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A PIONEER MINISTER

BY REV. SUPPLY CHASE
APRIL 21, 1873

Like all other uneasy spirits, they talked loudly of human rights and aristocratic robbery. As the spring opened they disappeared, and probably might have been found among those who bled on the heights of Windsor, or perished in the naval conflict of Fighting Island in the Detroit river. The others doubtless deeming discretion the better part of valor, acted on the principle that He that fights and runs away, will live to fight another day. The war was soon over; the patriots were routed at all points. Some were imprisoned, some banished to Van Dieman's Land, and if I rightly remember, a very few were executed. Since that day Canada has been "intensely loyal and glories in her attachment to the British crown. At the first session of the State Legislature in the winter of 1836-7, a general banking law was passed, exceedingly liberal in its provisions, under which associations of men for banking purposes might be formed, and business commenced when thirty per cent of the subscribed stock had been paid in, or secured to be paid by bond and mortgage on real estate. Among other provisions was a bank commissioner, who was to visit each bank, once in three months or oftener if thought necessary. Under this law there sprang up, as by magic, a host of banks, largely engineered by unscrupulous speculators, who persuaded the farmers, in many places, to mortgage their farms to secure bank stock, and thus become suddenly rich. The result was that the country was soon flooded with bank notes fresh from the mint, got up in the: highest styles of the engraver's art. They were all banks of issue as well as deposit. A certain amount of specie was to be kept on hand for the redemption of notes, which they were permitted to issue, to the amount of two and one-half times the capital stock.

Michigan


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