Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1861-10-09

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bank comptroller, together with the Governor and the
Secretary OF State any stocks offered shall be deemed
insecure. they shall not be received such securities
under the provisions Of this act Ind proUi1ed fur
fkey, that from and after the f ST day OF December,
1851 the bank comptroller shall not receive security
for circulating bank notes. any other public stocks than
those issued BY the State of Wisconsin and the Quilted
STATES"
Section 2. ANY public stocks described In the pre-
ceding section, and issued rate Of interest less than
per cent per to be receivable by the bank
comptroller shall be made be equal to stocks producing
Section 3. Section 40 az chapter II Of the Revised
Statutes is hereby amended by inserting between the
words "ocated" and to, in the lsth line Of said
tion, the words '.or to the judge at chambers"
Section 4. Every bank and banking association now
organized in this State, and all banks and banking
soeiations that shah be organized before the first day
OF December, 1851 except such banks and banking
sociaons as may hereafter be located In The
les of Milwaukee and Madison, shall before said
keep in the city of MiIwaukee;or in the city
OF zadison, for the redemption Of all circulating notes
shall be presented to snch agent Tor payment re-
demption.
Section 5. The appointment of such agent shall be
made in writing; and such written appointment shall
delivered to the bank comptroller before said
first day OF Dect mber next who shall file the in
his Office. II any bank banking association shall
neglect or refuse to appoint such agent within the
time above mentioned, the bank comptroller shall APP
point such agent for such bank or banking associa-
ton.
Section g. The bank comptroller shall, Immediately
after said first day OF December next during such time
as he may deem advisable, publish list OF such agents
in daily newspaper published In the city of Mad
son and in daily newspaper published in the city Of
Milwaukee, the expense whereof shall be equally di
vded among the several banks banking associations
published and be paid by them TO the comptroller
demand, under penalty of forfeiture of hundred
dollars. to be collected rnd applied provided in re-
spect to the forfeiture named in section 49, chapter
Of tho Revised Statutes
Section 4. Every bank or banking association hero
fae organized shall before receiving any circulating
notes from the bank comptroller, appoint agent for
the of this act, and Guch appointment snail
be Immediately published ia the manner aforesaid al
the expense Of such bank or banking association to be
collected in the manner above provided
Section 5. Appointments oil agents made In pursu-
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 eoaptroci
who shall the TO BIO published as before pro-
vided.
Section 1t shall be lawful for any number Of banks
or bankng associations, authorized by this act, to APP
point an agent associate together for raising joint
fund.- to be placed in the hands of their common agent
for the redemption of their circulating notes, 10 the
city of Milwaukee Madison, and also the circulating
of other banks in such manner, and under such
regulations may be agreed upon, and to employ such
age and clerks they may deem necessary to carry
on he business of such common agency but nothing
in this section contained shall Authorize the redemp-
ton purchase by such agency OF any circulating
at greater discount than IL herein provided tor
nor relieve such banks from any duty reliability re-
quired or imposed by this act.
