Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-04-04
To THE PUBLIC.

The undersigned, two of the Bank Com.
mlssloners ofthe state Of Michigan, beg leave
respectfully to apprise the public that they
have been compelled to apply for injunctions
against the following banking associations,
situated within the first and second judicial
circuits in this state, viz:
The Bark of Lapeer,
Farmers Bank of Gcnesee County,
Farmers Bank Of Sandstone,
Jackson County Bank,
Exchange Bank at Shiawassee, and
The Wayne County Bank.
The above mentioned banks have been
examined by the undersigned, personally,
and are found in such condition, as in
their opinion, 10 have forfeited all claims to
public confidence, and to require them to
answer in court of Chancery.
The "Bank Of Manchester" also within
limits of the same circuit, was visited by the
three Commissioners in February last, and
so far as its condition was exhibited from
its books. papers, specie in bank and the
oath Of the cashier, its resources were am-
ply sufiicicn, TO meet lis responsibilities.
Facts, however, have since that time, the
undersigned are informed, come to tho
knowledge Of their associate, Mr.. Fhzge.
raid, which have with justice, undoubtedly,
induced him to caution the public against
receiving the notes of that institution.
The examination of the banks will be
prosecuted with all possible expedition The
undersigned will shrink from no responsible.
ty in proceeding against individuals or ass o.
Citations where there have been violations Of
the law, or where the security of the public
interests requires their interference. The
statutes afford the rule by which their con-
duct must and will be measured. At the
same lime, it is but Justice to the comlnuni.
ty, and is especially due 10 the interests of
blll-hollers, in every instance TO use all pos.
siblc endcavors 10 obtain such security as
will ensure the eventual discharge of every
claim against the institutions. This the COM
munity must be assured can be done only
by the most prudent course on the pant OF
the Commissioners, and the public may rest
assured that there are no secrets connected
with the Investigations, which are not made
so by strict regard to public interest. A
full report of the condition of the Banks
will be made at an early day to the lie.
gislature.
In the instances Of tho banks above men.
toned, against which injunctions have been
issued, there is ground to hope that the as.
sets and securities of some Of them may be
sufficient to discharge all their responsible.
ties in others, undoubtedly, percentage
only will be realized.
In the present excited state Of public feel.
ing, it may not be deemed improper 10 guard
the community against yielding 10 too pre-.
valent tendency to indiscriminate and uni.
versal distrust. Assuring them that while
many, and they trust large proportion of
the banking associations of the state are in
safe condition, and entitled TO confidence,
no exerion on the part Of the Commission
ers shall be wanting 10 wind up such as are
OF a different character, and TO the exposure
of individuals who may be fraudulently en-.
gagged in them, to merited obloquy, and the
penalties of the law.
A. FELCH,
X. PRITCHETTE,
Bank Commissioners.
n.tro;t Mach O7th 1879