Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1861-10-16

az such stocks Provided that ii ia the opiton Of the
bank comptroller, together with the Governor and the
Secretary OF State any stocks offered shah be deemed
insecure, they shalt not be received such securities
under the provisions Of this act And progidsd far
Their, that from and after the st day OF DecoIaber,
1861, The bank comptroller shall not receive security
for circulating bank notes any other public stocks than
those issued BY the statctf isconsin and the Giied
States"
Section 2 ANY public stocks described in the pre-
cedng socton and issued at rate Of interest less than
per cent per annum 10 be receivable By the bank
comptroller shall be be equal stocks predicting
section3. Section 40 81 chapter II Of the Revised
Statutes, is hereby amended by inserting between the
words "located" and to- in the 18th line O. SAID
ton, the words -or to tile judge at Chambers
Section 4. Livery bank and banking association now
organized IN this State and all banks and Banking as
sociations that shall be organized before the day
Of Decenber, 1861, except such banks and barking
s9catons as are on may hereafter be located in the cit
les of Milwaukee, aud Madison, SHALL beioIe said
first day Of December next appoint agent w shall
keep an Office in the city OF Msankee or ii ne ritv
of ad son. for the redemption eli crIatfng notes
Issued by such bank banking association which
shall lie presented to such agent for Payment
demption.
Section 5. Tle appointment of such agent shah We
made in writing and such written appointment shall
be delivered to the bank comptroller on or before said
hrst day Of Dec nber next who shall file the same IN
his Office If any bank or banking association shall
neglect or refuse to appoint such agent within The
time above mentioned the bank comptroller shall ap-
point such agent for such bank or banking assoca-
Section g. The bank comptroller shall, immediately
after said FIRST day of December next, during such time
he may deem advisable, publish list OF such agents
III daily newspaper published in the city Of Madi'
son. and in daily newspaper published in the city o.
Milwaukee, the expense whereof shall be equally di-
vided among the several banks banking associations
publishea and be paid BY them 70 The comprlle e
demands under penalty OF forfeiture Of one hlsdle Cd
doIars, to be collected and applied PROVIDED in re-
spect The forfeiture named in scctis 10, chapter IL
ii the Revised Statutes.
section Z. Every bank or banking association here
Eater organized shall before receiving any eli cuating
notes from the bank comptroller appoint agent
of nj r4a
be Immediately published in the manner aforesaid at
the expense of such bank banking association, to be
collected in the manner above provided.
Section s. Appointments Of agents made in pursu-
ance Of this act may be revoked and appointments
Of agents made from time to time, BY delivering such
revocation and appointment to the bank comptroller,
Who shall cause the same be published before pro-
yided.
Section o. Il shall be lawful for any number Of banks
banking associations authorized by this act TO APP
point agent to associate together for raising Joint
fund.- be placed ia the hands OF their common agent
for the tGenption of their circulating notes, IN the
city of Milwaukee or Madison and also the circulating
notes other banks in such manner, and under such
regulations may be agreed upon and to employ such
ag and clerks they may deem necessary 10 carry
ON The business of such common agency; but nothing
in this section contained shall authorize the redemp-
ton or purchase by such agency Of any circulating
notes at greater discount than il herein provided for
nor relieve such banks from any duty reliability
quired imposed by this act.
Section 10 Every such bank and banking associa-
ton this Stata, except such banks or banAing asso
Citations as now may hereafter be located in the
cities of Milwaukee and Madison shalt redeem and Ray
on demand in the lawful money Of the Tn ted States
an circulating issued hy such banks banking
associations presented for redemption at the Office of
the agent # such bank banking association, during
the usual hours Of business Of bankers, between the
hours of ten and three O'Clock, at rate oil discount
not exceeding three fourths of one per cent
Section IL Every bank or banking association,
whose agent shall neglect refuse to redeem its notes
on demand as aforesaid, shall, on proof being made
to the bank comptroller of such neglect refusal BY
the affidavit of the person who pre- cned said notes for
/ ro7 or nqyT
fee he notes so presented be Gubect to the PEN
allies aud he proceeded against in the same manner as
is now provided by law for where the circulating
notes Of any bank bar king association protested
for pa yment unless the comptroller shall be sat
sed that there is good and legal defence against the
! payment of such notes.
