The legislature passed an act to protect the holders of circulating notes of Wisconsin banks, directing suspension of specie-payment actions.

The evidence

• “Many banks of the wild-cat sort failed to redeem their notes, which became depreciated and uncurrent; and, when the rebellion came to a head by the firing on Fort Sumter, the banking interests of the state were threatened with destruction by compulsory winding up and enforced sale at the panic prices then prevailing, of the sectirities deposited to secure circulation. Under these circumstances, on the 17th of April, 1861, the legislature passed " an act to protect the holders, of the circulating notes of the authorized banks of the state of Wisconsin. " As the banking law could not be amended except by approval of the electors, by vote at a general •election, a practical suspension of specie payment had to be effected by indirect methods. So this act first directed the bank comptroller to suspend all action toward banks for failing to redeem their circulation. Secondly, it prohibited notaries public from protesting bills of banks until Dec i, 1861. Thirdly, it gave banks until that date to answer complaints in any proceeding to compel specie payment of circulating notes. This same legislature also amended the banking law, to cure defects that had been developed in it. These amendme”

  1879-history-of-rock-county/04-wisconsin-railroads-commerce-health-statistics.md, PDF p. 190 / book p. 194

  Butterfield, C. W., et al. The History of Rock County, Wisconsin: its early settlement, growth, development, resources, etc. Chicago: Western Historical Company, 1879. Cornell University Library via the Internet Archive, archive.org/details/cu31924028871585.

  Grade A: Found on a page of one of our sources