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Early Michigan Early Banks Of Michigan
By the state legislature charters were granted to the following com
panies, viz Bank of Manhattan, approved March 25, 1836 ; Calhoun
County Bank, approved March 26, 1836; Bank of St. Clair, approved
March 28, 1836; Bank of Clinton, approved March 28, 1836 ; Bank of
Ypsilanti, approved March 28,1836; Bank of Macomb County, approved
March 28, 1836; Bank of Oakland County; Bank of Tecumseh ; Bank of Constantine, approved July 25, 1836.
At the same session of the legislature, when the last-mentioned bank charters were passed, another act, intended to have an important bearing on the future financial interests of the state, was proposed and considered. It became a law by the approval of the governor on the 28th day of March, 1836. This act is entitled " an act to create a fund for the benefit of the creditors of certain moneyed corporations." It was, in fact, an adoption of the famous safety fund system "
Michigan
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