Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-09-20

Ssega5. The towns milford Waterloo, Lake Mills
I Oakland a1ld Azt4lau.
Third. The towns of Hebron, Jefferson, sumner
/ Koshkouong and Cold opring
Foa,th- The towns of Pennington. Concord, sulI
van and Palmyra, in the aid county OF jefferson.
Oue County Superintendent Of Schools.
One Supervisor IN each Assembly District in said
county and one Sul ervsor for the county large.
At the same election the question VIII be taken upon
the approval by the people Of the amendmeBts pro
posed 20 he General Banking Law, by cAapter2+2 OF
the General Laws OF iS51, amended By chapter
the General Laws Of the extra session 1SG1 fol-
/ lows
CHAPTER 242.
Is amended By Chaptsr1 Ertra .Sessien
AN ACT to amend the General Banking Law, and the
| several acts ameHdatory thereof.
The peape Of the STATE Of Wisconsin, repyese.t4 II.
! Senate and 4SSensJly, do enact touoars
Seeton1. Section -, of chapter IL of the Revised
Statutes, with the thcreunto belonging amendment
(see chapter 9S Of the General Laws Of 1851 is here,
BY amended as follows bv striking ont tfa ,,T1o =
words: Said stocks TO be valued AZ rate to be e.
timated and governed by the average rate at which
said stocks have been sold in'the city OF New York
within the next six mouths preceding the time when
such stocks may be left deposit with CGmptroI-
ler BY striking out the words '-eqnal to-, aud in
serting after the words exceeding the word,
| IN value BY striking out the following words {:
''but such public stocks shall cases be or be
made to be. equal to a stock producing six per cent
per annum and 1t shall not be lawful for TIE bank
Comptroller to take such stock at a above it. psr
value, above it, market value IN the cit
of New York, at the time OF deposit by such rer on
or association OF persons" and by inserting in lien
thereof he following land IL shall be lawful for the
Bank Com Ptroler issue for public stocks which
have been ranging above par during the iaSr ,y
months, and the time of depo-it in the New YE
market. circu atng notes up to the lfar yaUe ,F Ia
stocks but the Comptroller shall issue for bile
stocks ranging below par in said marx more cireITa
tiOn than 80 per cent. of the market value Of
said stocks at the time OF deposit. more than q0
per cent of the average market during he last
six months and or such stocks during the ast six
months have been at and above well as below mar
the Comptroller shall OF issue than go per cent
of the average value during the six months ,,r
in any than 90 per cent ofits market yana
on the Gay OF deposit nor more than ninety per cent
of the par value of such stocks - so that the .ai 500
tion shall henceforth read follows ..Ehe2ever
hereafter any per- On or ASSOCIATION OF persons formed
for the purpose of banking under the provisions OF t
chapter, shall duly assign and transfer trust TO the
treasurer of this State any pOr.iUl Of the
issued to be issued by the United States orany state
stocks, which full interest Is annually paid such
perso on or association of persons shall be errrIad 70
receiv from the Bank Comptroller an amount of ch
circulating notes ofdjereHt denominations registered
and coUntersigned, and not exceeding in value the
amount of public stocks assigned and tran sfrred o.
aid and il shall be lawful the Bank Csrnp-
troler to issue for public stocks, which have been
ranging at or above par during the last six months
and up to the time of deposit in the New York market
circulating notes to the value stocks
the Comptroller shall not issue for public 10
ing below par IN said MARKET more circulation than
80 per cent. of the current market value OF said stocks
at the time OF deposit more than so per cent of
the average market value during the last six months
and for such stocks during the last six month have
been at and above well below par. the Comntro1
Ter shall not issue more than 90 per cent Of the ~
age value during the last rs nor in av evart
than so per cent ofis market value on the dav
0! deposit, nor mol tan 90 per cent Of the par Yale
OF SGca stocks: Pyocided that ii in the opinion Of
the Bank Comptroller, together with rte Governor
and the Secretary of state any stocks offered sha be
deemed insecure they shall not be received as such
securities under the provisions Of this act. Ind pro-
rdG further that from and after the first day of
cember 1SGI the Bank Comp proIIer Shall not receive
a. security Tor ireuatng Bank Notes, Other pub
lie stocks than those issued by the state Of vi.
and the United States.
