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Madison, Wis., July 23, 1896. 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.


State Treasurer.


Having numerous applications for copies of the Banking Laws of Wisconsin the following digest is herewith in'serted:

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 holders: 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 foregoing 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, Revised Statutes of Wisconsin, 1878, and is as fol

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


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 circulating notes exceeding in amount the amount of their capital stock.

The following section 14, chapter 212, 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 in exchange for mutilated notes, to satisfy himself, by an ex

'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

amination under oath of an officer or stockholder of such bank and 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: Provided, that nothing contained in this act shall be so construed as to permit any bank to issue circulating notes to any greater amount than its nominal capital.

SECTION 19. Such persons, under their hands and seals, shall make a certificate, which shall specify:

First-The name assumed to distinguish such association and to be used in all its dealings, which name shall not be that of any other banking association in this state, and shall be such as will be readily distinguished from that of any banking association then existing in this state.

Second-The place where the business of discount and deposit of such associations is to be carried on, designating the particular city, town or village.

Third- The amount of capital stock of such association, and the number of shares into which the same shall be divided.

Fourth The names and places of residence of the shareholders, and the number of shares held by each of them respectively.

Fifth-The period at which such association shall commence and terminate, which certificate shall be acknowledged and recorded in the office of the register of deeds of the county where any office of such association shall be established, and a copy thereof filed in the office of the state treasurer and of the comptroller, and upon the recording of which certificate the person or association of persons aforesaid shall become a body politic and corporate by the name assumed as aforesaid, for and during the time fixed in the certificate, and by such name shall have power to contract and be contracted with, and shall have all other powers, privileges and immunities incident to corporations, as provided in chaper fifty-four, title thirteen, of the revised


SECTION 20. A copy of the certificate required by the preceding chapter, duly certified by the register of deeds of the county or comptroller, or either of those officers, may be used as evidence in all courts and places, for or against any such association, or any other person for or against whom any such evidence may be necessary on any civil or criminal trial.


SECTION 21. Such association shall have power to carry on the business of banking by discounting bills, notes and other evidences of debts: by receiving deposits; by buying and selling gold and silver bullion, foreign coin, and foreign and inland bills of exchange; by loaning money on real and personal securities, and exercising such incidental powers as may be necessary to carry on such business; may choose one of their members as president, and appoint a cashier and such other officers and agents as their business may require, and no person or association shall commence or carry on the business aforesaid until such person or association shall have complied with the provisions of this act; and it is further declared that no bank of circulation shall be allowed to carry on such business unless such bank or association shall have deposited with the treasurer the securities required by law, to the amount of twenty-five thousand dol lars, exclusive of the bonds given by the directors or stockholders.


SECTION 22. The shares of such association shall be deemed personal property, and shall be transferable on the books of the association in such manner as may be agreed on in the articles of association, and every per son becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all the rights and be subject. to all the liabilities of prior shareholders. No change shall be made in the articles of association, by which the rights, remedies or securities of its existing creditors shall

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