Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1852-04-23
AN ACT To AUTHORIZE THE BUSE-
NESS OF BANKING.

II III C2fl4t2 ufLR 1S5CHtObyJ w t'''N' ~ -
l0tCS:
SEC. |. For the purpose of carrying INTO ell
feet the provisions of this act, the governor Vi
this state il hereby authorised ard required SO
soon as this act shall be in force, to appoint "
and with the consent of the Senate, rahk coup
troller. who shall hold his office until the hrst
Moni&y in January, A. ID. 1851, ana unni his
successor is elected and qualified Al me gen
ern election 70 be held in this state on Ihe ueS'
tay next succeeding the first Monday IN Novem-
Der. A. d. 1853, and every two years theiea.-
Tor. there shall be elected by the people, bank
comntroIler. whose term of office shall commence
ON the first Monday in January, A. d. 1854, and
continue two years, and until his successor IS
elected and qualified; the canvass and return OF
the election of said bank comptroller shall be
made in the same manner as the election OF 9TH
er late officers are canvassed and returned
The comp ensation Of tie bank comptroller
shall be- including office rent, clerk hire, station
cry fuel and all other contingent expenses, TWO
thousand dollars per annum, to be PAID ou' OF the
state treasury, in the same manner as other state
officers are paid The bank comptroller shall
before he enters upon the duties of his office, take
and subscribe the oath required by the constitu
ton, and give bond to the state of Wisconsin,,
in the sum of fifty thousand dollars, with not less
than ten sureties who shall be resident freehold
ers of this state; said bond TO be conditioned ap-
proved, preserved in the executive office, in the
same manner as is provided for the state treasu-
reF's bond, in sec. 81, chap 8, of the Revised
Etatutes The bank comptroller shall keep his
office at the seat OF government of this state, and
carry into effect the provisions OF this act in the
manner hereinafter specified: Provided, That the
salary of the comptroller shall in no case exceed
the amount paid into the state treasury, under
the provisions of this act.
SEC. 2. The bank comptroller shall appoint a
deputy who in the absence of the comptroller
from his Office, may perform ali the duties of the
office OF bank comptroller, until such disability
be removed, or vacancy be filled by appointment
as provided for in the proceeding section; for
whose acts said comptroller shall be liable on his
official bond Provided, That he said deputy be
paid for his services out of the salary allowed
the comptroller by the proceeding section.
SEC. 3. In case the office of bank cOnptron-
or shall become vacant, or in case the comptrol-
Ter from any cause shall be incapable of dis
charging the duties of said Office, the governor
OF this state shall appoint a suitable person
TO perform the duties CT bank comptroller,
and this person so appointed shall be invested
with all the powers and shall perform all the du-
ties of such comptroller until such vXancy be
filled or such disability be removed, and he shall
give bonds in the same manner as IS required o
the comptroller in the first section Of this act.
thorzad and required 10 b. engraved and printed
IN the best manner to guard against counterfeit
ing, such quantity of circulating notes in the 81
Multitude CT bank notes in blank of different de-
nominations, not less than one dollar, at the ex-
ponse, to be p.i i'll advance, Of any person or
association of persons applying for the same, as
he may from time to time deem necessary 10
carry into effect the provisions of this act
Such blank circulating notes shall be counter
signed, Numbered, and registered in proper books
to be provided and kept for that purpose i'll his
office, 50 that each denomination Of such circula-
ting notes shall bear the uniform signature OF
such bankc0mptyoler or his deputy, and the plates
and dies aud materials to be procured by the
comptroller for the printing and making of the
circulating notes provided for hereby, shall re-
main in his custody or under his direction; the
expenses necessarily incurred in executing the
provisions Of this section shall be charged a
gainst the association applying for such circul2-
ting notes, and paid by it to the SAID comptEoll-
cr
SBC. 8. Whenever any person or association
Of persons formed for the purpose Of banking
under the provisions of this act, shall duly as
sign and transfer in trust to the treasurer of this
state any portion CT the public stock issued OF
to be issued BY the United States, or any state
stocks or which full interest is annually paid
said state stocks to be valued at rate to be es-
tImated aud governed by the average rate OF
which s-id stocks have been sold in the city OF
New York, within the next six months proceed
the time when such stocks may be LETT on de-
posit with the comptroller; such person or ass0-
citation of persons shall be entitled 10 receive
from tho bank comptroller, an amount Of such
circulating notes of different denominations, reg
lslered and countersgued, equal to and not ex-
c3odIng the amount of pubic stocks assigned
and transferred aforesaid; but such public
stock shall in all cases be be made to be, equa
10 a stock producing SIX per cent. per annum
aud ilishall not b3 lawful for the bank comPtroll-
or to take such stock at rate above its par val
ne, nor above its current market value in the
city of New York, at the time OF deposit BY such
person or association of persons Provided, Iha
If in the opinion Of the bank comptroller and gov.
ernor any stocks, &c, offered shall be deemed
insecure, they shall not be received as such Sc
curities under the provisions OF This act
SIC. g. Any person or association Of persons
formed 70. the purpose Of banking under the
provisions ct thi9 act, may at his or their optoT
assign and transfer IN trust to the state trcasur
er of this state, bonds or obligations bearing
raln Of interest not less than seven per cent. pc
annun, payable semi-anuuaiy, issued by any
rail road company in this state incorporated b
any act o. tia Legislature OF this state, Of tht
territory Of Wisconsin, duly organized und'
such act OF Incorporation, the payment of which
bon IS or obligations shall b. secured in the man
uar hereinafter provided, By i mortgage or lacl
OF trust Of n whole or a portion of "a, r0a
constructed BY such rail road company IN tn
state; which bonds or obi rat0us shall be re
cieyod by the said trHHsureT in lieu Of the pub
stocks issued or 81 BE- issued by the ujtcl STATE
o. by any state as hcrcjub,forc provided in thi
act AMI upon making such assignment an
transfer such person or association G; person