Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-09-18

the Bank COMPTROLLER, who shall cause the
same to be published as before provided
Section 9 It shall be lawful ;or any num-
Der of banks or banking associations authoriz-
ed by this a.t. to appoint an agent TO associate
/ torether for raising Joint fund, TO be placed
! in the hands Of their common agent for the
demption of their circulating notes, in the city
/ of Milwaukee or Madison and also the crcu-
latiup 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 bus
mess oil such common agency but nothing In
this section contained shall authorize the re-
demption 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
Section 10 Every such bank and banking
association in this State, except such banks or
banking associations as now are or hereafter
NAV oe located in the cities 81 Milwaukee and
| Madison, shall redeem and pay demand in
the lawful money of the United States, all cir
culating notes issued by such banks or bank
ting associations. presented for REDEEM pton at
the Office of the agent of such bank or bank
ing association during the usual hours of bus
! mess of bankers. between the hours often and
three o'clock. at a rate of discount not exceed
ing three-tourths of one per cent.
Section IL Every bank or banking associ-
alton whose agent shall neglect refuse to re-
deem lis notes on demand as aforesaid, shall,
on proof being made to the bank comptroller of
such neglect or refusal by the affidavit of the
person who presented said notes for redemp-
ton or payment and on deposting in his Of
flee the notes so presented, be subject to the
penalties and be proceeded against in the same
manner as is now provided by law for cases
| where the circulating notes of any bank or
,ts,slf
ment. unless the comptroller shall he satisfied
that there is good and legal defence against
the payment of such notes.
Section ID Every bank and banking asso-
citation shall redeem its circulating notes as
| now provided by law, but in case Of neglect OF
refusal 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 fsuch notes for
damages provided. it shall within fifteen days
after receiving notice from the comptroller to
pay the same, redeem said notes i'll the lawful
money of the United States, with interest at
rate Of fifteen per ct per annum: pr0Ulde0, that
the officer or officers of such bank or banking
association so neglectlng or refusing to redeem
It's notes on demand may endorse or the bills
or package of bills SO presented, an acknowi-
! edgment of such presentation and refusal and
.
dorsement shall be held as evidence OF the
SIT nent therein made.
Section l3 No hank or banking association
shall hereafter receive upon the deposit of
bonds, circulating notes to an amount exceed
| ing three times its bona tide cash capital actu-
| allv paid in and the bank comptroller is hele-
/ bv authorized and required to ascertain what
the actual cash capital Of any bank or banking
association applying for circulation, except in
exchange for mutilated bills, may be. and for
/ this purpose he is authorized to examine any
person on oath. and TO compel answers under
oath from any officer stakeholder OF any
bank or banking association so applying, or
any other person.
Section 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 sad 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 colI5id
| cred as any evidence ofthe existence OF capital
in any such bank or banking association nor
of the amount and extent ofsuch capital and
| If is hereby made the duty of the comptroller.
1 before
any such bank or banking association now or
| gained, or Lat shall be hereafter organized.
| EXCEPT i'm exchange for mutated notes. to sat-
| isfv himself by am examination under oath of
an officer or stakeholder of such bank or bank
ing association that it has fully complied with
the provisions of this section and Ofthe next
! preceding section of this act and for the pur-
! poses of such examination the comptroller or
| in his absence the deputy comptroller is here
IiTe11,, 81. tpc ry1CJ
that nothing in this act shall be % construed
as TO permit any bank to issue circulating notes
| to any greater amount than its nominal capital
Section Is From and after the first day of
| December next il shall not be lawful for any
| bank or banl ing association, barker, broker,
! company or corporation to circulate or attempt
| 10 circulate. or to pay out as money any bill,
note or OF er evidence Of debt, issued or pur-
! porting to have been issued by any bank bank
| ing association, company, corporation or lndi-
dual located or residing out of this State ,unless
said bill or note or evidence Of debt shall for
the last six months preceding such circulating
or paving out, have been redeemabIe inthe city
of New York or Boston in current money of
the United States at a rate Of discount not ex-
! ceeding three fourths of one per cent and the
| decision ofthe bank comptroller as to the rate
at such discount shall be final and conclusive.
| Every bank or banking association, banker or
u
against the provisions of this section shall for
felt for each and every offence the sum Of one
hundred dollars. 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 10 Judgment in any court having cognl-
zance thereof.
Section Is Each and every person owning
| or holding stock in any bank or banking assoc
citation. who shall sell transfer or assign his
stock or any portion thereof, in any sach bank
| or banking association, shall be held and re-
main for the term of six months from and after
such sale, transfer or assignment as Aforesaid,
personally liable TO the amount OF stock so as
aforesaid sold transferred or assigned by him,
for the payment of all the debts and liabilities
of such bank or banking association existing
at the time of such sale transfer or assignment.
Section II This act shall take effect aud be
| in force from and after the lst day OF Deem
ber eighteen hundred and sixty
Section 49, All acts or parts of acts cenflic-
| ting with, or in. any way eontIayenng the
provisions of this act, are hereby repealed.
Section 10 At the general election to be
held on the Tuesday next succeeding the first
Monday in November, in the year 1861, at all
the usual places Of holding elections in this
| State. for the election Of all officers required
bv law then to be elected, the question wheth
or this act snail become law and go into CT
| feet. or in any manner be in force, shall be
| Il ~ E +bo hill