Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1861-10-02

Of such stocks ProUideA that il in the opinion of the
bank comptroller together with the Governor and the
Secretary of State any stocks offered shall be deemed
insecure they shall not be received Sach securities
under the provisions of this act lind py0rided far
fher that from and after the st day of December,
1861 the bank comptroller shall not receive security
for circulating bank notes. any other public stocks than
those issued by the State Of Wisconsin and the Uuiied
States"
Section q ANY public stocks described in the pre-
cedng section and issued at rate of interest less than
per cent. per TO be receivable by the bank
COMPTROLLER shall b made be equal to stocks producing
five per cent. per annum.
Section 3. Section 90 a chapter II Of the Revised
Statutes Is hereby amended by inserting between the
words located and sto, in the 18th line Of said
ton, the words 'or TO the judge at chambers"
Section A. Every bank and banking association nov
organized in this State, and all banks and banking
socatons that shall be organized before the first day
OF December 1861 except such banks and banking
sociaons as are or may hereafter be located in the cit
les of Milwaukee aud Madison, shall on or before said
hrst day Of December next appoint agent who shall
keep Office ia the city of Milwaukee, Tor in The etv
of zadson for the redemption of all circulating notes
issued BY such bank banking association, which
shall be presented TO such agent for payment
Section 5. The appointment of such agent shall be
made in writing; and such written appointment shall
be delivered to the bank comptroller before said
first day of Dee. mber next who shall file the in
his Office. II any bank or banking association shall
neglect or refuse to appoint such agent within the
time above mentioned, the bank comptroller shall ap-
point such agent for such bank or banking associa-
ton.
Section g. The bank comptroller shall, Immediately
after said first day of December next during such time
he may deem advisable, publish list OF such agents
In one daily newspaper published in the city of Madi
son. and in daily newspaper published in the city Of
Milwaukee, the expense whereof shall be equally d.
vided among the several banks banking associations
published and be paid by them 30 the comptroller
demand under penalty of forfeiture of hundred
dollars, be collected and applied provided Ia
sect TO The forfeiture named in section 49, chapter IL
Of the Revised Statutes.
ter organized shall any circulating
notes from the bank comptroller, appoint agent for
hall
be immediately published in the manner aforesaid at
the expense of such bank banking association TO be
collected in the manner above provided.
Section .. Appointments OF agents made in pursu-
ance of this act may be revoked and appointments
Of agents made from time to time, by delivering such
revocation AID appointment to the bank comptroller,
who shall the to be published before pro-
vided.
Section g. 1t shall be lawful for any number Of banks
banking associations authorized by this act, TO APP
point agent to associate together for raising joint
fund.- to be placed in the hands Of their common agent
for the redemption Of their circulating notes. in the
city of Milwaukee OF Madison and also the circulating
notes of other banks in such manner, and under such
regulations may be agreed upon. and to employ such
ag and clerks they may deem necessary to carry
on he business of such common agency but nothing
in this section contained shall authorize the redemp-
ton or purchase by such agency OF any circulating
at greater discount than herein provided for
nor eleye sucI banks from any duty or reliability re-
CURED or imposed By this act.
section To- Eyery such bank AMI banking associa
ton in this Stata, except such banks banaing assoc
cations as now al may hereafter be located in the
cities of Milwaukee and Madison saal redeem and pay
demand, in the lawful money Of the unted States,
all circulating notes issued by such banks banking
associations presented for redemption at the Office of
the agent If such bank banking association, daring
the usual hours of business of bankers between the
hours of ten and three o'clock, at rate Of discount
not exceeding three fourths of one per cent
Section IL Every bank or banking association,
on demand, aforesaid shall, on proof being made
to the bank comptroller of such neglect refusal by
the affidavit of the person who presented said notes Tor
redemption or payment, and deposting IN his Of
flee The notes presented be Gubect to the PEN
alie and be proceeded against in the same MANNER as
il now provided by law for where the circulating
notes of bank banking association protested
for ,ment un!ss the comptroller shall be sat
sed that there is good and legal leence against the
payment OF such notes.
