Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-08-23

Heg,
Whose several terms of office Will expire on the a,st
day OF December, 1861.
4 Member of Assembly for the Assembly Distric+s
comprising '--''
First. The towns of I1onia and Watertown and tbe
hrst second third, fourth and seventh ward of the
city of Watertown.
Second The towns of Milford, Waterloo, Lake Mills.
Third. The towns of Hebron, jefferson, Sumner,
Koshkonong and Cold Spring.
Fourth. The towns of Pennington. Concord SulIi-
van and Palmyra, in the said county of Jefferson
One County Superintendent of Schools
One supervisor in each Assembly District in said
county, and Supervisor for the county at large
At the same election the question will be taken upon
the approval by the people of the amendments pro-
the General Laws of SCI, as amended bv chapter of
the General Laws Of the extra Session of 1851 as fol-
lows
CHAPTER 242
As amended By Chapter 1. Extra Session
AN ACT to amend the General Banking Law, and the
several acts amendatory thereof.
The peaple Of the State of Wisconsin ,enrsscnsd in
Senate and assembly, do enact as toUorcs
Section 1. Section D. of chapter H. of the Revised
Statutes, with the thereunto belonging amendment
(see chapter 95 OF the General Laws of 1855 is here
by amended follows by striking cut the follown
words s'Said stocks to be valued at rate to he es
tmated and governed by the average rate at which
sad stocks have been sold in the city of New York
within the next six mouths preceding the time when
such stocks may be left deposit with the Comptrol
Ier By striking out the words s'eqnal to- and in
serting after the words ';not exceeding" the words
sin value" BY striking out the following words:
.sbut such public stocks shall in ali eases he or h
made to be, equal to stock producing six per cent
per annum and it shall not be lawful for the Bank
Comptroller to take such stock at rate above its nor
value above its current market value IN the city
of New York, at the time of deposit, by ch person
association of persons" and by inserting in lien
thereof the following it shall lawful for ta
Bank Comptroller to issue for public stocks which
have been ranging at above par during the last i
months, and up to the time deposit in the New York
market crcul notes up to the par value of said
stocks but the Comptroller shall not issue for uhIc
stocks ranging below par in said market more circuIa
ton than 80 per of the market yaun of
said stocks at the time deposit nor more than oo
per cent. of the average market value durnp tho I
six months and fer such stocks as during the last T
months have been at and above as well as below o
the Comptroller shall not issue than 90 per cant
of the average value during the last months nor
in event more than 80 per market vaIu
on the day OF deposit nor more than ninety per cent
of the par value of such stocks " that the sa1
ton shall hencetorth read follows ssWheneyer
hereafter any person or association of persons form ed
for the purpose of banking under the provisions of M
chapter shall duly assign and transfer in trust to tb
treasurer of this State any portion of the nnbIi
issued be issued by the United State or anv tata
stocks, which full interest is annually paid such
person association of persons shall be entitled to
receive from the Bank Comptroller an amount of sucb
circulating notes of different denomination regs erred
and countersigned. and not exceeding in vaIua tba
amount of public stocks assigned and transferred as
aforesaid and shall be lawful for the Bank CcT,n
troler to issue for public stocks. which have .en
ranging at above par during the last six mont hs
and up to the time OF deposit in the New York mar
circulating notes the par value of said stocks bu
the Comptroller shall not isSu for public stocks
ing below par in said market more circulation than
80 per cent OF the current market value said stocks
at the time of deposit, than go per cent of
the average market value during the last six months
and for such stocks during the last months have
been at and above as well as below par, the Comptro
Ter shall not issue more than 90 por cent of the .r
age value during the last six months ny event
more 6han W per cent OF Its market value the dsy
of deposit, than 80 per the pa- yal,e
of such stocks: Prorided, that if in the opinion of
the Bank Comptroller, together with the Governor
hail he
deemed insecure they shall not be received as snch
securities under the provisions of this act 1o5 ~
Uided further that from and aft er the first day of no
cember, 1861, the Bank Comptroller shall not rrci
security for circulating Bank Notes. any other pub
and the United States.
Section 2. Any public stocks described in the pre
ce2ing section, and issued rate of nterest less
than hye per cent per annum to be receivable 10y the
Bank Comptroller, shall be made be equal to stocks
producing five per cent. per annum.
