USA > Michigan > Kent County > Standard atlas of Kent County, Michigan : including a plat book of the cities, villages and township. . . reference business directory, 1907 > Part 32
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IDENTIFICATION.
E mere act of iden. "ring a party or making him known to a banker car- ries with it no liability on the part of the party who thus preforms it, unless it can be shown there was fraud or collusion, Customers of banks are frequently asked to identify and make known to their own bankers, strang- ers who desire checas or drafts cashed or other accommodations. In some cases a mere introduction is all that is necessary, but only because the banker relies upon the honor and integrity of his customer, knowing that an improper person would not be introduced, for in a case of this kind the bank assumes all the risk. Generally speaking, however, it is an almost invariable rule with bankers, as it should be, to require their customer. to endorse all drafts or checks which are honored for the stranger. In this case the endorser becomes personally liable to the bank if any or all of the drafts or checks prove worthless.
An endorsement which is frequently made by parties who are asked to identify others is to merely indicate that they know the party to be the
payee named in the check or that the signature of the payee or party is cor- rect. This is done by writing the words "Signature O. K." under the party's name and signing it. This has the effect of guaranteeing that the party's name is as written and that it is his proper signature. It does not guaran- tee that the check or draft is good or will be paid, but merely as expressed, that the signature is correct, and the only liability assumed is that he will pay the amount in case the signature proves a forgery. Many banks, how- ever, will not accept paper endorsed this way and justly so, for it throws upon them the burden of the risk.
RECEIPTS AND RELEASES.
NY acknowledgement that a sum of money has been paid is a receipt, A receipt which reads "in full" though admitted to be strong evidence is by no means legally conclusive. If the party signing it can show an error or mistake, it will be admitted in his favor. Receipts for money will be held open to examination, and the party holding it must abide the results of such examination- the great aim of the law being to administer strict justice. A receipt may be of different degrees of explicitness, as the word "Paid" or "Received Payment" written on a bill. A " release " is simply a form of receipt, but is more binding upon the parties, inasmuch as, if prop- erly drawn, under seal, for a consideration, it is a complete defense to any action based on the debts or claims so released. Herein, releases differ from receipts. A release is in the nature of a written contract and therefore cannot be controlled or contradicted by evidence, unless on the ground of fraud, But if its words are ambiguous, or may have either of two or more meanings, evidence is receivable to determine the meaning.
INFANTS AND MINORS.
THE incapacity of a person to make a valid contract may arise from several. causes, and the fact of being an infant, or minor, is one of them. The general rule of law may be stated as being that the contract of an infant or minor is not always vold, but is voidable, and in many cases special excep- tion is made, giving validity to their contracts for necessaries. By being voidable, but not void in themselves, means that the infant has the right to disavow and annul the contract, either before or within a reasonable time after he reaches his majority. He may do this by word only, but a mere acknowledgment that the debt exists is not enough, and it must be sub- stantially a new promise.
AGENCY.
THERE are a few well-settled and important rules of law governing the matter of agents and agency, which every business man should under- stand thoroughly. The relation of principal and agent implies that the principal acts by and through the agent. A principal is responsible for the acts of the agent only when he has actually given full authority to the agent, or when he has by his words, or his acts, or both, caused or permitted the person with whom the agent deals to believe him clothed with this authority. This is a point which is not always thoroughly understood, but it is a well-settled principle of law. There are two kinds of agents-general and special. A general agent is one authorized to represent his principal in all his business, or in all his business of a particular kind, and his power is limited by the usual scope and character of the business he is empowered to transact. If he is given out as the general agent, the prin- cipal is bound, even if the agent transcends his actual authority, but does not go beyond the natural and usual scope of the business.
On the other hand, a special agent is one authorized to do only a speci- fic thing, or a few specified things, or a specified line of work. It this special agent exceeds his authority, it may be stated as an almost invariable rule that the principal is not bound, because the party dealing with the agent must inquire for himself and at his own peril, into the extent and limits of the authority given to the agent. Especially is this the case where the party knew that the agent had been or was engaged in attending to a par- ticular and specified line of work connected with the business of the princi- pal. The party, however, is not bound by any special reservations or limit- ations made secretly by the pimcipal of which he had no reasonable or easy means of having notice. The authority of an agent may be given by the principal, by writing or orally, or may be implied from certain acts. Thus if a person puts his goods into the custody of another whose business it is to sell such goods, he authorizes the whole world to believe that this person has them for sale; and any person buying them honestly, in this belief, would hold them. If one, knowing that another had acted as his agent, does not disavow the authority as soon as he conveniently can, but lies by and permits a person to go on and deal with the supposed agent, or lose an op- portunity of indemnifying himself, this is an adoption and confirmation of the acts of the agent.
