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Early Michigan

Early Banks Of Michigan

These securities were to be lodged with the bank commissioner, and to be held as collateral security when all other liabilities of the association should fail or prove insufficient. The direct-'ors were required to make oath faithfully to perform their official duties, and to keep and report a true statement of the affairs and condition of the associations. They were made subject to the safety fund act above referred to, and a failure to pay their bills and notes when demanded at their banking house, or within thirty days thereafter, in the lawful currency of the United States, was declared to be a dissolution of the association.
This bill received at once the enthusiastic approval and support of all applicants for special bank charters. The public seemed imbued with the idea that to relieve them from the galling burden of indebted-ness, and to restore activity and prosperity to the business world, nothing was needed but extensive bank issues

Michigan


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