in the City of New York, was organized under an act of the Legislature of the State of New York, passed April 2nd, 1799, with a capital of $2,000,000. The chief object of the act appearing on its face, was to supply water to the City of New York, but there was a section in the act which, it was claimed, conferred perpetual banking powers. The words in the act were that the corporation might employ its surplus capital 'in the purchasing of public or other stock, or in any other moneyed transactions or operations not inconsistent with the Constitution and laws of this State or of the United States.'

"On the 25th of March, 1808, it was authorized to increase the capital stock $50,000, and it is now carrying on business with a capital of $2,050,000.

. "The Bank of the Manhattan Company is the fiscal agent of the State of New York in the City of New York. It keeps a registry of the State stocks, pays the interest, and also makes the transfers on the books, under the general supervision of the State Comptroller and Treasurer."

The Merchants Bank

Is the third of the old banks organized in the City of New York. Like the Bank of New York, it was first organized as a 'Company or Limited Partnership ' in 1803, with a capital of $1,250,000. On the 26th of March, 1805, an act was passed ' to incorporate the stockholders of the Merchants' Bank.' On the 2nd of February, 1831, the charter was renewed (subject to the provisions of the Safety Fund Act of New York, which was passed April 2nd, 1829), with authority to 'continue its business until January 1st, 1857. It was subsequently organized under the General Banking Law of New York, and in June, 1865, it was organized under the National Bank Act, and its present capital is #3,000,000."