Year: 1861




sion, published May %, 1851.


CHAPTER 242:


As amended by Chapter l, Extra Session.
AN ACT to amend the General Banking Law,


and the several acts amendalory thereof.


7ze people of the iState Of Wisconsin, represe31-
ted IN senate and 4ssen,Jly, do eaad as toAoecs


SEC /. Section %, chapter II, Of the Re-
vised Statutes, with the thercunto belonging
amendment, (sec chapter SO, General Laws,
1851, is hereby amended as follows by strik-
fne out the following words, ''Said stocks to
be valued at rate to be estimated and gov
ern.d 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 on de
posit with the Comptroller" BY striking
out the words equal to" and inserting after
the words mot exceeding" the words Sin
value" BY striking out the following words
~'but such public stocks SHALL in all cases, be,
or be made to be, equal to a stock pro
ducng six per cent. per annum; and it shall
not be lawful for the Bank Comptroller to take
such stock at rate above its par value, NOT
above its current market value III the City Of
New York, at time of deposit, by such person
or association of persons" and by inserting in
lieu thereof, the following, 'lnd it shall be
lawful for the Bank Comptroller to Issue for
public stock, which have been ranging at Or
above par during the last six months, and mp
10 the time Of deposit il the New York mark
ct, circulating notes up to the par value of
said stocks but the Comptroller shall not is
sue for public stocks ranging below par in
said market, more circulation than ninety per
cent of the current market value of said stocks
at the time Of deposit, H0r more than ninety
per cent. Of the average market yalae during
the last six months and for such stocks as
during the last six months have been at and
above well as below par, the Comptroller
shall not issue more than ninety per cent. OF
the average value during the last six months,
nor in any event more than ninety per cent.
,of its market value on the day Of deposit, nor
more than ninety per cent. of the par value of
sue. stocks" so that the said section shall
hcnccforth read as follows: IVY hcncvcr, here
after, any person or association OF persons,
formed for the purpose of banking under the
provisions of this chapter, shall duly assign
and transfer in trust to the treasurer of this
State, any portion Of public stocks issued or to
bc issued by the L. s. or any state stocks, on
which full interest is annually paid, such person
or association Of persons shall be entitled to re
ceivc from the Bank Comptroller an amount
of such circulating notes OF different dcnomi-
nations, registered and cGuEtcrsignCd, and
not exceeding in value the amount OF public
stocks assigned and transferred aforesaid
and it shall be lawful for the Bank Conptrol-
Ter to Issue for public ste c'.s, which have been
ranging at or above par during the last six
months. and up to the time Of deposit in the
New York Market circulating notes up TO the
par value of said stocks. but the Comptroller
shall not issue for public stocks ranging below
par in said market, more circulation than
ninety per cent Of thc current market value of
said stocks at the time of deposit, nor more
than ninety per cent. OF the average market
value during the last six months and for
such stocks as during the last six months have
been at and aboy? as we'll as below par, the
Comptroller shall not issue more than ninety
per cent of the average value during the last
six months, nor in any event more than ninety
per cent of its market value on the day OF
deposit, nor more than ninety per cent. OF the
mar value of such stocks: Prort8sd, That II III
zhc opinion of the Bank Comptroller, together
with the Governor and the Secretary of State,
any stocks offered shall be deemed insecure,
they shall not be received as such securities
mnder the provisions of this act. And pror.do5
y1srther, that from and after the first day Of
December 1861, the Bank Comptroller shall
not receive as security for circulating Bank
Notes, any other public stocks than those is
sued by the State of Wisconsin and the United
States"


See . Any public stocks described in the
preceding section, and issued at rate of inter
est less than five per cent. per annun, to be
receivable by the Bank Comptroller, shall be
made to be equal to stocks producing five per
cent. per annum.


Sec. 8. Section 40, of chapter Il, Of the
Revised Statutes, is hereby amended by insert
ing between the words located" and "to," IN
the 10Th lin. of said section, the words, "or to
the Judge at chambers"


Sec. 4. Every bank and banking aSsocia-
tion now organized in this state and all banks
and banking associations that shall be organ
tzed before the first day of December, 1861,
except such banks and banking associations as
are or may hereafter be located in the cities of
Milwaukee and Madison, shall, OH or before
said first day of December next, appoint an
agent who shall keep an office in the city of
Aiilwaukee, or in the city Of Madison, for the
redemption of all circulating neteS issued BY
such bank or banking association, which shall
DE presented to such agent for payment or re
.dempton


Sec ). The appointment of such agent
shall be made in writing and such written ap.
pointment shall be delivered to the Bank
Comptroller on or before said first dav of De
cember next, who shall file the same il his of
fee If any bank or banking association shall
neglect or refuse to appoint such agent within
the time above mentioned the Bank Comptrol-
Ter shall appoint such agent for such bank OF
banking association.


Sec. 6. The Bank Comptroller shall, immc
,diately after the first day Of December next
during such time as he may deem advisable
publish list Of such agents in one daily news
paper, published in the city Of Madison, and
in one daily newspaper published in the city
of milwaukee, the expense whereof shall be
equally divided among the several banks OF
banking associations so published, and bepaid
by them to the Comptroller on demand under
penalty OF forfeiture of one hundred dollars, to
be collected and applied as provided in re
spect to the forfeiture named in section II,
chapter II, of the Revised Statutes.