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Early Michigan

Early Banks Of Michigan

We can hardly be surprised at the scenes which followed, and which marked the period as a most wonderful epoch in financial history.
The legislature, however, sought to apply a check, and, at the same time, to increase the security of the public by an act amendatory of the general banking law, approved on the 30th day of December, 1837, and which was made to take effect on the 10th day of January, 1838. By this act three bank commissioners were to be appointed, who were to visit all the banks in the state once in every three months at least, to examine the specie held by them; to inspect their books and inform themselves generally of their affairs and transactions. The securities required for the benefit of creditors were thenceforth to be bonds and mortgages only. No new institution was to go into operation until a bank commissioner had examined into its affairs, and counted the specie paid in, and, if no violation of law was found, given a certificate to that effect.

Michigan


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