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

former entitled TO confidence. The latter went
into operation unlawfully, has made report,
and gioen no security, and should henceforth be
considered as an unlaicfu institution, and with
out any right to banking privileges. Their cir
culation is believed to be about $lO,OO0, which,
from the character and ability of those who have
received the benefit, will probably be redeemed
without loss. to the bill holder. Whether 1t is me-
cossary to adoptfurther measures, either by Grim
inal or chancery process, will depend upon fur
ther information. 100000. 1910
Most of the banks in this circuit have compile
ted their securities, and the remainder have near
y perfected 'her's, with the exception of the
banks of Homer and Berrien County, which are
not yet received, though have assurances and
explanations, that satisfactory for the present.
that they have been making every exertion to
comply with tho law.
On the 22d Of March, found the Calhoun
County Bank in very unsatisfactory condition.
A majority of the stock had passed into the hands
of men in whose honesty, as bankers, ! had no
confidence. A large portion of their specie and
notes had been taken cut without tho knowledge
and consent Of the directors, and without any
satisfactory vouchers, and under circumstances
that left no doubt of some fraudulent design
The directors, who are honorable and high-mind-
| ed men, gave strong assurances that every effort
should be made to rsctify what had been done,
but as yet no satisfactory information has been
received that all is right; must, therefore, re-
| port it, found it, just object Of suspicion!
until further notice to the public of its solvency.
deem it proper to report to your excellency that
much of the evils now felt from the deprecated
and uncertain state Of our currency, has been
occasioned by the very injudicious and unfortu-
nate agency of some two or three of the charter
cd banks, in the shape of false and deceptive
titicdtes of specie deposites, which have been
received and counted cash on hand by public
officers in the organization of banks ;and which
have afterwards been reported by some of tho
cashiers, under oath, cash on hand, and which
amounts to moral If not legal perjury in many
instances Those certificates have been made to
considerable extent the basis of paper issues O.
qually deceptive and worthless, and which has
been received and used by those banks, and paid
out by them good money to the honest and I'M
suspecting part of the community, and from
whom they afterwards refused to take it back,
knowing its true character, leaving it upon their
hands, in many instances, as n total loss. With
a knowledge of these facts, the commissioners
cannot, atShis time, and without further inres-
tigation, undertake to draw the In, of distinc-
ton between the honest and dishonest institu-
tons, or between those that are solvent and in
solvent
have no doubt whatever of the entire sol
vency Of every new bank in the state that has
taken the law as guide in its organization and
management. Such only are to be feared as have
mong any of the banks, except against such as
are VIGOROUSLY fraudulent and dangerous, would
at this time be attended with very disastrous con-
sequences to all classes of the community. 1t is
believed that the interest and prosperity of the
people are closely identified with that of the hon
est and well regulated banks, and that in times
|, Of pccuniary embarrassment and Distress il is
their true policy and for their mutual benefit to
sustain each other by ali the means in their pow
er. crisis is fast approaching, that will require
their mutual confidence, support and energy, to
prevent general crash, that might destroy the
hopes and blast the fair prospects of thousands
OF our most worthy and enterprising fellow citi-
zens. Political and personal animosties, bank
} ealousies and party schemes, if INDUCED in, can
have no other effect than to increase the public
distress nor should it be forgotten that our old
banks have been extremely indulgent and for
bearing towards their debtors, and that if they
are weak and unable at present to pay their
debts TO the United States, it is because they
have not collected what is due them from the peo-
pie, and cannot do SO at present without produ-
eng great distress and pecuniary sacrifice on tho
part OF the community in general.
, L am confident that several of the banks ma
med in the annexed schedule, have curtaled
their circulation, and in some cases increased
their amount of specie, since the examinations
were made, and that before the 10Th of May, eve
ry fraudulent institution in the state will be de-
tected and exposed.
All OF which is most respectfully submitted.
8 THOMAS FITZGERALD,
Bank Commissioner
, Detroit, April l6, 1888.