Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-10-23

o,v ,,,ro;utmeDts made from time to time, by
delivering such revocation and appointment 10
the Bank Comptroller, who shah cause TIE
same to be published as before provided.
Section 9 1t shall be lawful for any num-
ber of banks or banking associations authorIz-
ed by this act, to appoint an agent 10 ass9ela d
together for raising joint fund, to De Piaceu
in the hands of their common agent tor the re-
Jomntion of their circulating notes, III the CITY
&c Milwaukee or Madison and also the clrcu-
1atinr notes of other banks III such manner
and Under such regulations as may be agreed
mon and To employ such agents and CLERKS as
tbev NAV deem necessary to carry on me DuS-
mess of such common agency but nothing III
This section contained shall authorize me re-
demption or purchase by such agency OF any
circulating notes at rate OF discount gIe%'s l,
hanks from any duty or liability required OF
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 Epredi'ei
NAV ne located in the cities 81 Milwaukee and
Madison, shall redeem and pay on demand III
the lawful money of the United States, all CIR
culating notes issued by such banks or Dahk-
ting associations. presented for redemption at
the office of the agent OF such bank OF banH-
inc association during the usual hours OF bus
fhree o'clock, at 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 its notes on demand as aforesaid, shall,
on proof being made to the bank comptroller OF
such NEGLECT or refusal by the affidavit of the
nerson who presented said notes for redemp-
lion or payment. and on depositing in his Of
fee the notes presented, be subject to the
II
penalties and be proceeded against III he same
manner as is now provided by law for cases
where the circulating notes OF any bank or
banking association are protested for non-pay-
ment. unless the comptroller shall he satisfied
that there is good and legal defence against
the payment of such notes.
Section ID 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 ofprotest therefor, such bank
or banking association if not located within the
CITY of Milwaukee OF the city of Madison shall
not be liable to the holder ofsuch notes for
damages provided, it shall within fifteen days
after receiving notice from the comptroller to
pay the same, redeem said notes i'll the lawful
money of the United States, with interest at
rate Of fifteen per ct per annum; Proueded, that
the officer or officers of such bank or banking
association so neglecting or refusing to redeem
its notes on demand, may endorse or the bills
or package 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
s m 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 fde cash capital actu-
ally paid in, and the bank comptroller is hele-
BY authorized and required to ascertain what
the actual cash capital ofany bank or banking
association applying for circulation, except IN
exchange for mutiaed 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 be issued to
any bank or banking association in this State,
unless sad bank OF 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 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 consid-
cred as any evidence ofthe existence of capital
in any such bank or banking associations 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 or
ganized, or hat shall be hereafter organized.
except in exchange for mutilated 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 pr0Ul3cd,
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 OF corporation to circulate or attempt
to circulate, or TO pay out as money any bill,
note. or other evidence of debt, issued pur-
porting to have been issued by any bank, bank
ing association, company, corporation or indi-
dual located OF 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 redeemable in the city
of New York or Boston in current money of
y
ceoding 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 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 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 OF 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 LIST day of Deem |
Der, eighteen hsndred and sixty -one
Section Is. All acts or parts of acts cenhic- |
ting with, or i'll any way contravening the !
provisions of this act, are hereby repealed