178 
Hadden—Early Banking in Wisconsin. 
Section 43. Banks may demand and receive for loans on real 
or personal securities, or for notes, bills, or other evidences of 
debt discounted, at a rate of interest not exceeding 10 per cent, 
per annum, until the first day of January, 1860, and not exceed¬ 
ing 7 per cent, thereafter. 
Section 48 declares that the referendum must be used for all 
amendments, and a majority vote necessary for adoption. 
The first bank organized under this new law was the “State 
Bank” at Madison, which deposited securities on January 25th, 
1853. 
The Wisconsin Marine and Fire Insurance Company about the 
same time called in its certificates, redeemed them, dollar for 
dollar, and reorganized as a state institution, adding the word 
bank to its title. This ended the long controversy over the 
legality of its existence. The history of this Company from 
1839 to 1852 is one of the most striking instances of the futil¬ 
ity of restrictive legislation upon the powers of a corporation 
when such corporation is supported by the force of a strong pub¬ 
lic opinion. 
Later in the same year (1853), the “State Bank of Wisconsin” 
and the “Farmers’ and Millers’ Bank” were established; followed 
in January, 1854, by the “Bank of Milwaukee.” 29 
The table on the following page shows the development of the 
state bank ing system in Wisconsin from 1852 to 1864; and 
from 1865, when the state bank circulation was taxed out of 
existence, to January 1, 1894. 
29 Article, “Banking,” in Wisconsin Historical Atlas. Snyder, Van 
Vechten & Co. 
