appointed, and declared the places of John Atchinson and Garret V. Denniston, two of the commissioners named in the act of incorporation, were vacated, inasmuch as neither of those gentlemen had subscribed for stock, and they accordingly elected James D. Doty and Henry Stringham to supply the declared vacancies. The board of commissioners thus constituted, then allowed the stockholders to elect directors, after which the duties of the commissioners ceased.

The committee are not enabled to state what amount of capital stock is actually paid in, although the question was directly propounded to one of the directors.

Upon this statement of facts the committee express the opinion that the commissioners have proceeded contrary to the directions of the charter in three several particulars.

1st. It was contrary to the provisions of the charter for the commissioners to permit, after the expiration of the six days, an amount of stock to be subscribed for more than sufficient to make up the deficiency.

2d. It is an express provision of the charter that one tenth of the amount of each share should be paid to the directors in specie at the time of subscribing, and it was an evident breach of that provision to permit any stock to be subscribed for, without exacting the payment in gold and silver of one tenth of the amount of each share at the time of subscribing.

3d. The committee are of opinion that the places of John Atchinson and Garret V. Denniston were not vacated in consequence of those gentlemen not having subscribed for stock, and that the substitution by the commissioners of James D. Doty . and Henry Stringham was illegal and a violation of the charter. For the purpose of examining into the condition and affairs of the Bank of Wisconsin, the committee addressed a series of questions to Henry Stringham, cashier of that institution, (see document marked G) to which answers in writing, under oath, were returned. (See document marked H.) The facts elicited by the answers to those queries show, that the amount of capital actually paid in, is $19,625; that the amount of specie on hand is $41,376 38-100; that the amount of bills of other banks on hand, is $15,255; the amount of debts due from other

banks is $45,908 52 cents; and from individuals $95,355 70 cents: that the amount of deposites is $37,873 31 cents; that the amount of bills in circulation is $139,363; and the amount of real estate owned by the bank (including furniture) is $2,229 88 cents. The answers of Mr. Stringham show, further, that he knows of no demand having been made upon the Bank of Wisconsin, for specie, which has not been paid. It appears from the 8th section of the act of incorporation of the Bank of Wisconsin, "that the total amount of debts which the said corporation shall at any time owe, whether by bond, bill, note, or other contract, over and above the specie then actually deposited in the bank, shall not exceed three times the sum of the capital stock subscribed and actually paid into the said bank." The amount of capital stock actually paid in is $19,625: three times this amount would be $58,875, which added to the specie on hand ($41,376 38 cents) would be $100,251 38 cents. The amount of bills in circulation is $139,363, showing an excess of issues over the amount limited by the charter, of $39,111 62 cents. It also appears from the same section of the charter, that in case of such excess the directors under whose administration it shall happen, shall be liable for the same in their separate and private capacities, but whether it forms a ground for legislative action, the committee will not undertake to decide.

From the general tenor of the facts elicited by the examination of the Bank of Wisconsin, the committee unite in expressing the opinion that the institution is in a sound and solvent condition.

The Bank of Milwaukee has not yet gone into operation. By reference to documents marked I and J it will be perceived⚫ that the books for receiving subscriptions have been opened, and that less than one-fourth of the whole stock has, as yet, been taken.

The committee respectfully submit the result of their investigation to the House for such action as may be deemed proper and expedient.

W. B. SHELDON, Chairman,

P. H. ENGLE,

CHAS. C. SHOLES,

}

Committee, H. R.

(See Appendix "No. 2," for the documents referred to in the foregoing report.)

The question was then taken to discharge the committee from any farther consideration of the subject, and lost.

66

A message was received from his Excellency the Governor, informing the House that he had examined and approved “A memorial to Congress on the subject of public lands."

