Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-05-18
Laws of wisconsin.
Published April 16, 1861.
CHAPTER 242.

-. DEC. 1. CccJlOn ~, Cnapter IL, or the Re-
vised Statutes, with the thereunto belonging
amendment, (see chapter 4oS, Gener raj Laws,
1859, is hereby amended as follows: by strik-
ing out the following words, 'Said stocks to
be valued at rate to be estimated and gov
erned by the average rate at which said
stocks have been sold in the city of New
York, within the next six months preceding
the time when such stocks may be left on de-
post with the Comptroller" By striking
out the words 'equal to-" and inserting after
the words mot exceeding" the words Gin
value" BY striking out the following words
'but such public stocks shall, in all cases, be,
or be made to be, equal to a stock pro-
ducing six per cent. per annum; and it shall
not be lawful for the Bank Comptroller to take
such stock at a rate above its par value, nor
above its current market value in the City of
New York, at time of deposit, by such person
or association of persons" and by inserting in
lieu thereof, the following, land 1t shall be
lawful for the Bank Comptroller to issue for
public stock, which have been ranging at Or
above par during the last six months and up
to the time of deposit in the New York mark
ct, circulating notes up to the par value of
said stocks but the Comptroller shall not is
sue for public stocks ranging below par in
said market, more circulation than ninety per
cent of the current market value of said stocks
per cent of the average market value during
the last six months and for such stocks as
during the last six months have been at and
above as well as below par, the Comptroller
shall not issue more than ninety per cent. of
the average value during the last six months,
nor in any event more than ninety per cent.
of its market value or the day of deposit, nor
more than ninety per cent. of the par value of
such stocks; SO that the said section shall
henccforth read as follows: "Whcnever, here
after, any person or association of persons
formed for the purpose of banking under the
provisions of this chapter, shall duly assign
and transfer in trust to the treasurer of this
State, any portion Of public stocks issued by
the United States or any state stocks, on which
full interest is annually paid, such person or
association of persons shall be entitled to re-
ceye from the Bank Comptroller an amount
of such circulating notes of different dcnOmi-
nations, registered and countersigned, and
not exceeding in value the amount of public
stocks assigned and transferred as aforesaid :;
and it shall be lawful for the Bank C0mptro-
Ter to issue for public stocks, which have been
ranging at or above par during the last six
months, and up to the time of deposit in the
New York Market circulating notes up to the
par value of said stocks, but the Comptroller
shall not issue for public stocks ranging below
par in said market, more circulation than
ninety per cent of the current market value of
said stocks at the time of deposit, nor more
than ninety per cent. Of the average market
value during the last six months and for
such stocks as during the last six months have
,haen at and above as well as below par the
s4Comptroller shall not issue more than ninety
per. capt of the average value during the last
! six months, nor in any event moro than ninety
per cent of its market vaice on the day of
<deposit,, nor mere than ninety per cent. of the
oar value. of such stocks: Provided, That if in
eQninion. Of the Bank Comptroller together
toe, governor and the Secretary of Stale,
;th ks offered shall be deemed insecure,
~ sta not he received as such securities
,ay shall VISIONS of this act'
nder the pr, oablic stocks described in the
Sec. 3 Any Naa issued at rate Of inter
,receding section, 'eGt. per adanum, to he
,st less than five per N@Rptroiser, shall be
by the Bank Il. >sod1e{ng FIVE nor
made to be equal to stocks Y
cent per annum. ,+or II If the
y go Statutes is hereby amended ~ insert
;nr between the words 'Iocated and ITO, III
.ho 10Th lin, of said section, the words, or to
the Judge at chambers"
Sec 4. Every bank and banking assocla-
tion now organized in this state, ana All banks
and banking associations that Shall pc organ
lied before the first day OF December, 1901,
excent such banks and banking associations as
are or NAV hereafter be located IN the cites OF
Milwaukee and Madison, shall, on or before
said first day of December next, appoint an
agent who shall keep an office in the city OF
Milwaukee, or in the city OF Madison, Tor the
redemntion of all circulating notes issued by
s,,ob h,pk or banking association, which shall
he presented to such agent for payment or re-
demption. |
Sec. g. The appointment of such agent
shall be made in writing, and such written APP
pointment shall be delivered to the Bank
Comptroller on or before said first day OF De-
cember next, VIE shall file the same in his Of
fee. If any bank or banking association shall
neglect or refuse to appoint such agent within
the time above mentioned, the Bank Comptrol-
Ter shall appoint such agent for such bank or
banking association.
Sec. 6. The Bank Comptroller shall, imn,e
d;ately after the first day Of December next,
during such time as he may deem advisable,
publish a list of such agents in daily news
paper. published in the city Of Madison, and
in one daily newspaper published in the city
of Milwaukee, the expense whereof shall be
equally divided among the several banks or
banking associations so published, and be paid
by them to the Comptroller on demand, under
penalty of forfeiture of one hundred dollars to
be collected and applied as provided in re-
spect to the forfeiture named in section 10,
chapter II, of the Revised Statutes
Sec. 7. Every bank or banking association
hereafter organized, shall, before receiving
any circulating notes from the Bank Comptrol-
Ter, appoint an agent for the purposes of this
act; and such appointment shall be immedi-
ately published in the manner aforesaid, at the
expense of such bank or banking association,
to be collected in the manner above provided.
Sec s. Appointments of agents made il
pursuance of this act, may be revoked and new
appointments of agents made from time to
time, by delivering such revocation and APP
pointment to the Bank Comptroller who shall
cause the same to be published as before pro-
yided.
Sec 9. 1t shall be lawful for any number of
banks or banking associations, authorized by
aet To RI aSSnciota tn