Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-10-04

Third The towns of Hebron, Jefferson, Sumner.
Koshkonong and Cold Spring.
Fourth. The towns of Pennington, Concord, Sulli-
van and Palmyra, in the said county of Jefferson.
One County Superintendent of Schools.
One Supervisor in each Assembly District in said
county and one Supervisor for the county at large
At the same election the question will be taken
the approval by the people of the amendments pro-
posed to he General Banking Law by chapter 242 OF
the General Laws of 1861, amended by chapter of
the General Laws of the extra Session of 1851 fol-
lows
CHAPTER 242
As amended By Chapter /. Extra Session
AN ACT to amend the General Banking Law, and the
several acts amendatory thereof.
The peapIe Of the State Of Wisconsin,, represented ia,
Senate and assembly, do enact tollolcs:
Section L Section D. of chapter 4, of the Revised
Statutes, with the thereUnto belonging amendment
see chapter SO of the General Laws of 1851 here
by amended follows by striking out the following
words " Said stocks to be valued at rate to be es-
| tmated 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 may be left deposit with the ComproI
ler. BY striking out the words Sseqnal to- and in
sorting after the words mot exceeding. the words
/ lin Value BY striking out the following vord :.
but such public stocks shall in all cases, be- or he
made to be. equal to stock producing six per cent
per annum and it shall not be lawful for TIE Bank
Comptroller to take such stock above its mar
value, nor above its current market value the city
of New York, at the time of deposit, by ch
or association of PERSONS, and by inserting in lien
Thereon the loIoWlng land 1t shall be lawful the
Bank Comptroller to issue for public stocks which
have been ranging above par during last iv
months, and the time of deposit in the New Yor
market circulating notes up to the par value of said
stocks but the Comptroller shall not issue for public
stocks ranging below par in aid market more circuIa
ton than 80 per cent of the current market value of
said stocks at the time of deposit more than 90
per cent of the average market value during the
six months and fer such stocks during the last six
months nave been at and above as we'll below par
the Comptroller shall issue than 90 per cent
of the average value during the last six months nor
in event more than 90 cent its market yaue
the day of deposit, than ninety per cent
of the par value of such stocks " SO that the said
ton shall henceforth read as follows: ssYheneyer
hereafter, person association of persons form,
for the purpose of banking under the provisions of
chapter shall duly assign and transfer in to the
treasurer of this State, portiol the bic
issued to be issued by the United States
stocks, which full interest is annually paid sn oh
person or association of persons shall be entitled to
recelY from the Bank Comptroller an amount such
circulating notes OF different denominations
and counter5igned, and not exceeding in vaIue the
amount of public stocks assigned and trar sforro ~
aforesaid and it shall be lawful for the Rank Con-
troler to issue for public stocks, which have hee
ranging at or above par during the last six mont,s
and up to the time Of deposit in the New York market
circu aing notes to the par value said stocks bu
the Comptroller shall not for public stocks rang
ing below par in said market, more circulation than
30 per cent OF the current market value said stocks
at the time of deposit, more than 90 per cert f
the average market value during the last six months
anu ior suc STOCKS as during the last six months
been at and above well below par the Comptro-
Ter shall not issue than 90 per cent of the arer
value during the last months nor in any evnnt
more than 80 per cent oft market value on the sv
OF deposit, than per cent of the par
OF such stocks: Proriled that if in the oIi c
the Bank Comptroller, together with the Govern mr.
and the Secretary of State, any stocks offered shall bo
deemed insecure, they shall not be received as snch
securities under the provisions of this act And oro
radeG J"g, that from and after the first day Of De-
cember 1861 the Bank Comptroller shall NOT recaive
as security for circulating Bank Notes. any other pub
lie stocks than those issued by the State of Wisconsin
and the United States.
