Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-10-02

IaI;r.a,;no such revocation and appointment to
tba Rank COMPTROLLER, who shall cause the
same to be published az before provided
Section g It shall be lawful for any num-
Der of banks or banking associations authofiz-
ed by this act, to appoint an agent TO assoclaoI
together for raising joint fund, to be placeu
in the hands of their common agent tor the re-
demption of their circulating notes, III the city
Of Milwaukee or Madison, and also the clrcu-
Iatinp notes of other banks in such manner
| md 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 out notnihg III
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 OF
banking associations as now are or hereafter
| NAV ne located in the cities 81 Milwaukee ana
| Madison. shall redeem and pay on demand IN
| 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 of such bank or bank
ING association during the usual hours OF bus.
| mess of bankers between the hours OF ten and
! fhree o'clock at a rate of discount not exceed
! ing three fourths of one per cent.
Section IL Every bank or banking associ-
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-
| tion or payment and on depositing in his Of
| flee the notes so presented, be subject to the
| penalties and be proceeded against in he 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-
rnent 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 or
refusal to redeem its notes on presentation at
ts counter and ofprotest 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 ofsuch 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; prooaaed' tnat
the officer or officers of such bank or banking
association so neglecting or refusing to redeem
It's notes on demand, may endorse on the bills
| or package of bills so presented, an acknowl-
edgment of such presentation and refusal and
waving protest upon the same and such en-
dorsement shall be held as evidence of the
s ment 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 times its bona tide cash capital actu
ally paid in, and the bank comptroller is hele-
by authorized and required to ascertain what
the actual cash capital ofany bank or banking
association applying for circulation, except IN
exchange for mutilated bills, may be, and for
this purpose he is authorized to examine any
person on oath. and 10 compel answers under
| oath from any officer or stakeholder of any
bank or banking association 80 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 SAID bank or banking association shall
have bona .fde 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 ofthe existence OF capital
in anv 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 lnat shall be hereafter organized
except in exchange for mutilated notes. to sat-
| isfv himself by examination under oath of
an officer or stockholder of such bank or bank
ing association that it has fully complied with
the provisions of this section and the next
| preceding section of this act and for the pur-
r. x-N.,
in his absence the deputy comptroller is here
by authorized to administer oaths provided.
that nothing in this act shall be 20 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,uness
said bill or note or evidence of debt shall for
the last six months preceding such circulating
| or paving out, have been rcdeenlable in the city
of New Y ork or Boston in current money of
| the United States at rate of discount not cx-
ceeding three fourths of one per cent ; and the
decision of the bank comptroller as to the rate
at Sucn discount snail De maj ana 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 10 Judgment in any court having cogni-
zance thereof.
Section 16 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 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 II This act shall take effect and he
in force from and after the LIST day of Deem
Der, eighteen hEndred and sixty -one.
Section Is. All acts or parts of acts cenf1ic-
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