Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-09-07


banking associations so published, and be paid
by them to the Comptroller on demand. under
4 penalty Of forfeiture Of one hundred dollars to
DE collected and applied as provided in re-
spect to the forfeiture named in section 10.
chapter II, of the Revised Statutes
Sec. Z. 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 9. It shall be lawful for any number of
banks or banking associations, authorized by
this act, to appoint an agent to associate to-
@efher for raising joint fund.- to be placed in
the hands Of their common agent for the re-
delnPtlon OF their circulating notes, in the city
OF MiIWauhiee or Madison, and also the circu-
iatlng notes of other banks in such manner,
ana under 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
III. 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, nor relieve such
banks from any duty or liability required or
imposed by this act
Gee: 10 Every such bank and banking as
soclatlon III this state, except such banks and
banking associations as now are or NAV 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
culatln9 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 thc hours of ten
and three o'clock, at rate of discount not
! exceeding three-tourths ofone per cent
sec. IL. Every bank or banking assOcia-
tlon whose agent shall neglect or refuse to
redeem its notes on demand as aforesaid
shall, on proof being made to the bank comp
| trolier OF such neglect or refusal by the aft
| daYlt OF the person who presented said notes
TOR redemption or payment, and on depositing
III MS Office the notes SO presented, be subject
TO the same penalties, and be proceeded
against IN the same manner as is now prOvd-
ed by law for cases where the circulating notes
OF any bank or banking association are pro-
tested Tor non-payment, unless the c0mptr0l-
Ter SAaII De satisfied that there is good and lG-
6al defence against the payment Of such notes
| Sec II. Every bank and banking associa-
ton shall redeem its circulating notes as now
provided by law, but i'll case Of neglect or re
tusal to redeem It's notes on presentation at its
| counter, aud 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; PropI}ed, It shall within fifteen
days after receiving notice from the comptrol-
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
| prorlded, that the officer or officers of such
bank or banking association SO ncglectng or
refusing to redeem its notes on demand may
| presented, All acknowledgment of such presen-
tation and refusal, and waving protest upon
| the same and such endorsement shall be held
as evidence of the statement therein made.
Sec Is. No bank or banking association
/ shall hereafter receive upon the deposit of
bonds, circulating notes to an amount exceed
| ing three times its bona tide cash capital actu-
ally paid in and the bank comptroller is hereby
authorized and required 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 on oath, and to compel answers under oath
from any officer or stakeholder of any bank or
banking association so applying, or any 9th or
person.
See Il. 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 a 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 III any such bank or banking association, |
nor of the amount and extent Of such capital |
and it is hereby made the duty of the comp
troler, before issuing any more circulating
notes to any such bank or banking association |
now organized or that shall hereafter be or |
| ganiZed, except in exchange for mutilated |
notes, to satisfy hmselfby an examination TN
der oath Of an officer or stakeholder Of such |
bank Or banking association that it has fully |
complied with the provisions If this section, |
and of the next preceding section of this act, |
and for the purpose of such examination the |
comptroller, or in his abselce the deputy
comptroller, is hereby authorized to administer
oaths; Prorided, that nothingin this act con-
tanned shall be so construed as to permit any
bank to issue circulating notesto any reater
amount than its nominal capitd
Sec Is. From and after tie first day of
December next it shall not be lawful for any
bank or banking association, banker, broker,
company or corporation, to circulate, or at
tempt to circulate, to pay cut as money,
any bill, note or other evideIce of debt, IS
sued or purporting to have ben issued by any
hank hanl-n 1or4a-l
ton or individual located or residing out of
this state, unless said bill, or tote, or evidence
of debt shall, for the last six months proceed
ing such circulating or payingout have been
redcenable in the city of New York or Boston
in current money of the Unitd States, at a
rate of discount not exceeding three-fouSths of
one per cent and the decision of the bank