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Early Michigan Early Banks Of Michigan
The creditor no longer seeks to recover his debt, and the debtor no longer fears prosecution. Thus ends the history of that memorable financial epoch. Forty years have passed since these events, and few remain who can remember the excitement and distrust, the fear and despondency, the hopes and disappointments, which agitated the community in those days of inflation and speculation, of bankruptcy and financial distress; and fewer still remain who bore part in the transactions connected with them. We look back upon them to read the lessons which their history teaches. The notion that banks without real capital, or a currency which can never be redeemed, can relieve from debts or insolvency, is tried and exploded. We are led to the true principal that prosperity, both public and individual, awaits upon industry and economy, judicious enterprise and honest productive labor, refrain from wild speculation and unprofitable investments, and a wise and prudent use of our abundant resources.
Michigan
Page 43
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