The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1861-05-03

Published April l6, 1861.
CHAPTER 242.

i'tc II eopte of tfe Sta.e cf ~ lscohSth,
epresented tn Senate md 1ssembly, do
nqct as folloacs:
SEC. /. Section 90, chapter II, Of
be Revised Statutes, with the .hereun,o
belonging amendment, (see chapter 49S,
Tenerai Laws of 1885 is hereby amend~
as follows: by striking out the follow.
hg words: "Said stocks 10 be valued a.
rate 10 be estimated and governed by
ne Average rate at which said stocks have
cen sod in the city of New York. within
be next six mouths preceding the time
hen such stocks may be left on deposit
nth the Comptroller" BY striking out
ls wor Is /" equa! to- and Inserting after
be words not exceeding" the words,
! in value" BY striking ou. the follow
words, but such public stocks shall.
o all cases. be, or be made to be, equal
o stock producing six per cent. per an
um; and it shall not be lawful for the
5auk Comptroller to take such stock at a
ate above its par value, nor above its cur
ent market value in the city of New
ork, at the time of deposit, by such per-
on or association Of persons and by in
erting 10 lieu thereof, the following "and
shall be lawful for the Bank Comp
roller to issue for public stock, which
ave been ranging at or above par during
be las. six months, and up to the time of
feposit in the New York market, circula-
ling notes up TO the par value of said
tocks; but he Comptroller shall not is
us for public stocks ranging below par in
8aid market, III )re circulation than ninety
per cent. OF the curren; market value Of
fald stocks at the time of deposit, nor
more than ninety per cent. of the average
n arket value duIing the last six months
and for such stocks as during the last six
months have bean al and above as well as
below par, the Comptroller shall not issue
more than ninety per cent. of the average
Falue during the last six months, nor in
hny event more than ninety per cent. of
IS market value on the day of deposit, nor
more than ninety per cent. Of the par val
be Of such stocks" SO that the said section
shall henceforth read as follows "When-
Pyer, hereafter, any person or association
bf persons, formed for the purpose of bank
ing under the provisions of this chapter,
ball duly assign and transfer in trust to
ne treasurer OF this State, any portion of
(he public stocks issued or to be issued bv
J he United States or any state stocks. on
which full interest is annually paid, such
person or association Of persons shall be
untitled TO receive from the Bank Comp
Lrolier an amount of such circulating notes
pf different denominations, registered and
countersigne9, and not exceeding in value
the amount of public stocks assigned and
transferred as aforesaid and it shall be
lawful for the Bank Comptroller to issue
for public stocks, which have been rang
Ing at or above par during the last six
and up to the time Of deposit in
the New York market circulating notes
up to the par value of said stocks, but
he Comptroller shall not issue for public
stocks ranging below par in said market.
more circulation than ninety per cent. of
he current market value of said stocks at
he time Of deposit, nor more than ninety
Der cent of the average market value du-
ing the last SIX months; and for such
stocks as during the last six months have
been at and above as well as below par
he Comptroller shall not issue more than
ninety per cent. Of the average value du-
ing the last six months, nor in anv event
more than ninety per cent. Of its market
'alne on the day of deposit, nor more than
ninety per cent. of the par value of such
'tocks: ProUidea, That if in the opinion
If the Bank Comptroller, together with
he Governor and the Secretary of State,
ny stocks offered shall be deemed inse
,ure, they shall not be received as such
securities under the provisions of this
sct.'
SEC. .. Any public stocks described
n the preceding section, and issued at
ate of interest less than FIVE per cent. per
.nnum, to be receivable by the Bank
shall be made to be equal to
stocks producing five per cent. per an
lrm.
SEC. 8 Section 40. of chapter, II, Of
he Revised Statutes, is hereby amended
y inserting between the words 8 located"
md TO-" in the 19;h line of said sec-
ION, the words " or TO the Judge at cham
yers."
sEc. 4. Every bank and banking asso
,iation now organized in this state, and
III banks and banking associations that
ball be organized before the first dav of
december, 1861, except such banks and
'anklng associations as are or NAV here
Ifter be located in the cities of Milwaukee
nd Madison, shall, on or before said first
'ay OF December next, appoint an agent
Tho shall keep an office in the city Of
or in the city Of Madison, for
be redemption Of all circulating notes is
ued by such redemption Of all circulating |
otes issued by such bank or banking as
ociasion. which shall be presented to
ach agent for payment or redemption.
oEc- D. The appointment of such agent ,
ha11 be made in writing, and such written
pPolnimen: shall be delivered 10 the
'ank Comptroller on or before said first
az of December next, who shall fIa the
ame 10 his Office. If any bank or bank
ne association shall neglect or refuse 10
ppoint such agent within the time above
the Bank Comptroller shall
ppoint such agent for such bank or bank
" association.
SEC. 6. The Bank Comptroller shall,
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