Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-09-04

the Bank Comptroller, VINO enati cause the
same to be published as before provided
Section 8 1t shall be lawful 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 of their circulating notes, in the city
of Milwaukee or Madison, and also the circu-
| latine 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 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 a rate of discount greater
| than is herein provided for, 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
| bank ing associations as now are or hereafter
NAV Oe located in the cities 81 Milwaukee and
| 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
three o'clock, at a rate OF discount not Xceed-
| ing three -fourths of one per cent. isga
Section IL Every bank or banking associ-
| 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
penalties and be proceeded against III 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 be satisfied
that there.is good and legal defence against
the payment of such notes. A+n1
Section IL 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 in the lawful
money of the United States, with interest at
rate Of fifteen per ct per annum; provsded, 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 so presented, an acknowl-
| edgment of such presentation and refusal and
waiving protest upon the same and such en-
| dorsement shall be held as evidence OF the
! statement 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 fde 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 for circulation, except in
| 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 or stakeholder OF any
bank or banking association so applying, or
any other person.
Section ID 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 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 whore 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 any such bank or banking association 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 mutilatea notes. to sat-
sfy himself by an examination under oath of
an officer or stakeholder of such bank or bank
ing association that it has fully complied with
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 go 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 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 redeemable in the city
of New York or Boston in current money of
the United States at a rate of discount not ex-
ceeding three-four of one per cent and the
decision of the bank comptroller as to the rate
at such discount shall be final and conclusive.
broker, corporation 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
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 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 LIST day of Deem
Der, eighteen hundred and sixty-one.
Section I8. 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
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
l. +Lo.. no alacfod tho o.,ocf ion W both