Free Bank. and the Banking I.aw.
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To tbs Editor Of the Tribune:


Why is it that, upon the failure Of one OF the
Free Banks, the assets OF he Bank, beside those
deposited with the Comptroller, not applied tc
the payment of their circulating bills Surely II
was not contemplated that the depos,es With the
Comptroller should be any other than fund
Safety Fund i: you please) to make up any dep,
ciencv il. the assets O.: the Bank Is make the bills
good Under the present construction Of the law,
the whole system has come into contempt Ihc
administrators Of the law pays what ne can with the
securities in his hands, and the stockholders OF the
Bank pocket the avails Of the Association.


Under the present administration OF ''ie system,
deposit, 500 900 in mortgages anc stocks, and
draw Sl0O, 600 IN bills OF the Comptroller. dis
count $lOO,s good notes, and then canno. redeem
he bills, and iai!. The Comptroller sells the Sc
cur,ies he has for $4,000, .edeems the bill. a,
half price, and the Bank Association pockets the
1vails Of the bills, which good notes for $780,
600; and if they please, buy the original securities
for $4,000, and thus pocket SO, 600 BY the sp-
Grafton.


Don't YOU see ,hat it is nn.~, as the law il at
present construed and administered. tie interest OF
every Free Bank TO fail and ;ha, the ayails Of
Tie Bank should be secured for the payment OF
The bills? .... Z. - &c.