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Standard atlas of Marinette County, Wisconsin, including a plat book of the villages, cities and townships of the county, map of the state, United States and world, patrons directory, reference business directory and departments devoted to general information, analysis of the system of U.S. land surveys, digest of the system of civil government, etc., etc.

Analysis of the system of United States land surveys

SuIP.TOB                                  I    NV      M 
Another common form of limiting the endorsement is to enable 
the payee (when it is made payable to his order) to transfer his title to
the instrument without becoming responsible for Its payment, and making the
party to whom it In transferred assume all responsibility concerning payment.
To do this the endorser writes the words "Without Recourse" over
his signature, which has the effect of relinquishing his title without making
him liable to the 
holder in case the payor fails to take it up. 
Another method of limiting the endorsement Is to make It conditional, a good
illustration of which is the following: "Pay to John Sims or order upon
his delivering to the First National Bank a warranty deed to lot 5, block
4, etc.," below which the endorser places his signature. He can also
make it payable to "A. B. only," 
or in equivalent words, in which case "A. B." cannot endorse it
In fact, the endorser has the power to limit his endorsement as 
he sees fit, and either to lessen or increase his liability, such as either
"waiving notice of demand;" making his endorsement a "general
and special guaranty of payment" to all future holders, etc., but he
cannot, by his endorsement, either increase or lessen the liability of any
other endorser on the Instrument. 
An endorser, as a rule, Is entitled to immediate notice in case 
the payor fails to pay. This is the case in nearly all of the United * States,
as it has been a rule of the "law merchant" for many years. A few
modifications, however, of the general "law merchant" have been
made by statute In several of the States, relating to negotiable paper, In
changing the endorser's liability by rendering his contract absolute instead
of conditional, making notice unnecessary unless he suffers damage through
want of it, or requiring a Judgment to be first recovered before he can be
held. In the absence, however, of statutory provisions-of this kind, and
they exist only in a few of the States, it may be said that to hold endorsers
they must have prompt notice of non-payment, and it may be said to be a genera
rule of the "law merchant" that all parties to negotiable paper
as endorsers who are entitled to notice are discharged by want of notice.
The demand, notice and protest may be made according to the laws of the place
where payable. 
The term Protest is applied to the official act by an authorized person (usually
a Notary Public), whereby he affirms In a formal or prescribed manner in
writing that a certain bill, draft, check or other negotiable paper has been
presented for acceptance or payment, as the case may be, and been refused.
This, and the notice of the "Protest," which must be sent to all
endorsers and parties to the paper is to notify them officially of its failure.
A "GUARANTOR" is one who is bound to another for the fulfillment
of a promise, or of an engagement, made by a third party. This kind of contract
Is very common.  According to the "statute of frauds" it must be
In writing, and unless it is a sealed instrument there must be a consideration
to support it. As a rule it Is not negotiable, so as to be enforced by the
transferee as if it had been given to him by the guarantor, but this depends
upon the wording, as, if it contains all the characteristics of a note, payable
to order or bearer, it will be held negotiable. A contract of guaranty Is
construed strictly, and if the liability of the principal be materially varied
by the act of the party guaranteed, without the consent of the guarantor,
the guarantor is discharged. The guarantor is also discharged If the liability
or obligation is renewed, or extended by law or otherwise, unless he in writing
renews the contract.  In the case of a bank incorporated for twenty years,
which was renewed for ten years more without change of officers, the courts
held that the original sureties could not be held after the first term. 
The guaranty can be enforced even though the original debt cannot, as is
the case In becoming surety for the debt of a minor. A guarantor who pays
the debt of the principal is entitled to demand from the creditor all the
securities he holds, or of the note or bond on which declares the debt; and,
in some States, the creditor cannot fall back upon the guarantor until he
has collected as much as possible from these securities and. exhausted legal
remedies against the principal. If the debt or obligation be first incurred
and completed before the guaranty is given, there must be a new consideration
or the guaranty is void. 
