Suspension of Specie Payments. 
193 
being almost certain that the department would lose every cent 
on the outlay necessary to conduct the suits and that nothing 
would be realized by such legal proceedings. 
Before the last of August, by means of the exchange of 
southern for Wisconsin war bonds, the value of the securities 
of all the banks was brought up to their circulation as shown 
by the Comptroller’s report. At the time of the bank riots, 
Wisconsin currency was at a discount of 15 per cent, on the 
New York market, as compared with gold or New York ex¬ 
change. By the middle of July, the discount fell to 12 and 10 
per cent., and early in August a Wisconsin note was only 5 
per cent below par. 
During this year the current rate for collections was formally 
changed by the Milwaukee banks over 30 times, the rates being 
rarely under 3 per cent. — generally 5 to 8 per cent. ; and in 
April 10 to 15 per cent., and in one instance 20 per cent. 46 
No southern state stocks were accepted as security in 1861 
The comptroller remarks in regard to the condition of the se¬ 
curities as follows : 47 “After the severe losses suffered by the 
people,, it is gratifying to find that our banking securities have 
been largely improved. One year ago they consisted for more 
than two thirds in securities of southern states, while the de¬ 
partment now holds only a little over one fourth of this class of 
bonds, which proportion will be considerably improved after the 
sale of the stocks of the discredited and defunct banks in Novem¬ 
ber and after December next. ” 
The Comptroller in his report for 1862, says: 48 “The 
‘Bankers’ Association’ of this state has exerted a conservative 
and salutary influence in restraining the soaring propensities 
of wild cat speculators, and they are entitled to the thanks of 
the people of the state for aiding to carry through the financial 
storm, with much less loss than our sister states experienced, 
and placing on a sound, substantial basis, our present banks.” 
Again the next year the Comptroller said: “Wisconsin is 
46 Camp, Hist, of Western Banking, Bank, and Curr. Parnph., Vol. XIX, 
p. 11. 
47 Compt. Report in Gov. Mess, and Acc. Doe., 1862, p. 11. 
48 Gov. Mess, and Acc. Doc., 1863, Compt. Rep., p. 212. 
