Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-09-25


delivering such revocation and appointment 10
the Bank Comptroller, who shall cause Inc
same to be published as before provided
Section 8 1t shall be lawful Tor any NUNS
Der of banks or banking associations authofA-
ed by this act to appoint an agent to associate
together 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
of Milwaukee or Madison and also the circu-
lating notes of other banks in such manner
and under such regulations as may be agreed
upon. and to employ such agents and clerks as
they may deem necessary to carry on the bus
mess of such common agency but nothing Ill
this section contained shall authorize the re-
demption 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.
Section 10 Every such bank and banking
association in this State, except such banks or
banking associations as now are or hereafter
NAV oe located in the cities Jf milwaukee, and
Madison, shall redeem and pay demand in
the lawful money of the United States, all cir
culatiag 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 bus.
mess of bankers, between the hours often and
three o'clock, at a rate of discount not exceed
ing three-fourths of one per cent.
Section IL Every bank or banking associ-
alton whose agent shall neglect or refuse to re-
deem It's notes on demand as aforesaid. shall,
on proof being made to the bank comptroller OF
such neglect or refusal by the affidavit OF the
person " no presented said notes for redemp-
ton or payment, and on depositing i'll his Of
flee the notes presented, be subject to the
penalties and be proceeded against in the same
manner as is now provided by law for cases
where the circulating notes of any bank or
banking association are protested tor non-pay-
ment, unless the comptroller shall he satisfied
that there is a good and legal defence against
the payment of such notes.
Section IL 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 its 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, shall
not be liable to the holder of such notes for
damages provided, it shall within fifteen days
after receiving notice from the comptroller to
paw the same redeem said notes in the lawful
money of the United States, with interest at
rate Gf fifteen per ct per annum; prOvidcd, that
the officer or officers of such bank or banking
association so neglecting or refusing to redeem
its notes on demand, may endorse on the bills
or pack age of bills SO presented, an acknoWl-
edgment of such presentation and refusal and
waving protest upon the same and such en-
dorsement shall be held as evidence of the
SIT ment therein made.
Section 10 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-
II no h,nly iC
bv authorized and required to ascertain what
| the actual cash capital ofany bank or banking
association applying for 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 assoc iation
| 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 sad bank or banking association shall
have bona tide cash capital of at least fifteen
thousand dollars actually paid in, which shall
| remain in such bank or banking association as
capital, and employ ed in legitimate banking
at the place where the bank is located and it
| is hereby declared that the bonds deposited
with the bank ptroller shall not be consd
cred as any evidence ofthe existence of capital
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 comptroller,
before issuing any more circulating notes to
any such bank or banking association now
ganized, or lnat shall be hereafter organized
except in exchange for mutilatcd notes, to sat
| isfy himself by an examination under oath of
an officer or stakeholder of such bank or bank
ing association that it has fully complied with
| the provisions of this section and of the next
preceding section of this act and for the pur-
poses of such examination the comptroller or
in his absence the deputy comptroller is here
by authorized to administer oaths provided,
that nothing in this act shall be so construed
as to permit any bank to issue circulating notes
to any greater amount than its nominal capital
Section Is From and after the first day of
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 10 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 for
the last six months preceding such circulating
or paying out. have been rcdeemablc in the CITY
of New York or Boston in current money Of
.
ceeding three-fourths of one per cent !; and the
decision of the bank comptroller as to the rate
at such discount shall be final and conclusive
Every bank or banking association, banker or
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 l6 Each and every person owning
or holding stock in any 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 IL This act shall take effect and be
in force from and after the LIST day of Deem
Der, eighteen hundred and sixty zone.
Section Is. All acts or parts Of acts cenfic-
ting with, or in any way cOntravenlnS the
provisions of this act, are hereby repealed.
Section 10 At the general election to be
held on the Tuesday next succeeding the first