Section 2. Any public stocks described in the pre
ceIing section, and issued at rate of interest less
to he hIa Nv bo
Bank Comptroller, shall be made be equal to stocks
producing five per cent per
Section 3. Section 10 of chapter II of the Revised
Statutes is hereby amended by inserting between the
words 'Hocated'' and to- in the 18th line of said
section, the words :sor to the judge a. chambers
Section 4. Every bank and banking association now
organized in this State and all banks banking as
socatons that shall be organized before the first ay
OF December, 1861, except such banks and banking
associations as arc or may hereafter be located the
cities of Milwaukee and Madison, SHALL on or before
said first day OF December next appoint agent who
shall keep Office in the city of Milwaukee or in THE
city of Madison, for the redemption all circulating
notes issued by such bank or banking association
which shall be presented to such agent for payment or
| redemption.
Section 5. The appointment of such agent shall he
made in writing, and such written appon tment shall
be delivered to the Bank COmptroller on or before said
first day of December next who shall file the same in
his office. If any bank banking association 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 6. The Bank Comptroller shall mediate
ly after said frat day of December next during su CHI
q list of CHI
agents IN one daly newspaper published in the city Of
Madison and in daily newspaper published in the
city of Milwaukee, the expense whereof shall be equal
y divided among the several banks banking oci-
ations published and be paid by them to the Comp
troler on demand under penalty of forfeiture of one
hundred dollars to be collected and apnIied as nro
vded in respect to the forfeiture named in section 10
chapter II, of the Revised Statutes.
Section7 Every bank or banking association here
after organized, shall before receiving circulating
notes from the Bank Comptroller appoint an agent for
the purposes of this act and such appointment shall
be Immediately published in the AZORES aid at
the expense OF such bank or banking association be
collected in the manner above provided.
Section 8. Appointments of agents made in pursu-
ance of this act, may be revoked and new appoint
ments of agents made from time to time by deliv
such revocation and appointment to the Bank Comp
troller, who shall the to be published as
before provided.
Section g. 1t shall be lawful for any number Of
banks or banking associations. authorized bv this
to appoint agent associate together for raj sing
joint fund. to be placed in the hands of their
agent for the redemption of their circulating notes in
the city of Milwaukee Madison and also the circu-
ating notes of other banks in such manner, and un-
der such regulations may be agreed upon and to
employ such agents and clerks they may deem ne
! ceSsary to carry the business of such common
agency but nothing in this section contained shall
authorize the redemption purchase by agency
of any uatng notes at rate of discount greater
| than is herein provided fer relieve such banks
from any duty liability required imposed by this
| act
! Section 10. Every such bank or banking assocla-
ton in this State except such banks & banking asSo-
Citations may hereafter be located in
cities OF Milwaukee and Manson, shall redeem and
pay on demand, in the lawful money of the United
States all circulating notes issued by banks or
banking associations presented for REDEMPTION at the
Office of the agent of such bank banking associa-
tien during the usual hours of the business of bank
ers, between the hours of ten and three O'Clock at
rate of discount not exceeding three fourths of one
! per cent
Section IL Every bank or banking association
whose agent shall neglect or refuse to redeem its
notes on demand, aforesaid shall on proof being
made to the bank comptroller of such neglect
fusal by the affidavit kof the person who presented
said notes for redemption or payment on deposi
ting in his Office the notes presented subject to
the penalties and be proceeded against in the
where the circulating notes o. any bank or banking
association protested for payment unless the
comptroller shall be satisfied that there is good and
/ legal defence against the payment of such NOES
Section II. Every bank and banking association
shall redeem its circulating notes provided by
law, but in of neglect refusal to redeem its
notes alton at its counter and of protest
therefor, such bank banking association if not To-
Gated within the city of Milwaukee or the city of
Madison, shall not be liable to the holder ef 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 mon
of the United States with interest the rate of Is
per cent per Pr0rtded that the officer or Of
fcers of such bank o.. banking association 50 neglect
1 ing or refusing 20 redeem its notes on demand may
endorse upon the bills package of bills SO present
ed, an Acknowledgement of such presentation and re-
fusal. and waving protest upon the and such
endorsement shall be held evidence of the state
ment therein made.
Section - No bank or banking ASSOCIATION sha
hereafter the deposte of bonds circul
ting notes to an amount exceeding three times bona
de cash capital actually Paid in and the bank comp
troleris hereby and required to ascertain
what the actual cash capital Of any bank or banking
aScociat ion appving for circu laton except in ex
change for mutlated bills may be- and for this pur-