Note: Ballotpedia will be read-only from 9pm CST on February 25-March 5 while Judgepedia is merged into Ballotpedia.
For status updates, visit
Ballotpedia's coverage of elections held on March 3, 2015, was limited. Select races were covered live, and all results will be added once the merger is complete.

Wisconsin Revised Banking Law Referendum, Question 1 (1898)

From Ballotpedia
Revision as of 14:01, 9 June 2012 by Polycal (Talk | contribs)

Jump to: navigation, search
Voting on Banking
Ballot Measures
By state
By year
Not on ballot
Wisconsin Constitution
Flag of Wisconsin.png

The Wisconsin Banking Law Referendum was a Wisconsin referendum / legislatively-referred state statute on the November 8, 1898 ballot in Wisconsin, where it was defeated.

  • This referendum seeks voter approval for revised banking laws passed by the legislature.[1]

Election results

Question 1
Defeatedd No92,60751.60%
Yes 86,872 48.40%

Official results via: Wisconsin Blue Book 2011 - 2012

Text of measure

The language that appeared on the ballot:

"For the Revised Banking Law as passed by the Legislature of 1897...☐

Against the Revised Banking Law as passed by the Legislature of 1897...☐ "[2]

Legal changes

Major points of law:

  • Creates a bank commissioner.
  • Defines how banks are incorporated.
  • Requires examination by commissioner before commencing business.
  • Makes stockholders liable to assessment on value of stocks.
  • Requires stockholders to pay capital stock deficiencies.
  • Requires yearly examination.
  • Require at least three yearly published business reports.
  • Requires at least 15% of deposits to be kept on hand.
  • Prohibits single loans to from exceeding 15% of capital and surplus.
  • Prohibits loans to bank employees without majority vote of directors.
  • Requires Unpaid debts "unless well secured" are written off as as bad debts after 12 months.
  • Requires bank shares to be assessed and taxed at the same ratio as other property.
  • Provides strict penalties for violating the law.[3]

Path to the ballot

  • Law Submission: Ch.303 (1897)[1]

See also

Suggest a link

External links