image
image

image
image
 

Early Michigan

Early Banks Of Michigan

A revolution now begins. Our debt must be paid to Europe. The banks of the Atlantic cities are unable to furnish sufficient gold or silver on their issues to meet the demand ; runs are made upon them ; and the result has been a universal pressure, and a general suspension of specie payments in order to prevent as general a bankruptcy."
The banks of the Atlantic and southern states had already suspended specie payments, and in the State of New York the legislature had given its sanction to the suspension. The intimate relations in business and financial matters existing between Michigan and the last named state caused this disaster to be at once felt by our banks and our business men. The pressure was too great to be withstood, and the banking institutions throughout this state had also suspended. The charters, although they were required to redeem their bills in specie on presentation, nevertheless protected the banks from a forfeiture of their corporate rights if the redemption was made within sixty days after the demand.

Michigan


Page 19


 






Please consider making a donation to help keep these sites alive.
Thank you



image
image
image

Site Map | Chapter Index | MICHIGAN
Old Capitol | Female College | Early Press 2| My Michigan |County Bar | County BarII | County Bar III | Asylum | Bazil | Ohio Boundary | Western Michigan | John Barry | Wyandotte | Port Huron | Saginaw Valley
image