Year: 1861

Piekard.


A State Prison Commissioner in the place of Hans c


Whose several terms of Office will expire on the 3,t
day OF December, ISoI.


A Member OF Assembly for the Assembly Districts


First The towns of Ixonia and Watertown and the
first, second third, fourth and seventh Of the
| city of Watertown.


Second. The towns of Milford, Waterloo, Lake Mills,
Oakland and AztaIan.


Third The towns of Hebron, Jefferson, sumner.
koshkonong and Cold Spring.


Fourth, The towns of Pennington, Concord Sul.
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 SUI ervisor for the county at large


At the same election the question viii be upon
the approval by the people of the amendments pro-
posed to he General Banking Law. by chapter 2l2 of
the General Laws of 1851, amended by chapter of
the General Laws of the extra Session 1861 fol-
lows:


CHAPTER 242


As amended by Chapter1. Extra Session.
AN ACT to amend the General Banking Law, and the
several acts amendatory thereof.


The peape Of the State of Wisconsin represeate5 in
Senate and assembly, do enact as toIiotcs:


Section l. Section D. of chapter II of the I,vfsa
Statutes, with the thereunto belonging amendment
lsee chapter 98 of the General of 1851 is here
by amended follows by striking out the fol owin,
words 81 Said stocks be valued at a rate to be es
timated and governed by the average rate at which
said stocks have been sold in the city of New York
within the next SIX mouths preceding the time when
such stocks may be left deposit the Comptro
Ier.'' BY striking the words and
sertng alter the words 'inet exceeding words
sin value" By striking out the following words


shut such public stocks SHALL in all cases. be- or be
made to be- equal to stock producing six per cent
per annum and it shall not be lawful for the Bank
Comptroller to take such stock at above its par
value, above its current market value IN the eit
Of New York, the time of deposit by such person
association of persons, and by inserting in ii.,,
thereof the following .and it shall be iawf53I f
Bank Comptroller to issue for public stocks which
have been gng at above par during the last six
months and the time ef deposit the New York
r.trl. NIL
stocks but Comptroller shall issue for pubI;
stocks ranging below par in said market more circua
tion than 80 cent of the value of
said stocks at the time Of deposit, than go
per cent. of the average market value during he
SIX months ard frr such stocks as during the last six
nohshs nave been at ana above as well as below par
the Comptroller shall not issue than 30 per cent
of the average value during the six months nor
IN any event more than 80 cent of its value
the day of deposit, than ninety per cont
of the par value of such stocks that the aid SOC
ton snail hencetorth read as follows s.Wheneyer
hereafter, any person association of persons formed
for the purpose of banl ing under the provisions of t
chapter, shall duly assign and transfer in trs o tho
treasurer of this State any portion the pu
issued be iss ued by the Unit ed State sa
stocks on which full interest is annuaIIv naii -
person association of persons shall be entitled IN
receive from the Bank Comptroller amount of uch
circulating notes of different denomina registered
and countersigned, and not exceeding in value the
amount OF public stocks assigned and transferred as
aforesaid and it shall be lawful for the Bank Comm
troller to issue for public stocks, which have been
ranging at above par during the last six months
and up to the time Of deposit in the New York rnrkt
circulating notes to the par value said stocks hut
the Comptroller shall not for public stocks rang
ing below par in said market, circulation than
90 per of the current market value OF said stocks
at the time of deposit, than 80 per cent of
the average marke value during tie last six months
and for such stocks during the
been at and above as well as below mar tho Corntr1
Ter shall issue than 90 per cent of the yer
age value during the last months, in any event
than 80 per ofts market value on the day
OF deposit. than 90 per cent of the par vaIe
of such stocks Proriied, that if in the opinion of
the Bank Comptroller, together with the Governor
and the Secretary of State any stocks offered shan be
deemed insecure they shail not be received such
securities under tho provisions of this act aa pro
ridsd further, that from and after the first Gay OF De-
cember, lool the BANK Comptroller shall not receive
security for circulating Bank Notes, any her H.


lie stocks than those issued by the State of
! and the United States.


Section .. Any public stocks described in the pre-
ceting section and issued a of interest less
than five per cent per snnun TO be receivable ly the
Bank Comptroller, hail be made he equal TO stocks
! producing five per cent. per annum.


