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Early Michigan Early Banks Of Michigan
The banks are called upon for specie to pay the debts of the country; their specie will not meet their outstanding issues; confidence is shaken; they are compelled to contract their loans and call in their discounts, and a general pressure, if not bankruptcy, are the inevitable results that follow. The condition of the United States at the present time is a perfect illustration of these principles. The recorded history of the different states shows millions of increase in bank facilities; money, or rather its representative, has been abundant; credits have been unparalleled ; our land offices tell of a dead capital of millions buried in unproductive lands; our custom-houses, deducting profits, freight and difference of valuation, present a balance of trade against us of millions by importation; our circulating medium has depreciated; or, which is the same thing, every other exchangeable commodity has risen; and Europe has exhibited the strange phenomena of underselling us on our own shores in the exportation of her breadstuffs to America.
Michigan
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