A guaranty is not binding unless the guarantor has notice of Its acceptance,
but the law presumes this acceptance when the offer of guaranty and acts
of the party to whom It is given, such as delivery of goods or extending
credit are simultaneous.  But an offer to guarantee a future operation does
not bind the offerer unless he has such notice of the acceptance as will
afford him reasonable opportunity to make himself safe. A creditor may give
his debtor some indulgence or accommodation without discharging the guarantor,
unless it should have the effect of prejudicing the interests of the guarantor,
In which case he would be released. Generally a guarantor may, at any time,
pay a debt and so, 'at once, have the right to proceed against the debtor.
Where there has been failure on the part of the principal and the guarantor
is looked to, he must have reasonable notice---and notice is deemed reasonable
if it prevents the guarantor from suffering from the * delay. 
It is, in many cases, difficult to say--and upon it rests the question of
legal liability-whether the promise of one to pay for goods delivered to
another is an original promise, as to pay for one's own goods, in which case
it need not be in writing; or a promise to pay the debt or guranty the promise
of him to whom the goods are delivered, in which case it must be in writing.
The question generally resolves itself into this: To whom did the seller
give and was authorized to give credit? This is a question of fact and not
of law. If the books of the seller show that he charged them to the party
to whom he delivered them, it is almost impossible for him to hold the other
party for it, but if on the other hand it is shown that he regarded the goods
as being sold to the party whom it is desired to hold, but delivered them
to another party and it Is so shown on his books, it is not regarded as a
guaranty, but an original or collateral promise, and would make the party
liable. In general, a guarantor of a bill or note is not entitled to such
strict and exact notice as an endorser is entitled to, but only such notice
as shall save him from actual loss, as he can not make the want of notice
his defense unless he can show that it was unreasonably withheld and that
he suffered thereby. There is a marked difference in the effect of a guaranty
of the "payment," or of the "collection" of a debt. In
the first ease, the creditor can look to the guarantor at any time; in the
latter, the creditor must exhaust.his legal remedies for collecting It. 
A      N accommodation bill or note Is one for which the acceptor 
or maker has received no consideration, but has lent his name and credit
to accommodate the drawer, payee or holder. He is bound to all other parties
just as completely 
- ff there were a good consideration, for, if this was not the case ItVould
be of no value to the party accommodated. He is noi allowed to set up want
of consideration as a defense as against any holer for value. But he is not
bound to the party whom he thug accommodate; no matter how the instrument
may be drawn. 
T    H Emer    act of identi    a party or making him known 
to a  banker caries with it no liability on the part of the party who thusperforms
It, unless it can be shown there was fraud orc        . Customers of banks
are frequently 
ad to identify and make known to their own bankers, strangers 
wdesire checksordrafts cashed or other accommodations. In some cases a mere
introduction Is all that Is necessary, but only bcause the banker relies
upon the honor and integrity of his e-storer, knowing that an improper person
would not be introduced, forin acase of this kind the bank assumes all the
risk. Generally s   k     however, it is an almost invariable rule with bankers,
It sh     be, to require their customer to endorse all drafts or 
cheks which are honored for the straner. In this case the dorser becomes
personally liable to the bank If any or all of the drafts or checks prove
An endorsement which In frequently made by parties who are asked to Identify
others is to merely indicate that they know the 
party to be the payee named in the check or that the signature of the payee
or party is correct. This is done by writing the words "Signature 0.
K." under the party's name and signing it. This has the effect of guaranteeing
that the party's name is as written and that it is his proper signature.
It does not guarantee that the check or draft is good or will be paid, but
merely as expressed, that the signature is correct and the only liability
assumed is that he will pay the amount in case the signature proves a forgery.
Many banks, however, will not accept papers endorsed this Way and justly
so, for It throws upon them the burden of the risk. 
NY        acknowledgment that a sum of money has been paid 
is a receipt. A receipt which reads "in full" though admitted to
be strong evidence is by no means legally conclusive. If the party si ,ning
it can show an error or mistake, it will be admitted in his favor. Receipts
for money will be held open to examination, and the party holding it must
abide the results of such examination-the great aim of the law being to administer
strict justice. A receipt may be of different degrees of explicitness, as
the word "Paid" or "Received Payment" written on a bill.
