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Early Michigan Early Banks Of Michigan
Monthly statements of the condition of the banks were required to be made and published, and no bills were to be issued unless bearing the indorsement of a bank commissioner, after an examination of the specie in the vaults of the bank and administering a stringent oath to the directors.
On the 28th day of December, 1837, it was provided by legislative enactment that no bank going into operation after the first day of January, 1838, should be permitted to suspend specie payments; and an act of the legislature of 1838, approved April 3 of that year, suspended the general banking law for one year, as to any banking association whereof the capital stock had not already been subscribed, and ten per cent, paid in with a like suspension of the above mentioned amendatory act, approved December 30th, 1837, as to any banking association which had not then gone into operation; and afterwards an act looking to the final abandonment of the system, approved April 16th, 1839, provided that no bank should thereafter be established under the general banking law,
Michigan
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