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Early Michigan

Early Banks Of Michigan

The next regular session of the legislature commenced, under the provisions of the constitution, on the 2d day of January, 1837. Applications for bank charters almost without number were presented. They came from all portions of the state, and from citizens of nearly every condition and occupation. The tables of the committees on banks and incorporations in both branches of the legislature were loaded with petitions, and the outside pressure for the grant of bank charters, which it was fondly hoped would afford relief from all embarrassments, was almost irresistible. In this dilemma a proposition was started for a system of free banking; and accordingly, on the 27th day of January, 1837, Mr. E. H. Lothrop, chairman of the committee on banks and incorporations, reported from the committee "a bill to organize and regulate banking associations." This bill, after many amendments, was finally passed by both houses of the legislature, and with the approval of the governor became a law on the 15th day of March, 1837. This is the statute familiarly known as the "general banking law," and the organizations under it are popularly denominated the " wild cat banks."

Michigan


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