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Banks and banking in Michigan; with historical sketches, general statutes of banking under state and national laws, and personal notices of late prominent bank officers

Banks and banking in Michigan; with historical sketches, general statutes of banking under state and national laws, and personal notices of late prominent bank officers

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Описание
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887 Excerpt: ...reduction of capital in the event of loss, and for making good an impairment up to $50,000, or of the minimum amount required by law. No bank should continue business with less, nor should they advertise and be taxed on a larger amount than they have in an actual balance of legal assets. All banks should also be required to retain on hand or make good a definite reserve. The State banking law should be complete, and as nearly perfect as it can be made. No wrong can result from just requirements, and their omission tends to irregularities. Banking should be principally under State authority, and under State supervision of an efficient character. The reason for not organizing under the State law may be its want of completeness, and doubt as to the copstruction of some of its provisions, presenting a contrast to the more modern feature of the national law, and the more perfect supervision of banks under it. People will do business with institutions that command their confidence. The State law may be revised so as to make it as acceptable as the other. This done, the only remaining difference will be in the power to issue currency, in which it is conceded there is no profit. State banks should be just suited to the needs of the people, and should command popular favor. There is some State pride involved in this matter. Twenty-eight years have elapsed since the State law became operative. Eighty-nine banks have organized under it, twenty only continued business as State banks, and thirty-six under the amendment of 1871, as savings banks. None of the State banks have become particularly large; three of the number have considerable surplus funds, and all appear to have a safe and fairly remunerative business. The savings banks have larger deposits, larger amounts ...