§ 9. But how does the bank in Philadelphia get its money again? It must be remembered, that as there are many merchants in each city constantly trading with those in the other, large sums must be constantly sent from one place to the other, through the banks. The bank in each city, therefore, keeps account with that in the other; and as about an equal amount passes from each to each, many thousand dollars may be charged by each to the other, and on settlement but a small balance may be due from either.

§ 10. It has just been said that banks pay out their own notes as money, which they promise to pay on demand. Paying specie for their bills is called redeeming them. But banks sometimes issue more bills than they are able to redeem. In that case they are said to fail, or to break; and the holders of bills suffer loss; because the individual property of the stockholders cannot be taken to pay the debts of the bank, except in a few states.

§ 11. In the state of New-York there are laws which provide means for redeeming the bills of banks that fail. In 1830, a law was made imposing a yearly tax of one half of one per cent., that is, a half cent on every dollar, or a half dollar on every hundred dollars of their capital stock, until three per cent. should be paid. The money thus raised is a fund, called safety fund, from which bills of broken banks are redeemed. When this fund is likely to run out, the taxing must be renewed.

§ 12. A new banking law was enacted in 1838, by which banks thereafter to be established, were to put into the hands of the comptroller, securities for redeeming their bills, for the full amount of their capital. At least one half of these securities must consist of stocks of this or some other state, and the remainder, of mortgages on real estate. When a bank fails, the comptroller sells the lands and state stocks which he has in pledge, if necessary, to redeem the bills. Under this law, persons may form a banking association without applying for a special law of incorporation.

§ 13. But perhaps not every young reader knows what state stocks are. They are debts which a state owes. When

from each other after each operation?

11. Describe the banking law of 1830. by the law of 1838? 13. What are state

10. What is redeeming bills? 12. How is security provided stocks? Describe the manner

a state undertakes to construct a canal, or some other great work, or needs money for any other purpose, it borrows the money of rich individuals, generally for a long term of years. The business is done on the part of the state by the proper officer, (the comptroller in this state,) who gives for the money borrowed, the bonds of the state, promising to pay the money at the time specified, with interest at the rate agreed on.

§14. These bonds are usually given in sums of $1,000, and may be sold and transferred as promissory notes. These state bonds or stocks are generally considered good security; because, if the state has no other means of redeeming its bonds, the legislature has power to pass a law to raise the money by a tax upon the people. Almost every state is more or less indebted, in this way, not only to Ame." rican capitalists, but to those of European countries, whence many millions of dollars have been sent to the United States, to purchase state stocks.

§ 15. There is another kind of moneyed corporations, called insurance companies. They are formed in the same manner as banks. For a small sum paid them, say 50, 75, or 100 cents on every 100 dollars of the estimated worth of a building, they agree to pay for it if it should be destroyed by fire. They also insure ships and other vessels. Sometimes the lives of men are thus insured; the company agreeing to pay a certain sum, or a yearly allowance, for the benefit of a man's family in case of his death.

§16. There are also mutual insurance companies. Every person having his property insured, is a member of the company, and pays so many dollars on every hundred of the value of the property. Out of the fund thus raised a building when burned is paid for. Companies of this kind have been formed in every part of the state.

in which they are created. 14. Why are these stocks thought good secu rity? 15. What is the nature of insurance companies? What do they insure? 16. How is the fund of a mutual insurance company raised?

CHAPTER XXXIX.

Of Crimes.-Felonies, or Crimes punishable with Death, or by Imprisonment in State Prison..

§ 1. To protect the persons and property of the citizens, there must be, in every state, laws against crime. These laws ought to define the several crimes, and to declare what shall be the measure of punishment to be inflicted upon of. fenders. There are, in the state of New York, three crimes punishable by death: treason against the people of the state, murder, and arson in the first degree.

§ 2. These crimes are called capital offences, and their punishment is called capital punishment; because it is the highest that can be inflicted, and perhaps also because the word capital is derived from the Latin caput, which means head; and this punishment was formerly inflicted by beheading, and is said to be still practiced in some of the eastern countries.

§3. Treason is defined by the statute to be, levying war in this state against the people of this state; or a combination of two or more persons, attempting by force to usurp or overturn the government of the state; or in adhering to enemies of the state while separately engaged in war with a foreign enemy, and giving them aid and comfort.