Section ,. Any public stocks described in the pre-
ceiling section, and issued at of n 5ere>t less
shan FIVE per cent per annum to lie receivable by the
Bank Comptroller. hall be made TO be equal to stocks
Section 3. Section 10 of chatter y Of the Revised
Statutes hereby amended by in ertine between the
words 'ocated" aud Ito. in the 10Th rr Of said
section, the wod !.or to the judge - c.,a1uI err
Section l. Every anh and baaai:.g as ociation now
organized in this State, and all banks and banking
socations that shall be organized before day
Of December. ls5l, except such banks and banking
c-5=- Milwaukee and Madison shah GA or before
SAID rsE day OF Deeeu5er net, appoint agent who
SHz.i Keep olc= ~ the cly o. Hi te
city of Madison, for the redemp ton Of ali circulating
issued by such hank or banking as. ocatioH.
Ts.cA shan be presented 5o such agel fo1 asent o.
Section 5 The appointment q sueh agent shall .be
made ia writing aud such written appointment Shall
be delivered TO the Ban. Corprro Her On or e9re id
u.i.c-- r any bank usu5iuE association -ha.I
neglect or refuse to arrur l aren't VII hin, the t1i,n
above mentioned the Bank Comptroller shalt appoint
such agent for such bank or banking association.
Section = Tile Bank Comptroller shall, Immediate
Z q
tile p ee may te--i i-i14e Iu ahsh Il NJ OF Sach
agents daily news gE er, Iub Lgt. ia the city Of
Madison, aud in daily PAPER publ he'd the
city O. Milwaukee, the expense waereof shall be equal
y divided among she several banks banking aci-
atoes published, and be paid by them the Comp
tro!er on demand under penalty OF forfeiture OF one
hundred dollars 10 be collected apr lied pro
yded IL respect to the forfeiture named in cction 9
! chapter H. Of the Revised Statute,.
Section = livery bank or banking association here
after organized shall before receiving arv circulating
nete from .he Bank Comptro1l ler appoint an sert Tor
rlea r-0-a= ofr rf h .4a1T-ae -Iau
be Immediately ubli~hed in the afore aid. at
the expen Of such bank or barking >ociatlon, be
/ collected in the manner above provided.
/ SecsCn s. Appointments of agents made iR purs u
ance of this act, may be revoked and appoint
ment agents made from time time, by delivering
such revocation and appointment to the Bank Comp
troer. who shall cause the same to be published as
| before provided.
! Section Q. 1t shall be lawful for any number of
banks banking associations. authorized by this act,
to appoint agent associate together for raising
Joint fund to be placed in the hands OF their common
agent for the redemption Of their circulating note,
the citv Milwaukee Madison. and also the circU-
Iating notes of other banks in such manner ar d rr-
der such regulations may be agreed Upon- and TO
employ such agents and clerks they may deem ne
ceSSary carry the business of such common
agency but nothing in this section contained shall
authsrze the redemption purchase by such agency
of circulating notes at rate OF discount greater
than is herein provided fer. relieve such banks
from any duty or liability required or imposed by this
act.
ton in this State except such banks banking
Citations may hereafter be loca ed in tho
cities of Milwaukee and Madison, shall redeem and
pay demand, in the lawful money Of the United
States all circulating notes issued by such banks
banking associations presented for redemption at the
office Of the agent of such bank banking aSsOcia-
ton. during the usual hours OF the business OF bank
erS between the hours of and three O'Clock,
rate of discount not exceeding three fourthS of
| per cent.
Section II. Every bank or banking association
whose agent shall neglect refuse 70 redeem it,
notes on demand, as aforesaid shall on proof heiua
made to the bank comptroller of such neglect or re
fuSal by the affidavit OF the person who presente
said notes for redemption payment and on deposi
ting in his Office the notes preS nte be subject
the same penalties and be proceeded against in tn,
same manner "a Is proTided by law tor case.
where the circulating notes any bank or bankIn.
association protested for payment, unless th
comptroller shall he satisfied that there IS good
legal defence against the payment OfSuch noes.
Section l.. Every bank and banking association
shall redeem its circulating notes as provided .,
law. but in case of neglect refusal to redeem it
notes on presentation its counter. and OF prote
therefor such bank banking Ssoeiation if not 10
ca ted within the city of Milwaukee or the city 0
Madison. shall not be liable 70 the holder Of Sue
for damages: Pr0cidod, It SHALL within ftteeI
davs after receiving notice from the comptroller T.
paw the same, redeem said notes in the lawful none.
of the United States, with interest at the rate OF
per cent. per Proridsd, that the officer or OF
ficerS ueh bank banking association SC neglect
ing OF refusing to redeem its notes on demand ma
endorse upon the bills package Of bills present
ed an acknovl ement of such presentation and &c
fusal and waving protest upon the same and Suc