A "release" is simply a form of receipt, but is more binding upon
the parties, inasmuch as, if properly drawn, under seal, for a consideration,
it is a complete defense to any action based on the debts or claims so released.
Herein, releases differ from receipts. A release Is In the nature of a written
contract and therefore cannot be controlled or contradicted by evidence,
unless on the ground of fraud. But if its words are ambiguous, or may have
either two or more meanings, evidence is receivable to determine the meaning.
HE incapacity of a person to make a valid contract may 
arise from several causes, and the fact of being an infant, or minor, is
one of them. The general rule of law may be stated as being that the contract
of an infant or minor is not always void, but is voidable, and in many cases
special exception Is made, giving validity to their contracts for necessaries.
By being voidable but not void in themselves, means that the Infant has the
right to disavow and annul the contract, either before or within a reasonable
time after he reaches his majority. He may do this by word only, but a mere
acknowledgment that the debt exists Is not enough, and it must be substantially
a new promise. 
HERE are a few well-settled and important rules of law 
governing the matter of agents and agency, which every 
T  business man should understand thoroughly. The relation 
of principal and agent implies that the principal acts by and through the
agent. A principal is responsible for the acts of the agent only when he
has actually given full authority to the agent, or when he has by his words,
or his acts, or both, caused or permitted the person with whom the agent
deals to believe him clothed with this authority. This is a point which is
not always thoroughly understood, but it is a well-settled principle of law.
There are two kinds af agents-general and special. A  general agent is one
authorized to represent his principal in all his business, or in all his
business of a particular kind, and his power is limited by the usual scope
and character of the business he Is empowered to transact. If he is given
out as the general agent, the principal is bound, even if the agent transcends
his actual authority, but does not go beyond the natural and usual scope
of the business. 
On the other hand, a special agent is one authorized to do only a specific
thing, or a few specified things, or a specified line of work. If this special
agent exceeds his authority, it may be stated as an almost invariable rule
that the principal is not bound, because the party dealing with the agent
must inquire for himself and at his own peril, into the extent and limits
of the authority given to the agent. Especially is this the case where the
party knew that the agent had been or was engaged in attending to a particular
and specified line of work connected with the business of the principal.
The party, however, is not bound by any special reservations or limitations
made secretly by the principal of which he had no reasonable or easy means
of having notice. The authority of an agent may be given by the principal,
by writing or oral, or may be implied from certain acts. Thus, if a person
puts his goods into the custody of another whose business it is to sell such
goods, he authorizes the whole world to believe that this person has them
for sale; and any person buying them honestly, in this belief, would hold
them. If one, knowing that another had acted as his agent, does not disavow
the authority as soon as he conveniently can, but lies by and permits a person
to go and deal with the supposed agent, or lose an opportunity of indemnifying
himself, this Is an adoption and confirmation of the acts of the agent, 
Aprincipal is bound by the acts of an agent even after the revocation of
his agency, if such revocation has not been made public or Is unknown to
the party dealing with the agent. An agent can generally be held personally
liable if he transcends his authority; but this is not the case If the party
with whom he dealt knew that the authority was transcended. 
I N general, banks may be said to be credit institutions or 
dealers in credit. John Jay Knox once said that "the exchanges of the
modern world are barter, effected by the Indirect agency of the credit system,
and banks and bankers are the machinery by which this is done." Metallic
money and its representative, the circulating note, are only the small change
of "Trade" employed in the settlement of balances and small purchases
and payments. This fact is illustrated by the operations of the New York
clearing house. The exchanges have been about 800,000 millions of dollars
during the past thirty years, while the balances paid in money have only
been about 86,000 millions, or about 4 per cent. of the amount of the settlements.
It has always been claimed that the business of banking originated with the
Venetian money changers who displayed their wares and moneys on the streets
and thus supplied those In need of change. According to the most eminent
authorities the earliest banking institution in Europe was the Bank of Venice,
which was founded in 1172, and was based upon a forced loan of the government.