4. Murder is the killing of a person in the following cases (1.) when done with intent to effect death; (2.) when done by an act imminently dangerous to others, and showing a depraved mind, regardless of human life, although without design to effect death; (3.) when done without design to effect death, by a person in committing a felony; (4.) when done by duelling. A felony, in this state, is a crime pun. ishable by death or imprisonment in a state prison.

§ 5. Arson in the first degree is wilfully setting on fire or burning, in the night time, a dwelling house or other building in which there is, at the time, some human being, and which

$1 What crimes are punishable with death in this state? 2. Why are these called capital offences? 3. What is treason? $4. What is murder? Felony 5. What is arson in the first degree? 6. What is man

building has been usually occupied by persons lodging therein at night.

§ 6. Manslaughter in the first degree, is the killing of a person without a design to cause death, by another person who is engaged in committing, or is attempting to commit, a crime or misdemeanor less than a felony; or who assists another in committing self-murder. Penalty, imprisonment not less than seven years.

§ 7. Manslaughter in the second degree, is the killing of a person without a design to effect death, but in a cruel, unusual manner; or in unnecessarily killing another in attempting to hinder his doing an unlawful act. Imprisonment, not less than four years, nor more than seven.

§8. Manslaughter in the third degree, is the killing of another in the heat of passion, by a dangerous weapon, without a design to effect death; or the unintentional killing of a person' by the negligence of another, engaged in committing or attempting to commit a trespass; or permitting a a mischievous animal to go at large, knowing its evil propensities, if such animal shall kill a person; or undesignedly causing death by a physician in a state of intoxication, by administering any poison, drug, or medicine, or doing any other act which shall produce death; or causing death by persons navigating steam-boats or other vessels, through culpable negligence or ignorance. Imprisonment from two to four years.

§ 9. Manslaughter in the fourth degree, is the involuntary killing of a person with any weapon, or by means neither cruel nor unusual, in the heat of passion. State prison two years; or county jail, not exceeding one year, or fine of $1,000, or both.

§ 10. Homicide signifies mankilling. It is of three kinds, felonious, justifiable, and excusable. When felonious, it is either murder or manslaughter. Justifiable homicide is that which is committed in the necessary defence of one's person, house or goods, or of the person of another, when in danger of injury; or that which is committed in lawfully attempting slaughter in the first degree? What is the penalty? 7. Manslaughter in the second degree? Punishment? 8. Manslaughter in the third degree? Punishment? 9. Manslaughter in the fourth degree? Punishment? 10. What is homicide? State the different kinds. § 11. What

to take a person for felony committed, or to suppress a riot, or to keep the peace. Excusable homicide is the killing of a person by accident, or while lawfully employed, without any design to do wrong. In the two last cases there is no punishment.

§ 11. Intentionally maiming another by cutting out or disabling the tongue or any other member or limb; inveig. ling or kidnapping; decoying and taking away children; exposing children in the street to abandon them; committing or attempting an assault, with intent to kill, or to commit any other felony, or in resisting the execution of a legal process; administering poison without producing death; poisoning any well or spring of water; are all felonies, and punishable as such. State prison not over ten years; or in some cases, county jail, or fine, or both.

§ 12. Arson in the second degree, is setting on fire or ourning an inhabited dwelling, in the day time; or setting on fire in the night time, a shop or other building endan gering an inhabited dwelling. Arson in the third and fourth degrees, is the burning of buildings other than dwellings, and other property of various kinds. Imprisonment from two to ten years.

§13. Burglary in the first degree, is breaking into and entering, in the night time, a dwelling in which there is at the time some person, with intent to commit some crime therein, either by breaking or bursting into it, or by unlocking anouter door with false keys, or by picking the lock. Breaking into and entering a house, by day or by night, under circumstances which do not constitute burglary in the first degree, is burglary in the second or third degree. In the first degree, imprisonment not less than ten years; second degree, from five to ten; third degree, not more than five years.

§14. Forgery consists in falsely making, counterfeiting, or altering, any instrument of writing, with intent to defraud. The word counterfeiting is generally applied to making false coins or bank notes, or in passing them; or in having in possession any engraved plate, or bills unsigned, which are

are some of the crimes mentioned in this section? 12. What is arson in the second degree? Third and fourth degrees? Punishment? 13. What is burglary in the first degree? Second and third degrees? Punishment? 14. What? is forgery? Counterfeiting? Punishment? 15. What is