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Early Michigan Early Banks Of Michigan
It was largely given by the officers of the bank or by the individuals who had been active in the organization of it, and who controlled its action. The same individuals sometimes controlled several banks, some being directors in one and some in another of them, and their names appearing on the discounted paper to large amounts in all of them. Many of these individuals were entirely irresponsible and their paper worthless. In some instances discounted paper had been withdrawn with no substitution for it. In the phrensy of the times banks became a subject of repeated sale and transfer, and in such cases the retiring stockholders sometimes took to themselves the discounted paper of the bank, and the new proprietors furnished a substitute therefor. In one instance, on such a transfer, promissory notes to the amount of nearly $100,000 were withdrawn and new paper subsi-tuted, the former of which was subsequently declared by an investigating committee of the house of representatives to be good, and the latter Worthless, if not forged.
Michigan
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