Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-09-27
CHAPTER go.

/
! Senate and Assembly, do enact toUocs
Section L Section % of chapter IL of the Revised
Statutes, with the therepnto belonging amendment
see chapter IS OF the General Laws of 1885, is here
by amended as follows by striking out the following
words Said stocks be valued at a rate to be es-
| tlmated and governed by the average rate at which
sad stocks have been sold in the city of New York
within the next six months preceding the time when
such stocks may be left deposit with the
ler BY striking out the words ''eqnal to- and in
sorting after he words mot exceeding, the words
sin value" BY striking out the following words .
'but such public stocks SHALL in all cases be- or be
made to be, equal to stock producing six per cent
per annum, and it shall not be lawful for the Rant
Comptroller to take such stock at rate above its mar
value, nor above its current market value IN the civ
OF New York, at the time of deposit by such person
or ASSOCIATION OF persons, and by inserting in lieu
thereof he following land it shall be lawful for the
Bank Comptroller to issue for public stocks. which
have been ranging at or above par during the last Six
months, and up to the time of deposit in the New York
market. circulating notes to the par value Of said
stocks but the Comptroller shall issue for pubIic
stocks ranging below par in said market more crcnTo
ton than 80 per cent OF the current market value
said stocks at the time of deposit, nor more than 90
per cent. of the market value during he LAST
six months and fUr such stocks as during the last |
months have been at and above as we'll as below mar
the Comptroller shall not issue more than 90 per
OF the average value during the last six months nor
IN any event more than 90 per cent of market value
on the day of deposit nor more than ninety per cent
OF the par value of such stocks - that the said
ton shall henceforth read as follows: sSFbeneyer
hereafter any person or association of persons formed
for the purpose of banking under the proysops of E
chapter shall duly assign and transfer in trust to the
treasurer of this State, any portion Of the m
issued to beissued by the United States state
stocks which full interest is annually mid sncb
person association of persons shall be entitled tn
receive from the Bank ComDtrOlleran amount Of soE
circulating notes OF different denominations registered
anu couhGefSlghed, ana not exceeding in value the
amount of public stocks assigned and transferred as
aforesaid and it shall be lawful for the Bank Com
troIIer to issue tor public stocks, which have besn
ranging at or above par during the last six monte
and up to the time of deposit in the New York norf
circulating notes up to the par value fsaid but
n or 81 aI mot Hi
ing below par in said Market more circulation than
80 per cent of the value of said stocks
at the time of deposit, than 80 per cent of
the average market value during the last six months
aud for such stocks during the last six months bov
6een at and above as well as below par, the ComptroI
Ter shal not issue more than 90 per cent of the aver
age value during the last six months nor in ary event
more than 90 per cent gifts market value on the da
OF deposit more than 90 per cent of the par yo
Of such stocks Provided, that if in the opinion IF
the Bank Comptroller, together with the Governor
and the Secretary of State any stocks offered sba m
deemed insecure they shall not be received as sucb
securities under the provisions of this act ind nro
rtdsd further that from and after the first dav of De-
cember lo6l the Bank Comptroller shall not receive
as security for circulating Bank Notes. any other pub
lie stocks than those issued by the State of Wisconsin
and the United States.
Section 2 Any public stocks described in the nra-
cesng section, and issued at of interest less
than i've per cent per annum, to be receivable by the
Bank Comptroller shall be made TO be e0uaI TO stocks
producing five per cent. per annum.
Section g. Section 40 of chapter II of the Revised
Statutes is hereby amended BY inserting between fba
words ''located and ssto, in the 18th line of said
section, the words cor to the judge az Chambers
Section 4 Every bank and banking association now
organized in this State, and all banks and banking as
sociations that shall be organized before the first da
of December, 1861, except such banks and banking
associations are or may hereafter be located in the
cities OF Milwaukee and Madison, shall on or before
said first day of December next appoint an agent who
shall keep Office in the city of Milwaukee or in the
city OF Madison for the redemption of all circulating
notes issued by such bank or banking association
which shall be presented to such agent for payment or
Section 3. The appointment of such agent shall be
made in writing and such written appon tmeut shall
be delivered to the Bank ComptroIler on or before
first day of December next, who shall file tasanle in
his Office If any bank banking associatfSn shall
neglect or refuse to appoint such agent within the time
above mentioned the Bank Comptroller shall appoint
such agent fer such bank or banking association
Section 8. The Bank Comptroller shall. immediate
II after said first day Of December next during such
time as he may deem advisable publish list of such
agents in daily newspaper published in the city Of
Madison and in one daily newspaper published in the
city OF Milwaukee the expense whereof shall be equal
~ divided among the several banks banking ass
ations published, and be paid by them to the onr-
troller demand under penalty of forfeiture of
hundred dollars to be collected and applied as pro-
vided in respect to the forfeiture named in section
chapter Il, of the Revised Statutes.
