image
image

image
image
 

Early Michigan

Early Banks Of Michigan

No roads pierced the forests of the interior; no manufactures existed; agriculture yielded nothing for market, and navigation had scarcely begun to vex the waters of the rivers and the lakes. The multifarious transactions of commercial and civilized communities, which require banks and banking facilities, were almost unknown in the frontier settlement. There was, however, one branch of trade which belongs peculiarly to such a state, and diminishes as population increases and important mercantile and industrial interests advance. This business is the fur trade, which at that time was a most important one in Michigan.
The petition for a bank charter was accordingly presented, not by citizens of Detroit, but by capitalists who resided in Boston, Russell Sturgess and others, and who were engaged in the fur trade. In their petition they set forth this interest, and pray for a charter for a bank in Detroit, on account of the great hazards and inconveniences in transmitting specie to so great a distance. The petition was referred to Governor Hull, and on the 15th day of September, 1806, an act was passed by the governor and judges incorporating the Bank of Detroit, with a capital of $400,000.

Michigan


Page 2


 


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