image
image

image
image
 

Early Michigan

Early Banks Of Michigan

This act, however, contained an important provision in providing for the appointment of a bank commissioner, and in requiring him to make careful examinations into the affairs of the banks subject to his inspection and make periodical reports of their condition. Such had been the legislative action in the grant of corporations with banking powers under both the territorial and state governments down to the close of the year 1836.
At this time the financial affairs of the whole country had become sadly deranged, and the entire community was laboring under an unprecedented pressure of pecuniary embarrassment. A wild and reckless spirit of speculation had overrun the land. Capital had been withdrawn from its legitimate uses and was sunk in unprofitable investments. The currency in general circulation had become greatly inflated, and fabulous prices were imparted to property, which passed rapidly from one owner to another, chiefly upon credit, until the indebtedness was everywhere more than the debtors were able to pay.

Michigan


Page 12


 


image



Please consider making a donation to help offset expenses to keep this site online.
Thank you



image
image
image

Site Map | Chapter Index | MICHIGAN
Counties | Towns | The Blackhawk War | Southwestern michigan | Early Recollections | | Bagley | Eldorado | New Life | Navarre
Maxwell | Territorial Road| Pioneer Life | Battle Creek | Stebbins | William Burt | Pilcher | Chase | Lamb
image