Section 3. Section 40 Of chapter Il of the Revised
StatuteS i hereby amended by inserting between the
words ''located and ''tO, " in the 18th line Of said
section, the word cor to the judge chambers,


Section 4. Every hank and banking as sociation now
organize in this State, banks and banking A.
socatons that shall be organized before the fr day
of December, 1HGl, except such banks and ranking
ocations may hereafter be located in the
cit les of Milwaukee and Madison shall on or before
said first day of December next apTont an agent who
shall Keep an Office in the city OF Mi waukee the
city of Madison, for the redemption Of all circulating
notes issued by such bank or banking as ocation
which hail be Iresened to such agent for payment
redemption.


Section 5. The appointment of such agent shall be
made in writing and such written appoin ent shall
lie delivered to tle 3anE Com. truer or ef re "a
first day OF Decem next who hail lie the anne in
hl Office. II any bank or banking ASSOCIATION sbaII
neglect refuse to appoint such agent within the time
above mentioned the Bank Comptroller shall aupoint
such agent for such bank or banking association.


Section 6. The Bank Comptroller shall. Immediate
y after sad first day of December next during
time he ay deem advisable publish list of such
agents in daily newSl published in the ctF of
Madison, and in daily paper pu he'd in the
city of Milwaukee, the expense whereof shall be equal
y divided among the several banks banking asSoci-
atonS SO pubhshed and be paid by them to the Comp
troiler demand under penalty of forfeiture of one
hundred dollars to be collected and applied pro-
vded in respect to the forfeiture named in section 10
| chapter II, of the Revised Statutes


Section. Every bank or banking association here
after organized shall before receiving any circulating
netes the Bank Comptro Ter appoint an agent for
the purposes of this act and such appointment shall
be Immediately published in the manner aforesaid at
the expense of such bank banking ociatou tobe
! collected in the manner above provided. E
! Section 3. Appointments of agents made in pyIrsu-
ance of this act, may be revoked and appc.rt-
mentS of agents made from time time by deliv ering
such revocation and appointment to the Bank Comp
troler, who shall cause the same to be published


Section O. 1t shall be lawful for any number of
banks banking associations authorized by this
to appoint agent to associate together for raising
joint fund to be placed in the hands of their common
agent for the redemption of their circulating notes.
the city of Milwaukee Madison and also the c;rcu-
lating notes of other banks in such MANNER and
der such regulations may be agreed upon, and to
| employ such agents and clerks they may deem
ceSsary to carry on the business of such common
agency but nothing in this section contained shall
authorize the redemption purchase by such agency
of any circulating notes at rate of discount
than is herein provided fer relieve such banks
from any duty or liability required or imposed by this
act


Section 10. Every such bank banking assoc1a-
ton in this State. except such banks & banking
Citations may hereafter be located in the
cities of Milwaukee and Madison, shall redeem and
pay on demand, in the lawful money of the United
States, all circulating notes issued by such banks
banking associations. for emption
Office of the agent of such bank ban king aSsoeia-
tion during the usual hours Of The business of bank
between the hours of ten and three O'Clock,
rate OF discount not exceeding three fourthS of
! per cent.
, Section IL Every bank or banking association
whose agent shall neglect refuse to redeem its
notes OF demand aforesaid, shall, proof being
made TO the bank comptroller of such neglect or
fusa by the affidavit Of the person who presented
ting in his Office the notes nted subject to
! the penalties and be proceeded against in the
same manner as Is provided by law for cases
where the circulating notes o. any bank banking
association protested for payment. unless the
comptroller shall be satisfied that there is good
legal defence against the payment ofsuch no les.
| Section l.. Every bank and banking association
shall redeem its circulating notes provided by
law. but in of neglect refusal to redeem
notes presentation at its counter. and of protest
therefor, such bank banking association, if To-
| Gated within the city of Milwaukee the city OF
damages: Prorded it shall. wit hin fifteen
days after receiving notice from the comptroller 70
pay the redeem said notes in the lawful money
of United States with interest at the rate of Is
per cent. Prorided that the officer or Of
feers of such bank banking association neglect
| ing refusing to redeem its notes on demand may
endorse upon the bills package of bills 50 present
| ed an acknowe edgrnent of such presentation and re