A principal is bound by the acts of an agent even after the revocation of his agency, if such revocation has not been made public or is unknown to the party dealing with the agent. An agent can generally be held per- sonally liable if he transcends his authority; but this is not the case if the party with whom he dealt knew that the authority was transcended.
ORIGIN AND HISTORY OF BANKING.
IN general, banks may be said to be credit institutions or dealers in credit. John Jay Knox once said that "the exchanges of the modern world are bar- ter, effected by the indirect agency of the credit system, and banks and bankers are the machinery by which this is done." Metallic money and its representative, the circulating note, are only the small change of "Trade" employed in the settlement of balances and small purchases and payments. This fact is illustrated by the operations of the New York clearing house. The exchanges have been about 800,000 millions of dollars during the past thirty years while the balances paid in money have only been about 36,000 millions, or about four per cent. of the amount of the settlements.
It has always been claimed that the business of banking originated with the Venetian money changers who displayed their wares and moneys on the streets and thus supplied those in need of change. According to the most eminent authorities the earliest banking institution in Europe was the Bank of Venice, which was founded in 1172, and was based upon a forced loan of the government. Funds deposited in it could be transferred to others on the books of the bank at the pleasure of the owner, but they could not be withdrawn. The perpetual annuities of the British debt are handled in a very similar manner at the present day. The Bank of Venice was con- tinued until 1797. In 1401, the Bank of Barcelona was formed. At a period much earlier than this, the Jewish money-dealers had invented what are known as "foreign bills of exchange," but it is said that this bank was the first institution that made a business of negotiating and handling them, The Bank of Genoa commenced operation in 1407 and for centuries was one of the principal banks of Europe. It was the first to issue circulating notes-which were passed only by endorsement, not being payable to bearer.
The Bank of Hamburg, established in 1619, was a bank of both deposit and circulation based on fine silver bars. This bank, like nearly all of that early time, had, as a principal object, the protection of the people from worn, sweated, clipped and plugged coins, or coins of certain em- pires that were reduced in standard value. The remedy generally adopted was to lock up the debased and depreciated coins and circulate the credit granted for them. Various other banks sprang into existence throughout Europe, many of them being powerful government agencies, and in many cases exerted a wide influence in shaping the destinies of empires.
In 1694 the Bank of England was established, and there is no banking institution in the world equal to itin the management of national finances. The Bank of France was authorized in 1800. It is not a fiscal agent of the government as is that of England. It does not collect or disburse the revenues of the exchequer but it lends to it largely, while its credits, in the form of circulating notes and other acceptances, have borne the govern- ment safely through extraordinary needs.
It is claimed that the first organized bank in the United States had its origin in the formation of a banking company without charter June 18th,
1780, by the citizens of Philadelphia, and first action by Congress was taken June 22, of the same year in reference to this proposed association. Two years afterward, a "perpetual charter" was granted to the Bank of North America at Philadelphia. In 1784 the State of Massachusetts incorporated the Massachusetts Bank. The Bank of New York was chartered in March, 1791, although it had been doing business since 1784, under articles of asso- ciation drawn by Alexander Hamilton. Most of these institutions are still running and have been converted into national banks. The Bank of the United States was organized in 1791. The most of the stock was owned by the United States Government, but later the Government interest was dis- posed of, and in 1843 the bank failed.
State banks were organized rapidly, and private banking firms sprang into existence and the business of banking assumed immense proportions. In 1863, the NATIONAL BANK SYSTEM was adopted and in 1864 the National Bank Bureau of the Treasury Department was organized, the chief officer of which is the comptroller of the currency. In March, 1865, an act was passed providing for a ten per cent. tax on notes of any person or State bank issued for circulation, and making an exception of National banks. This had the effect of taxing the State bank circulation out of existence. As the National banking system has proven one of the most efficient and sat- isfactory methods the world has ever known, it will be of interest to review here some of its principal features. Under this act National banks may be organized by any number of persons not less than five. Not less than one- third of the capital must be invested in United States bonds, upon which, circulating notes may be issued equal to 90 per cent of the par value of the bonds. These circulating notes are receivable at par in the United States in all payments except for duties on imports, interest on the public debt and in redemption of the national currency. The National banks are re- quired to keep a certain reserve; they are authorized to loan money at the rate of interest allowed by the various States-when no rate is fixed by the laws of the State, the banks may charge 7 per cent. Shareholders are held - individually liable, equably and ratably, for all debts of the association to the extent of the amount of their stock, in addition to the amount invested therein. The banks are required, before the declaration of a dividend, to carry one-tenth part of their net profits of the preceding half year to a surplus fund until the same shall amount to 20 per cent. of the capital; and losses and bad debts must be deducted from net profits before any dividend is declared. A receiver may be appointed by the comptroller to close up under his supervision the affairs of any national bank which shall fail to keep good its lawful money reserve or which may become insolvent. While there have been national bank failures, there has never been any loss to the people whatever on the circulation. A suit may be brought for forfeit- ure of the charter of a bank if the directors shall knowingly violate the law; and in such cases they may be held liable in their individual capacity. There are other restrictions in the law-such as for instance, the prohibi- tion against loaning to any one borrower of more than ten per cent. of the capital; or the holding of any real estate except such as is required for banking purposes, or the granting of loans upon the security of the bank stock.
