Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-09-11


delivering such revocation and appointment to
the Bank Comptroller, who shall cause the
same to be published as before provided.
Section g 1t shall be law ul for any num-
Der of banks or banking associations authorize
ed by this act, to appoint an agent to associate
together for raising joint fund, to be placed
in the hands of their common agent for the re-
demption oftheir circulating notes. in thecity
of Milwaukee or Madison, and also the circu-
latinc 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 of 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. ~ m.
/ p Section 10 Every such bank and banking
association in this State, except such banks or
/ banking associations as now are or hereafter
| NAV 0e located i'm the cities II Milwaukee and
! Madison, shall redeem and payson demand in
4 the lawful money of the United States, all cir
culating notes issued by such banks or bank
ting associations. presented for redemption at
the office of the agent eff such bank or bank
:, ing association during the usual hours of bus.
| mess of bankers, between the hours often and
| fhree o'clock, at rate of discount not exceed
ing three-fourths of one per cent.
Section IL Every bank or banking assoc-
alton whose agent shall neglect or 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 depositing i'll his Of
! flee the notes so presented, be subject to the
penalties and be proceeded against in The same
! loI Ix.I f,r
where the circulating notes of any bank or
| banking association are protested for non-pay-
tment, unless the comptroller shall he satisfied
| that there is good and legal defence against
the payment of such notes.
Section II Every bank and banking asso-
| citation shall redeem its circulating notes as
| now provided by law, but in case of neglect or
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 of such 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; prorided that
! the officer or officers of such bank or banking
association SO neglecting or refusing to redeem
its notes on demand, may endorse on the bills
or package of bills 50 presented, acknowl-
edgment of such presentation and refusal and
waving protest upon the same and such en-
dolscment shall be held as evidence of the
| stat ent therein made.
Section 13 No bank or banking association
shall hereafter receive upon the deposit OF
bonds, circulating notes to an amount exceed
ing thr tines its bona fdo cash capital actu-
| ally paid in, and the bank comptroller is here
by authorized and required to ascertain what
the actual cash capital of any bank or banking
association applying pr circulation, except IN
exchange for mUtilated bills, may he, and for
this purpose he is authorized 10 examine any
person on oath. and to compel answers under
oath from any officer or stakeholder of any
bank or banking association 50 applying, or
any other person. .e.
Section IA 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 TINS State,
unless sad 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 arv evidence ofthc existence of capital
In any Sucn Dallk OF Ddnklnp dS>Ocldilos nor
| of the amount aud extent of such capital and
| If is hereby made the duty of the cOmptrollur.
before issuing any more circulating notes to
| anv such bank or banking association now or
eanized, or at shall be hereafter organized.
| except in exchange for mutilate. notes. to sat-
| isfy himself by an examination under oath of
an officer or stock holder of such bank or bank
ing association that it has fully complied with
the provisions Of this section and ofthe next
/ ! C = Il f.,rf I.,
| poses of such examination the comptroller or
! i'm his absence the deputy comptroller is here
by authorized TO administer oaths proridcd.
| 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 it shall not be lawful for any
bank or banking association, banker, broker,
| comnanv or corporation to circulate or attempt
| to circulate, or TO pay out as money any bill,
! note. or other evidence of debt issued or pur-
porting to have been issued by any bank, bank
ing association, company. corporation or indi-
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 rcdeemable in the city
| of New York or Boston in current money of
| the United States at rate of discount not eX-
| ceeding three tOurths of one per cent and the
decision of the bank comptroller as to the rate
at such discount shall be final and conclusive.
| Every bank or banking association. banker or
| broker, corporation or company offending
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 TIE use of any person
who shall sue for the same and prosecute such
suit 10 judgment in any court having cogni-
zance thereof.
Section Is Each and every person owning
or holding stock in any bank or banking asso-
citation, who shall sell transfer or assign his
stock or any portion thereof, in any such 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 IL This act shall take effect and he
| in force from and after the lst day of Deem
Der, eighteen handred and sixty-one.
Section 19. All acts or parts of acts cenfic-
/ ting with, or in any way contravenIng 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
by law then to be elected the question wheth-