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The Cranberry

The Cranberry image
Parent Issue
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to surrender the whole to a Receiverunder the bill pending against them. The Commissioners, satisfied that the proposition was better than a settlement by a Receiver, occepted it, and executed a full discharge to the Bank by vïriue of the act before hieritioned, and the Bank resumed specie paymentofits bilis and notes on the 1 lst day of April, 1841, and have ever since continued it, the means being furnished by the eastern stockholders. ■ üpon the Banking House which was assigned to the State, there êxisted í mortgage for about .$12.0(10 for part o 3 its purchase money, and it was made i 1 condition of the assignment to the State o 3 the whole assets, that the" State shoul 1 pay and discharge that debt. ín the ses '" sion of 1842 the Legislature rcpudiatei - the settlement so far as they vere re ;5 ' quired to do any thing on their part, am t Uffirmed it as to the remainder, and pas e Led n law repealing the charter of th '- Bank, in open violation of the contract ur : dev which the settlemenl had been effecte( The Bank, in 1842, filed their bilí i 'e theCourt of Chancery against the Stal f oflicers holding the assigned asscts i ie which such proceedings were had, lliat tl ts Supreme Court in January, 1845, d e creed a payment of the debt on the Banl ll' ing house and decla red in efiect that tli law repealing the charter was unconst " tutionaland void. e" The embarrassnierits however whic ie the State had thrown in the wov of a r is. sumption of business by the bank, tl V. á ,...„.-,oq intirrfirl in.lhe COlltest.trthe impaired valué uf.its remaining aset lIie land the loss of more than three years 'or ! its charter, had so discouraged the sioc holders, that they were unwilling lo a vanee the Cunas necessary to enable t! Bank to do a safe and profitable busmes Under these ciicumstances, a few me chants in Detroit, feeling the absolu necessity of some institniion of the kii to furnish facilities for nnKnnry piircliased tho most of the Stock he ,ng abrcad, and with the oíd of some easte [flte i capitalists who associatt-d themsehes bv Í (Kenij procceded to resumo discotmii ?x. and banking business; haring di. $8iiQ00i " ew and.aciive capit;.!, í lected a board of JMrectorsconsistingof i live and solvent merchnn's, and a Pre r 1 de.nt of recognized abiLiiy nod ;rciitv. ;'irc ! It is under these circumstances th;t t jred ■ Sinto again insfitute fá R ugh I feit the charter of the Brmk- very few vnithe stocUIioldors of 189 .„„) 1840 o interested in ihe in-stiiulion - n fia freo from debt-and has P:iiJ in nn pp ial al capital a innjority of is cc trol led in Heiroit. ]t is nol denied that this' instit ati.Mi v improperly managed prior to lS:iO, I .IC(S the Slockholders wëre the grealest su: itof rers fromtho dishoncsty of their ngei n of who worc at the same time the agnts tho State, b,ound to guard the interc:s


Signal of Liberty
Old News