Wisconsin Question 1, Revised Banking Law Measure (1898)
| 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 8, 1898. It was defeated.
A "yes" vote supported approving revised banking laws passed by the legislature. |
A "no" vote opposed approving revised banking laws passed by the legislature. |
Election results
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Wisconsin Question 1 |
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| Result | Votes | Percentage | ||
| Yes | 86,872 | 48.40% | ||
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92,607 | 51.60% | ||
Text of measure
Ballot title
The ballot title for Question 1 was as follows:
| “ | For the Revised Banking Law as passed by the Legislature of 1897... Against the Revised Banking Law as passed by the Legislature of 1897... | ” |
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 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.[1]
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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State of Wisconsin Madison (capital) |
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