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Wisconsin Question 1, General Banking Law Referendum (1866)
| Wisconsin Question 1 | |
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| Election date |
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| Topic Banking policy |
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| Status |
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| Type Legislatively referred state statute |
Origin |
Wisconsin Question 1 was on the ballot as a legislatively referred state statute in Wisconsin on November 6, 1866. It was approved.
A "yes" vote supported amending modifying the general banking law in regard to taxing shareholders. |
A "no" vote opposed amending modifying the general banking law in regard to taxing shareholders. |
Election results
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Wisconsin Question 1 |
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| Result | Votes | Percentage | ||
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49,714 | 72.19% | ||
| No | 19,151 | 27.81% | ||
Text of measure
Ballot title
The ballot title for Question 1 was as follows:
| “ | For amendment Against amendment | ” |
Full text
The full text can be read below:
AN ACT to amend section 20 of chapter 71 of the revised statutes, entitled "of the incorporation of banking associations."
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
SECTION 1. Section 20 of chapter 71 of the revised statutes, entitled "of the incorporation of baking associations," is hereby so amended, as to read as follows: "Section 20. No tax shall hereafter be assessed upon the capital of any bank or banking association organized under the authority of this state ; but the stockholders in such banks and banking associations shall be assessed and taxed on the value of their shares of stock therein, at the place where the bank or banking association is located, and not elsewhere. There shall be kept at all times in the office where the business of such bank or banking association organized under the authority of this state, shall be transacted, a full and correct list of the names and residences of all shareholders therein, and of the number of shares held by each ; and such list shall subject to the inspection of the officers authorized to assess taxes, during the business hours of each day in which business may be legally transacted."
SECTION 2. The provisions of this act shall apply to all banking associations in the state organized under any act of congress.
SECTION 3. When the owner in either a national or state bank, or banking association, shall not reside in the same place where the bank or banking association is located, the collector and county treasurer shall respectively have the same powers as to collecting the tax, as those given to them by statute when the person assessed has removed from the town or from the county in which the assessment is made ; and the county treasurer, receiver of taxes, or other authorized to receive said tax from the collector, may also have an action to collect the tax from the stockholders, or from the assets of his shares of stock ; and the tax on said stock shall be and remain a lien thereon til the payment of said tax.
SECTION 4. This act shall be submitted to a vote of the electors of this state, at the general election to be held on the Tuesday next succeeding the first Monday in November, 1866, and if approved by a majority of the votes given on [the] subject, the same shall take effect and be in force from and after the date of such approval.
SECTION 5. The form of ballot for the approval of this act shall be "for amendment ;" against the approval, "against amendment," which shall be on the ballot used at said election, and deposited in the same box ; and the votes given for and against amendment, shall be counted and returned by the inspectors of election, and be canvassed by the state board of canvassers in [the] same manner and within the same manner and within the same time that the votes for state officers are required to be counted, returned and canvassed.
SECTION 6. It shall be the duty of the secretary of state, immediately after the canvass shall have been completed, to cause the result thereof to be published in the official state paper.
SECTION 7. If this act shall be approved as hereinbefore provided, all acts and parts of acts so far as the same contravene the provisions of this act, are from that date repealed.
Approved April 12, 1866.
Path to the ballot
In Wisconsin, a referred state statute is required for laws that extend "the right of suffrage to additional classes," per Article III, Section 2 of the Wisconsin Constitution. Before 1902, referred statutes were required for laws that affect banking.
A simple majority vote is required during two legislative sessions for the Wisconsin State Legislature to place a referred statute on the ballot. That amounts to a minimum of 50 votes in the Wisconsin State Assembly and 17 votes in the Wisconsin State Senate, assuming no vacancies. Statutes require the governor's signature to be referred to the ballot.
See also
Footnotes
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