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Michigan Banks

Michigan Banks image
Parent Issue
Public Domain
OCR Text

CtrWhat a dclightlul "currciicy" tlic ' kYólvëreens have lied for ten ycars pnt ! 'lovv admirably it Ims been rcgulatcd ! - ilow inuch superior to a specie circuhi[on ! Uead its hisiory ns given by Gov. Felch n his mcssngf, and judge whelhcr L would nol be niivisable lo '"regúlate" hc currency for the next ten ears in a different manner: 4iSinco our slale org.nnization thero havo been in opera! ion oleven banks un.orcharters granted by llie territoria] jovernmont, aml s'evén uhaè'r énhetments jf llio State Legi.slntinn. There were ilso cstablislied hikkü' tlie provisions of in aoi to regukitü banking inslilutions, ipproved Marph lOtli, 1837, and usually ienominalfcd the general, banking I'aw, brty-nineass0ciatiöns. By an act oftlic Legisture, approved Kebruary 16, 1842, hc corporate riglits and privileges ot' 47 )f banking associations wltc e.ressly annülled, and provisión was made ior closing np their ailairs. By nnóihér iet of the same date, the ncts incorporatng nll the chartered banks fhen in opernion e.xccpt tho bnnk ol Sf. Clair, tlio ank qf Iliver Raisin, and the FanneiV ind Mechanics' bank of Michigan, were 'xpressly nnd by name repealed, resQrvng, howevcr, to five of tiiem, the riglil 0 retain their corpomfe powors npon eerain specilied teriiis. Tlie Oak'and couny bank !ias availed iiself of this righ.l, nd is now in operation. Of the ba:i!s bove nñVned vvhjch were not eníbrábod n the ropealingnct belbremcntioned, the - Jank of St. Clair has ceased to do busiless. The Michigan Staie Bank, nnd bê Boni? of Michigan, t is undersiood, ' liil claim a corporale exi.slence, lipt wíl htanding the repcnl of tlicir charterá by ie act above refe-rred to. Of thn I iven banks and banking associations in ( peration since the íotindatioa p.f nur tale orgnnization, nono hnvo coñtinued ' 1 constant ojieralion and icilh ( i credit. Most of thrm liavc bccotne s ankrwpi, their assets have passtd irila i hr havtïs öf receivers, Üu:ir chartered flits have bccomc Jhrfcileit, and thcir appr to a tast lias proved valuc.;s ;;; (hc hands ofovr ctizens. These ' irciinist;uK.T-. siii] f,TSh in our memory, fford littlo inrlucpinent ngain to ernbnrk r -the hurardoue expniment. 'ÏUo.v ' honld at least ndmmish us to peculiar l autioñ in listening to any nppHcatiop c inving for its object the granting of such i 'rivilo-ges. . v