History of Saginaw county, Michigan; together with ... portraits ... and biographies ... History of Michigan ...

HISTORY OF MICHIGAN.

107

law was not without some good features, but it carne into existence
at a most unfortunate time, and the keenness and unscrupulousness of desperate men, taking advantage of its weak points and
corruptly violating its salutary provisions, used it to the public
injury.
Under this law about 40 banks went into operation, many of
them in remote and obscure places, and before the commissioners
could perfect their.work of reform the crisis came and the catastrophe could not be averted. Failure rapidly succeeded failure,
and legitimately chartered banks were drawn into the same vortex
with the " wild-cat " institutions. Only seven banks escaped the
whirlpool, and the worthless paper afloat represented more than a
million dollars. As ex-Gov. Alpheus Felch well says:
" Thus ends the history of that memorable financial epoch.
Forty years have passed since these events, and few remain who can
remember the excitement and distrust, the fear and despondency,
the hopes and disappointments which agitated the community,
in those days of inflation and speculation, of bankruptcy and
financial distress; and fewer still remain who bore part in the
transactions connected with them. We look back upon them to
read the lessons which their history teaches. The notion that
banks without real capital, or a currency which can never be
redeemed, can relieve from debts or insolvency, is tried and
exploded. We are led to the true principle, that prosperity, both
public and individual, awaits upon industry and economy. judicious
enterprise and honest productive labor, free from wild speculation
and unprofitable investments, and a wise and prudent use of our
abundant resources."
In 1875 there were 77 national banks in this State, doing an
annual business of about $26,000,000; 15 State banks, with a business of nearly $4,000,000, and 12 savings banks, with a business of
$6,000,000.
GEOLOGY.
The lower peninsula occupies the central part of a great synclinal
basin, toward which the strata dip from all directions, and which
are bounded on all sides by anticlinal swells and ridges. The
limits of this basin exceed those of the peninsula, extending to
London, Onit., Madison, Wis., Marquette and Sault Ste. Marie.
The whole series of strata may therefore be compared to a nest of
dishes, the lower and exterior ones representing the older strata.
The upper peninsula is divided by the Mlarquette-Wisconsin
anticlinal into two geological areas, the eastern belonging to the
great basin above alluded to, and the western being lacustrine in
its character, and largely covered by Lake Superior. The southern
rim of the latter is seen uplifted along Keweenaw Point and the
south shore of the lake, and these strata re-appear at Isle Royale.