a legal tender for all debts 

 and dues, public and private. The volume of such 

 money to be about $50 per capita, or sufficient to meet 

 all the requirements of trade. 



2. That the established volume of currency shall be 

 increased from time to time in direct ratio with the 

 increase in business and population of the country, so 

 as to maintain for a dollar, or as nearly as possible, uni- 

 form purchasing power. 



3. That all new issues of paper money shall be used 

 to cancel the interest-bearing debt of the nation, to 

 promote needed public improvements, and to pay the 

 current expenses. 



4. That the surplus of money now in the Treasury 

 of the nation shall be used to cancel the interest-bear- 

 ing debt. 



6. That the national Government shall issue no 

 more interest-bearing obligations, and that the out- 

 standing bonds shall oe paid and canceled at once. 



6. That postal savings banks shall be established. 



7. The equal taxation of all property. 



8. That the salaries p_aid to the public officers shall 

 be reduced to the basis of a just compensation for 



