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Early Michigan Early Banks Of Michigan
Failure rapidly succeeded failure. A knowledge of the real condition of the banks put an end to all confidence in them, and their bills were depreciated and finally rejected altogether ; and when their doors were closed by process from the court of chancery there was left afloat in the community a large amount of their bills destined never to be redeemed. And this result was not limited to what were called the " wild cat banks;" chartered banks also fell into the same category. Some of them sustained themselves nobly, but none could escape the vortex in which all were whirling. In December, 1839, according to the report of the bank commissioner, there remained in operation only three chartered banks with one branch bank, and four which were organized under the general law; and all these have long since gone out of existence. A report made in the month last mentioned by the attorney general enumerates 42 banks as then under injunction, and exhibits the condition of their affairs so far as ascertained. It is a deplorable exhibit of large indebtedness and small
available assets.
Michigan
Page 40
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