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hr. Leavl;t found nearly all the assets of the Com
pany IN the hands OF Trustees under trust created
!or securing large amounts of post notes or bonds
ISSUED by The Bank for the purpose of borrowing
money Upon thorough examination of the trusts
ne was satisfied that they Illegal and void for
many reasons, and Immediately caused bills to be
hed III Chancery for testing the validity of them.
AT the same time he submitted the whole matter to
the most eminent counsel in the State including
lion Jacob Sutherland of Geneva, Samuel Stevens,
Esq. of Albany, Charles p. Kirkland, Esq. Of Utica,
and Hon. Hiram DEMO, late Circuit Judge of the
Filth Judicial Circuit, who have given written OPT
mons on the and who are unanimous in the re-
suits they arrive at.


According to the opinions OF these Counsel the
fS9 SOLD bonds, amounting al !a! to-. t44 IL
are void, for '1sury.


The 357 u1sod bonds have vitality whatever
as cSdtnstthc Bank, because nsver fact izsusd.
Mr. Stevens SAYS these uuso!d bonds can form no
pretence of Indebtedness against the Bank. These


bonds 5eveed to tie two Banks in ''''S' S'
Philadelphia are void according TO opinions Of all
the counsel, because Issued after the Act Of May
Il, l9:n-,hey are post-notes, the issue Of which is
prohto.ted By thus act Besides, it will be
from Mr.. Leaytts statenen; that these 720 bonds
are held as collateral for poSt-notes which are also
and mat mat teess & pGs',noteS We5e gwen for
This must be a void transaction. These 72o
bonds SO held at amount TO o........ 8O0 mn M
Then come the 500 post.notes issued in Dec 1870
Gtter the Act of May IA. 1910. prohibiting such
issues, amounting 70. -. 6GO Goa m
Then the '8 post-notes issued in November 1870
s-'s, ,, ,Ae same act 22a GOO 90
m The whole amount is s. 7g3 333 90
FIVE TRUSTS TO secure this void, Illegal and


uSuroua paper amounts as follows:
Ss5sRlald Bfs4dd M"91s s9s5S s29 80
Noyes, Yates Talmage. ...... l,C9O, 500 20


-sa,l ,l6l 1I6 50
Other trusts o96,U7i 90


Total amouu. & 0fT Ion 90