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Early Michigan Early Banks Of Michigan
But the specie held by the banks was largely in foreign coin, and of various mixtures, and little change took place in its identity. A few examinations, with close inspection, would enable any one to know the character of that held by each bank, and to discover ear-marks by which he could afterwards identify it. If the specie belonging to one bank was found and recognized in another, a hasty return of the commissioner to the former, or a strict examination of all the parties to the transaction under oath could scarcely fail to expose the fact.
But there were found some banks that had no amount of even borrowed specie. The Bank of Sandstone, for instance, never had any specie, and although its liabilities exceeded $38,000, it had no assets of any kind at the time when it was examined. The Exchange Bank of Shiawassee threw open its safe to disclose only seven coppers and a very small amount of paper, while it had bills in circulation to the amount of $22, 261. The Jackson County Bank placed before the commissioners a goodly number of ponderous and well-filled boxes, but on opening them and examining their contents the top was found covered with silver dollars, but below was nothing but nails and glass.
Michigan
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