Wisconsin Revised Banking Law Referendum, Question 1 (1898)

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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 sought voter approval for revised banking laws passed by the legislature.[1]

Election results

Question 1
ResultVotesPercentage
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

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References