Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1861-09-28

OF Milwaukee, the expense whereof shall be
equally divided among the several banks OF
banking associations so published, and be paid
oy them to the Comptroller on demand, under
Penalty OF forfeiture of one hundred dollars. to
De collected and applied as provided in re.
sPect TO the forfeiture named in section 19,
chapter II, of the Revised Statutes.
Sec. I. Every bank or banking association
hereafter organized shall, before receiving
any circulating notes from the Bank Comptroi,
Ter, appoint an agent for the purposes of this
act; and such appointment shall be immedi-
ately published In the manner aforesaid, at the
expense of such bank or banking association,
10 be collected in the manner above provided.
Sec. s. Appointments Of agents made in
pursuance of this act, may be revoked and new
appointments of agents made from time to
time, by delivering such revocation and an
polntment to the Bank Comptroller, who shall
cause the same to be published as before pro-
vided.
Sec 3. 1t shall be lawful for any number of
banks or banking associations, authorized by
this act, to appoint an agent to associate to-
gether tor raising joint fund, to be placed in
the hands of their common agent for the 20.
demptlon OF their circulating notes, in the city
OF milwaukee or Madison, and also the circu-
Iaung 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
business OF such common agency; but nothing
IN this section contained shall authorize the
redemption or purchase by such agency of any
circulating notes at rate of discount greater
than is herein provided for, nor relieve such
banks from any duty or liability required or
imposed by this act.
Sec. TO- Every such bank and banking as
soclatlon in this state, except such banks and
banking associations as now are or may here
after be located in the cities of Milwaukee and
Madison, shall redeem and pay, on demand, in
the lawful money Of the United States, all cir
culating notes issued by such banks or bank
ing associations, presented for redemption at
the office OF the agent of such bank or bank
ing association, during the usual hours of the
business OF bankers, between the hours of ten
and three o'clock, at a rate of discount not
exceeding three -fourths of one per cent.
Sec IL. Every bank or banking associa-
ton, whose agent shall neglect or refuse to
redeem its notes on demand as aforesaid
shall, on proof being made to the bank comp
troller of such neglect or refusal by the aft
davit OF the person who presented said notes
tor redemption or payment and on depositing
IN his office the notes so presented, be subject
to the same penalties, and be proceeded
against III the same manner as is new Drovid-
ed by law for cases where the circulating notes
OF any bank or banking association are pro-
tested for non-payment, unless the comptroI.
Ter shall be satisfied that there is good and le
gal defence against the payment of such notes
Sec. II. Every bank and banking associa-
ton shall redeem its circulating notes as now
provided by law, but i'll case of neglect or re,
fuSal 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 note for
damages; Pro0ided, 1t shall within fifteen
days after receiving notice from the comptrol-
Ter to pay the same, redeem said notes in the
lawful money Of the United States, with inter
est at the rate of fifteen per cent. per annum
Pr0"jdcd, that the officer or officers of such
bank or banking association SO neglecting or
refusing to redeem its notes on demand, NAV
endorse upon the bills or package of bills so
presented, an acknowledgement Of such presen-
tation and REFUSAL and waving protest upon
the same; and such endorsement shall be held
as evidence of the statement therein made
See. Is. No bank or banking association
shall hereafter receive upon the deposit of
bonds, circulating notes to an amount exceed
ing three times its bona ,tde cash capital actu-
ally paid in, and the bank comptroller is hereby
authorized and required to ascertain what the
actual cash capital of any bank or banking asso-
citation applying for circulation, except in ex-
change for mutilated bills, may be, and for this
purpose he is authorized to examine any per-
son on oath, and to compel answers under oath
from any officer or stakeholder of any bank or
banking association so applying, or any 9th II
person.
Sec. II. 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 said bank or banking association shall
have a bona fde cash capital of at least fifteen
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 Of the existence of capt.
tai in any such bank or banking association
nor of the amount and extent of such capital
and it is hereby made the duty of the comp
troller, before issuing any more circulating
notes to any such bank or banking association
now organized, or that shall hereafter be or
ganized, except in exchange for mu+ilated
notes, to satisfy himselfby an examination un
der oath of an officer Or stakeholder of such
bank or banking association that it has fully
complied with the provisions of this section,
and OF the next preceding section of this act,
and for the purpose of such examination the
comptroller, or in his absence the DEPUTY
comptroller, is hereby authorized to administer
oaths; Prorided, that nothing in this act con-
tanned shall be so construed as to permit anv
bank to issue circulating notes to any reater
amount than its nominal capital
Sec. Is. From and after the first dav of
December next it shall not be lawful for any
bank or banking association banker broker,
company or corporation, to circulate, or at
tempt to circulate, or to pay out as money,
any bill, note or other evidence of debt, is
sued or purporting to have been issued bv any
bank, banking association, company, corpora
ton or Individual located or residing out of
this state unless said bill, or note or evidence
OF debt shall, tor the last six months proceed
ing such circulating or paying out have been
redeemable in the city of New York or Boston
in current money of the United States, at
rate of discount not exceeding three -fou~ths of