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Early Michigan Early Banks Of Michigan
The precise amount of outstanding bills of these banks at the time of the collapse is not ascertained, nor indeed ascertain able; but, it cannot in all probability be less than one million of dollars; and this fell as a dead loss on the community.
While we thus trace the history of these unfortunate banking operations, and of the frauds connected with them, we cannot fail to note that the management of the machinery by which the frauds were committed was by the hands of comparatively few individuals, whose names are conspicuously prominent in the reports; and we must not fail to declare that many excellent and honorable men, with intentions the most upright, were drawn into the associations and became stock-holders, and some of them directors. Men of this description, when they discovered the true character and intentions of their associates, did all in their power to check the evil and protect the community from loss.
Michigan
Page 41
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