Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-11-06

A
delivering such revocation and appointment ~
the Bank Comptroller, who shall cause 'hs
same to be published as before provided.
SECTION 9 It shall be lawful Tor any num-
her of banks or banking associations authofiz-
ed by this act, to appoint an agent 10 associate
together for raising joint fund, TO oe Piaceo
in the hands of their common agent Tor ,he re-
demption of their circulating notes, IN the Guy
of Milwaukee or Madison and also The clrcu-
LATINO 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 NAV deem necessary to carry on tne Dus-
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. ;.
Section 10 Every such bank and banking
association in this State, except such banks or
banking associations as now are or hereafter
NAV oe located in the cities u Milwaukee ana
Madison. shall redeem and pay on demand In
the lawful money of the United States, all CIR
cuIating notes issued by such banks or Daiik-
ting associations. presented tor redemption aI
the Office of the agent of such bank or bank
ing association during the usual hours OF bus.
mess of bankers between the hours OF ten and
three o'clock, at rate of discount not exceed
ing three-fourths of one per cent.
Section IL Every bank or banking asseci-
alton whose agent shall neglect or refuse to re-
deem its 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 in his Of
fee the notes so presented, be subject to the
nenalties and be proceeded against in The same
manner as is now provided by law for cases
where the circulating notes of any bank or
banking association are protested for non-pay
ment. unless the comptroller shall he satisfied
that there is good and legal defence against
the payment of such notes.
Section ~ Every bank and banking asso-
citation shall redeem its circulating notes as
now provided by law, but in case of neglect OF
refusal to redeem its notes on presentation al
its counter and ofprotest therefor, such bank
or banking association if not located within Inc
city Of Milwaukee or the city of Madison, shall
not be liable to the holder of such notes for
damages :prov;oed, it shall within fifteen days
after receiving notice from the comptroller to
nav the same redeem said notes i'll the lawful
money of the United States, with interest at
rate Of fifteen per ct per annum; prou,ded, that
the officer or officers of such bank or banking
association so neglecting OF refusing to redeem
its notes on demand, may endorse or the bills
or package of bills so presented, an acknowi-
edgment of such presentation and refusal and
waving protest upon he same and such en-
dorsement shall be held as evidence OF the
5 n therein made.
Section Is No bank or banking association
shall hereafter receive upon the deposit Of
bonds. circulating notes to an amount exceed
ing three tines its bona tide cash capital acta-
ally paid in, and the bank comptroller is he,e
by authorized and required TO ascertain what
the actual cash capital ofany bank or banking
association applying FIR circulation, except i'll
exchange for mutilated bills. may be, and for
this purpose he is authorized to examine any
person. on oath. and to compel answers under
oath from any officer stakeholder of any
bank or banking association so applying, or
any other person.
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 this State,
unless sad 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
cred as any evidence ofthe existence of capital
in any such bank or banking associations nor
of the amount and extent of such capital and
it is hereby made the duty of the comptroller
before issuing any more circulating notes to
any such bank or banking association now or
ganized, or at shall be hereafter organized.
except in exchange for mutilated notes. to sat-
isfy himself by an examination under oath of
an officer or stakeholder of such bank or bank
Al - = I 81
the provisions of this section and of the next
preceding section of this act. and for the pur-
poses of such examination the comptroller or
in his absence the deputy comptroller is here
bv authorized to administer oaths prouided.
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,
company 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 paying out. have been redeemable 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 the use of any person
who shall sue for the same and prosecute such
suit TO Judgment in any court having cogni-
zance thereof. -1sF
Section 16 Each and every person owning
OF 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 assignment.
Section II This act shall take effect and be
in force from and after the lst day of Decem-
Der, eighteen handred and sixty -one. csrsr q
Section le. All acts or parts of acts csnfico
ting with, or in any way, contrayening the
provisions of This act, are hereby repealed.
Section 19 At the general election to be
held on the Tuesday next succeeding the first
Monday in N November, in the year 1861, at all