History of Oakland County Michigan a narrative account of its historic progress, its people, its principal interests / compiled from the official records of the county, the newspapers and data of personal interviews, under the editorial supervision of Thaddeus D. Seeley.

HISTORY OF OAKLAND COUNTY

243

THE "WILD-CAT" BANKS
The general banking law of 1837, which specifically produced the
"wild-cat" system, brought six failures to the banks of Oakland county.
The first was founded in July of that year and was called the Bank of
Oakland. It had a capital of $50,ooo, and its board of directors was as
follows: Daniel LeRoy, president; G. O. Whittemore, cashier; Schuyler
Hodges, C. C. Hascall, Amasa Bagley, Olmstead Chamberlain, G. W.
Williams and Francis Darrow, directors.
This was soon followed by another called the Farmers' & Mechanics'
Bank, with a capital of $50,ooo, of which Schuyler Hodges was president, G. W. Williams, cashier; and G. O. Whittemore, teller.
In December, 1837, the Clinton Canal Bank was established with the
same amount of capital-William S. Stevens, president, and Alfred
Treadway, cashier.
In the early part of 1838 the Farmers' Bank of Oakland and the
Bank of Auburn, each capitalized at $50,ooo, were established, and at
once proceeded to pour into the market their promises to pay, which
the good citizens trustfully received as real money.
But the circulatory power of the "wild-cat" banks proved to be of
short duration, as they all suspended payment in 1838, on the decision
of the supreme court relieving the stockholders from any liability touching the redemption of the bank bills.
The Clinton Canal Bank was reported in good standing with the state
institutions in June, 1838, but in October it was enjoined against further operations, and S. Beach appointed receiver. The Farmers' &
Mechanics' Bank failed July 9, I838, William Draper being appointed
receiver therefor, and others were wound up shortly afterward. Samuel
York, at Lee, was the receiver of the Farmers' Bank of Oakland.
ONE "SAFETY FUND" BANK
The Safety Fund system produced only one bank-the Oakland
County-which was chartered April 28, I836, and on the 2d of December, 1842, called in ten per cent of the stock, being the first business done.
In August, I843, F. A. Williams was president and in October Norman
Rawson was cashier. The real owner and operator of the bank, however,
was Wesley Truesdell, who also owned the Monroe Bank, which he removed to Detroit. The Oakland County Bank suspended in 1846, after
it had succeeded in getting out a large amount of circulation in Detroit,
and its charter was repealed in the following year. No other banks of
issue were established in the county until the national banks were founded
under the national banking law.
NATIONAL BANKS IN THE COUNTY
The First National Bank of Pontiac was organized April 29, I864,
with a capital of $50,00o. W. H. Perry was elected its first president, but
never qualified; Theron A. Flower was also elected and immediately resigned; and in July E. B. Comstock was chosen to head the directors.
Charles R. Durand was the first cashier.
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