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OFFICE OF STATE TREASURER, Madison, Wis., January 20, 1898. I hereby certify that the foregoing statement is an abstract of the semi-annual reports made to this office by the several private banks that made reports in pursuance of the provisions of the 41st section of an act entitled, "An act to authorize the business of banking," approved April 19, 1852, and section 2023, revised statutes.

SEWELL A. PETERSON,

State Treasurer.

APPENDIX.

Having numerous applications for copies of the Banking Laws of Wisconsin the following digest is herewith inserted:

Sections 4 and 5 of Article XI of the State Constitution reads as follows:

SECTION 4. The Legislature shall not have power to create, authorize or incorporate, by any general or special law, any bank or banking power or privilege, or any institution or corporation having any banking power or privilege whatever, except as provided in this article.

SECTION 5. The Legislature may submit to the voters at any general election, the question of "Bank" or "No Bank," and if at any such election a number of votes equal to a majority of the votes cast at such election on that subject shall be in favor of banks, then the Legislature shall have power to pass Bank Charters, or to pass a general banking law, with such restrictions and under such regulations as they may deem expedient and proper for the security of the bill hoiders: Provided, that no such grant or law shall have any force or effect until the same shall have been submitted to a vote of the electors of the state at some general election, and have been approved by a majority of the votes cast on that; ubject at such election.

In pursuance to the oregoing sections, Chapter 479, Laws of 1852, was enacted, entitled "An act to authorize the business of Banking," which was adopted at the general election held in 1852. The Banking Act has at different times been amended by a vote of the people.

The Banking Act as amended can now be found in Section 2024, Kevised Statutes of Wisconsin, 1878, and is as fol

lows, omitting such sections as refer to the issuing and redemption of bank notes.'

ORGANIZATION.

Sec. 18, page 599, R. S., 1878. Any number of persons may associate to establish offices of discount, deposits and circulation, and subject to the liabilities prescribed in this act; but the aggregate of the capital stock of any such associa tion shall not be less than twenty-five thousand dollars, nor more than five hundred thousand dollars. And such bank shall be located in some particular city or village, in a township containing no less than two hundred voters, as shown by the election returns on file in the office of the secretary of state of the election last preceding the organization of such bank, nor shall such association be allowed to issue irculating notes exceeding in amount the amount of their capital stock.

The following section 14, chapter 242, laws of 1861, is, by inference at least, an amendment to the foregoing:

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 organization in this state, unless said bank or banking association shall have a bonafide cash capital of at least fifteen thousand 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 comptroller shall not be considered as any evidence of the existence of capital 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 comptroller, before issuing any more circulating notes to any such bank or banking association now organized, or that shall hereafter be organized, except i exchange for mutilated notes, to satisfy himself, by an e

'Section 3412, Revised Statutes of the United States, imposed a tax of ten per centum on the amount of notes of any state bank or state banking association used for circulation. This law compelled the state banks to

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