Bonds of banks holding deposits of Canal Fund monies
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Overview of the Records
New York State Archives
New York State Education Department
Cultural Education Center
Albany, NY 12230
0.2 cubic feet
Arrangement
Chronological.
Scope and Content Note
Series consists of two principal documents.
The first document takes the form of articles of agreement made between the State of New York and a bank, specifying terms and conditions of deposit of monies of the Canal Fund, signed by officers of the bank and sworn to by them with seal of the bank impressed; on the same form is the bond of the officer of the bank to pay over all money deposited according to terms of agreement, and also the affidavits of the sureties (usually the bank officers) that they are worth a sum of money.
The second document is a printed form (supplied by the Canal Department) giving the text of the resolution of the bank directors accepting the terms and conditions of the agreement. Also found occasionally are letters, memoranda, and cancelled checks, often bearing letterheads of the bank. Bank bonds in this series were posted for at least three different types of deposits: the Canal Fund Sinking Fund authorized by legislation of 1846; "Premium Loan" for canal enlargement, authorized by legislation of 1854; and the "Canal Repair Trust Fund," authorized by legislation of 1861.
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