Section 7. Every bank banking association hcre-
after organized shall before receiving any circulating
notes from she Bank Comptroller appoint agent for
the purposes of this act and such appointment shall
be Immediately published in the manner aforesaid at
the expense OF such bank banking association to be
| collected IN the manner above provided.
Section 8. Appointments of agents made in u71rsIl-
ance of this act, may be revoked and new appoint
ments of agents made from time time by DELIVERING
such revocation and appointment to the Bank Conn.,
troller, who's SHAH cause the same to be published as
/ before provided.
! Section 9. 1t shall be lawful for any number Of
banks or banking associations authorized by this act
to appoint agent to associate together for raising
joint fund to be placed in the hands of their coon
agent for the redemption of their circulating note in
the city Of Milwaukee or Madison, and also the crcu.
latng notes of other banks in such manner and nm.
der such regulations may be agreed upon. and tc
employ such agents and clerks as they may deem ne
! cesSary TO carry on the business of such common
agency but nothing in this section contained shall
authorize the redemption purchase by such agency
Of any circulating notes of discount greater
than is herein provided fer, relieve such bank:
from any duty or liability required or imposed by this
/ act
Section 10. Every such bank or banking associa
ton IN this State. except such banks banking asso
cities OF Milwaukee and Madison, shall redeem ant
pay on demand, in the lawful money of the United
States, all circulating notes issued b. such banks Of
banking associations, presented for redemption at tbt
ofhce OF the agent Of such bank banking asSocfa
ton, during the usual he the business of bank
ers between the hours of and three O'Clock at
rate OF discount not exceeding three fourhs Of one
per cent.
Section II. Every bank or banking association
whose agent shall neglect refuse to redeem II,
notes on demand, aforesaid, shall, proof beine
made to the bank comptroller of such neglect or re-
fusal by the affidavit of the person who presented
SAID notes for redemption payment, and on deposi
ting in his office the presented be subject te
the same penalties and be proceeded against in the
same manner as Is now provided by law for case
where the Circulating notes o. any bank banking
association protested for payment unless thu
comptroller shall be satisfied that there good anC
/ legal defence against the payment ofsuch no ses
Section u. Every bank and banking association
shall redeem its circulating notes provided b,
law, but in of neglect refusal to redeem it
notes on presentation at its counter, and protest
therefor, such bank or banking ssOcation not 10
Gated within the city of Milwaukee the CITY o.
Madison. shall not be liable TO the holder Of sueF
notes for damages: Proridc7, Il shall, within fear
days after receiving notice from the comptroller tc
pay the same redeem said notes in the lawful 1nOneE
of the United States. with interest at the rate of Il
per cent. per annum PTOridsd. that the officer mr. #
ing or refusing to redeem its notes demand NAV
endorse upon the bills package of bills 50 present
ed, an acknowledgment Of such presentation and re
IuSal and EaYing protest upon the same and such
endorsement shall be held evidence of the state
ment therein made.
Section Is. No bank or banking ASSOCIATION sha
hereafter receive uP the depOsite of bonds circuI
ting notes amount exceeding three tirnests BoR1
de cash capital actually raid in and the bank conn
troeris hereby authoriz ed and required to ascertain
what the actual cash capital any bank or BANKING
change for mutiated bills. may be, and for this Dur
pose he IS authorized to examine any person on oath
and TO compel answers under oath, from any officer o.
stoekholder OF any bank banking association so g
plying, OF any other person.
Section II No bank or banking association shall
hereafter be organized in this State. shall am
more circulating notes be issued to any bank or
king association in this State, unless said bank
banking association shall kave bona fde cash ea :
tai Of at least $4,000 actually paid in. which shs Il
remain in such bank OF banking association n caui
where the bank i located and it is hereby le
cared that the bonds deuosit=G with the bank crEn-
existence OF capital IN any such bank banking as
ISOLATION, nor Of the amount & extent of such capi
tai and II Is hereby made the duty of the eonptra
ler before Issuing any circulating notes to any
such bank or banking association now Organized OF
that shall be hereafter organized except in ezeang p
for mDtilated notes, satisfy himself by an exari