Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-08-09
CHAPTER $40.


A
Section l. Section o. Of chapter Il. of the Revised
Statutes, with the thereunto belonging amendment
(see chapter 9S of the General Laws OF 1865 is here
by mended follows by striking out the following
words . Said stocks to be valued at rate to be
timated and governed 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 deposit with the ComptrO
Ter" By striking out the words E.eqna to-, and in
sorting after the words exceeding the words
''in value. By striking out the following words
''but such public stocks SHALL in all cases, be, be
made to be. equal TO stock producing six per cent
per annum and II shall not be lawful Tor the Bank
Comptroller to take such stock rate above its par
value, above its current market value the city
OF New York. at the time OF Deposit by 81 ch person
citation of persons, and by inserting in lieu
thereof he following and it shall be lawful for the
Bank Comptroller to issue for public stocks. which
have been ranging at above par during the last
months, and up to the time of deposit in the New York
market crcul ating notes up the par value of said
stocks but the Comptroller shall not issue for public
stocks ranging below par in said market, crcua-
ton per cent the current market value of
said stocks at the time of deposit, than 90
per cent OF the average market value during the last
months and for such stocks during the last
months have been at and above we'll as below par,
the Comptroller shall not issue than 90 per
of the average value during the last six months,
in any than 80 per cent gifts market value
on the DAY of deposit, than ninety per cent
of the par value of such stocks - that the
ton shall henceforth read follows ''Whenever,
hereafter any person OF association persons formed
the purpose of banking under the provisions of this
chapter shall duly assign and transfer in trust the
treasurer of this State any portion of the public stocks
z
stocks, which full interest is annually paid such
person or association of persons be entitled to
receive from the Bank Comptroller amount of such
circulating notes of different denominations registered
and countersigned and not exceeding in value the
amount of public stocks assigned and transferred as
aforesaid it shall be lawful for the Bank Comp
troller to issue for public stocks which have been
ranging at above par during the last six months,
and up to the time of deposit in the New York market
circulating notes upto the par value of said stocks but
the Comptroller shall issue for public stocks rang
ing below par in said Market more circulation than
90 per cent Of the current market value Of said
az the time of deposit nor more than so per cent Of
the average market value during the last six months
and for such stocks during the six months have
been at and above as well as below par the COmptroI
Ter shall not issue than so per cent Of the aver
age value during the last months nor in apv event
than 80 per of its market value On the dav
of deposit than 90 per cent of the par value
of such stocks ProUided that if in the oninion 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 such
securities under the provisions of this Ind nrO-
Utded further that from and after the first day of De-
cember, 1861, the Bank Comptroller shall receive
security for circulating Bank Notes any other pub
lie stocks than those issued by the State of Wisconsin
and the United States
Section 2. Any public stocks described in tho pre-
ceaing section, and issued at rate of interest less
than five per cent per annum to be receivable nv the
Bank Comptroller shall be made to be equal to st ocs
producing five per cent. per annum.
Section g. Section 20 Of chapter II of the Revised
Statutes, is hereby amended by inserting between the
words E'located and '.to in the 10Th line of said
section, the words tor to the judge at Chambers
q. noJy
organized in this State, and all banks and banking
ociations that shall organized before the first dey
Of December, 1861, except such banks and banking
associations as arc or 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 Office in the city of Milwaukee, or in the
city of Madison, for the redemption of all circulating
notes issued by such bank or banking association
which shall be presented to such agent for payment or
redemption. .
Section s. The appointment of such agent shall be
made in writing, and such written appontm ent shall
be delivered to the Bank Comptroller or before said
first day of December next, who shall file the same in
his office If any bank banking association shall
above mentioned, the Bank Comptroller shall anponf
such agent for such bank or banking association
Section 6. The Bank Comptroller shall, Immediate
" after said first day of December next during such
time as he may deem advisable, publish list of such
agents in daily newspaper published the CITY of
Madison. and in one daily neYspsper mn in tEa
city of Milwaukee, the expense whereof shall be equal
y divided among the several banks banking ass oci
atoms so published and be paid by them the Comp
troler demand under penalty of forfeiture of one
hundred dollars, to be collected and applied as pro-
vded in respect to the forfeiture named in section 10
chapter II, of the Revised Statutes.
Section7 Every bank banking association here
after organized, shall before receiving any circulating
nees from the Bank Comptroller appoint an agent for
the purposes OF this act and such appointment shall
be Immediately published in the 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 new appoint
ments of agents made from time time by delivering
troer who shall cause the same to be published as
before provided.
Section 9. 1t shall be lawful for any number of
banks or banking associations authorized by this act
to appoint 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 Madison and also the circu-
latng notes of other banks in such manner and IN
der such regulations as NAV be agreed upoD and to
employ such agents and clerks they may deem ne
cessary to carry the business OF such common
agency but nothing in this section contained shall
by-S
of any circulating notes rate of discount greater
than is herein provided for, relieve such banks
from any duty or liability required or imposed by this
act.
Section 10. Every such bank or banking associa-
ton in this State, except such banks banking asso-
cations as now are 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
banking associations, presented for redemption the
Office of the agent of such bank or banking assoca-
ton, during the usual hours the business of bank
ers between the hours of ten and three O'Clock at
rate OF discount not exceeding three fourths of
per cent.
whose agent shall neglect or refuse to redeem its
notes on demand, aforesaid, shall, proof being
made to the bank comptroller of such neglect
fusa by the affidavit Eof the person who presented
said notes for redemption payment, and deposi
ting in his office the notes so presented be subject
the same penalties and be proceeded against in the
same manner as is provided by law for
where the circulating notes o. any bank banking
association tested for payment, unless the
comptroller shall be satisfied that there is good
legal defence against the payment Of such notes.
Section u. Every bsnk and banking association
shall redeem its circulating notes as now 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 or the city of
Madison, shall not be liable to the holder Of such
notes for damages: Prorisd, L SHALL within fifteen
days after receiving notice from the comptroller to
pay the same, redeem said notes IN the lawful money
the United States. with interest at the of 10
per cent per annum Frcrfded, that the officer or of
cers OF such bank banking association neglect
ing refusing to redeem its notes Cd demand may
endorse upon the bills package Of bills present.
ed, aeknowled gment of such presentation and re-
fusal. and waving protest upon the same and such
endorsement shall be held evidence Of the
meDt therein made.
Section 13. No bank or banking ASSOCIATION shall
hereafter receive VI the deposFe OF bonds, ercula
ting notes to an amount exceeding three times its
e cash capital actually paid in, and the bank comp
troer is hereby authorize and required % ascertain
what the actual cash capital OF any bank banking
ASSOCIATION applying for circulation, except IN ex
change for tated bills. may be- and for this pur
pose he is authorized to examine any person oath
and to compel answers under oath, from officer
stakeholder Of any bank banking association ap-
plying, or any other person.
Section Il No bank or banking association shall
hereafter be organized in this State, shall ony
circulating notes be issued any bank ban
king association n this State, unless said bank or
banking association shall have bona fds cash capt.
tai Of at least So 900 scuaIIv paid in which shall
remain in such bank OF banking association capi-
tai, and employed il legitimate banking at the place
where where the bank is located ana il is nareby de-
elared that the bonds deposited with the hank comp
troler shall be considered any eTidenee of the
existence Of capt. al in any such b1nk banking
socation. Of the amount K extent such capt.
tai and II Is hereby made the duty Of the comptrel-
Ter, before issuing any circulating notes to any
such bank bank ing association organize ed or
that shall be hereafter organized kept in exchange
for Inutated notes. 10 satisfy himself by exami-