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The circulation of the security fund banks was limited, May 16, 1837, by an elaborate scale; a bank of $100,000 capital being allowed $150,000 circulation; considered one of $120,000 capital, $160,000 circulation, and so forth, the proportion of circulation to capital diminishing with the increase of the latter, until, at $200,000 the 2 had been equal. At the same time a whole lot of notes of the outdated Financial institution were burned, together with ten submit-notes of ,000 every, which had never been issued. In April, 1836, there have been in the town seventeen security fund banks and 6 others; in the country, sixty safety fund banks and four others. The whigs had a majority of forty-four in the House of Representatives of Pennsylvania, in January, 1836, however the democrats had 5 majority within the Senate. No stockholder, director, or officer might owe a financial institution over 5 per cent. No mortgage is likely to be made on the stock of the bank; debts have been limited to twice the capital plus the deposits; the banks had been supplied an inducement to adjust to the Suffolk system by the availability that there should be one per cent.
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