Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-11-13

delivering such revocation and appointment 10
tbe Bank Comptroller, who shall cause ihe
same to be published as before provided
Section 9 It shall be lawful Tor any NUM-
her of banks or banking associations aulhoiE-
cd bv this act, TO appoint an agent 10 assocla'9
ta.atI,sr for raising a ieint fund.- to be placed
in the hands of their common agent Tor the re-
damntion of their circulating notes, IN the city
&c Milwaukee or Madison and also the clrcu-
latino notes of other banks III such manner
and under such regulations as may ne agieeu
r,,on and to employ such agents and clerks as
tbav NAV deem necessary TO carry on me o''S-
mess of such common agency but nothing III
tbis section contained shall authorize me IT,
demption or purchase by such agency OF any
circulating notes at a rate OF discount SIea'ei
than is herein provided for. nor relleVe such
banks from any duty or llaollity Iequii0u "
imposed by this act.
Section 10 Every such bank and banking
association IN this State, except such banks OF
banking associations as now are OF heretl''I
NAV ne located in the cities II Milwaukee ana
Madison. shall redeem and pay on demand IN
the lawful money of the United States, all CIR
cplatine notes issued by such banks or bank
ting associations. presented for redemption at
The Office of the agent of such bank or bank
ing association during the usual hours OF Dus
mess of bankers, between the hours OF ten and
l
ing three-fourths of one per cent.
Section II Every bank or banking associ-
alton whose agent shall neglect or refuse to re-
doom i-s notes on demand az aforesaid, shall,
on proof being made to the bank comptroller OF
srch NEGLECT or refusal by the affidavit of the
oprson who presented said notes for redemp-
lion or paymcnt. and on depositing in his Of
flee the notes so presented, be subject TO the
nan3lties and be proceeded against in The same
manner as is now provided by law for cases
where the circulating notes OF any bank OF
banking association are protested for non-pay-
ment. unless the comptroller shall he satlshed
that there is a good and legal defence against
the payment of such notes,
Section ~ Every bank and banking asso-
citation shall redeem its circulating notes as
| now provided by law, but in case OF neglect or
refusal to redeem lis notes on presentation at
! its counter and of protest therefor, such bank
| or banking association if not located within The
CITY of Milwaukee or the city of Madison,s shall
! not be liable to the holder such notes for
! damages provided, it shall within fifteen days
! after receiving notice from the comptroller to
raw the same. redeem said notes III the lawful
! money of the United States, with interest al
rate IF fifteen per ct per annum; Pforide@' that
the officer or officers of such bank or banking
association so ncglecting or refusing to redeem
/
or package of bills so presented, an acknowl-
edgment Of such presentation and refusal and
| waving protest up0n the same and such en-
! dorsement shall be held as evidence of the
! $ IN therein made.
Section IS No bank OF banking association
| shall hereafter receive upon the deposit OF
| bonds, circulating notes to an amount exceed
! ing thr e times its bona fde cash capital actu-
| allv paid in. and the bank comptroller is here
| bv authorized and required to ascertain what
tie actual cash capital ofany bank or banking
! association APPLYING II circulation, except IN
exchange for mutilated bills. may be, and for
! this purpose he is authorized to examine any
| person. on oath. and TO compel answers under
! oath from any officer or stakeholder OF any
! bank or banking association so applying, or
any other person.
Section IA No bank or banking association
shall hereafter be organized in this State, nor
| shall any more circulating notes he issued to
any bank or banking association il. this State,
unless sad bank or banking association shall
have bona fde cash capital nj 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 that the bonds deposited
! with the bank comptroller shall not be consd-
|
in any such bank or banking association nor
of the amount and extent ofsuch capital and
! it is hereby made the duty of the comptroller
| before issuing any more circulating notes to
| any such bank or banking association now or
| ganized, or lat shall be hereafter organized
| except in exchange for mutilatea notes. to sat-
| isfy himself by an examination under oath OF
an officer or stockholder of such bank or bank
! ing association that it has fully complied with
IL ] I -
proceeding section of this act and for the pur-
| poses of such examination the comptroller OF
| in his absence the deputy comptroller is here
| by authorized to administer Oaths : pr0ulGcd
that nothing in this act shall be construed
as 10 permit any bank to issue circulating notes
to any greater amount than its nominal capital
Section Is From and after the first dav o.
| December next it shall not be lawful for any
| bank or banking association. banker, broker
| company or corporation TO circulate or attempt
| to circulate, or TO pay out as money any bill
note. or other evidence OF debt, issued or pur-
porting TO have been issued by any bank, bank
ing association, company, corporation or indi-
dual located or residing out of this State, unless
| said bill or note or evidence of debt shall fol
the last six months preceding such circulating
| or paving out, have been redeemable in the CITY
! of New York or Boston i'll current money o
the United States at a rate of discount not ex.
! ceeding three fourths OF one per cent and tho
decision ofthe bank comptroller as to the rate
at such discount shall be final and conclusive
| Every bank or banking association, banker OF
broker. corporation or company offending
against the provisions of this section shall for
felt for each and every offence the sum of one
hundred dollars. to be recovered with costs Of
suit in the name and for the use of any person
| who shall sue for the same and prosecute such
suit 10 judgment in any court having cogni-
zance thereof
Section Is Each and every person owning
or holding stock in amy bank or banking asso-
citation, who shall sell transfer or assign his
stock or any portion thereof, in any such bank
or banking association, shall be held and re-
main for the term of six months from and after
| such sale. transfer or assignment as Aforesaid
personally liable to the 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 banking association, existing
at the time of such sale. transfer or assignment
Section II This act shall take effect and be
in force from and after the 1st day of Deem
Der, eighteen hsndred and sixty-one.
Section IS. All acts or parts of acts cenfic-
ting with, or in any way contravenng the
provisions of this act, are hereby repealed.
Section 10 AT the general election to be
held on the Tuesday next succeeding the first
Monday in November. in the year 1861, at all
the usual places of holding elections in this