The Wisconsin Marine and Fire Insurance Go. 
169 
respondentia, or other satisfactory security ,—may employ such 
capital as may belong to or accrue to said company in the purchase 
of public or other stock, or in a,ny other moneyed transactions 
or operations for the sole benefit of said company —provided 
nothing herein contained shall give the said company banking 
privileges . ” It was customary to add this latter proviso to the 
charter of church societies, insurance companies and other or¬ 
ganizations incorporated under the state, to guard against any 
unwarranted assumption of banking powers; it was probably 
added in this case as in many others as a matter of form, the 
passage above being understood as in no way contravening this 
proviso. 
On May 6 and 7, $101,300 capital was subscribed; on the 1st 
of August 1839, $10 on each share was paid in and the Com¬ 
pany began business on the 13th. George Smith, the originator 
of the company, was made president and Alexander Mitchell, a 
young Scotchman of 22 years, was made secretary. This was 
the beginning of that career which ultimately made Alexander 
Mitchell the greatest financier in the northwest, and one of the 
foremost bankers this country has produced. 
On August 20, 1839, this notice appeared in the Milwaukee 
Sentinel: “The Wisconsin Marine and Fire Insurance Company, 
—Contracts of Insurance at low rates of premium; the company 
will also receive money on deposit, and transact other moneyed 
operations in which by their charter they are allowed to engage. 
Three per cent, allowed on all deposits.” On January 14, 1840, 
this statement was added: “ Drafts granted on New York, Detroit 
and Chicago; also drafts available in any part of Great Britain 
or Ireland.” Thus there was not the slightest doubt of the in¬ 
tention of the company to carry on a general banking business. 
It began the issue of certificates of deposits, $4,819 worth being 
issued by March, 1840, and steadily increased them until on the 
10th of January, 1842, the number outstanding was $34,028. They 
were issued in one, three, and five dollar certificates, in the sim¬ 
ilitude of bank bills. Its sworn assets at this time were 
$229,893.31—its liabilities (including currency) $75,418.31. In 
April, 1843, its outstanding certificates had increased to $52,000. 
As soon as it was discovered that the company was issuing 
