Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-06-08

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act and such appointment shall be imnedi-
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.
See 9. 1t shall be lawful for any number of
| banks or banking associations, authorized by
this act to appoint an agent to associate to-
@ethcr 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-
lating 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 may deem necessary to carry on the
business of such common agency; but nothing
in this section contained shall authorize the
redemption or purchase by such agency Of any
circulating notes at n rate Of discount greater
than is herein provided for, nor relieve such
banks from any duty Or t1akllty required or
imposed by this act.
Sec 10. Every such bank or banking as
sociation in this state, except such banks and
banking associations as now are or may 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
cuut;ng notes issued BY such banks or bank
lag associations, presented for redemption Il
the office Of the agent Of such bank or ss}|-I-
ing association, during the usual hours 6 the
business of bankers between tic hours q t"E
and three o'clock, at q rate OF discount not
exceeding three-foUrths of one per cent.
,-,
ton, whose agent shall neglect or refuse to
redeem its notes on demand as aforesaid,
shall, on proof being made to the bank comp
trolcr OF such neglect or refusal by the atii
dart OF the person who presented said notes
for redemption or payment, and on depOsitlng
in his Office the notes so presented, be subject
10 the same penalties, and be proceeded
against in the same manner, as is now proyid-
cd bv law for cases where the circulating notes
Of anv bank or banking association are pro
tested for nO1-pavmcnt, unless the comptrol
Ter shall be satisfied that there is good and le
gal defence against the payment Of such notes.
Sec. -. Every bank and banking assocla-
ton shall redeem-its circulating notes as now
provided by law, but il case Of neglect or re,
fusaI to redeem It's notes on presentation at It's
counter, and Of protest therefor, such bank Or
banking association, if not located within the
liiy OF Milwaukee or the city of Madison, shall
nos t,c li.olc to the holder Of such note for
damages Progi2cd, It shall within fifteen
lay re er receiving notice from the comptrol-
lcr 10 paw the same redeem said not2s IN the
lawful money Of the United States, with inter
est at the tate Of Gfr,cen per cent. per annum
Pfor@'5,1, that the officer or officers CT such
bank or banking association So neGlccting or
refusing to redeem its notes on demand, may
endorse upon the bills or package Of bills SO
presented an acknowledgment Of such presen-
tation and refusal, and waving protest upon
the same; and such endorsement snail be held
as evidence of the statement therein made
See. l3 No bank Or banking association
shall hereafter receive upon the deposit OF
bonds, circulating notes to an amount exceed
ing three times its 5o1a ftle cash capital actu-
ally paid in, and the bank comptroller IS hereby
authorized and repaired to ascertain what the
actual cash capital Of any bank or banking asso-
citation applying for circulation, except IN cX-
change for mutilated bills, may be, and fer this
purpose lie IS authorized to examine any per
son or oath and 10 compel answers under oath
from anv officer or stOckho!der of any bank or
banking association so applying, or any 9th r
| person.
| Sec. ] (. no bank or banking association
shall hereafter be organized in this State, nor
shall any more circulating notes be issued to
| anv bank or banking association in this State,
unless said bank or banking association shall
| have BONG t5ic cash capital OF at least fifteen
| thousand dollars actually paid III, which shall
remain in such bank or banking association as
! capital, and employed in legitimate banking
I at the place where the bank is located and
! it is hereby declared that the bonds deposited
with the bank comptroller shall not be consld-
/ cred as any evidence of the existence OF capl-
: tai in any such bank or banking ASSOCIATION,
/ nor Of the amount and extent Of such capital :;
/ and ii is hereby made the duty of the comp
trolcr, 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 muIlatcd
notes, to satisfy himselfby an examination un-
/ der oath of an officer or st0ckhoIder OF such
/ bank or banking association that It has fully
/ complied with the provisions Of this section,
and OF the next preceding section Of this act,
and for the purpose of such examination the
/ comptroller, or in his absence the deputy
comptroller, is hereby authorized to administer
| oaths; Prorided, that nothing in this act con-
! tanned shall be so construed as to permit any
bank to issue circulating notes to any greater
amount than its nominal capital.
| See -. 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 at
tempt TO circulate, or to pay out as money,
any bill, note or other evidence Of debt, is
sued or purporting to have been Issued by any
| bank, baRk II association, company, corpora
ton or individual located or residing eat of
this state, unless said bill, or not oT evidence
of debt shall, for the last six months preced-
ing such circulating or paying ont have been
redeemable in the city of New ork or Boston
in current money of the United States, at a
rate Of discount not exceeding threc-fourths OF
one per cent and the decision Of the bank
comptroller as to the rate of such discount
/ shall be final and conclusive. Every bank
and banking association, banker or broker,
corporation or company, offending against the
provisions Of this section shall forfeit for each