Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-09-21


by them to the Comptroller on demand, under
penalty of forfeiture of one hundred dollars, to
be collected and applied as provided in re-
spect to the forfeiture named in section 10,
chapter IL, of the Revised Statutes.
Sec. Z. Every bank or banking association
hereafter organized, shall, before receiving
any circulating notes from the Bank Comptrol-
Ter, appoint an agent for the purposes of this
act; and such appointment shall be immedi-
ately published in the manner aforesaid, at the
expense of such bank or banking association,
to be collected in the manner above provided.
Sec. s. Appointments of agents made in
pursuance of this act, may be revoked and new
appointments of agents made from time to
time, bydeliyering such revocation and APP
pointment to the Bank Comptroller, who shall
cause the same to be published as before pro-.
vided.
Sec. 9. 1t shall be lawful for any number of
banks or banking associations, authorized by
THIS act, to appoint an agent to associate to-
gether for raising joint fund, to be placed in
the hands of their common agent for the re-
demption Of their circulating notes, in the city
OF Milwaukee or Madison, and also the circu-
latlng notes of other banks in such manner
and under such regulations as may be agreed
upon, and to employ such agents and clerks
as they may deem necessary to carry on the
III this section contained shall authorize the
redemption or purchase by such agency of any
circulating notes at rate of discount greater
than is herein provided for, nor relieve such
banks from any duty or liability required or
imposed by this act.
Sec. TO- Every such bank and banking as
ISOLATION IN this state, except such banks and
banking associations as now are or may here
after be located in the cities of Milwaukee and
Madison, shall redeem and pay, on demand in
the lawful money of the United States, all cir
culating notes issued by such banks or bank
Ing associations presented for 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. IL. Every bank or banking assoca-
ton, whose agent shall neglect or refuse to
redeem its notes on demand as aforesaid,
shall, on proof being made to the bank comp
troler of such neglec 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 are pro
Ter shall be satisfied that there is good and e
gal defence against the payment of such notes,
Sec. II. Every bank and banking assoca
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 within the
city of Milwaukee or the city of Madison, shall
not be liable to the holder of such note for
damages Prorided, 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 :;
Pronjoed, that the officer or officers of such
bank or banking association SO neglccting or
refusing to redeem its notes on demand may
endorse upon the bills or package of bills so
presented, an acknowledgment Of such prescn-
tation and refusal, and waving protest upon
| the same; and such endorsement shall be held
as evidence of the statement therein made
Sec. Is. No bank or banking association
shall hereafter receive upon the deposit of
| bonds, circulating notes to amount exceed
ing three times it's bona .1i1e cash capital actu-
ally paid in, and the bank comptroller is hereby
authorized and repaired to ascertain what the
actual cash capital Of any bank or banking asso-
citation applying for circulation, except in cx-
|
purpose he is authorized to examine any per-
son on oath, and to compel answers under oath
| from any officer or stakeholder Of any bank or
! banking association so applying, or any 9th er
person.
Sec Il. 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 a 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 as 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
troler, 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 mu:lated
notes, to satisfy himselfby examination i'm
! 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
oaths; Propidea, that nothing in this act con-
tanned shall be so construed as to permit any
bank to issue circulating notes to any reater
amount than it's nominal capital.
Sec. Is. From and after the first day of
December next it shall not be lawful for anv
bank or banking association, banker, broker.
company or corporation, to circulate, or at
tempt to circulate, or to pay out as money.
any bill, note or other evidence of debt is
sued or purporting to have been issued bv any
bank, banking association, company, corpora
ton or individual located residing out of
this state, unless said bill, or note, or evidence
of debt shall, for the last six months preced-
ing such circulating or paving out have been
redeemable in the city of New York or Boston
in current money Of the United States, at a
rate of discount not exceeding thrnn- fnr-ths of