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Early Michigan

Early Banks Of Michigan

The act creating the corporation was laid before congress, as required by the ordinance of 1787, and was finally disapproved by that body. The bank, however, continued to do business, but in September, 1808, the governor and judges, in the absence of Judge Woodward, passed an act making it punishable as a crime to carry on unauthorized banking business. This put an end to the brief existence of the institution. Its bills were in circulation until 1809, when they seem to have been quietly withdrawn from circulation.
The next bank which was established in the territory was the Bank of Michigan, incorporated by the board of governor and judges, on the 19th day of December, 1817 with a capital of $100,000.
The legislative power given to the governor and judges by the ordinance of 1787 authorized them to adopt and publish in the district such laws of the original states, criminal and civil, as may be necessary and best suited to the circumstances of the district." The charter of the Bank of Michigan is declared in the body of the act to have been adopted from the laws of three of the original states, to-wit: New York, Ohio and Massachusetts, so far as necessary and applicable to the circumstances of the territory.

Michigan


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