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

duO tDS SOhOIh al ftClS SAAShNNNN'J sAASASN~'
Tie Peooze Of the. State Of Wisconsin, represent
ID in Senate and assembly do enact fotloa0s:
SECTION /. Section %, chapter II, of the Re- |
vised Statutes, with the thereunto belonging |
amendment. { see chapter ASS, General Laws
1858, } is hereby amended as follows by strik-
ing out the following words "Said stocks to be
valued at rate to be estimated and governed by
the average rate at which the stocks have been
sold in the city of New York, within the next six
months preceding the time when such stocks
may be left on deposit with the Comptroller
By striking out the words &c equal to- and in
sorting after the words 90 not exceeding" the
words Gin value" By striking out the follow.
ing words, "but such public stocks shall, IN all
cases, be, or be made to be, equal to stock pro
ducng six per cent. per annum and 1t SHAH not
be lawful for the Bank Comptroller to til Ike such
stock at q rate above its par value nor above It's
current market value in the city of New York, at
the time of deposit, by such person association
of persons" and by Inserting in liue thereof, the
following and it shall be lawful for the Bank
Comptroller to issue for public stock, 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 up to the par
value of said stocks but the Comptroller shall
not issue for public st"cks ranging below par IN
said market. more circulation than ninety per
cent. of the current market value of said stocks
at the time cf deposit, nor more than ninety per
cent. of the avarage market value during the
last six months and for such stocks as during
the last six months have been at and above as
well as below par, the Comptroller shall not is
sue more than ninety per cent. of the average
value during the last six months, nor in any
event more than ninety per cent. of its market
value on the day of deposit, nor more than rine-
ty per cent. of the par value of such stocks" so
that the said section shall henceorth read as fol-
lows 6 Whenever, hereafter, any person or asso-
citation of persons, formed for the purpose OF
banking under the provisions or this chapter,
shall duly assign and transfer in trust to the
treasurer of this State, any portion of the public
stocks issued or to be issued by the United States
or any state stocks, on which full interest is an
nuaIly paid, such person or association of persons
shall be entitled to receive from the Bank Comp
troller amount of such circulating notes OF
different denominations, registered and counter
signed. and not exceeding in value the amount
of public stocks assigned and transferred arore-
said; and it shall be lawful for the Bank Comp
troller 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 up to the par value
of said stocks but the Comptroller shall not issue
for public stocks ranging below par in said mar
ket, circulation than ninety per cent. of the
current market value of said stocks at the time Of
deposit nor more than ninety per cent. OF the
avarage market value during the last six months;
and for such stocks as during The last six months
have been at and above as well as below par, the
Comptroller shall not issue more than ninety per
cent. OF the average value during the last six
months, nor in any event more than ninety per
cent. of its market value on the day of deposit
nor more than ninety per cent. of the par value
of such stocks: PrO0Sded, That if in the opinion
of the Bank Comptroller, together with the Gov
ernor and the Secretary of State. any stocks of
fered shall be deemed insecure they shall not be
received as such securities under the provisions Of
this act"
Section 2. Any public stocks described in the
preceding section, and issued at rate of interest
less than five per cent. per annun to be receiva-
bic by the Bank Comptroller, shall be made 10 be
equal to stocks producing five per cent. per an
mum.
Section 3. Section &C, of chapter II, of the
Revised Statutes, is hereby amended by inserting
between the words g located" and sston in the
10th line of said section, the words or to the
Judge at chambers"
Section 4. Every bank and banking assoeia-
ton now organized in this state, and all banks
and banking associations that shall be oroanized
before the first day Of December, 1851, except
such banks and banking associations as are or
may hereafter be located in the cities of Milwau-
kee and Madison, shall, on or before said first
day OF December next, appoint an agent who
shall keep an office IN the city of Milwaukee, or
in the city of Madison, for the redemption Of all
circulating notes issued by such bank or BANKING
association, which shall be presented to such agent
for payment or redemption.
Section 5. The appointment of such agent
shall be made in writing and such written an
pontment shall be delivered to the Bank Comm
troller or before said first day of December
next, who shall file the same in his office IF anv
bank or banking association shall neglect or re-
fuse to appoint such agent within the time above
mentioned. the Bank Comptroller shall appoint
such agent for such bank or banking association
Section g.. The Bank Comptroller shall, i'm
mediately after said first day of December nevt
during such time as he may deem advisable nnh3
lish list of such agents IN one daily nswsnaner
published in the city of Madison, and in one Al
h bnH thaa Al MI
the expense whereof shall be equally 4ividad
among the several banks or banking ASSOCIATIONS
so published, and be paid by them to the Conn
troller on demand, under penalty of forfeiture IF
one hundred dollars, to be collected and apnlieid
as provided in respect to the forfeiture nomad IN
section 10, chapter II, of the Revised Statutes
Section Z. Every bank or banking associat;o
hereafter organized, shall, before receiving am
circulating notes from the Bank ComptroIler an,
point an agent for the purpose of this ant ~
such appointment shall be Immediately published
in the manner aforesaid, at the expense of such
bank or banking assoe at on to he collected =;
the manner above provided. "
Section S. Appointments of agents na9a IN
pursuance OF this act, may be revoked and new
appointments OF agents made from time to<time
by delivering such revocation and appointment
to the Bank Comptroller, who shall cansa ~
same to be be published as before provided.
Section 9. 1t shall be lawful for any nun,bar
of banks or banking associations, autbo,i1od
by this act, to appoint an agent to associate to-
gether for raising joint fund, to be placed in
the hands of their common agent for the r1oro,,
ton of their circulating notes in the city of MI
YANKEE or Madison, and also the circnlotin,
notes of other banks in such manner, and under
such regulations as may be agreed uDon and ~
employ such agents and clerks as they NAV doo
necessary to carry on the business of sucb con,1
mon agency but nothing in this section coptoi,
ed shall authorize the redemption or purchase h.
such agency of any circulating notes at a rate Of
discount GREATER than is harpip -
relieve such banks from any duty or liability "a
Quired or imposed by this act
SebtiOn 10. Every such bank or BANKING oSSo
citation in this state, exec pit such banks and hapl,
ing ASSOCIATIONS as now are or may herea fter be
located in the cities of Milwaukee and Madison
shall redeem and pay, on demand in the lawf,i
money of the United States. all Circulating no,as
Issued by such bank or banking associatinn nro
scented for redemption at the office of the aoan+ NJ
Rucb bank or banking association, dnrino tba
usual hours OF three O'Clock, at rate of diseo7nt
not exceeding three fourths of one per cent
Section IL. Every bank or BANKING oosoo:.
ton, whose agent shall neglect or refnsa ~ 10
deem its notes on demand as aforesaid shall ~
proof being made to the Bank ComptroIIer nf
such neglect or refusal by the affidavit Of tho
person who presented said notes for REDEEM
or payment and depositing in his ofsnap tIa
notes so presented be subject to the same nonoI
ties, and be proceeded against in the Same -
ner. as is now provided by law for cases wharo
the circulating notes of any bank or bankino os
citation are protested for non-navmen+ ny as
the Comptroller 81 all be satisfied that thera = =
good and legal defence against the payment of
such notes. eN' Vi
Section II. Every bank and BANKING assoo;o-
ton shall redeem its circulating notes os -
Prolaeo oy law, but IN cases of neglect or REIN.
sal 10 redeem its notes on presentation ~ -.
counter, and of protest therefor, sueb banL ~
banking association, if not located within tba
city OF nuiWaukea or the city of Madison. shall