Statement showing the number of claims filed in Canal Appraisers, &c. — (Continued).

*Includes $25,569.08 awarded on fifty-three claims for damages on Erie and Genesee Valley Canals (Rochester Millers' claims), in 1856.

+ Includes $301.25 awarded on one claim for damages on Onondaga Lake Outlet, in 1864.

CANAL COMMISSIONERS.

The Canal Commissioners are elected under the provisions of Section 3, Article V., of the present Constitution, and are classified so that one vacancy occurs every year. They have the general supervision of the State canals, which are divided into three Divisions, one of which is under the immediate care of each Commissioner.

The Eastern Division includes the Erie Canal as far west as to the east bank of the Oneida Lake Canal, 136 miles; the Champlain Canal, 66 miles; the Glens Falls Feeder, 12 miles; the pond above the Troy dam, 3 miles, and the Black River Canal and river improvement, 98 miles. Total, 315 miles.

The Middle Division includes the Erie Canal from the east bank of the Oneida Lake Canal, to the county line between Seneca and Wayne counties, with the several feeders and reservoirs, 76 miles; the Chenango Canal, feeders and reservoirs, 97 miles; Chenango Canal extension, now under construction, 30 miles; the Oswego Canal, 38 miles; the Oneida Lake Canal, 7 miles; the Oneida river improvement, 20 miles; the Seneca river towing path, 51⁄2 miles; the Cayuga and Seneca Canal, 23 miles; the Cayuga inlet, 2 miles; the Crooked Lake Canal, 8 miles; the Chemung Canal, 23 miles; the Chemung Canal feeder, 16 miles, and the Seneca river improvement, 12 miles. Total, 358 miles.

The Western Division includes the remainder of the Erie Canal, 155 miles; the Genesee Valley Canal, 118 miles, and the extension of the Genesee Valley Canal, 7 miles. Total, 280 miles.

The annual reports of the Canal Commissioners exhibit statements of the expenditures for construction and repairs, an account of improvements made and recommended, and such general or special statements as the Commissioners deem important.

Under authority of an act passed March 14th, 1857, the Contracting Board, consisting of the Canal Commissioners, the Comptroller, and the State Engineer and Surveyor, were authorized and required to let by contract, under such regulations as they might prescribe, to the lowest bidder or bidders who could give adequate security, the contract for keeping in repair all completed sections of the canals of the State, and all feeders and reservoirs connected therewith, and also to let all or any uncompleted portions of said canals and other improvements, upon which, in the opinion of the Board, the repairs may be made by contract more thoroughly and economically than they were then done by the Superintendents of Repairs.

The report made in 1867, for the year ending with the fiscal year in 1866, shows that 89 proposals had been accepted, of which 34 had been abandoned, 3 did not enter into contract, 7 were to expire in January, 1867, 23 had expired, and 22 were to continue after the year 1867.

The following table, prepared from the reports of the Canal Commissioners, shows the total number of boats, with their tonnage, that have been built and registered in each year, and for the whole period.

Number and tonnage of boats built and registered annually since 1846, and total from

beginning, on canals:

1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. 1855. 1856. 1857. 1858.

Number and Tonnage of Boats, &c. (Continued).

BANKING DEPARTMENT.*

The first bank charter granted by the legislature of the State of New York was in 1782, to the Bank of North America, which had already been incorporated by the Continental Congress, with a recommendation that the several States should likewise grant charters to the institution. Though this recommendation was favorably considered by the Legislature of New York, the bank never transacted business under this State charter.

The history of banking under the laws of this State begins, therefore, practically, with the incorporation of the Bank of New York, in 1791. Prior to 1804, banking corporations had no powers not enjoyed in common with private individuals or associations. All alike could issue and discount notes and receive deposits. The sole, though not inconsiderable advantage of the former, was, that they were "not liable beyond their corporate property, while the latter were accountable in their persons and to the full extent of their private estate."

But this common privilege of banking, till then enjoyed and pursued under the common law, ceased upon the passage of an act April 11, 1804, "to restrain unincorporated banking associations.'

This act prohibited persons or companies not duly incorporated by law from" issuing notes, receiving deposits, making discounts, or transacting any other business which incorporated banks may or do transact by virtue of their respective acts of incorporation." Thereupon banking in the State of New York became a monopoly, a franchise to be enjoyed only by those who, through political subserviency, or the more disreputable influence of bribery, could gain favor with the Legislature; and this feature of monopoly, with its incidents of corruption, characterized our banking system until superseded by the free banking system of 1838.

Another distinguishing feature of this period was, that prior to 1825, banking powers were not enumerated in the charters issued, which merely contained certain restrictive clauses against dealing in State stocks, goods, wares and merchandise, as not pertaining to legitimate banking, but, in 1825, and thereafter, the charters granted by the Legislature specifically enumerated the powers conferred thereby, and expressly prohibited the exercise of any powers not thus enumerated.

The most important and notable feature of our incorporated banking system was introduced in 1829, by the passage of what is commonly

*This historical statement was prepared by Mr. E. W. KEYES, Deputy Superintendent.