Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-11-01

"
day OF December, 1851.
4 Member OF Assembly for the Assembly Districts
comprising
First The towns of Ixonia and WATERFOWL and the
FIRST second, third fourth and seventh wards OF the
city of Waterfowl. .- On
Second. The towns of Milford Waterloo, Lake Mills.
Oakland and Aztalan.
THIRD The of Hebron, Jefferson, Sumner.
koshkonopg and Cold Spring.
Fourth The towns OF Pennington, Concord, sulii-
van and Palmyra, in the said county OF Jefferson.
One County Superintendent OF schools
One Supervisor in each Assembly District IN said
county, and Supervisor for the county at large
At the election the que ton will be taken upon
posed to he General Banking Law, by chaPter242 of
the General Laws OF 1861, amended by chapter of
the General Laws of the extra Session OF leol as fol-
.. r--.-s. ....-#r ....
CHAPTER 242. ---..
As amended By Chapter l. Extra Session. saw.
AN ACT to amend the General Banking Law, and the
several acts amendatory thereof. ..-
The peapls Of the State Of Wisconsin, represented in
Senate and assembly, do enact as t0ttoos;
Section l. Section %, of chapter H. of the Revised
Statutes, with the thereunto belonging amendment,
see chapter 9S of the General Laws of 1857 is here
by amended follows by striking out the following
words Said stocks to be valued at rate to be
timated and governed by the average rate at which
said stocks have been sold in the city OF New York,
within the next six months preceding the time when
such stocks be left deposit with the Comptrol-
er By striking out the words s'eqnal to, - and
sorting after the words S:not exceeding. the words
sin value" By striking out the following words:
but such public stocks SHALL in all cases. be, be
made to be, equal to stock producing six per cent
per annum and it shall not belawful fer the Bank
Comptroller to take such stock above its par
value, above its market value the CITY
Of New York, at the time of deposit by such person
or association OF persons, aud by inserting in lieu
thereof the following fand it shall be lawful for the
Bank Comptroller to issue for pu bic stocks. which
have been ranging at above par during the last six
months, and up to the time eff deposit in the New York
market ercu atng notes up to The par value said
stocks hut the Com troller Shall not for public
stocks ranging below par in said market circula-
ton than 80 per cent of the current market value
said stocks at the time of deposit than 90
cent of the average market value during last
six months and fer such stocks during the last six
months have been at and above well as below mar
Comptroller shall OF issue more than 80 per cent
of the average value during the last six months nor
in event more than go cent gifts market value
the day of deposit, more than ninety Der cent
of the par value of such stocks - that the said Sec
ton shall henceforth read 5 follows 'sWheneYer
GREATER any association of persons formed
for the purpose of banking under the provisions
chapter. shall duly assign ard transfer to the
OF this State any por-iol of the
issued or to Re issued by the United Ssates orany
stocks, which full interest is annually paid such
person association of persons shall be entitled to
receive from the Bank Comptroller of such
circulating notes different den omina rei cred
and countersigned, and exceeding in value tho
amount of public stocks assigned and transferred "a
aforesaid and it shall be lawful for the Bank Comp
troller to issue for public stocks which have been
ranging at or above par during the last six nontss
and up to the time of deposit in the New market
circulating otes to the value of aid stocks but
the Comptroller shall public stocks
ing below par IN SAID market, more circulation than
20 per cent OF the current market value of said
at the time of deposit than 80 per cent Of
the average market value during the last six months
and for such stocks during the las six months hs
been at and above well below par, the Comptrol-
Ter shall issue than 90 per cent of the aver
age value during the six months nor in any event
than so per cent. of its market value on the day
of deposit than 90 per of the par value
of such stocks: Prortded, thu in the opinion of
the Bank Comptroller, together with the Governor
and the Secretary of State stocks offered shall be
deemed insecure they shall not be received as such
securities under the provisions of this And pro-
r'ded further that from and after the first day of D.
cember 1851 the Bank Comptroller shall not receive
security for circulating Bank Notes. any other pu b.
lie stocks than those issued bv the State of Wisconsin
and the United States.
