Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1861-10-09

Section 1t shall be lawful Tor any mum
Der of banks or banking associations authoiI-
ed by this act to appoint an agent to assocla'G
together for raising joint fund, to be placea
in the hands of their common agent Tor the re-
demntion oftheir circulating notes, in the city
of Milwaukee or Madison and also the circu"
LATINO 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 DuS"
mess of such common agency but nothing III
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 AIRY duty or liability required or
imposed by this act.
Section 10 Every such bank and banking
association in this State, except such banks OF
banking associations as now are or hereafter
NAV oe located in the cities II Milwaukee and
Madison, shall redeem and pay on demand III
the lawful money of the United States, all clr-
culatinc notes issued by such banks or bank
tng 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 ten and
three 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 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-
lion or payment, and on dcpositlng in hIs Oh
flee the notes presented, be subject to the
penalties and be proceeded against i'll 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. urless 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 us
now provided by law, but in case of neglect or
refusal to redeem It's 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
nav the same, redeem said notes III the lawful
money of the United States, with interest at
rate Of fifteen per ct per annnm; prov1dod 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 package of bills so presented, an acknowl-
waiying protest uponthe same and such en-
dorscment shall be held as evidence of the
$ IN therein made.
Section 10 No bank or banking association
shall hereafter receive upon the deposit OF
BONDS, circulating notes to an amount exceed
inc three times its bona fde cash capital actu-
ally paid in, aud 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 i'll
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 50 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 III this State,
unless sad bank or banking association shall
have a 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 banking associations nor
of the amount and extent fsuch 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
gained. or lnat shall be hereafter organized,
except in exchange for mutilated 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 fthe 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 pr0yilcd
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 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 OF indi-
dual located or residing out of this State, unless
said bill OF note or evidence OF debt shall for
the last six months preceding such circulating
or paving out, have been rcdeemable in the city
of New York or Boston in current money of
the United States at a rate of discount not ex-
cceding thrce-f 0urths of one per cent and the
decision oft bank comptroller 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 l6 Each and every person owning
or holding stock III 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 II This act shall take effect and be
in force from and after the lst day of Deem
Der, eighteen hHndred and sixty lone.
Section Is. All acts or parts of acts cenfiic-
ting with, or in any way contrayening 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 III this
State, for the election of all officers required
by law then to be elected, the question wheth-