Section u. Every bank and banking association
shall redeem its circulating notes provided by
law bit in OF neglect refusal to redeem Its
notes presentation at its counter, and Of protest
therefor such bank banking association, II not To-
lated within the city of Milwaukee or the city of Mad
ison shall not DO liable the holder of such notes
damages Progided 1t shall within fifteen days after
notice from the comptroller to pay the same
reletm said notes the lawful money of the United
States with interest at the rate of fifteen cent per
annum, Provided That the the officer or officers OF
such bank banking association SO Letting or re-
fusins to redeem It's notes on demand, may endorse
upon the bills packages Of bills so presented an ac
acknowledgement of such presentation and refusal and
waving protest upon the sane and such endorsement
shall be held IS evidence or the statement therein
m de.
hereafter receive upon the deposit Of bonds circulating
notes to amount exceeding three times its bona de
cash capital actually paid in and the bank comptroller
is hereby authorized and required to ascertain what
the actual cash capital Of any bank or banking aSsoca
lion applying for circulation, except in exchange for
mutated bills may be- and for this purpose he is
thorzed examine any person oath, and TO compel
under oath, om any officer or stockholder OF
any bank banking association SO applying, or any
soetion a. No bank or banking association shall
hereafter be organized in this State shall any
circulating notes be issued 10 any bank banking
in fo <fat fileese
association shall have bona fds cash capital of al
least fifteen thousand dollars actually paid in which
shall reme:n III such bark or banking association as
capitei and employed in legitimate banking at the
place where the bank is located; ard ~ hereby de-
lared that the bonds deposited with the bank comp
troer shall not be considered as any evidence OF the
ext tence of capital in any such bauk or bankng ASSOC
cation nor Of the amount and extent " suen capiai
and It is hereby made the duty OF the comptroller be-
fore issuing any more circulating notes to any such
bank or banking association now organized, or tlai
shall be hereafter organzd, except IN exchange ior
uuder oath of officer or stakeholder Of such bank
or banking ASSOCIATION that it has fully complied with
the provisions of this section, and of the next pre-
cedng section of this act and for the purpose 9. suc
examination tile comptroller, or IL his absence the
deputy comptroller, is hereby authorized 70 administer
oaths, Prorided, That nothing IN TINS ACT coniahso
shall be construed to permit any bank 10 issue
circulating notes to any greater amount than AIS
Section Is From and after the frst day of Decem-
Der next it shall be lawful for any bank or banking
association, banker, broker, company or corporation
money, any bill, note other evidence oil debt. IS
sued or purporing to have been Issued By any bank
banking association, company, coTpartion or indIvia-
ua located residing out of this SGta, unless sad
bll or note evidence OF debt SHALL for the last SIX
months preceding such circulating ing OUT nave
been receeabIe ia the city of New York or Boston IN
current money OF the United STATES, at rate OF ais
count exceeding three ourhs OF one per cent? ana
the decision OF the bank comptroller as to the rate OF
such dis cunt shall DC final and conclusive Eyery
bank or banking association, banker or hroke crpo
ration company. offending against the provlslons OF
this section shall forfeit for each and every outnse Inc
sum of hundred dollars to be recovered with cos
oil suit in the name and for the OF any person who
snail sue for The same and prosecute such sun 70
Judgment in any court having cognizance Thereon.
Section l6 Each and every person owning o. hold-
ing stock in any bank banking ASSOCIATION, wbo snau
SELL transfer assign his stock or any portion mere
Of 10 any such bank banking association. shall be
held and remain for the term of six months from aad
after SUCH sale transfer assignment as aforesaid
personally liable to the amount of stock SO as aoiesala
Sold transferred assigned by him for the payment
of all the debts ana liabilities Of such bank or banking
associon existing NJ the time OF ench SALE transfer OF
assignment.
from and after the FIRST Gay OF DecenlDer eigntsen
hundred AID sixty-one. =,
SECTION 49, All acts or parts OF acts eonhcllnR "lt.
any way coptraYening the provisions OF inas ac
hereby repealed.
Section ID At the general election to be held on the
Tuesday next succeeding the fst Monday in November
in the 1861, ut all the usual places OF hoiaing
elections in this State oi the election OF all ocers
required by law then to be eecte, the question "be
er this act shall b. came law and 90 into effect or 70
ard if the shall be approved By majority % ~
snail into cHects