Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-08-28

| shall neglect or refuse 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
| next, during such time as he may deem advi.
| sable, publish a list of such agents in Onesdai-
| ly news paper published in the city of Madi-
son, and in one daily newspaper published in
| the city of Milwaukee. the expense whereof
| shall be equally divided among the several
banks or banking associations so published
and be paid by them to the comptroller on de-
mand under penalty of forfeiture of one hun
drcd dollars, to be collected and applied as pro
vided in respect t, the forfeiture named in Sec
| ton 10 chapter II OF the Revised Statutes.
| Section Z, Every bank or banking associa-
tios hereafter organized. shall before receiving
any circL latng notes from the Bank Comp
| troller, appoint an agent for the purposes of
this act and such appointment shall be imme
| diately published in the manner aforesaid, at
the expense of such bank or banking associa-
ton, TO be collected in the manner above pro-
| yided.
Section 8, Appointments of agents made in
| pursuance of this act may be revoked and
| new appointments made from time to time, by
| delivering such revocation and appointment to
| the Bank Comptroller, who shall cause the
same to be published as before provided.
| Section 8 1t shall be lawful tor any num-
Der of banks or banking associations authoriz-
ed by this act, to appoint am 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, i'm the city
of Milwaukee or Madison and also the circu-
| lating notes of other banks in such manner
and under such regulations az may be agreed
upon. and to employ such agents and clerks as
they may deem necess Try to carry on the bus
mess of such common agency but nothing in
| this section contained shall authorize the re-
dempton 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
| may oe located in the cities 81 Milwaukee and
| Madison, 81 all redeem and pay on demand in
the lawful money of the United States, all cir
culating notes issued by such banks or bank
ting associations. presented for redemption at
the offic' 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 rot exceed
ing three-fourths of one per cent.
Section ii Every bank or banking associ-
alton whose agent shall neglect or refuse to re-
deem lis notes on demand as aforesaid, shall,
on prot being mad to the bank comptroller OF
such neglect or refusal by the affidavit of the
person who presented said notes for redemp-
ton or payment, and on depositing in his Of
fee the notes, SO 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 for non-pay-
ment, unless the comptroller shall he satisfied
that there is 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 its notes on presentation at
its counter and ofprotest 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 ;prorided it shall within fifteen days
after receiving notice from the comptroller to
pay the same, redeem said notes in the lawful
money of the United States, with interest at
| rate Ut fifteen per ct per annum; propided, 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
I 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
| staten ent therein made.
| Section Is No bank or banking association
shall hereafter receive upon the deposit of
bonds, circulating notes to All amount exceed
ing three times its bona fde cash capital actu-
ally paid in, and the bank comptroller is heIe-
by authorized and required to ascertain what
the actual cash capital ofany bank or banking
association applying u 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 be issued TO
| any bank or banking association in this State,
unless sad bank or banking association shall
have bona .fdc 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 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 hat shall be hereafter organized.
except in exchange for mutlated 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
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 20 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 beslawful 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 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
the United States at a rate of dfeoount not ex-
ceeding three tourths of one per cent and the
decision ofthe bank comptroller as to the rate
Mt such discount shall be final and conclusive,
Every bank or banking association, banker or
broker. corporation or company attending
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