Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-04-25

Bank Commissioners RepOrt.-We have de.
layed our paper for few hours in order to give
publicity to the Report of the Bank Commission
or, Colonel Fitzgerald, who has the supervision
of the banks in the third Judicial District. He
has reported, below, the condition of i3 Banks in
this District.
The ST. Joseph County Bank, one of the num-
Der mentioned in the report, in addition to the two
thousand dollars in specie reported, has notes,
having upon them good endorsers, (none to run
over three months from the lst of February to
the amount of rising $4,000, as good notes as
could DO made in this county and since the report
was made to the Bank Commissioner, the circu-
lation has been reduced to about fifteen thousand
dollars. Mortgages have been given on real es-
tate to the Auditor General of the State, as se-
curity for the redemption of the bills, to the
amount of twenty flour thousand dollars, as the
Records of the County Register will show. The
property was appraised by Messrs. Charles b.
Fitch and John Sturgs, the Associate Judges of
this county, and Giles Thompson, ESQ., Justice
of the Peace in the town of Florence. The same
gentlemen also appraised other property at the
same time, to the amount of six thousand dollars
more, the owners of which were then and are now
absent-it will be completed in few days and
forwarded to the Auditor General This, added
to that already executed, amounts to thirty thou
sand dollars; other property will be put in, to the
amount of $45,000
No discounts have been made at the bank for
the last two months. 1t is the object of the bank
to draw in the circulation on the payment of notes
due the bank or the debtors of the bank will be
required to pay in su CHI funds as will redeem the
bills.
These facts are within our knowledge, and VIC
give them publicity in order to quell the thou
sand rumors that are in circulation about all
banks.
The Commissioners Report shows the circu-
ation of the Banks in this district to be $780,
1876; and the specie $94,868.
We believe that the banks of the state of New.
York do not show better exhibit than the banks
of Michigan.
To His Ercelleney STEVENS T. MASON,
Governor of the State Of Michigan.
nexed schedule, showing, in part, the condition
of such banks as have examined in tho third
Circuit. A Further report, showing more fully
the resources and liabilities of all the banks in
the State, under the supervision of the Commits
sioners, will be made by the board, so soon as al
the necessary facts can be obtaind. Sufficient
Developments of bank frauds have already beer
published, to put the people on their guard against
furthe imposition and loss, until sufficient time
L. l.
Just estimation of the real merits of each institu
ton. The resumption of specie payment on the
10th of May, the action Of some of the grand
uries, and the faithful continuation Of the
probing process by the Commissioners, will, il is
confidently believed, do much within the next
few weeks towards restoring a sounder and
safer currency, and protecting in future the hon.
est part of the community against the evils they
now suffer. The time of excessive and fraudu.
lent banking in this State, at least is nearly over
The public have been cloyed and disguised, and
many good men ruined, by worse than
worthless paper currency. Bankrupts will be
no longer permitted to turn bankers. There is
redocming spirit in the virtue, intelligence and
energy of the people, and the conductors of the
press, upon which the Bank Commissioners
confidently rely for support in the performance
Of the arduous and responsible task they have un-
dertaken. The most they can do, on account Of
thcH 90 roCchty Conlng INTO oIHce, VIII DC 10
ferret out and expose bank frauds and violations
of law, and to endeavor to sustain all lawful and
honest institutions by all the means in their pow
err Previous TO the late amendments to the gen-
eral banking law, several new banks had been
projected, and their plates ordered. Some of
these, l have UNDERSTOOD intend going into i'm.
mediate operation, soon as their plates are re-
ceived, without compliance with the law, or
procuring the endorsement of Commissioner.
Among tho rest is tho Bank of White Pigeon,
which has been so much in want of money as
to have already commenced the issue of one dol
lar bank bills, on common paper, in true shin.
plaster form. Their necessities have probably
ere this, been inquired into by the grand jury CT
st. Joseph County. The earliest opportunity
will be taken to inform tho public of any neiD
bank going into operation contrary to law, and
TO have the bankers arrested. Tho farmers and
Merchants Bank of st. Joseph, at Centreville,
was not considered by the Attorney General as
being sufficiently lawful a corporation, TO JUS
tify proceeding by an injunction against II but
criminal proceedings will no doubt DO oommen-
ced against those concerned, if their bills be not
redeemed
1t has not been in my power TO visit tho banks
Of Grand River and Singapore but believe the