Section 3. Section 40 of chapter II of the Revised
Statutes hereby amended by inserting between the
words 'ocated' and ssto, in the 18th line of said
section the words ssor to the Judge a. chambers
Section I. Every bank and banking association now
organized in this State, and all banks and banking as
soeiations that shall be organized before the first day
Of December, 1861, except such banks and banking
associations may hereafter be located in the
cities 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, the
city of Madison, for the redemption all circulating
notes issued by such bank or banking as, ociation
which shall be presented to such agent for payment or
redemption.
Section 5 The appointment of such agent shall be
made in writing 2 and such written sppointment shall
be delivered to the Bank Comptroller or before said
first day of Decent er next, who shall file the same in
his office If any bank or banking association shall
neglect refuse appoint such agent wit hin the time
above mentioned, the Bank Comptrolier shall appoint
such agent for such bank or banking ociation
Section G. The Bank Comptroller shall Immediate
ly after said first day of December next during such
time he may deem advisable publish a list of such
agents in daily newspaper, published in the city of
Madison and in one daily newspaper published in the
city of Milwaukee, the expense whereof shall be canal
ly divided among the several banks banking assoc-
ations so puhshe ana be paid by them to the Comp
troer demand, under penalty of forfeiture of one
hundred dollars, to be collected and applied pro-
vded in respect to the forfeiture named in section 10
chapter II, of the Revised Statutes.
Section I. Every bank banking association here
after organized shall before receiving any Circulating
netes from the Bank Comptroller appoint an agent for
the purposes of this such appointment shall
be Immediately published in the manner aforesaid at
the expense of such bank banking association to be
collected in the manner above provided.
Section 8. Appointments of agents made in pursu-
ance of this act may be revoked and appoint
ments OF agents made from time to time by delivering
such revocation and appointment to the Bank Comp
troller, who shall the to be published as
before provided.
Section 8. 1t shall be lawful for any number of
banks banking associations, authorized by this act
to appoint an agent to associate together for raising
Joint fund. be placed in the hands of their common
agent for the redemption of their circulating notes
the city of Milwaukee Madison, and also the circu-
lating notes of other banks in such manner un-
der such regulations as may be agreed upon and to
employ such agents and clerks they may deem ne
eessary to carry on the business of such common
agency but nothing in this section contained shall
authorize the redemption purchase such agency
of any circulating notes of discount greater
than is herein provided fer relieve such banks
from any duty or liability required imposed by this
act.
Section 10. Every such bank or banking assocla-
ton IN this State except such banks & banking asso-
Citations as may hereafter be located in the
cities of Milwaukee and Madison, shall redeem and
pay On demand in the lawful money of the United
States all circulating notes issued by such banks or
banking associations presented for redemption the
office OF the agent of such bank banking assoca-
tion during the usual hours of the business bank
between the hours of and three o'clock. at
rate OF discount not exceeding three fourths of
per cent.
Section IL. Every bank or banking association
whose agent shall neglect refuse to redeem its
notes on demand, as aforesaid shall, on proof being
made to ths bank comptroller such neglect or re-
fuSal by the affidavit of the person who presented
sald notes Tor redemption payment and on depo=i
ting IN ms once the notes nted be subject to
the same penaltles and be proceeded against
same manner as Is now provided by law for cases
where the circulating notes any bank or banking
association protested for payment unless the
comptroller shall be satisfied that there is good and
gal defence against the payment of such ses.
Section II. Every bank and banking association
shall redeem its circulating notes provided by
law but in of neglect refusal TO redeem its
notes presentation at its counter, and of protest
therefor, such bank banking association if To-
Gated within the city of Milwaukee the city of
Madison, shall not be liable to the holder of such
notes for damages: Prorided it SHALL within fifteen
DAYS after receiving notice from the comptroller
pay the same redeem said notes in the Lawful money
of the United States with interest at the rate of Is
per cent per Prorided, that the officer of
fcers of such bank OF banking association neglect
ing refusing to redeem its notes on demand N
endorse upon the bills package of bills present.
ed. an acknowledgment of such presentation and Te
fusal and waving protest upon the same and h
endorsement shall be held evidence of the sta