Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-08-17


of Milwaukee, the expense whereof shall be
equally divided among the several banks or
banking associations so published, and BE paid
| by them to the Comptroller on demand, under
i penalty Of forfeiture of one hundred dollars, to
De collected and applied as provided in re-
spect to the forfeiture named in section 19,
chapter II, of the Revised Statutes
Sec. 7. Every bank or banking association
hereafter organized, shall, before receiving
any circulating notes from the Bank Comptrol-
| Ter, appoint an agent for the purposes Of this
act and such appointment shall be immedi-
ately 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 revocation and ap-
pointment to the Bank Comptroller, who shall
cause the same to be published as before pro-
vided.
Sec, g. 1t shall be lawful for any number Of
j banks or banking associations, authorized by
| this act, to appoint an agent to associate to-
| gether for raising joint fund, to be placed in
the hands of their common agent for the re-
demptlon OF their circulating notes, in the city
of Milwaukee or Madison, and also the circu-
lating notes Of other banks in such manner
|
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 authorize the
redemption or purchase by such agency of any
| circulating notes at rate of discount greater
| than is herein provided for, relieve such
banks from any duty or liability required Or
imposed by this act
| Sec. 10. Every such bank and banking as
~
| banking assoc ations as now are may here
after be located in the cities Of Milwaukee and
Madison, shall redeem and pay, on demand, in
! The lawful money Of the United States, all cir
/ cuiatng notes issued By such banks Or bank
/ ing associations, presented for redemption at
! the Office Of the agent of such bank Or bank
| ing association, during the usual hours Of the
business Of bankers between the hours Of tea
and three O'clock, aC 8. rate Of discount not
exceeding three-fourths o ,ne per cent.
! Sec. IL. Every TX u banking associa-
| ton, whose agent shall neglect or refuse to
redeem its notes on demand as aforesaid,
Shall, Oh proof being made to the bank comp
| trOller of such neglect refusal by the aft
davit of the person who presented said notes
for redemption or payment, and on depositing
| in his Office the notes so presented be subject
to the same penalties, and be proceeded
against in the same manner, as is provid-
ed by law for cases where the circulating notes
of any bank or banking association are pro-
| tested for nOn-pavment, unless the comptrol-
Ter shall be satisfied that there is good and le
gal defence against the payment Of such notes.
| Sec. -. Every bank and banking associa-
| ton shall redeem its circulating notes as now
provided by law, but in case of neglect or re
| fusal 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 of such note for
! damages P'orided, 1t shall within fifteen
days after receiving notice from the comptro-
Ter to pay the same, redeem said notes in the
| lawful money Of the United States, with inter
est at the rate Of fifteen per cent. per annum
! Provided, that the officer or officers of such
| bank Or banking association SO neglecting or
| refusing to redeem It's notes On demand, may
endorse upon the bills or package Of bills so
presented, al acknowledgment of such prcsen-
tation and refusal, and waiving protest upon
/ the same and such endorsement shall be held
| as evidence Of tie statement therein made
| See. IS. 40 bank or banking association
shall hereafter receive upon tho deposit Of
| bonds, cir2ulG ing notes Gan amount exceed
| ing three times its bona tide cash capital actu-
ally paid in, and the bank comptroller is hereby
authorized and repaired to ascertain what the
| actual cash capital Of any bank or banking asso-
/ citation applying for circulation, except in ex-
change for mutilated bills, may be, and for this
purpose he is authorized to examine any per
| son Oh oath, and TO compel answers under oath
! from any officer or stakeholder of any bank or
! banking association 80 applying, Or any 9th r
person.
Sec. 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 said bank or banking association shall
| have 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 consid-
cred as any evidence of the existence Of CAPT
tai in any such bank banking association
nor of the amount and extent of such capital
and it is hereby made the duty of the comp
troller, before issuing any circulating
notes to any such bank or banking association
now organized, or that shall hereafter be or
ganized, except in exchange for mu*lated
notes, to satisfy himsefbs examination I'M
der oath of officer or stakeholder Of such
bank or banking association that it has fully
| complied with the provisions of this section,
and of the next preceding section of this act
and for the purpose Of such examination the
! comptroller, or IN his absence the deputy
comptroller, is hereby authorized to administer
oaths; PTopided that nothing in this act con
tanned shall be so construed "a % permit any
bank to issue circulating notes 70 any greater
amount than its nominal capital.
Sec. Is. From and after the first day of
! December next it shall not be lawful for any
bank or banking association, banker, broker,
company corporation, to circulate, or at
tempt 10 circulate, or to pay out as money,
any bill, note or osaer evidence OF debt, is
sued or nurportins 70 have been issued by any
bank, ba@hi II association, company, corpora
! ton or individual located or residing out of
this state, unless said bill, or note, or evidence