The Wisconsin Marine and Fire Insurance Co. 
171 
from 1840 to 1852 was the question whether or not,the com¬ 
pany was authorized to do a banking business. 
In 1845 a committee report was unanimous in the opinion 
that the “Wisconsin Marine and Fire Insurance Company have 
forfeited their charter” but was also unanimous that the “Leg¬ 
islature has no power to repeal it. ” The committee recom¬ 
mended: “That the Attorney General of this Territory be re¬ 
quested to institute legal proceedings against the company, that 
the act incorporating them, may be, as it ought to be, declared 
void • and that this £ soulless being ’ be brought to a ‘ lively 
sense ’ of its duties and behold its enormous iniquities. ” 17 
The report was accompanied by a joint resolution authorizing 
such proceedings to be instituted; but after much discussion 
this resolution was laid on the table. A bill was then intro¬ 
duced to suppress unauthorized circulation, imposing fines and 
penalties; but the Legislature adjourned before this was acted 
upon. Thus ended the legislation of 1845. 
In 1846 however, there was a decided majority in each house 
opposed to any further issues. Three measures were introduced 
into the house. Only one passed both houses. This was an act 
repealing the charter of the Insurance Company. The vote 
stood 18 to 8 for repeal in the house, and 9 to 4 in the council. 
Thus after five years of hesitation, the legislature in January 
1846 decided that the Wisconsin Marine and Fire Insurance 
Company was no longer a legal institution. 
Bills were introduced at frequent intervals from 1846 to 1852, 
now placing a five dollar fine upon every note issued or received, 
now declaring the notes illegal and subjecting the issuers to 
imprisonment; but none of these bills became law and even if 
they had, could not have been enforced. 
History. 
The Insurance Company did not, however, close up its business 
in 1846 as had been expected. Instead Alexander Mitchell is¬ 
sued a manifesto in which he declared his business was not in 
the least affected by this repeal act; that as the charter did not 
expire until 1868, and as his Company had in no manner tran- 
11 Strong, History of Wisconsin Territory , p. 468. 
