Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-11-02

I vi AH" huhtc' Inc cA pCllse whereof shall be
/ equally divided among the several banks o.
banking associations so published, and he pad
/ by them to the Comptroller on demand. undo,
penalty of forfeiture Of one hundred dollars T.
be collected and applied as provided in re
spect to the forfeiture named in section 10
chapter II OF the Revised Statutes
See. :. Every bank or banking association
hereafter organized, shall, before receiving
any circulating notes from the Bank COmptroI
Ter, appoint ali agent for the purposes of this
act; and such appointment shall be immed
ateIv published in the manner aforesaid, 1T the
expense of such bank or banking association
to be collected in the manner above provided
See 5. Appointments of agents made in
pursuance Of this act, NAV be revoked and new
appointments of agents made from time to
| time, by delivering such revocation and ap-
polntment to the Bank Comptroller, who shall
cause the same to be published as before pro
vided
Sec. g. It shall be lawful for anv number OF
banks or banking associations authorized bv
tins act, to appoint an agent to associate to-
gcther 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
ct Milwaukee or Madison and also the circu-
latlng notes of other banks in such manner,
ana under such regulations as NAV 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
III tins section contained shall authorize the
redemption or purchase by such agency of any
circulating notes at a rate of discount greater
than IS herein provided for, nor relieve such
banks from any duty or liability required or
imposed by this act .-.
See. 10. Every such bank and banking as
ISOLATION in this state, except such banks and
banking associations as now are or NAV 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
cuIatlng notes issued by such banks or bank
ing associations, presented for redemption at
the office of the agent of such bank or bank
ing association, during the usual hours of the
business of bankers between the hours of ten
and three o'clock, at a rate of discount not
exceeding thrce-tourths of one per cent
Sec. II. Every bank or banking associa-
ton, whose agent shall neglect or refuse to
redeem Its notes on demand as afoI csaid
shall, on proof being made to the bank COMP
troIlcr OF such neglect or refusal by the aft
davlt OF the person who presented said notes
tor redemption or payment, and on deposting
III his office the notos so presented, be subject
to the same penalties and be proceeded
against III the same manner, as is now provid-
ed by law tor cases where the cirCulatngn notes
OF any bank or banking association are pro-
tested for non-payment, unless the comptrol-
Ter shall be satisfied that there is a good ana lc-
Gal defence against the payment of such notes
Sec II. Every bank and banking assooia-
ton shall redeem its circulating notes as now
provided by law, but III case Of neglect or re
fuSal to redeem its notes on presentation at It's
pNu Of
banking association, if not located within the
city Of Milwaukee or the city of Madison, shall
not be liable to the holder of such note for
damages; Pror;ded, 1t shall within fifteen
DAYS after receiving notice from the comptrol-
Ter Ia pay the same, redeem said notes in the
lawful money of the United States with inter
est ut the late of fifteen per cent. per annum
IrOridcd, that the officer or officers of such
bank or banking ASSOCIATION SO neglecting or
refusing 10 redeem its notes on demand, may
endorse upon the bills or package of bills so
presented, all acknowledgment Of such Dresen-
tation and refusal, and waivng protest upon
the same; and such endorsement shall be held
as evidence Of the statement therein made
See. 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 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 mutiIated bills, may be, and for this
purpose he is authorized to examine any per-
son on oath, and to compel answers under oath
from any officer or stakeholder of any bank or
banking association 80 applying, or any 9th IT
person.
Sec. 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 joaa fdc 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 thai the bonds deposited |
with the bank comptroller shall not be consid- !
cred as any evidence of the existence of capi- /
tai 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 comp |
trOllcr, before issuing any mare circulating |
notes to any such bank or banking association |
now organized, or that shall hereafter be or
ganiZed, except in exchange for mu*lated !
notes. to satisfy himselfbl an examination un |
der oath of an officer or stakeholder 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 |
Or in his absence the deputy
is hereby authorized to administer |
oaths; ProOded that nothing in this act con-
tanned shall be so construed as to permit any
bank to issue circulating notes to any reatcr
amount than its nominal capital.
i r.. Il
December next il shall not be lawful for any
bank or banking association, banker, broker, |
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, banki II association, company, corpoI a. /
ton or Individual located or residing out of
this state, unless said bill, or note, or evidence
of debt shall, for the last six months proceed |
ing such circulating or paving ont have Leen
in the city of New York or Boston
in current money of the United States at !