Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-09
BANK COMMISSIONERS REPORT.


BANK COMMISSIONERS REPORT.
MADE to the Legislature, April 6, 1881
To the honorable the Legislature Of The State
ofMichigan.
The undersigned, in obedience to the res
olution of the honorable the House of Rep.
resentatives, have the honor to
REPORT:
That Immediately upon the appointment
of the present Board of Commissioners,
they commenced the important duty Of ex-
aiming the Institutions subject to their in.
spection, and have been constantly and as
siduously devoted TO the arduous task, to
the present time. 1t is subject OF regret,
that the time allowed them has not yet been
sufficient for the investigation of all the mo-
ncyed institutions subject to their supervi.
sion, previous to the resolution of the
House.
II was the design of the commissioners,
at the earliest period possible, TO have pre-.
scented to the executive, agreeaby to the
provisions Of the statute, detalld account
of the condition of all such institution
This would have enabled them 10 have pre-
sentod at one view, the resources, response
bilities and condition Of the several banks,
in such manner as to enable every ndl'
yidua to Judge of their solvency, and TO OBJ
tain q correct idea of the pecuniary condl-
ton of our state institutions.
The early cal. of the house, for informa-
ton as to those institutions which have been
examined, added to the interest which the
whole community feel in this important
matter, have induced the undersigned TO
lay before the Legislature at this time, such
information as partial examination has
placed in their possession.
The absence of our associate, Thomas
Fitzgerald, ESQ.,, who is now engaged
in the western portion Of the state, in the
examination of the banks located within
the limits of the third judicial district, pre-.
vents his Joining in this report. This Is es
pecally to be regretted, since we are una
bic thereby, for want of Information, to give
E the result of his investigations into the con
+, dilion of the banks in the last mentioned
circuit. There are established therein, tive
I chartered banks, branch of the bank o
Michigan, and eleven banking association
organized under the &C: to organize ant
regulate banking associations. Of the at
y fairs and condition of these, the undersign
: ed have reason to believe report will, a
an early day, be made by M. Fitzgerald
In the first and second judicial circuits
there are nine banks established under spe
cial charters, which are subject to the eS
animation of the commissioners. Th
Farmers and Mechanics Bank of Mich
gan, the Bank of Pontiac, and the Bank {
Macomb County, all of which are charter
ed institutions, not having given their az
) sen. 10 the provisions of the Act suspend
ing for limited time certain provisions
law" &c, are not subject to such exam
nation. There arc also established with
the limits of the said circuits, under Il
"Act to organize and regulate banking a
sociations," and the amendment there,
thirty three banks.
To the institutions located in the fir
and second judicial circuits, the investlg
> tons of the undersigned were confined
OF the banks therein above enumerate
:; five have done nothing more thar to orga
ae ize and file their certificates in the office
Ill the Secretary of State: these are the Cor
monwealth Bank of Tecumseh, the Bar
of Auburn, in Oakland County, Citizen
Bank at Ann Arbor, and the Adrian Bar
at Adrian. No bills have been issued
either of these banks.
~ The Farmers Bank of Sharon, and ga
m nav City Bank, the Detroit City Bank, Il
,,s Bank of Michigan, and the Michigan STA
&c. Bank, have not yet been visited by the COZ
he mssioners.
Sc, Annexed are the statements OF all I
70, TO- banks within the said circuits, with the
Ss ccptions above named, exhibiting their !
so sources and liabilities, as sworn 10 on
de- day when the said institutions were n
rec pectively examined. The accompany
"'' exhibit will display under appropriate hea'
an, much useful information relative to the
ZEN fairs and condition of the institutions OF I
ac- state. From the examinations which
VI ~ undersigned have been able to make, IN
pa. have reason to believe that in the MI
INST these statements are correct. In the
ted stance, however, Of the Bank Of Manch
ter. facts have been developed which he
;c DESTROYED their confidence in the statem'
the of its condition, made by the cashier oil
do institution, under the solcmnl,ics OF an GA
cit Such measures have already been taken
om- secure the interests of the bill holders, I
of Of there is reason to hope that no loss will
late sustained, and no great delay in the
the charge of the responsibilities of the 81
peo. suffered by its creditors. In the meant
''A' investigations are in progress, which
join enable full history 10 be made OF
the transactions of its officers and the col
tied ton of its affairs. In the instance, also
"'y the Farmers and Mechanics Bank OF !
my tiac, there is reason TO doubt the accur
. to of the statement as to the amount OF
s37 Gle in bank, reported as the bona hde
y perty of the institution. The facts IN