however, that in such case all bills of exchange, checks and promissory notes, made after the passage of this act, which would otherwise be presentable for acceptance or payment on the said Monday, shall be deemed to be presentable for acceptance or payment on the secular or business day next succeeding such holiday. (Thus amended by L. 1887, ch. 289.)

50 How. Pr. R., 313.

[The foregoing act L. 1875, ch. 27, appears to supersede the following prior statutes upon the same subject: L. 1849, ch, 261; L. 1865, ch. 146; L. 1870, ch. 370; L. 1872, ch. 544; L. 1873, ch. 577, and ch. 639.]

LAWS 1887, CHAPTER 461.

AN ACT to fix the time of payment of certain commercial paper.

When bills, etc., payable, which mature upon a half-holiday. SECTION 1. All bills of exchange and promissory notes made after the passage of this act, except those payable at sight, or on demand, which shall be otherwise payable on any half-holiday Saturday, shall be deemed to be and shall be payable on the next succeeding secular or business day.

Id., as to those maturing on Sunday.-§ 2. All bills of exchange, checks and promissory notes made after the passage of this act, which by the terms thereof shall be payable on the first day of the week commonly called Sunday, shall be deemed to be and shall be payable on the next succeeding secular or business day.

LAWS 1887, CHAPTER 198.

AN ACT supplementary to chapter two hundred and eightynine of the laws of one thousand eight hundred and eightyseven, entitled, "An act to further amend chapter twentyseven of the laws of eighteen hundred and seventy-five, entitled as amended by chapter thirty of the laws of eighteen hundred and eighty-one, ‘An act to designate the holidays to be observed in the acceptance of bills of exchange, bank checks and promissory notes, and relating to the closing of public offices.""

Governor authorized to restrict effect of proclamations designating public holidays.-SECTION 1. The governor in issuing any proclamation or proclamations appointing or recommending any

day or days as a day or days of thanksgiving or fasting and prayer, or other religious observance, under or in pursuance of chapter two hundred and eighty-nine of the laws of eighteen hundred and eighty-seven and the acts amendatory thereof, is authorized, in his discretion, to limit or restrict the effect and operation of such proclamation or proclamations to any city or cities, county or counties, to be designated by him in such proclamation or proclamations, and the day or days so appointed or recommeded for the purposes aforesaid shall be deemed to be public holidays for the purposes mentioned in said act only within the city or cities, county or counties, so specified in such proclamation or proclamations.

REVISED STATUTES, PART II.

Of the interest of money.-SECTION 1. The rate of interest upon the loan or forbearance of any money, goods, or things in action shall be six dollars upon one hundred dollars, for one year, and after that rate, for a greater or less sum, or for a longer or shorter time But nothing herein contained shall be so construed as to in any way affect any contract or obligation made before the passage of this act. (Thus amended by L. 1887, ch. 538.)

LAWS 1882, CHAPTER 237.

AN ACT in relation to advances of money upon warehouse receipts, bills of lading, certificates of stock, certificates of deposit and other negotiable instruments.

Rate of interest on loans on warehouse receipts, etc.SECTION 1. In any case hereafter in which advances of money, repayable on demand, to an amount not less than five thousand dollars, are made upon warehouse receipts, bills of lading, certificates of stock, certificates cf deposit, bills of exchange, bonds or other negotiable instruments pledged as collateral security for such repayment, it shall be lawful to receive or to contract to receive and collect, as compensation for making such advances, any sum to be agreed upon, in writing, by the parties to such transaction.

Repeal. § 2. All acts or parts of acts inconsistent herewith are hereby repealed.

LAWFUL MONEY RESERVE.

The provisions of section 44 of the Banking Law require every bank and individual banker to have on hand at all times, in lawful money of the United States, an amount equal to at least fifteen per cent of the aggregate amount of its deposits, if its principal place of business is located in any city of the State having a population of 800,000 and over, and an amount equal to at least ten per cent of the aggregate amount of its deposits if its principal place of business is located elsewhere in the State. One-half of such lawful money reserve may consist of moneys on deposit, subject to call, with any bank or trust company in this State having a capital of at least $200,000, and approved by the Superintendent of Banks, as a depository of lawful money reserve. The same section contains provisions for enforcing the reserve requirements, with the penalty for noncompliance with the law. It was expected that the regulations of the Banking Department, in regard to carrying out the provisions of this section, would be formulated in time to include a copy of them in this volume, but owing to its early publication this could not be accomplished.

These regulations can not, however, vary widely from the following, and it is probable that the plan will be substantially as given here:

LAWFUL MONEY.

This designation includes:

Gold coin of United States.

"Standard" silver dollars of United States.

Fractional silver coin of United States.

Certificates for gold coin deposited with United States Treasurer.

Certificates for silver dollars deposited with United States Treasurer.

United States "legal tender" notes.

Certificates for "legal tender" notes deposited with United States Treasurer.

Gold clearing-house certificates.

It is suggested that national bank notes should also be allowed as lawful money. If this allowance is not made they will undoubtedly be classed as "items allowed to offset deposits," and should be added to that list.

DEPOSITS.

All classes of deposits are included in this designation: Individual, due to banks, and to municipal or State departments; also unpaid dividends and certified checks.

ITEMS ALLOWED TO OFFSET DEPOSITS.

Exchanges for clearing-house.

Checks on other banks in the same place.

Balances due from other State and National banks and bankers.

Balances due from reserve depositories in excess of the amount allowed to be deposited with them for reserve.

Such bank balances can only be used to offset amounts due to other banks, and can not be applied to reduce other "deposits."

To show more plainly how the reserve should be calculated, the following computation is given, using as an

illustration a form suitable for a bank carrying a ten per

If the amount on hand in lawful money exceeds the one-half required, all excess can be counted to reduce the amount required with reserve depositories.

* If the balances due from reserve depositories exceed the one-half allowed to be kept there, such excess can only be counted to offset amounts due to other banks, and can not be applied to offset a deficiency in cash reserve on hand.