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

re- Giving any circulating notes from the
Bank Comptroller, appoint an agent for
the purposes of this act; and such ap-
poiu,ment shall be Immediately 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, BY delivering such rev.
ocation and appointment to the Bank
Comptroller, who shall cause the same to
be published as before provided.
SEC O. I: shall be lawful for any NUN.
Der Of banks or banking associations. au,
thorized by this aot, to appoint an agent
to associate together for raising a joint
fund, to be placed in the hands of their
comm on agent for the redemption of their
circulating notes, in the city Of Milwaukee
or Madison, and also the circulating notes
Of other banks in such manner, and nnder
such regulations as may be agreed upon,
and to employ such agents and clerks as
they may deem necessary to carry on the
| business of such common agency; but
| nothing in this section contained shall au-
, thorize the redemption or purchase by
such agency of any circulating notes at
rate Of discount greater than is herein pro-
vided for, nor relieve such bank from any
duty or liability required or imposed by
this act.
SEC. 10. Every such bank or banking
association in this state, except such banks
and banking associations as now are or
may hereafter be located in the cities Of
Nj waukee and Madison, shall redeem and
pay, on demand, in the lawful money of
the United States, all circulating notes is
sued by such banks or banking asso3ia-
tions, presented for redemption at the of
fee Of the agent Of such bank or banking
association, during the usual hours of bus
| mess 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 asso-
citation, whose agent shall neglect or re-
fuse to redeem its rotes on demand as
aforesaid, shall, on proof being made to
the Bank Comptroller Of such neglect or
refusal by the affidayit of the person who
presented said notes for redemption or
payment, and on deposi;ing in his office
the notes so presented, be subject to the
same 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 banking association
are protested for non payment, unless the
Comptroller shall be satisfied that there is
a good and legal defence against the pay
ment of such notes.
SEC. II. Every bank and banking
association shall redeem its circulating
notes as now provided by law, but in case
of neglect or refusal to redeem It's notes
on presentation at its counter, and of pro
test therefor, such bank or banking asso-
citation, 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; Provided, 1t shall within
fifteen days after receiving notice from
the comptroller to pay the same, redeem
said notes in the lawful money Of the Uni,
ted States, with interest at the rate of ffI
teen per cent. per annum PrOUided, that
the officer or officers Of such bank or
banking association so neglocting or re,
f!sIng to redeem its notes on demand NAV
endorse upon the bills or package of bills
SO presented an acknowledgment of such
presentation and refusal, and waving pro
test upon the same; and tuch endorse
ment shall be held as evidence of the
statement therein made.
Sec. Is. No bank or banking associa-
ton shall hereafter receive upon the de-
posit of bonds, circulating notes to An
amount exceeding three times its bona fde
cash capital actu ,lly paid in, and the Bank
comptroller is hereby authorized and re-
quired to ascertain what the actual cash
capital of any bank or banking associa-
ton applying for circulation, except in ex-
change for mutilated bills NAV be, and for
this PHrpose he is authorized to examine
any person Oh oath, and to compel an
swers under oath, from any officer or
stockhoIder of anv bank or banking asso
ciation so applying, or any other person.
Sc. 1t. No bank or banking associa
ton 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
tfdc cash capital of at least fifteen thou
sand dollars actually paid in, which shall !
remain in such bank or banking asssocia |
tions as capital, and employed in legiti |
mate banking at the place where the bank |
is located and it is hereby declared that
the bonds deposited with the Bank Comp
troller shall not be considered as anv evi |
dence of the existence of capital in any
such bank or banking association, nor of |
the amount and extent of such capital:
and 1t is hereby made the duty of the .
comptroller, before issuing any more cir
cuiatIng notes to any such bank or bank
lbg association now organized, or that
shall be hereafter organized, except in ex.
change Tor mutlIated notes, to satisfy him.
self by AZ examination under oath of an
officer or stockLoIder of such bank or
banking association that it has fully com
piled with tue provisions of this section.
and OF the next preceding section of this
act, aud for the purposes of such exami.