SECTION u. Every bank and banking association
shall redeem its circulating notes as now provided by
law but in case OF neglect or refusal to redeem its
notes presentation OF its counter and Of protest
therefor such bank banking association, if not To-
lated within the city of Milwaukee the city Of Mad
son shall not liable 10 the holder of such notes for
damages PYorided. 1t shall within fifteen days after
receiving notice from the comptroller pay the
redeem said notes in the lawful of the United
States with interest at the rate OF fifteen per cent per
annun, Provided. That the the officer or officers o.
such bank or banking association neglectng re-
fusinp to redeem its notes demand, may endorse
upon the bills packages of bills so presented an
knogedgment of such presentation and refusal, and
waiTng protest upon the same and such endorsement
shall be held as evidence OF the statement therein
made
hereafter receive upon the deposit of bonds circulating
notes to amount exceeding three times Its boR6 de
cash capital actually paid in and the bank comptroller
Is hereby authorized and required to ascertain what
the actual cash capital Of any bank banking assOcia
ton applying for circulation, except in exchange for
bills may be, and for this purpose he IS an
thorized to examine any person on oAt, ana 20 compel
answers under OATH fiom any officer or stockhodef OF
any bank banking association so applying, or any
see,ien H. No bank or banking association shall
hereafter ne canized this state nor shall any mere
circulating otes be issued to any bank or banking as
socatjon in this state, unless said bank or BANKING
association shall nave brRg Ede cash capital OF at
least fifteen thousand dollars scually paid in which
shall remain in such bank banking association as
capital, and employed in Legitimate banking at the
place where the bank is located and Il is hereby de-
cared that the bonds deposited with the bank comp
troler shall not be considered "a anJ cytuenee o the
exi ence of capital in any such bank or banking nsso
citation, Of the amount and extent OF such capitals
and II is hereby made the duty OF the comptroller pc
fore issuing any circulating notes TO any sneh
bank or banking association now organized, or ttai
shall be hereafter ORGANIZED except in exchange for
,fslated notes 10 satisfy himself by examination
uuder oath of officer or stockholder OF such oahK
or banking ASSOCIATION that it has fnly somPe1 with
the provisions Of this section ant OF the next pre-
cedng section Of this act and for the purpose OF sucn
examination the comptroller, or in his absence the
deputy comptroller, hereby authorized to administer
oahs, Provided, That nothing in this act contained
shall be 50 construed to permit any tank 70 Issue
circulating notes to any greater amount than us
Section IS From ard after the frst day Of Decem
Der next shall not be lawful for any bank or banking
association, banker broker company or corporation.
to circulate or attempt to circulate 10 pay out as
money any bill, note or other evidence OF aeoL IS
sut or importing to have been issued by any bank,
banking association company, corporation or inuFie
nal ocat or residing out of this State, unless sara
hill or note. evidence of debt SHALL FOR he last SIX
months preceding such circulating or paving OUT nave
been redeemabe in the city Of New FORK or Boson 10
current money 81 the United status at rate OF al',
count not exceeding threefoulhs OF one per cent aha
the decision of the bank comptroller as 10 the iate o.
such dis cunt shall be final and conclusive EVERY
Dank banking association banker or broker, colpo
rat,ot or company offending against the provisions o.
this section shall forfeit for each and every ohenfe inc
sum CT one hundred dollars to be recovered with cos
Of suit in the name and for the OF any person VINO
shall sue for the same and prosecute such salt 10
Judgment IN any court having cognslnce thereof
Section TO. Each and every person owning OF holdT
ing stock in any bank banking ASSOCIATION, who shall
Of IN any such bank banking association, shalt be
ela and remain for the term OF six months from ano
after such SALE transfer assignment, IS afofess-d
nersonaly liable the amount OF stock as aofe id
sae transferred or assigned by him for the payment
of ali the debts and liabilities of such bank or hkig
assocon, existing at the time Of encn SAFE, u'tsler
assignment.
Section IL This act shall take effect and be in force
from and after the first day OF December eighteen
hundred AID sixty-one. -,
Section 1s Allac parts Of acts conflicting with,
or in any way contfaveniug the provisions Of TINS ae
are hereby repealed a.,
Section 10 At the general election tobe held on the
Tuesday next succeeding the cast Monday in Novemhsr
in the rear 1861, st all the usual places o. hulag
elections IN this STATE tile election of all officers
required By law then to DC electes, The question whe
or this act shalb law and 20 into eject Or ~
any manner be loYee shall be submitted to the PeePg
ana IL the same shall he approved b. majority q III
the votes the suJccf it shall gointe into euscs
otherwise it Shall 60 into effect nor be 10 force
section 90. The votes cast the subject speclheu