Funds deposited in it could be transferred to others on the books of the
bank at the pleasure of the owner, but they could not be withdrawn. The perpetual
annuities of the British debt are handled in a very similar manner at the
present day. The Bank of Venice was continued until 1797. In 1401, the Bank
of Barcelona was formed. At a period much earlier than this, the Jewish moneydealers
had invented what was known as "foreign bills of exchange," but
it is said that this bank was the first institution that made a business
of negotiating and handling them. The Bank of Genoa commenced operation in
1407 and for centuries was one of the principal banks of Europe. It was the
first to issue circulating notes--which were passed only by endorsement,
not being payable to hearer. 
The Bank of Hamburg. established in 1619, was a bank of both deposit and
circulation based on fine silver bars. This bank, like nearly all of that
early time, had, as a principal object, the protection of the people from
worn, sweated, clipped and plugged c lns.or coins of certain empires that
were reduced in standard value. The remedy generally adopted was to lock
up the debased and deoreelated coins and circulate the credit granted for
them. Various other banks sprang into existence throughout Europe, many of
them being powerful government agencles, and In many cases exerted a wide
influence in shaping the destinies of empires. 
In 1694 the Bank of England was established, and there is no banking Institution
in the world equal to it in the management of national finances. The Bank
of France was authorized in 1800. It Is not a fiscal agent of the government
as is that of England. It does not collect or disburse the revenues of the
exchequer, but it lends to it largely, while Its credits, In the form of
circulating notes and other acceptances, have borne the government safely
through extraordinary needs. 
It is claimed that the first organised bank in the United States had its
origin in the formation of a banking company without 
charter June 18th, 1780, by the citizens of Philadelphia, and first action
by Congress was taken June 22, of the same year, in reference to this proposed
association. Two years afterward a "perpetual charter" was granted
to the Bank of North America at Philadelphia. In 1784 the State of Massachusetts
incorporated the Massachusetts Bank. The Bank of New York was chartered in
March, 1791, although it had been doing business since 1784, under articles
of association drawn by Alexander Hamilton. Most of these Institutions are
still running and have been converted into national banks. The Bank of the
United States was organized In 1791. The most of the stock was owned by the
United States Government but later the Government interest was disposed of,
and in 1843 the bank failed. 
State banks were organized rapidly, and private banking firms sprang into
existence and the business of banking assumed Immense proportions. 
In 1863, the NATIONAL BANK SYsTEM was adopted and in 1864 the National Bank
Bureau of the Treasury Department was organized, the chief officer of which
is the comptroller of the currency. In March, 1865, an act was passed providing
for a ten per cent. tax on notes of any person or State bank issued for circulation,
and making an exception of National banks. This had the effect of taxing
the Sate bank circulation out of existence. As the -National banking system
has proven one of the most efficient and satisfactory methods the world has
ever known, it will be of interest to review here some of its principal features
Under this act National banks may be organized by any number of persons not
less than five. Not less than one-third of the capital must be invested in
United States bonds, upon which circulating notes may be issued equal to
90 per cent. of the par value of the bonds. These circulating notes are receivable
at par in the United States in all payments except for duties on imports,
interest on the public debt and in redemption of the national currency. The
National banks are required to keep a certain reserve; they are authorized
to loan money at the rate of Interest allowed In the various states-when
no rate is fixed by the laws of the State, the banks may charge 7 per cent.
Shareholders are held individually liable, equably and ratably, for all debts
of the association to the extent of the amount of their stock, In addition
to the amount invested therein. The banks are required, before the declaration
of a dividend, to carry one-tenth part of their net profits of the preceding
half year to a surplus fund until the same shall amount to 20 per cent. of
the capital; and losses and bad debts must be deducted from net profits before
any dividend is declared. A receiver may be appointed by the comptroller
to close up under his supervision the affairs of any national bank which
shall fail to keep good its lawful money reserve or which may become insolvent.
While there have been national bank failures, there has never been any loss
to the people whatever on the circulation. A suit may be brought for forfeiture
of the charter of a bank if the directors shall knowingly violate the law;
and in such cases they' may be held liable in their Individual capacity.
There are other restrictions In the law-such as, for instance, the prohibition
against loaning to any one borrower of more then ten per cent. of the capital;
or the holding of any real estate except such as Is required for banking
purposes, or the granting of loans upon the security of the bank stock. 
