Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-10-30

new amendments made from time TO tline' by
delivering such revocation and appointment 10
the Rank COMPTROLLER who shall cause the
same to be published as before provided
Section 9 It shall be lawful for any num-
Der of banks or banking associations authoflz-
ed by this act, to appoint an agent to associate
together for raising joint fund, to be placed
!, the hands of their common agent for the res
domption of their circulating notes, III the city
If Milwaukee or Madison and also the circu-
l.tipo notes of other banks in such manner
and 3nder such regulations as may be agreed
mon and to employ such agents and clerks as
tbev NAV deem necessary to carry on the pus~
;ness of such common agency but nothing III
This section contained shall authorize the re-
demption or purchase by such agency Oh any
circulating notes at rate of discount greater
than is herein provided for, nor relieve such
banks from any duty on HaolIlty Ie4"lieu VI
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 hereal'I
NAV oe located in the cities II milwaukee, ana
Madison. shall redeem and pay on demand III
the lawful money of the United States, all CIR
culatiag notes issued by such banks or bank
ting associations. presented for REDEEM P'ioh at
the Office of the agent of such bank or bank
ING association during the usual hours OF BUS,
,,
fbree O'Clock, at rate of discount not 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 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 who presented said notes for redemp-
ton or payment, and on depositing III his OF
flee the notes so presented. be subject TO the
penalties and be proceeded against in he same
manner as is now provided by law Tor cases
where the circulating notes OF any bank OF
banking association are protested tor non-pay-
ment. unless the comptroller shall he satisfied
that there is gocd and legal defence against
the payment of such notes
Section II 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 he
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 III the lawful
money of the United States, with interest at
rate Of fifteen per ct per annum; prowded. that
the officer or officers of such bank or banking
its notes or demand, may endorse on the bills
or package of bills SO presented, all acknowl-
edgment of such presentation and refusal and
waving protest upon the same and such en-
dorsement shall be held as evidence of the
m therein made.
Section 13 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-
allv 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 for circulation, except III
exchange for mutilated bills. may be. and Tor
this purpose he is authorized TO examine any
persor, 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,
shall any more circulating notes be issued to
any bank or banking association in tins 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 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 anv 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 nnder 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
in his absence the deputy comptroller is here
by authorized to administer Oaths proviClcG
that nothing in this act shall be 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 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 midi
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 redeemable in the city
of New York or Boston in current money of
ceeding three fourths of one per cent and tho
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 TO Judgment in any court having cogni-
zance thereof.
Section Is Each and every person owning
or holding stock in any bank or banking aeso-
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 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 lst day of Decem-
Der, eighteen hsndred and sixty ne.
Section Is. All acts or parts of acts cenflic-
ting with, or in any way contravening the
provisions of this act, are hereby repealed.
Section - At the general election to be