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Early Michigan

Early Banks Of Michigan

The banks, claiming the privilege of this provision, and knowing well that the sixty days' grace would bring them no means of redemption, besought legislative aid, and the extra session of the legislature was called to consider the subject.
Accompanying the governors message was a report of the bank commissioner, Edwin N. Bridges, made by express direction of the governor. The commissioner reports that he has visited all the banking institutions in the state, and made a personal examination into their affairs, and he expresses his entire conviction of their general solvency and their ability to meet their existing liabilities. He presents a statement of their condition and declares that the banks of Michigan were under no necessity to suspend specie payments, except as a measure of defence to protect themselves from the consequences that most inevitably result from the suspension of the banks in New York and elsewhere.

Michigan


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