The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1898-11-03
NEW BANKING LAW.
AN IMPORTANT QUESTION FOR
VOTERS TO DECIDE.
HAS MANY GOOD PROVISIONS.
And Tends to Protect the Citizens Against
the Rise of Banks without Cap
ital or Resources.-Should
be Accepted

Il
which the voters of Wisconsin will have
to confront at the election on the Sth
OF this month is the new banking bill
recently passed by the legislature. Be-
fore casting their votes for or against
the proposed law all should give it the
! most careful and intelligent considera-
ton possible. In many respects it
differs from the old law. A brief
summary of the bill, citing it's most
salient points, is given below. In
features it is an undoubted improve
ment and has gained quite general
endorsement.
Chapter Provides for the APP
pointment by the governor, by and with
! the advice of thu senate, of bank
commissioner with the same salary
and under the same amount of bond
as the present examiner, and whose
term of office-tO eliminate it from
partisanship as much as possible shall
be five years, whereby the condition
, and individual standing of banks may
be more thoroughly learned by the
officer having this charge.
Chapter II.-PrOvides for the organ
ization of commercial banks, with a
minimum capital of $4,000, in towns
or cities of sless than 1000 Inhabitants;
of not less than $4,000 capital in
places of more than 1000 and not less
than 5000 inhabitants, and where
there are more than 5000 inhabitants,
capital of not less than $4,000, one
half of which must be paid in cash be-
fore commencing business, and the
other half in at least 10 per cent. in
stallments monthly, to be paid in in
actual cash, thus compelling bank to
have it's capital stock actually paid in
cash within six months from the date
of it's organization and authority to
commence business. The present law
has no requirement to pay in it's full
} capital stock, in fact, not having what
purpOrts to be it's capital.
Reports are required not less than
three times each calendar year, in such
form as the commissioner shall require,
and he has authority to call at any
} time for special reports, if in his judg
ment thought necessary.
The total liabilities of any person,
co-partnership or firm shall not exceed
Is per cent. of the capital tand surplus
of such bank. National banks are
} limited to 10 per cent. of their capital
alone.
No dividend shall be declared before
the capital stock isGfully paid in, and,
before any dividendSis declared, not
J less than 10 per cent. of net earnings
shall be carried tOSEsurplus account,
until such surplus shall amount to 20
per cent. of it's capital stock.
All stockholders 'Of every bank shall
J be individually liable, equally and
ratably, not one for another, for the
benefit of the depositOrs to the amount
of the par value of their stock.
Minors and females may deposit
funds and have the exclusive right and
benefit, free from the control or lien Of
all persons whatsoever, the receipt to
the bank of any such minor or female
is sufficient discharge for release to
such receiving bank.
Banks shall be taxed the same pro-
portionately as other real or personal
property, upon the value of its shares
to the respective; shareholders, and if
unpaid at the time of returning the
unpaid taxes to the county, may be
paid by the bank, and such payment
shall constitute lien upon the shares
thus taxed.
Banks now existing under the laws
of the state shall, on or before the first
of July, 1859, alter or amend it's articles
of organization to comply with the
provisions of this act and make its
business conform to it's requirements.
Chapter III relates to private banks
and places more safeguards to protect
the public, and be subject so far as
applicable to the provisions of chapters
one and two of the act.
Chapter " provides for savings
banks, with privileges and restrictions
amply set forth for the careful manage
ment and proper conduct of this class
of institutions, dealing generally with
the unbusiness public and needing all
the protection that laws with prudence
can give.