THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT?
Wild Cat banking was only one of the factors behind the collapse of Michigan’s banking system and the state’s subsequent fall into a deep and prolonged depression. The Wild Cat period was brief, less than a year; the number of Wild Cat banks was small, perhaps a dozen; losses to note holders due spe...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Economic & Business History Society
2014-06-01
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| Series: | Essays in Economic and Business History |
| Online Access: | https://www.ebhsoc.org/journal/index.php/ebhs/article/view/240 |
| _version_ | 1819082803779731456 |
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| author | John Dove Gary Pecquet Clifford Thies |
| author_facet | John Dove Gary Pecquet Clifford Thies |
| author_sort | John Dove |
| collection | DOAJ |
| description | Wild Cat banking was only one of the factors behind the collapse of Michigan’s banking system and the state’s subsequent fall into a deep and prolonged depression. The Wild Cat period was brief, less than a year; the number of Wild Cat banks was small, perhaps a dozen; losses to note holders due specifically to Wild Cat banking would have been only about $350,000 had it not been for an interference with contract; and, there is little evidence that Wild Cat bank notes ever had a general circulation. This study argues that the Wild Cats gained the level of notoriety that they did mainly because of other events, including the state’s interference with contract. The interference first delayed and then completely undermined the collection of the debts owed to the Free Banks of the state and, in so doing, undermined all the Free Banks of the state, whether reckless or not. |
| first_indexed | 2024-12-21T20:22:29Z |
| format | Article |
| id | doaj.art-e97732fd8f75431fae1a5d4b3a781916 |
| institution | Directory Open Access Journal |
| issn | 0896-226X |
| language | English |
| last_indexed | 2024-12-21T20:22:29Z |
| publishDate | 2014-06-01 |
| publisher | Economic & Business History Society |
| record_format | Article |
| series | Essays in Economic and Business History |
| spelling | doaj.art-e97732fd8f75431fae1a5d4b3a7819162022-12-21T18:51:27ZengEconomic & Business History SocietyEssays in Economic and Business History0896-226X2014-06-013214780240THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT?John DoveGary PecquetClifford ThiesWild Cat banking was only one of the factors behind the collapse of Michigan’s banking system and the state’s subsequent fall into a deep and prolonged depression. The Wild Cat period was brief, less than a year; the number of Wild Cat banks was small, perhaps a dozen; losses to note holders due specifically to Wild Cat banking would have been only about $350,000 had it not been for an interference with contract; and, there is little evidence that Wild Cat bank notes ever had a general circulation. This study argues that the Wild Cats gained the level of notoriety that they did mainly because of other events, including the state’s interference with contract. The interference first delayed and then completely undermined the collection of the debts owed to the Free Banks of the state and, in so doing, undermined all the Free Banks of the state, whether reckless or not.https://www.ebhsoc.org/journal/index.php/ebhs/article/view/240 |
| spellingShingle | John Dove Gary Pecquet Clifford Thies THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT? Essays in Economic and Business History |
| title | THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT? |
| title_full | THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT? |
| title_fullStr | THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT? |
| title_full_unstemmed | THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT? |
| title_short | THE MICHIGAN FREE BANK EXPERIENCE: WILD CAT BANKING OR INTERFERENCE WITH CONTRACT? |
| title_sort | michigan free bank experience wild cat banking or interference with contract |
| url | https://www.ebhsoc.org/journal/index.php/ebhs/article/view/240 |
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