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Early Michigan Early Banks Of Michigan
Within the space of about a year 49 banks were organized and about 40 went into actual operation under the general banking law. The nominal capital of these banks was $3,915,000. If the law had been complied with they would have had an available capital in gold and silver, actually paid in, of $1,745,000, being 30 per cent, on their nominal capital; but no such sum was ever paid.
Many of these banks were organized in remote and almost inaccessible places, and before they could be visited they had done irreparable mischief. Many associations partially organized were relinquished. Great efforts were made by the bank commissioners to induce the banks in operation to call in their circulation and reduce their indebtedness, and with very considerable success. But the crisis came and the catastrophe could not be averted.
Michigan
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