Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-05-17

ployed in legitimate banking ii lie place wi.e.e
the bank is located : and It is hereby declared
that the bonds deposited with the Bank Comp
trollcr shall not be considered as any evidence Of
the existence Of capital in any such bank or bank
ing association, nor Of the amount and extent OF
such capital and it is hereby made the duty of
the Comptroller, before Issuing any more crcuia-
ting notes to any such bank or banking associa
ton now organized. except in exchange for mutt
lated notes, to satisfy himself by an examination
under oath of an officer or stakeholder of such
bank or banking association that it has fully
complied with the provisions of this section, aid
OF the N Xt preceding section OF this act, and
the purpose OF such examination the Comptroller,
or in his absence the deputy Comptroller, Is here
by authorized to administer Oaths; PrOe5ded,
That nothing in this act contained shall be 20
construed as to permit any bank to issu' circulat-
| ing notes to any greater amount than its nanI
nal capital.
Section Is. From and after the first day of
Deccm Der next il shall not be lawful for any bank
| or banking association, banker, broker company
| OF corp ration, to circulate attempt to circu-
late, or to pay out as money, any bill, note or
other evidence of debt, issueds or purporting to
have been isued by any bank, banking assoca-
| ton, company, corporation or individual located
residing out of this State, unless said BILL or
II ote or evidence of debt SHALL for the last six
months preceding such circulating or paving out
have been redeemable III the city New York or
! Boston in current money of The United States at
rate of discount not exceeding three -fourths of
| one per cent; and the decision Of the Bank
| Comptroller as to the rate of such discount shia
| be final and conclusive, Every bank or banglnlz
association. banker or broker, corporatiot hsi
company, offending against the provisions Of orn
section shall forfeit for such and every offence the
sum of one hundred dollars to he recovered with
| costs of salt 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 cocni-
| zance thereof
Section Is. Each and every person owing O,
holding stock in any bank or banking association
who shall sell, transfer assign his stock or any
portion thereof, III any such bank or banking as.
scciation, shall be held. and remain for the term
of six months from and after srch sale, transfer
or assignment. aforesaid, personally liable t.
the amount of stock aforesaid sold trans
fcrred or assigned by him for the payment # al
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 il
force from and after the first day of December
eighteen hundred and sixty one.
Section 10. At the general election to be he'll,
on the Tuesday next succeeding the first Monda,
in November, in the year 1861. and at tho usla
places OF holding elections in this State for tn
election of all officers required by law then to b
elected, the question whether this act sball he
come law and 90 into effect. or in any name
be in force, shall be submitted to the people, an
if the same shall be approved by a majority q
all the votes cast on the subie, t, il shall 90 int
effect otherwise it shall not 60 into effect nor
in force.
Section 30. The votes cast on the subject spec
lied IN the last preceding section shall be by sepa
rate ballot, and shall have written or printed @
partly written and partly printed, on each c
them. the words For Amendments to the Bank
ing Law" or against Amendments to I'll
Banking Law" which words shall indicate III
vote for or against the approval of this act an
the ballots so cast sh: II be canvassed and return
ed IN the same manner as the vote cast for Stat
Offices are required by law to be canvassed an
the Secretary of State shall Immediately, on tt
completion of said canvass, publish stateme1
OF the result thereof in the official State pape
and shall communicate the same to the next L. G
: lslature at the commencement of the session, an
he shall also deliver to the treasurer a cerifiC
copy thereof, with statement of the result {
the canva upon the subject Immediately aft
the completion of the canvass.
Approved April Is, 1861.