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Early Michigan Early Banks Of Michigan
The action of the legislature at the extra session resulted in the pass-age of "an act suspending for a limited time certain provisions of law, and for other purposes," which was approved by the governor June 22, 1837.
This act authorized the banks, without forfeiture of their chartered rights, to suspend specie payments until the 16th day of May, 1838; it limited the amount of bank bills to be issued, prohibited the sale of specie by the banks or their officers or agents, or the purchase of their own or the bills of other banks at a discount, or making any dividends to stockholders, until specie payments were resumed; and it required all the banks availing themselves of the provisions of the law to become Subject to the " safety fund " law, and submit themselves to the supervision of the bank commissioner.
When this act was passed only about three months had elapsed since the enactment of the general banking law, authorizing voluntary bank-tog associations with corporate powers.
Michigan
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