Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-05-18

| the lawful money OF the United States, all cir
culating notes issued by such banks or bank
ing associations, presented tor redemption at
the Office of the agent of such bank or bank
ing association, during the usual hours of the
business of bankers, between the hours of ten
and three O'Clock, at rate of discount not
| exceeding three -fourths of one per cent
| Sec. II. Every bank or banking associa-
ton, whose agent shall neglect or refuse to
redeem its notes on demand as aforesaid,
SHALL on proof being made to the bank comp
troller of such neglect or refusal by the aft
davit of the person who presented said notes
for redemption or payment, and on depositing
in his office the notes so presented, be subject
to the same penalties, and be proceeded
against in the same manner, as is new provid-
ed by law for cases where the circulating notes
Of any bank Or banking association pro-
tested for non-payment, unless the comptrol-
Ter shall be satisfied that there is good and le-
gal defence against the payment of such notes
Sec. II. Every bank and banking associa-
ton shall redeem its circulating notes as now
provided by law, but in case of neglect or re
fusal to redeem its notes on presentation at its
counter, and of protest therefor, such bank or
banking association, if not located with III the
city of Milwaukee or the city of Madison, shall
not be liable to the holder of such note for
damages P,.oeided, 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 of fifteen per cent. per annum
Prouded that the officer or officers of such
bank or banking association SO neglecting or
refusing to redeem its notes on demand, may
endorse upon the bills or package Of bills so
presented all acknowledgment OF such presen
tation and refusal, and waving protest upon
the same; and such endorsement shall be hello
| &c 81 IL do
Sec. Is. No bank or banking association
shall hereafter receive upon the deposit of
bonds, circulating notes to amount exceed
ing three times its bona fdc cash capital actu-
ally paid in, and the bank comptroller is here
by authorized and required what the actual
cash capital of any bank or banking associa
ton applying for circulation, except in ex-
| change for mutilated bills, may be, and for this
purpose he is authorized to examine any per-
son on oath, and to compel answers under oath
from any officer or stockholder of any bank Or
| banking association so applying, or any 9th ar
person.
Sec II. 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 said bank or banking association shall
have bona 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 in legitimate banking
at the place where the bank is located and
it is hereby declared that the bonds deposited
with the bank comptroller shall not be consid-
cred any evidence of the existence of CAPT
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 to any such bank or banking association
| now organized, or that shall hereafter be or
| ganized, except in exchange for mutilatcd
| notes, to satisfy himselfby an examination un-
der oath of an officer or stakeholder of such
bank or banking association that it has fully
complied with the provisions of this section,
| and of the next preceding section of this act,
and for the purpose of such examination the
comptroller or in his absence the deputy
comptroller, is hereby authorized to administer
Ga Tbs; Procided, that nothing in this act con-
tanned shall be so construed as to permit any
bank to issue circulating notes to any greater
mount than its nominal capital
8, q. Is. From and after the first dav of
Doo.,,,, yer next it shall not be lawful for any
honl ~ = hiking association, banker, broker,
comnanv or corporation, to circulate, or at
temnt to e;rorl, tie, or to pay out as money,
,,, hin ntn her evidence of debt, is
sued or purporting t, ii''e oe',n issued oy any
bank banking associat, 'h' eoinpa1!' corpora
ton or individual located VI Iesiuiis OUT OF
this state unless said bill, o. no'e' 1f evidence
of debt shall, for the last six ). o .l ~,
ing such circulating or paying ons ''a,I peol'
redccmable in the city of New York or boston
in current money of the United Stat. ; at
rate of discount not exceeding threc-four. us OF
one per cent. and the decision of the ba. TX
comptroller as to the rate Of such discount
shall be final and conclusive Every bank |
and banking association, banker or broker, |
corporation company, offending against the |
provisions of this section shall forfeit for each
and every offence the sum of one hundred dol |
lars to be recovered with costs Of suit in the
name and for the use of any person who shall
sue for the same and prosecute such SUIT to
Judgment in any court having cognizance
thereof
Sec 16 Each and every person owning or
holding stock in any bank Or banking associa-
ton, who shall SELL transfer or assign his stock
or any portion thereof, in any such bank or
banking association, shall be held and remain
for the term of six months from and after such
sale, transfer or ASST gnment, as aforesaid, per-
sonally liable to the amount of said stock so
as aforesaid sold, transferred or assigned by
him for the payment of all the debts and liza
bilities of such bank or banking association,
existing at the time of such sale, transfer or
| assignment.
Sec. II. This act shall take effect and be
in force from and after the first day of Deem
Der, eighteen hundred and sixty-one.
Sec. lS All acts or parts of acts conflict
ing with, or in any way cOntravenlng the pro
visions of this act, are hereby repealed.
! Sec. 10. AT the general election to he held
on the Tuesday next succeeding the first Non
day in November, in the year 1861 at ell the
usual places of holding elections in this State,
for the election Of all officers required by law
then to be elected, the question whether this
act shall become a law and go into effect, or
in any manner be in force, shall be submitted
to the people, and if the same shall be approx
ed by majority of all the votes cast on the
subject, it shall go into effect; otherwise, it
shall not go into effect nor be in force
i 10. al.