Mr. Durkee introduced the following memorial, to wit: To the Senate and House of Representatives of the United States in Congress assembled;

A memorial of the Council and House of Representatives of the Territory of Wisconsin:

Respectfully represents-That, being deeply sensible that one of the prominent features of our Federal Government is to lend every possible aid, consistent with its financial and constitutional limits, for the promotion of agriculture, trade, and commerce, and that we have only to make known the real wants of our country, to secure the particular attention of your honourable body in providing means of redress. Entertaining these views, your memorialists approach with great confidence in bringing to your special notice the town of South Port, situated on the west side of Lake Michigan, at the mouth of Pike creek, in the county of Racine, and Territory of Wisconsin, as a point claiming your particular attention, in devising some means for the protection of the rapidly increasing commerce of the great western lakes. The well known facts, that this point presents the first opportunity for the construction of a harbour on the west side of Lake Michigan, north of Chicago, a distance of fifty-five miles, and its contiguity to that section of country, that has almost become proverbial for the richness, of its soil and the salubrity of its climate, and is already quite densely populated, are truths that seem to give some idea of the importance to which this town is destined in a commercial point of view, the citizens of South Port and its vicinity have petitioned the Legislature of this Territory to memorialize your honourable body to grant them a pre-emption right to said town, and also a pre-emption to the settlers on the adjoining quarter sections that may be embraced in à distance of two

miles on the lake, where the town of South Port is situated, and one and a half mile west besides the fractions on the lake, upon the following terms, that commissioners be appointed by the President of the United States to divide the land in said town into three classes, and the price to be fixed per acre at one hundred and fifty dollars in the first class; one hundred in the second, and fifty in the third class. The adjoining quarter section to be classed in like manner, and the price per acre for the first to be fifteen dollars, the second ten dollars per acre, and the third five dollars per acre. The proceeds of this land at their several prices will amount to something like thirty thousand dollars, which said petitioners ask to be appropriated in the construction of a harbour at the south mouth of Pike creek in the town of South Port, agreeably to some plan that shall be suggested by the war department. The report of the survey made last summer under the direction of this department will show the practicability of this improvement. The benefits arising from the execution of this project would be of a two-fold character; that while it protects the numerous settlers asking for this pre-emption right, in securing to them the valuable improvements they have already made in the erection of buildings, and cultivation of the soil, at the same time greatly subserves the public interest, and gives a new impulse to the commerce and trade of these inland seas. Your memorialists deem it unnecessary to dwell upon the multiplied advantages that would result from the construction of a harbour at this place, or to trespass upon your indulgence in detailing the shipwrecks, which have been attended with the loss of many valuable lives, and much property the two preceding years, which have become memorable for these melancholy events, as they are confident that every consideration of this kind will have its proper influence in your deliberations upon this subject.

Your memorialists, in closing this communication to your honourable body, would beg leave to remark that they cannot but indulge the greatest assurance that you will most cheerfully avail yourselves of this opportunity in constructing a harbour at South Port.

Said memorial was then read the first, second, and third

times, and passed.

Ordered to be sent to the Council for concurrence.

The under mentioned bills were severally introduced agreeably to previous notice, read the first time, and laid on the table.

By Mr. Parkinson. No. 25, entitled "A bill to authorize the Supervisors of Iowa county to build bridges, and for other purposes."

By Mr. Quigley. No. 26, entitled "A bill for the relief of the poor."

By Mr. M'Gregor. No. 27, entitled "A bill to locate and establish a territorial road from Davenport to John Gilbert's, on the Iowa river."

By Mr. Wheeler. No. 28, entitled "A bill to establish a ferry across the Mississippi and Grant rivers.

Mr. Teas, agreeably to previous notice, presented a memorial, entitled "A memorial to Congress for pre-emption right to those persons who have built mills on the public lands," which was read the first and second time, and

On motion of Mr. Engle, was indefinitely postponed.

The following message was received from the Council by their Secretary.

"Mr. Speaker, I am directed to present for your signature, A memorial to Congress, praying the right of pre-emption may be granted to the occupiers of mineral lands;' A resolution relating to the franking privilege;' and 'A resolution authorizing the Secretary to expend the unexpended balance appropriated for the use of the late Secretary for rent of office and furniture;' and to inform you that the Council have concurred in the report and resolution from the House of Representatives in relation to the Missouri boundary line, which is herewith returned;" and then he withdrew.

The said memorial and resolutions were then presented to, signed by the Speaker, and ordered to be returned to the President of the Council for his signature.

Mr. Cox, from the select committee, to which was committed bill No. 7, entitled "A bill to prevent forcible entry and de