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Early Michigan Early Banks Of Michigan
This act, however, contained an important provision in providing for the appointment of a bank commissioner, and in requiring him to make careful examinations into the affairs of the banks subject to his inspection and make periodical reports of their condition.
Such had been the legislative action in the grant of corporations with banking powers under both the territorial and state governments down to the close of the year 1836.
At this time the financial affairs of the whole country had become sadly deranged, and the entire community was laboring under an unprecedented pressure of pecuniary embarrassment. A wild and reckless spirit of speculation had overrun the land. Capital had been withdrawn from its legitimate uses and was sunk in unprofitable investments. The currency in general circulation had become greatly inflated, and fabulous prices were imparted to property, which passed rapidly from one owner to another, chiefly upon credit, until the indebtedness was everywhere more than the debtors were able to pay.
Michigan
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