The national bank circulation has been gradually growing less during the past ten years, as the United States bonds available are quoted sohigh above par and the rate of interest so low that there is but little profit to the banks in it. All of the States have laws regulating State Banks and provid- ing certain restrictions, but as the laws of the various States are not alike it is impossible to give a general description of the matter that would apply to all the States. The laws, however, provide for and require State banks to hold a certain reserve, and at regular intervals they make full statements as to their condition and their affairs are examined into by certain State officials at frequent intervals. The laws of all the States have reached a high degree of perfection in the method of regulating and overseeing State banks, and the almost universal soundness and reliability of these insti- tutions reflect credit upon the laws under which they exist.
CLEARING HOUSE.
THE Clearing-House is the place where the exchanges of the banks are made in all the principal cities of the world. The clearing-house sys- tem was first established in London about the beginning of the present century. It was first introduced into this country by the banks of the city of New York organizing an association, under the name of the New York Clearing House, which commenced operations Oct. 11, 1853. At that time it consisted of fifty-two banks, but five of them were soon closed because of their inability to meet its requirements. Clearing Houses have since been established in nearly all of the principal cities of the continent.
In all cities a bank receives large amounts of billsof and checks on other banks, so that at the close of each day's business every bank has, in its drawers, various sums thus due it by other banks. It is, in like manner, itself the debtor of other banks, which have during the day received its bills and checks drawn upon it. Prior to the establishment of the clearing- house it was necessary for each bank, every morning, to make up its account with every other bank, and to send its porter or agent to present the bills and checks so received to the debtor banks for payment. The balances were adjusted by payments in gold, which became so laborious, dangerous, and complicated, that the balances were settled only weekly instead of daily-a plan that resulted in great risk and evil. This was obviated by the clearing-house system, through which the settlements are so simultane- ously and quickly effected that in New York the transactions in one single, day have amounted to over $300,000,000, in adjusting which the exchanges were settled in the space of an hour. Besides saying a vast amount of work, book-keeping and expense, it enabled the banks by united aid to strengthen each other in times of excitement and financial panic
The following is the manner in which the settlements are made in about all the clearing-houses of this country: The clearing-room is provided with a continuous line of desks, one for each bank that is a member of the association, each desk bearing the name and number of the bank. Each bank is represented every morning, at the hour fixed for settlement, by two clerks, one a messenger who brings with him the checks, drafts, etc., that his bank has received during the day previous upon the other banks -called the "exchanges," and these are assorted for each bank and placed in envelopes. On the outside of each envelope is a slip on which are listed the amounts of the various items which it contains. The messengers take their places in a line outside the row of desks, each opposite the desk as- signed to his bank, while at each desk is a clerk with a sheet containing the names of all the banks in the same order as the desks, with the aggre- gate amounts which his bank's messenger has against each bank. Just previous to the hour fixed for making the exchanges the manager takes his position and calls the house to order. At a signal the bell rings and each messenger moves forward to the desk next his own and delivers the envel- ope containing the checks, etc., for the bank represented at that desk to the clerk at that desk, together with a printed list of the banks in thesame order, with the amount opposite each bank. The clerk receiving it, signs and returns it to the messenger, who immediately passes on to the next desk; then to the next, and so on until he has made a complete circuit and has again reached the desk of his own bank-the starting point. All the other messengers moving in the same manner; each messenger has, by this means, visited every bank and delivered to each everything his bank held for it, taking a receipt for the same; and at the same time each bank has received all the exchanges that every other bank had against it. This operation even in the greatest clearing houses only consumes from ten to fifteen minutes.
This enables the banks to know at once the exact balance for or against it, as the clerks immediately enter from the slips on their own sheets the aggregate amount from each bank, and the difference between the total amount brought by them, which at once shows the balance due to or from the clearing house to each bank,
This is reported to their banks, and the balance is paid to or drawn from the clearing house, thus at once settling the accounts between all the banks. The lists are " proved " carefully, and certain fines are laid for all errors tardiness, etc.
