Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1848-01-07
Michigan Flnancsertng,
A TALE OF "THE TINES THAT TRt
MEN 81 PURSES.


been the theme of story and of song. Her
fnauciering is not unknown, and never will
he, as long as the Brandon and other banks
give living illustration of the trut. of Sam
Patch's remarks, that some things can be
done well as Others" With the swiftncss
almost Of the enchanter's wand, paper has
turned into bank notes, and every one knows
that iilile gene .ous confidence makes bank
notes money. Mississippi banking has
been said and sung-recied and re-recited,
until il has become an old and thrice cid
tale.
While thus the Mississippi fnancers-
ardent as a Mississippi sun could make
them have had their poets and letter
writer's and newspaper paragraphists TO
sound their praises, Michigan, her great fl
nancial rival, has not had one. Had her
banks continued li;;lc longer, she could
have beat Mississippi " all hollow" but
there came a frost, which nipped her rising
greatness.
The time of which we speak was about
the close OF the Specializing which common
cGd in 1896. EIe.y body had grown rich,
aud every body wanted to grow richer
calculated their riches by millions and half
millions. The State legislature bad enacted
geaeti Bapking law, wisely and safely
guarded ao ali new banks are, and banks
innumerable had gone INTO operation, and
their notes, thick as leaves IN NaIIambro-
sa," were in the pockets of bank officers,
their fyorites and dependents.
Among those appointed to watch these
institutions was Alpheus Felch, the late
Governor, and one of the present United
States Senators from Michigan. When the
general banking law was enacted, he stood
almost solitary and alone In opposition to
II; and after it went into operation he
viewed 1t with suspicion. As one Of the
four Bank Commissioners, lie had one
quarter Of the banks to attenl to, and was
bound TO examine them in person. He
marched one day into one of the banks in
Detroit, and demanded to see their specie.
The bank officers, who had expected his
coming, were all smiles and anabilIily, and
cracked their Jokes, and smoked their rcga-
las, and drank their cha IN oagne, with an
air that but few, except bankers can as
sumo
The Commissioner found the entire spe-
Gle capital of the bank in gold. Among
tie coin were some pieces of an older date,
and these from their antiquity, excited con-
siderable attention. At bank NO. /, all
things were founl right-lhe coin was
there, and the books showed that the is
sues of notes was but three dollars to one
At bank No. 2, as Mt No. |, the specie
capital was also in gold, and strange as it
may appear, the amount lacked but few
dollars Of being the same; and what was
stranger still, number of gold pieces, of
similar antiquity, were there found. The
Commissioner, anxious 10 see if the curious
coincidence would hold out, quietly took a
MEMORANDUM of the number of pieces, and
Of their date. st bank No. ,. the gold pie
ccs were there, and no where else, and the
number and dates cores pended. The
Commissioner drew down his spectaclcs--
chuckled little to thin how the bankers
had cntrapped themselves, in attempting to
outwit him; but he kept his own council
and went his own way. At the other
banks, making in all some twenty or thirty,
the same antiquity Of god-the same num-
Der of ancient coins, with dates correspond
ing with the memorandum, were found, and
of course the Commissioner had to pass on.
IDo,iricS wore ALWAYS made as to the next
bank to be examined, and Mr.. Commission
or FeIcb. proycrbiaI for nolienpss. couId
not refuse to answer.
The Commissioner was about closinc his
;p.nec,ion or the hank IN - remote comfy
AMI there remained hut one more visit. II
was late # night and he was anxious to oet
home. but the last hank heinz distant. and
the roads bad. he coucmdcdto wait till morn
inc The cashier thought il mpch the hest
nl3r. ord volunteered to take him over in
lie h,g,, In tho n,orning ,hont tho fine
,ba hn@cy v.,s br,nrht ont tho Commits
,o,or s.,nncd mo IN, ba,L and ,oll tho
cashier. then behind the counter. tia. he
would like To have a peep at THAT gold"
acun. The cashier colored red, and the
teller and the directors Drescn, looked blue.
while the president looked ~ thouUh he
exncctel Snniav I, come more Than orc
wav Tncv .r,ed 10 launb il off as , cocd
IKE. The " princ,nes" and the " reoaIias"
wer, co}in produced. and a new cham.
n,irpe 6o,,Ir was nncor<cd The Com
missioner said that no had gnokoJ tbo:r
proceedinrs. and he woull NJ, smoke any