|
Early Michigan Early Banks Of Michigan
Another box containing silver was then brought from another room and sworn to by a director present as the property of the bank, but he afterwards brought an action for it against the receiver of the bank, claiming it as his own individual property. This bank, with an indebtedness of some $70,000, had not more than $5,000 of available assets.
It is manifest that this condition of things could not have existed without a fearful amount of fraud and perjury. In the excitement and recklessness of the times, amid ruined fortunes and blighted hopes, the moral sense had become callous. The general banking law was not without some good features, but it came into existence at a most unfortunate time, and the keenness and unscrupulousness of desperate men, taking advantage of its weak points and corruptly violating its salutary provisions, used it to the public injury.
Michigan
Page 38
|
|
If you find this information helpful please consider making a donation
Thank you
Thank you
|