The national bank circulation has been gradually growing less during the
past ten years, as the United States bonds available are quoted so high above
par and the rate of interest so low that there Is but little profit to the
banks In it. All of the States have laws regulating State banks and providing
certain restrictions, but as the laws of the various States are not alike
it is impossible to give a general description of the matter that would apply
to all the States. The laws, however, provide for and require State banks
to hold a certain reserve, and at regular intervals they make full statements
as to their condition and their affairs are examined into by certain State
officials at frequent intervals. The laws of all the States have reached
a high degree of perfection In the method of regulating and overseeing State
banks, and the almost universal soundness and reliability of these institutions
reflect credit upon the laws under which they exist. 
HE Clearing-House is the place where the exchanges of the the banks are made
in all the principal cities of the world. 
The clearing-house system was first established in London about the beginning
of the present century. It was first introduced into this country by the
banks of the city of New York organizing an association, under the name of
the New York Clearing-House, which commenced operations Oct. 11, 1853. At
that time it consisted of fifty-two banks, but five of them were soon closed
because of inability to meet Its requirements. Clearing Houses have since
been established in nearly all of the principal cities of the continent.
In all cities a bank receives large amounts of bills and checks on other
banks, so that at the close of each day's business every bank has, in its
drawers, various sums thus due it by other banks. It is, In like manner,
itself the debtor of other banks, which have during the day received Its
bills and checks drawn upon it. Prior to the establishment of the clearing
house it was necessary for each bank, every morning, to make up Its account
with every other bank, and to send its porter or agent to present the bills
and checks so received to the debtor banks for payment. The balances were
adjusted by payments in gold, which became so laborious, dangerous and complicated
that the balances were settled only weekly Instead of daily-a plan that resulted
in great risk and evil. This was obviated by the clearing-house system, through
which the settlements are so simultaneously and quickly effected that in
New York the transactions in one single day have amounted to over $300,000,000,
in adjusting which the exchanges were settled in the space of an hour. Besides
saving a vast amount of work, bookkeeping and expense, it enabled the banks
by united aid to strengthen each other in times of excitement and financial
The following is the manner In which the settlements are made In about all
the clearing-houses of this country: The clearing-room Is provided with a
continuous line of desks, one for each bank that is a member of the association,
each desk bearing the name and number of the bank. Each bank Is represented
every morning, at the hour fixed for settlement, by two clerks, one a messenger
who brings with him the checks, drafts, etc., that his bank has received
during the day previous upon the other banks---called the "exchanges,"
and these are assorted for each bank and placed in envelopes. On the outside
of each envelope is a slip on which are listed the amounts of the various
items which it contains. The messengers take their places in a line outside
the row of desks, each opposite the desk assigned to his bank, while at each
desk is a clerk with a sheet containing the names of all the banks in the
same order as the desks, with the aggregate amounts which his bank's messenger
has against each bank. Just previous to the hour fixed for making the exchanges
the manager takes his position and calls the house to ordbr. At a signal
the bell rings and each messenger moves forward to the desk next to his own
and delivers the envelope containing the checks, etc., for the bank represented
at that desk to the clerk at that desk, together with a printed list of the
banks in the same order, with the amount opposite each bank. The clerk receiving
It signs and returns it to the messenger, Who immediately passes on to the
next desk; then to the next, and so on until he has made a complete circuit
and has again reached the desk of his own bank-the starting point All the
other messengers moving in the same manner, each messenger has, by this means,
visited every bank and delivered to each everything his bank held for It,
taking a receipt for the same; and at the same time each bank has received
all the exchanges that every other bank had against it. This operation, even
in the greatest clearing-houses, only consumes from ten to fifteen minutes.
This enables the banks to know at once the exact balance for or against it,
as the clerks Immediately enter from the slips on their own sheets the aggregate
amount from each bank, and the difference between the total amount brought
by them, which at once shows the balance due to or from the clearing house
to each bank. 
This is reported to their banks, and the balance Is paid to or drawn from
the clearing house, thus at once settling the accounts between all the banks.
The lists are "lproved" carefully and certain fines are laid for
all errors, tardiness, etc. 

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