Wisconsin herald. [volume] (Lancaster, Wis.) 1846-1849, 1848-01-08
ARTICIE
ov nANKs ANp pANgINa.

poratc by any general or special lar, any
bank or banking power, or privilege, or
any institution or corporation having any
banking powers or privileges whatever, ex-
lcept in accordance with the following sec
tons Of this article.
SEC. 2. The legislature may at any reg
ular session, by special iaac, authorize, es-
tablish, or incorporate a person or persons,
institutions, with banking powers and priv
lileges. And no such law, or act of incor-
operation shall be valid, or take effect, I'M
less the same shall have been submitted to
separate and distinct vote Of the electors
at the next general election succeeding the
passage of the same, and shall have receiy-
ed in its favor a majority of all the votes
cast at such election.
SIC. g. Every law or act of incorpora-
ton, authorizing or comforting any banking
power OF privilege, shall provide Tor the in
dividual liability Of all the stock holders to
the full amount Of all Indebtedness.
SEC. a. Every law or act Of incorpora-
ton authorizing or comforting any banking
power or privilege, shall be single in its
object, and shall in no case authorize or
allow the establishment of any branch or
agency with the same, or similar powers.
SEC. 3. No law or laws, act or acts of
incorporation, providing for the creation,
establishment, or organization of more than
one bank, banking house, company, or in
dividual, with banking powers and privi-
leges, shall be submitted TO the electors at
the same election.
The minority report provides, as follows
SIC. 1. The legislature of this state
shall not have power to grant any special
bank charters, nor any special banking priv
ileges whatever; but associations may be
formed for banking purposes under general
laws, and conveying rights equally to every
citizen.
SEC. ?. Every such law, before it takes
effect, shall after il has passed through the
usual forms of legislation, be published in
AT least one newspaper in each county of
this state in which newspaper is publish
ed, for ten weeks successfully next preced-
ing the next general election; and at said
election shall bc submitted to vote of the
electors of the state, and shall I've approved
by majority OF the votes east on that sub
ject at said election, which votes shall be
ascortained, canvassod, and returned in
such manner as the legislature may pro-
vide.
SEC. 3. The stockholders in every bank
aud banking association shall be made indi-
yidually liable to the amount Of their stock
therein for all its debts aud liabilities, during
the time of their holding the stock, and for
the term of six months after they shall have
the same. Aud in ease of the
Insolvency of any such bank or association,
the bill holders thereof shall have prefer
ence in payment over all other creditors of
such bank or association.
SIC. 4. The legislature shall provide by
law for the registry Of all notes and bills
put in circulation as money, and shall re-
quire ample security for the redemption of
the same in specie,
SEc. 5. The legislature shall not have
power at any time to authorize any bank
or banking association TO suspend specie
payments.
Size. 6. Any law passed under the pro-
visions of this article may be amended or
repealed in such manner as the said law
shall enact, and in no other manner what
ever. ALFRED l.. CASTLEMAN.
The committee relative to division of
Wisconsin, in their conclusion report as
follows;
Your committee after mature deliheration,
taking into view the variety Of soil, surface
and resources generally, do recommend that
the liue dividing the territory of Wisconsin
should commence in the channel of the Mis-
sissippi river, directly south of the highest
peak on Mountain Island, which according
to Niehollefs map is about where the 4ith
degree of latitude crosses the Mississippi;
thence due north half degree; thence on a
direct line (nor,hcas,erly) to the head wa
tiers of Montreal river, 50 king said bead
waters at the same place, as marked upon
the survey made by Capt. Cram; thence
down the main channel of Montreal riverto
the middle of Lake Superior.
The Judiciary committee, report suhs,an-
tally rs follows;
/. The Judicial Power, both as to law