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Early Michigan Early Banks Of Michigan
How extensive this practice was, and how fraudulent in its character, is fully shown by the commissioners' report. We cite a few examples: the Detroit City Bank had of these certificates $9,000; Farmers' Bank of Oakland $25,000; Oakland County Bank was organized on a specie certificate of $10,000 and specie to the amount of $5,000, which was borrowed of another bank and paid in three times and counted for $15,000. The Clinton Canal Bank was started by the means of specie,'principally borrowed for the purpose in Detroit.
Farmers' Bank of Genesee was organized by the use of stock notes instead of specie, and in making its reports specie certificates to the amount of $35,500 were used. For the Exchange Bank of Shiawassee specie certificates to the amount of $27,000 were used. The Bank of Kensington used stock notes and specie checks. The Bank of Lapeer used a specie certificate to the amount of $15,000.
Michigan
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