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Early Michigan

Early Banks Of Michigan

Banks and an abundance of paper currency, with little thought whether the capital and other necessary concomitants which alone could sustain the former or prevent the "Speedy depreciation of the latter, seemed to be regarded as a certain relief. With the many who entertained such views, it is not surprising that the proposition for free banking and an abundant issue of bank notes was received with delight.
So popular was this bill that on its passage in the house of representatives four members only recorded their votes against it—representa-tives Almy of Kent, Monfore of Macomb, Purdy of Washtenaw, and Felch of Monroe. The representative last named, in a brief speech, declared his objections to the bill and stated his conviction that its effect would be disastrous. He was briefly replied to by the chairman of the com mittee in which the bill originated, and no further discussion was had on the subject. In the senate the measure was received with equal favor.

Michigan


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