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Early Michigan

Early Banks Of Michigan

EARLY BANKS AND BANKING IN MICHIGAN
By Alpheus Felch Read February 7th, 1878

The earliest effort for the establishment of a bank within the present limits of the State of Michigan was in 1805. The act of congress establishing the Territory of Michigan, conferred legislative powers on the governor and judges, and at their first session as a board, a petition for an act incorporating a bank was presented to them. This was at a time when the local business could scarcely have demanded a banking institution, or have afforded much promise of its success. The small town of Detroit had just been laid in ashes. The population of the entire territory was inconsiderable. Five years before the whole population was reckoned at 551, and although it rapidly increased after the organization of the territorial government, five years later (1810) the census showed it to be less than 5000. The country was possessed mainly by the Indians, and the small French settlements on the Ecorse, the St. Clair, and the Raisin, were neither enterprising nor prosperous.

Michigan


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