Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-08-31

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/ Of Milwaukee the expense whereof shall lie
equally divided amon- the s-70-a. lqr,ke or
! banking ass0cia ions 50 published ard Ia -: :
] by them t" the Coa.r-rplIar O. l.--.,.@. u. :-g
penalty q f@rtf .ture of ono h.-!.r.= + lars n
! De collected ana applied as 0ra71.a il. -
! anect - the forfeiture named in zaet.o. -
chapter Il, Of the Revised S'arotez
! &c. 7. Every bank or banking aez-e.z. ..-,
hereafter organized, shall, before receiving
- circulating noes from the Bank ComDtrol-
! Ter, 2ppoint an AGENT for the purposes Of this
act; 2na sach appointment shall be immedi-
ateiy published IN The manner aforesaid at the
expense Of such banl, or banking association.
to be collected in che manner above provided.
! Sec. 8, Appointments Of agents made in
pursuance Of this act, N Y be revoked and new
| appointments Of agents made from time to
time, by delivering such revocation and ap-
! pointment to the Bank Comptroller, who shall
cause the same to be published as before pro-
vidod.
Sec 9. I, shall be lawful for any number Of
banks Or banking associations, authorized by
this act TO appoint an agent to associate to-
ge5her for raising joint find, to be placed in
the hands OF their common agent for the re-
demptlon Of their circulating notes, in the city
OF Milwaukee Or Madison, and also the circu-
lating notes Of other banks in such manner,
and under 6ucn regulations as may be agreed
| upon, end to employ such agents and clerks
Is the nay d. II necessary 10 carry on he
! business such common agency; but nothing
- this s"cti02 contained snail authorize the
-o2o!a2srn or purchase by such agency of any
| circulating noses 81 I RTE G discount greater
| than IS htee;.. = de- f.. @oa relieve such
banks from a. duty OF liability required or
imposed BY Ills &C.
Zee, Il. Every sI,h banl- ard banking as
SoeiatioA in this state, ~ pC sacn Daaiza nd
booking assoc; cations IS nov aga or may here
-.ar b" located in the citi1s Of j ilV aukee aa1
! aad'@>n shall redeem and pay. on ac-la-j. in
tie lawful money & the Taital &ta 2s ali cir
cIlatjn@ notes Issued BY such ..anl>s or ba1 l.
! Ing cations, presented for redemption at
the flee Of the agent Of such bank or bank
ing association, during the usual hours Of the
business Of bankers, between the hours Of ten
ari three = lock, at a rate Of discount not
&c ed. = t2rae-fourths ofclc per cent.
So = Every baHk or banking a5oca-
ION, whose It. nj shl neglect or r>11se to
redeem is 2otcs on demand as If. said
sha!., on pro ii BEING made 10 the b@,.a comp
trollcr Of such neglect or refusal b tue aft
davit OF the person WAC presented said notes
for rcdewnti-2 Or rGy1> nj, onj or denositirg
: III lis dfieo IA n5tcs 50 presented /, be lee
% the sans penalties, and be ,,roc--J :
against ir tie s2ne manner, as is now prov ID
ed b. law tUr cases where tn" circulating notes
| If any bank or banking association arc pro
tested for Aou-pa rmant, unless the comptrol
Ter shall be satisfied that there is good and le
gal defence aga;ns. the payment Of such notes
See. Il. .Ivcry bank and banking ass0ca-
-i0a shell redeem its circulating notes as now
provided b. Law, but in case Of neglect or re
fusal to redeem is notes on presentation at its
counter, ana Of protest therefor, such bank or
banking association, if not located within the
city Of Milwaukee or the city Of Madison, shall
not be liable to the holder of such notc for
damages Progi|ed, 1t shall within fifteen
days after receiving notice from the comptrol-
Ter to pay the same, redeem said notes in the
lawful money Of the United States, with inter-
est at the rate Ct iftcen per cent. per annun :;
ProuidGJ, that the officer or officers OF sucn
bank or banking association Sc neglcctilg or
refusing tc redeem its notes on demarl, L.
-4ucrse upon the bills or package Of bills 50
n""son,tt, an acknowled; snent Of sue, pre-cu-
,at:HH aod refusal, and waving protest upon
| ne SAME aud such end 'rsCn1ent snail be held
as r-i.la.cc ftl2 statement thcrc:n made
See 3. No bank %" -ahiug association
! shall hlteaf,a' &c, ;yc ufua tLn d20o.it If
b0Hds. circulating 20. ta .a amoftl.t eZeeoG-
| ing thloa times II }oaz ~, lash capital ell
ally paiI IL, ..i4 .lo -..& >, ..s "g = re ~
affi,.li I'd nd -na.r.. ~ .e.-t,T- what Il. 4
aetral casE capita) d a" -a-.- ~ banking a=a-
citation applying f.. c.@c> alton, azeer. i. y
! Change for mutilated buds may be, an. f.. his
! purpose he is authorized to examine an per
son on OATH and to compel ans wers under oath
from any officer or stakeholder of amy bank CT
| banking association 50 applying, or any 9th +
pcr5on.
Sec. T. No bank or banking association
shall hereafter be organized in this State nor
! shall any more circulating notes be issued to
any bank or banking association in this State,
unless sad bank or banking association shall
| nave 6oat tide cash capital Of at least fifteen
| thousand dollars actually paid in, which shall
remain in such bank or banking association as
| capital and employed il legitimate banking
At the place where the bank is located and
| it is hereby declared that the bonds deposited
with thu bank comptroller shall not be cons;d-
| cred as any evidence Of the existence Of cani-
tai in any such bank or banking association
nor Of the amount and extent Of such capital:
and it is hereby made the duty of the comp
| troller, before issuing any more circulating
notes 70 any such bank or banking association
~ow ORGANIZED o" hat shall hereafter be or
@2nizod, c-e@r. : e@caarge Tor mU:iIated
nos. to s2tis..- h.nse.fDy All examination un-
ior oatn OF On Of r II stakeholder Of such
ID y ~ -[alN.-- i-3C>1-tt''+ I'AtU II IdS IUIIE
complied i'll lie provisions Of this section,
?n,. = tl1 nj preceding ct;on If this act,
a..0 fer tie purpose of soah ezami7ation the
| co1ptr2l"r, OF in his a a-.-a the d29"ty
comptroller s HEREBY an 5ho.;zed ID G3al.nia n
oatlls; p -7J,:e3, nat n@tHing N Tbs 1T con
tanned shall 3e s. Construed rs to 1nrs..:. o1r
bank to issue cir .-u& notes - al. .aater
amount than its nominal capital.
Sec. l.. .orl .nd after the Sr5. aav O
bank O. banking association, banker, broker
-, company or corporation, to circuletc Or at
temp 10 circulate, or to pay out rs mo. y,
any bill, note or other evidence Of debt. Is
sued or puiporting to have been issued By any
.'>'.,-, 3anEi II association, comHanv, corpora
, tior. or individual located or residing o1t e
mis- STATE, t..lcss said hill or @ot,, CT evidence