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ver Newberry's bonds, up to
25. To cash deposited in bank by Amos T.
Hall and Thomas Clarke, collectors of
tolls, Oct. 2.
do 30. do
do Nov. 6.
do 27. do
2,147 21 2,716 12 2,684 26 2,595 94 2,881 53 3,315 20 2,425 49 2,412 01 2,169 61 1,863 59
$87,586 74 To balance brought down,
66,588 30 To the following sums received of Bank of
Ypsilanti, in settlement with that bank
4,998 44 G. H. Tracy, cashier, for draft on the Ca
nal bank, Albany, due Jan. 1st, payable
10,000 00 Thomas Romeyn's check on Bank Ypsi
Janti, for interest due on settlement with
205 00 Dec. 31. Cash received of Amos T. Hall, collector of tolls,
$1,955 66 Do. Thos. Clarke, 2,815 31
New York, for interest on $200,000 due
Bank of Ypsilanti, by Thomas Clarke,
ney General for collection,
14,998 44 66,588 30
$87,586 74 By overcharge of 51 cents reported by the collectors and the amount deposited in the bank to the debit of the State Trea
51 Dec. 24. Cash paid warrant favor Phænix bank, N.
Y. for semi-annual interest on $200,000
6,000 00 31. By balance carried down,
$86,562 71 AUDITOR GENERAL'S OFFICE, Detroit, 1st Jan. 1839.
Auditor General, s. M.
The whole amount of tolls returned by the collectors on the central railroad has been placed to the credit of this fund as sipulated by law, and could not legally be diverted therefrom. On or about the 16th day of August, the then acting commissioner made known to me that the funds in his hands, arising from the running of the cars prior to the appointment of collectors, were exhausted. In this state of things, I concluded it was best, as long as there appeared to be a profit in running the cars, I should draw warrants on the treasurer for the expenses on proper certified vouchers of the acting commissioner, a statement of which is hereun'o annexed, and I beg leave to suggest that some legislative action should be had in the premises for the payment of the expenses incurred hereafter.
ROBERT ABBOTT, Aud. Gen.
Reference. Amount of tolls, $64,182 66. Expenses for running cars and repairs on road, $27,243 31, which, if abstracted from the amount of tolls to the credit of the sinking fund, will leave a balance arising from the revenue of the road of $36,939 35.
(No. 15.) Lansing B. Mizner, Acting Commissioner, in account with Internal Improvement fund, for advances.
DR. 1838. June 9. To Auditor General's warrant on the treas
urer of internal improvement fund, $5,000 00
9th to June 29, and from September to
$4,471 03 Balance due by L. B. Mizner, carried down, 528 97
$5,000 00 Auditor GENERAL'S OFFICE, Detroit, 1st Jan. 1839.
ROBERT ABBOTT, Auditor General.
(No. 9.) Bank Commissioners' Report. To the Honorable the Senate and House of Representatives of the
State of Michigan. The undersigned, Bank Commissioners of the State of Michigan, have the honor to transmit herewith a report of the affairs and condition of the several banking institutions of the State of Michigan, together with an abstract of exhibits and other documents therein referred to.
D. V. BELL.
State of Michigan. The undersigned, the Bank commissioners of the state of Michigan, in obedience to the provisions of the nineteenth section of the act to create a fund for the benefit of the creditors of certain moneved corporations, by which it is made their duty, "in the month of January in each year, to report to the legislature the manner in which they have discharged the duties imposed upon them—and to accompany such report, by such abstracts from the reports made to them, and by such other statements as they may deem needful,” have the honor, conformably thereto, to present the following
REPORT: The manner in which they have discharged the duties imposed upon them, being the first branch of their present duiy, will claim a brief attention, before entering on the subject matter of their report.
The peculiar embarrassments which they have had to encounter, and the weighty responsibilities consequent thereupon, clothes this duty with a new character. It becomes an act of justice to themselves, and to those who have honored them with so important a trust.
At the period the commissioners entered upon their labors, every portion of the state was flooded with a paper currency, issued by the institutions created under the general banking law. New organizations were daily occurring, and the public mind was every where agitated with apprehension and distrust. The state was in the midst of the evils consequent upon an excessive and doubtful circulation. Rumors of the most frightful and reckless frauds were daily increasing. In this emergency, prompt and vigorous action was imperiously demanded, as well by the public voice as the urgent necessity of the case. Upon a comparison of opinions, the commissioners united in the conclusion, that their duty was of a two fold character. The first, and most obvious one, was to take immediate and decided measures in ascertaining and investigating the affairs of every institution suspected of fraud, and closing the door against the evil without delay. The second was a duty of far more difficult and delicate a nature, and involving the assumption of a deep responsibility.
The public interest seemed to require that some distinction should be made between cases of wilful fraud, and those of a mere violation of the law. The first class could proceed but from one motive; the second might arise from misapprehension of the law, inflated views, error, ignorance, and various other causes, not the least of which were the pressing necessities of those, who being largely indebted, seized the opportunity of present relief, with the expectation that a short delay would enable them to realize the means of redemption.
In those cases where the commissioners could induce securities to be given, and excite vigorous efforts, with any prospect of success, to withdraw their excess of circulation and render certain the final redemption of all liabilities, they considered it their duty to the public to overlook former irregularities, and allow and encourage the banks to sustain themselves, and those engaged in them, to preserve their honor and character. This conclusion was based upon the fear of the dreadful consequences which would ensue, should the vast amount of paper money in circulation be left suddenly in the hands of the community, with no prospect of redemption but through the tardy aid of the laws.
With these determinations, the Commissioners commenced their labors, and traversed the state in every direction, where public apprehension, or private information, pointed at fraud. The re. sult of their first efforts was placed in the hands of the legislature, and is on the files of your honorable body.
The second branch of their labors has anxiously and painfully occupied them until this time. How far the gradual withdrawal and redemption of a vast amount of the circulation the valuable and ample securities obtained, by inducing a compliance with the amended laws in many institutions wbich they have subsequently found it necessary to enjoin, have justified their interpretation of their duties, and the responsibilities they have assumed, is confidently submitted to a candid consideration.
Had the Commissioners confined their sense of duty to the strict letter of the statute, their task would have been comparatively easy, put in no jeopardy their characters and reputation, and restricted their efforts to a less expensive and less arduous service.
The injunctions obtained within the few last months have been numerous. This arises from the fact, that the public have ceased almost entirely to receive the money of the safety fund banks; credit being withdrawn, their notes have accumulated in large sums in a few hands, and coming home in masses, they have lost the ability, which might have been maintained if presented in small sums, to redeem them ; their exertions have been paralyzed, indifference has been manifested in making any provision for them, and the annual instalments have been neglected. The reasons, therefore, which induced the Commissioners to second their efforts, have no longer room for exercise; a disposition is manisested 10 escape liabilities; the dangerous responsibility resting on the Commissioners is, therefore, no longer demanded, and the safety of the public, in whose hands the irredeemable paper lies, has satisfied them that the assets and securities should be placed in less interested hands.
The difficulty of maintaining an impartial action has led the Commissioners to the adoption of the rule, that the first information conveyed of the insolvency of a bank should be through an injunction. Had the doubtful condition which a bank presented upon investigation been heretofore bruited abroad, it would have