Section ?. Any public stocks described in tho pre-
ce9ing section, and issued of interest less
than five per cent per to be receivable By the
Bank Com ptroer shall be made to be equal to stocks
producing five per cent. per annum.
Section g.. Section 40 Of chapter II OF tho Revised
Statutes, is hereby amended by inserting between
words '1ocated" and s'to,'' in the 10th line of said
seeton 4 Every bank and banking association now
organic in this State, and all banks and banking
socistions that shall be organized before the first day
of December, 1861, except such banks and banking
associations may hereafter be located in tbs
cities of Milwaukee and Madison, SHALL on or ebsfors
said first day of December next appoint an agent who
shall keep office in the city of nj aukee or in the
city of Madison, for the redemption of all circulating
notes issued by such bank or banking association,
which shall be presented to such agent for payment
redemption.
Section 5 The appointment of such agent shall be
made in writing, and such written appoin shall
be delivered the Bank Comptroller before said
first day of December next who shall file the anne in
his Office. If any bank or banking association shall
neglect refuse to appoint uch agent within time
above mentioned, the Bank Comptroller shall appoint
such agent for such bank or banking ASSOCIATION.
Section g. The Bank Comptroller shall, Immediate
" first day of December next during such
time he may deem advisable, publish list of such
agents in daily newspaper pu blshed in the city of
Madison, and in daily newspaper published in the
city Of Milwaukee, the expense whereof shall be equal
" divided among several banks or banking oci
publish BIZ to he 1m
troer demand, under penalty of forfeiture of one
hundred dollars, to be collected and applied rs pro-
vded in respect to the forfeiture named in section 49,
chapter Il, of the Revised Statutes.
section7 I. Every bank or banking association here
after organized shall before receiving any circulating
from the Bank Comptroller, appoint an agent for
the purposes of this act and such appointment shall
be Immediately published in the manner aforesaid, ut
the expense of such bank banking association to be
collected in the manner above provided.
Sections. Appointments Of agents made in pursu
ance ofsthis act, may be revoked and new appoint
ments of agents made from time time by delivering
such revocation and appointment to the Bank Comp
troller, who shall cause the same to be published
before provided.
Section g. It shall be lawful for any number of
banks banking associations, authorized by this act
to appoint agent to associate together for raising
joint fund to be placed in the hands of their
agent for the redemption of their circulating notes.
the city OF Milwaukee or Madison and also the circu
ating notes of other banks in such manner, I'M
der such regulations as may be agreed upon, and to
employ such agents and clerks as they may deem
cessary to carry the business of such common
agency but nothing in this section contained shall
authorize the redemption purchase by such agency
of any circulating notes rate of discount greater
than is herein provided for, relieve such banks
from any duty liability required or imposed by this
act
Section 10. Every such bank or banking associa-
ton in this State except such banks banking asso-
Citations may hereafter be located in the
cities of Milwaukee and Madison, shall redeem and
pay demand, in the lawful money Of the United
States all circuia ting notes issued by such banks
banking associations presented for redemption the
Office of the agent of such bank banking associa-
lie of of ham k
ers, between the hours of ten and three O'Clock at
rate of discount not exceeding three fourths of one
per cent ~ --- az = ;gfEEs 81 Ell u ftsSi
Section IL. = Every bank or banking association
whose agent shall neglect refuse to redeem its
notes demand, aforesaid, shall, proof being
m ade to ths bank comptroller of such neglect
fu al by the affidavit Of the person who presented
said notes for redemptio payment and an deposi-
ting in his Office the 50 presented be subject to
the penalties and be Proceeded against in the
same manner as is now provided by law for
where the circulating notes Q; any bank banking
association protested for payment unless the
comptroller shall be satisfied that there is good and
legal defence against the payment OF such no tes
Section II Every bank and banking association
shall redeem its circulating notes as DIV provided by
law. but in of neglect refusal to redeem its
notes presentation al its counter ard OF protest
therefor such bank banking association. if not To-
Gated within the city of Milwaukee the city of
Madison. shall not be liable to the holder Of such
notes for damages: Prorided it shall, wit hin fifteen
days after receiving notice from the comptroller