Section 10. Every such bank and banking associa-
ton in this Staa except such banks banAing asso
Citations as may hereafter be located in the
cities of Milwaukee and Madison shall redeem and pay
on demand in the lawful money of the I'm ted States,
all circulating notes issued by such banks banking
associations presented for redemption at the Office Of
the agent Of such bank banking association, during
the usual hours Of business OF bankers between the
hou rs of ten aud three O'clock at rate of discount
not exceeding three fourths Of one per cent
Section H. Every bank or banking association,
whose agent shall ect refuse to redeem its notes
on demand, aforesaid, shall, on proof being made
to the bank comptroller Of such neglect refusal by
the affidavit of the person who said notes Tor
rod a r and GepOsltlng his OIL
fee ihe presented be rubect to the same PEN
ates and te proceeded against in the same maner as
now provided by law for where the circulating
notes of bank banking association are protested
for ment, unless the comptroller shall be sat
ised that there good and legal defence against the
payment of such notes
Section H. Every bank and banking association
shall redeem its circulating notes provided by
law, brt in Of neglect or refusal to redeem its
notes presentation at its counter, and of protest
therefor, such bank banking association, it not To-
lated within the city of Milwaukee the city of Mad
op shall not be liable the holder of such notes for
damages Provided, 1t shall within fifteen days after
receiving notice from the comptroller to pay the same,
redeem said in the lawful money of the United
States with interest ut the rate Of fifteen per cent per
annum. Provided, That the the officer officers OF
such bank banking association so lecting or re-
fusing to redeem its notes demand, may endorse
upon the bills packages OF bills so presented an ac
Acknowledgement of such presentation and refusal, and
waving protest upon the same; and such endorsement
shall be held evidence of the statement therein
n de-
Section Is. No bank or banking assc citation shall
notes to an amount exceeding three times its bona de
cash capital actually paid in and the bank comptroller
hereby authorized and required to ascertain what
the actual cash capital of any bank banking associa
ton applying for circulation, except IN exchange Tor
mutilated bills, may be- and for this purpose he is au
thorized to examine any person on oath ana 10 compel
answers under OATH Iom any officer or stakeholder Of
any bank banking association so applying, or any
other person. -
hereafter be organized in this State shall any more
crcuh ting mites be issued to any bank or banking az
socatD IN in this State, unless said bank or banking
assJcia lion shall nave bona ds 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
Mace where Che bank located and il is hereby de-
cared that the bonds deposited with the bank comp
troer shall be considered as any evidence OF the
ext tence of capital any such bauk banking asso
citation nor Of the amount and extent OF such capitals
and ii is hereby made the duty OF the comptroller be-
fore issuing any more circulating notes 70 any sucn
bank or banking association now organized, or thal
shall be hereafter organizd, except in exchange Ior
mutilated notes, satisfy himself by an examination
under oath of officer or stockhoider OF such ulh
or banking ASSOCIATION that it has fuly complied with
the provisions of this section, ant OF the next pre-
cedng section of this act and for the purpose o. snen
examination the comptroller, in his absence the
deputy comptroller is hereby authorized TO administer
oaihs Provided That nothing in this act contained
shall be construed as to permit any bank 70 issue
circulating notes to any greater amount tnah lss
nominal capital.
Section is. From and after the first day Of Deem
Der next shall be lawful for any bank or banking
association, banker, broker, company or corporauon
to circulate or attempt to circulate to pay out as
money any bill note or other evidence OF debt IS
sued or purpOrtipg have been issued by any BANK
banking association company corporation or indvid
ua located residing out of this State, unless sad
bill or note, evidence OF debt SHALL for he las. SIX
months preceding such circulating or paying out nave
been redeemabe in the city of New York or Boston Ia
current money OF the United States, at rate oil d'-
count moi exceeding three ouiIhs of per cent; and
the decision the bank comptroller as to the rate OF
such cunt shall be final and conclusive. Every
hank or banking association, banker or hroker corpO
ration company offending against the provisions OF
this section shall forfeit for each and every ottnse Inc
sum Of one hundred dollars to be recovered with cos
of suit in the and for the use OF any person VINO
shall sue for the same and prosecute such SUIT 10
Judgment ia any court having cognizlnce Thereon.
Section 10. Each aud every person owning OF hoia-
ing stock in bank banking association VINO Snail
se transfer asgn his stock or any portion there
Of In any such bank barking association shalt be
held and remain for the term OF SIX months from am
after such sale, transfer assignment as aforcsala
personally liable tina amount of stock so as AFORESAID
sold transferred or assigned by him for the payment
of all the debts and liabilities Of such bank or banning
assocon, existing at the tiEe OF euch SAFE transfer OF
assignment. 49,
from and after the FIRST day OF December, eighteen
hundred I'D sixty-one. !,
Section Is. All acts paris Of acts conhcting Wll
any way contravening the provisions OF is 0-''
are hereby repealed.
Section 49, At the general election to be held on the
Tuesday next succeeding the first Monday in Noyemoe
in the year 1861 at all the usual places OF hoaing
elections in this State, fo the election OF all once
REQUIRED by law then to be elected the question wne-
er this act shall b law and go into elect ~ ~
any be in force, shall be submitted TO the peep
and If the shall be approved By majority 81 ~
the votes cast the subject it shall into INTO ehece
otherwise shall not 90 into effect nor be in force;
Seefian 90 The votes cast the subject sp clhsu