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Early Michigan Early Banks Of Michigan
The legislature closed its session on the 22d day of March, 1837, by adjournment to the 9th day of November in the same year. But long before that day arrived circumstances connected with the financial affairs of the country induced the governor to call an extra session of the legislature, which convened, pursuant to his proclamation, on the 12th day of June, 1837.
The governor's message to the legislature depicted in strong language the deplorable financial and commercial embarrassments of the country. He attributes these embarrassments, in a great measure, to the error of over-banking, over-trading, and a want of providence and economy. He speaks of excessive bank issues as a violation of the simplest principles of political economy. The effects, he says, are " the depreciation of bank paper, an increase of the price of all commodities, an extension of excessive credits, the neglect of productive labor, and a country involved in debt.
Michigan
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