ANTI-BANKING COMPANY.—A company has been formed in Kirtland, in this county, by the Mormons, or "latter day saints," as they call themselves, with a capital stock of no less than four millions of dollars. The company style themselves the "Kirtland Safety Society Anti-Banking Company."—Under this title they have issued their notes which, for a week or two past, have circulated among us as money or bills of exchange, but they do not, as yet obtain a general currency. Not being received at the Bank in this place, those who are doing business with the bank, will not of course, take them.—Besides, a law of this state passed February 22, 1816, "to prohibit the issuing and circulating of unauthorized Bank Paper," published in the Telegraph last week, if now in force, might subject persons who give these bills a circulation, to some trouble. It is doubted however, by good judges, whether the law to which we have alluded, is now in force, or if in force, whether it is not unconstitutional, and therefore not binding upon the people. That the law is an outrage upon equal rights no man can [doubt] who has a drop of Republican blood in his veins. It is true, that succeeding legislatures have been in the habit of granting bank charters, with exclusive privileges, and the people have submitted to such [enactments], but we have long been of opinion, that such acts virtually authorised any [one] man or set of men who might be[so] desposed, to do business on the [same] principles and under the same regulations. For no Legislative body in these states, has a constitutional right to grant privileges to one set of men in regard to the use of money, and prohibit the enjoyment of like privileges by others. We do not say that the Legislature has not the right to regulate banking business in this state, but such regulations should be general, extending to all who are disposed to comply with them. If any other doctrine than this were to be established, where would it end? If the Legislature has the right to say to one man or set of men, you may count your specie and put it into a vault and then you may issue notes to three times the amount, as bank paper—and say to others who have a like amount of specie, if you issue notes or bills as bank paper to any amount, you shall be subject to an indictment; As well might the Legislature pass a law, declaring that no man or a set of men, shall be allowed to invest money in a church unless it be for the benefit of a particular sect who may have obtained an act of incorporation, and who hold to a certain creed. In either case, it would be a culpable abridgement of those equal rights which are guaranteed to every citizen, by the constitution, and a manifest violation of those republican principles on which our government is founded.

With respect to the ability of the Kirtland society to redeem their bills, we know a thing further than what report says. It is said they have a large amount of specie on hand and have the means of obtaining much more, if necessary. If these facts be so, its circulation in some shape would be beneficial to community, and sensibly relieve the pressure in the market so much complained of.

If however the Kirtland society wish to have their paper obtain a circulation, we think it would be well for them to obtain and publish the legal opinion of some [able] jurists as to the validity of the act of 23d February 1816, and also inform the public thro' the public prints, and over the signature of some number of individuals in whom the public would place confidence, of the amount of specie which they have on hand, showing their ability to redeem their bills

For the purpose of affording all the light on the subject in our power we give the following proceedings of the society, which we copy from the Cleveland Daily Advertiser.

MINUTES OF A MEETING OF THE MEMBERS OF THE "KIRTLAND SAFETY SOCIETY," HELD ON THE 2d DAY OF JANUARY, 1837.

At a special meeting of the Kirtland Safety Society, two thirds of the members being present, S. Rigdon was called to the Chair, and W. Parish chosen Secretary.

The house was called to order, and the object of the meeting explained, by the chairman; which was:

1st. To amend the old constitution, which was adopted by the society, on the 2d day of November, 1836, which was, on action by the unanimous vote of the meeting annulled.

2nd. To adopt Articles of Agreement by which the Kirtland Safety Society are to be governed.

After much discussion and investigation, the following Preamble and Articles of agreement were adopted, by the unanimous vote of the meeting.

We, the undersigned subscribers, for the promotion of our temporal [interests], and for the better management of our different occupations, which consist in agriculture, and mechanical arts, and merchandising, do hereby form ourselves into a firm or company for the before mentioned objects, by the name of the "Kirtland Safety Society Anti-Banking Company, and for the proper management of said firm, we individually and jointly enter into and adopt the following Articles of Agreement.

Art. 1st. The capital stock of said society or firm shall not be less than four millions of dollars to be divided into shares of fifty dollars each; and may be increased to any amount, at the discretion of the Directors.

Art. 2d. The management of said company shall be under the superintendence of thirty two Directors, to be chosen annually by, and from among the members of the same; each member being entitled to one vote for each share, which he, she, or they may hold in said company; and said votes may be given by proxy, or in PROPRIA PERSONA.

Art. 3d. It shall be the duty of said Directors, when chosen, to elect from their number, a President and Cashier. It shall be the further duty of said Directors to meet in the upper room of the office of said company, on the first Mondays of November and May of each year, at 9 o'clock, A. M. to inspect the books of said company and transact such other business as may be deemed necessary.

Art. 4th. It shall be the duty of said Directors to choose from among their number, seven men, who shall meet in the upper room of said office, on Tuesday of each week, at 4 o'clock, P. M. to inquire into and assist in all matters pertaining to said company.

Art. 5th. Each Director shall receive from the company one dollar per day for his services when called together at the annual and semi annual meetings. The President and Cashier, and the seven, the committee of the Directors, shall receive a compensation for their services as shall be agreed by the directors at their semi-annual meetings.

Art. 6th. The first election of Directors, as set forth in the second article, shall take place at the meeting of the members to adopt this agreement, who shall hold their office until the first Monday of November, 1837, unless removed by death or misdemeanor, and until others are duly elected. Every annual election of Directors shall take place on the first Monday of November, of each year. It shall be the duty of the President and Cashier of said company, to receive the votes of the members by ballot, and declare the election.

Art. 7th. The books of the company shall be always open for the inspection of the members.

Art. 8th. It shall be the duty of the Directors of the company, to declare a dividend once in six months; which dividend shall be apportioned among the members, according to the installments by them paid in.

Art. 9th. All persons subscribing stock in said firm, shall pay their first installment at the time of subscribing; and other installments from time to time, as shall be required by the Directors.

Art. 10th. The Directors shall give thirty days notice in some public paper, printed in this county, previous to an installment being paid in. All subscribers residing out of the State, shall be required to pay in half the amount of their subscriptions at the time of subscribing, and the remainder, or such part thereof, as shall be required at any time by the Directors, after thirty days notice.

Art. 11th. The Cashier shall be empowered to call special meetings of the Directors, whenever he shall deem it necessary; separate and aside from the annual and semi annual meetings.

Art. 12th. Two thirds of the Directors shall form a quorum to act at the semi-annual meetings, and any number of the seven, the committee of the Directors, with the President & Cashier, or either of them, may form a quorum to transact business at the weekly meetings; and in case none of the seven are present at the weekly meetings, the President and Cashier must transact the business.

Art. 13th. The Directors shall have power to enact such by laws as they may deem necessary, from time to time, providing they do not infringe upon these Articles of Agreement.

Art. 14th. All notes given by said Society, shall be signed by the President and Cashier thereof, and we the individual members of said firm, hereby hold ourselves bound for the redemption of all such notes.

Art 15th. The notes given for the benefit of said society, shall be given to the Cashier, in the following form:

"Ninety days after date, we jointly and severally promise to pay A. B. or order dollars and cents, value received." A record of which shall be made in the books at the time, of the amount, and by whom given, and when due—and deposited with the files and papers of said society.

Art. 16th. Any article in this agreement may be altered at any time, annulled, added unto or expunged, by the vote of two-thirds of the members of said society; except the fourteenth article, that shall remain unaltered during the existence of said company. For the true and faithful fulfilment of the above covenant and agreement, we individually bind ourselves to each other under the penal sum of one hundred thousand dollars. In witness whereof we have hereunto set our hands and seals the day and date first written above.