Entered according to Act of Congress, in the year 1905, by GEO. A. OGLE & Co. in the office of the Librarian of Congress, at Washington, D. C.
SUPPLEMENT X.
CHRONOLOGICAL ARRANGEMENT
OF
ANCIENT, MEDIEVAL AND MODERN HISTORY
Copyright, 1896, by Geo. A. Ogle & Co.
The chief aim of this Chronological History is to give in a comprehensive and attractive form the principal events of the history of the world free from
unnecessary details. For convenience this history is arranged under-I. Ancient History, II. Medieval History, III. Modern History. The latter is given-First.
From the beginning of the Sixteenth Century to American Revolution. Second. From the birth of the United States to the present time by countries.
0
Ancient History
971 Shishak, King of Egypt, captures and
B. C.
B. C
471 Birth of Thucydides (died after B. C. 403).
B.
plunders Jerusalem.
588
The Pythian games begin to" be cele-
B. C.
400
Malachi.
B. C.
957
Abijah, King of Judah, defeats the King
brated every five years.
Jerusalem, having rebelled against Baby-
First Pubillian Laws.
Election of plebeian magistrates given to
399 Death of Socrates.
398 Campaign and peace of Dercyllidas.
Biblical account of the creation.
of Israel.
3800 Sargon I. King of Babylon.
4004
95
The decline of Thebes, Egypt.
lon, is besieged by Nebuchadnezzar.
470
the Comitia Tributa-Rome.
396
First Campaign of Agesilaus in Asia.
3200
*The first Egyptian dynasty under Menes.
916
Assur-dayan II., King of Assyria.
587 Nebuchadnezzar invades Phenicia.
Victory of Cimon over the Persians at
Golden image set up.
the Eurymedon.
The Roman dictator Camillos captures
Rhodians found navigation laws.
Shadrach, Meshach
and
Abednego
Antium (Rome) taken.
395
Gre an coalition against Sparta; Lysan-
Vejl.
280)
Snefru, 3d Egyptian dynasty.
Egyptian inscriptions begin.
906
Israel is afflicted with a famine predicted
thrown into a furnace.
Suicide of Appius Claudius.
er slain.
Phenicia said to have been peopled by
by the Prophet Elijah.
Prophecies of Obadiah.
469
Pericles begins to take part in the pub-
394 Persians assist the Athenians and defeat
the "sons of Anak."
901
Syria makes war upon Israel and is de-
586 Jerusalem taken and destroyed by Ne-
Tyre and Sidon founded.
feated.
buchadnezzar.
lic affairs of Athens.
the Spartans at the naval battle of the
465
Birth of Socrates.
2700 The 4th Egyptian dynasty begins.
2750
900
Erection of the northwest palace of Nim-
End of the kingdom of Judah.
585 Death of Periander, tyrant of Athens
Destruction of Mycene by the Argives.
Cnidus.
The Corinthian War begins.
The Pyramid Tombs erected.
897
Elijah translated to heaven.
rođ.
2539
Meria Pepi I., Sixth Egyptian dynasty.
forty years.
466
Diogenes of Appolonio flourishes.
Treaty between Media and Lydia.
Flight of Themistocles to Persia.
The second battle of Coronea.
Siege of Naxos.
393
2458
Chaldea said to have been conquered by
896
Jehoshaphat defeats the Ammonites.
The Long Walls of Athens restored by
580
Copper money coined at Rome.
Battles at the Eurymedon.
Medes or Armenians.
392
Corion.
Veii stormed by Hamillus.
2448 The deluge.
895
Death of Ahab, King of Israel.
679
Nebuchadnezzar takes Tyre.
Phenicians aiding Persia are defeated
391
2300
The Elamitic Conquest.
892
Miracles of Elisha the Prophet.
884
Samaria besieged by the Syrians.
578
Accession of Servius Tullius, Rome.
575
Civil war in Egypt.
465
by the Greeks under Cimon.
Xerxes I. assassinated.
390
Camillus impeached and exiled.
Battle of Allia.
The Hittites in Cappadocia.
Lacedemon settled.
570
The Romans defeated by Brennus and
Rise of Assyria.
Legislation of Lycurgus at Sparta.
Amasis reigns in Egypt.
Reign of Artaxerxes I. in Persia.
the Gauls.
Rome burnt.
2280 Thebes, Egypt, founded.
Assur-natsir-pal King of Assyria.
569
Egypt conquered by Nebuchadnezzar.
Revolt of Thasos.
880
The Assyrians again invade Babylonia.
464
Alleged beginning of Chaldean astronom-
566 . The first census of Rome taken-84,700
Revolt of the Helots at. Sparta.
Third Messenian War.
389
Siege of the Capitol.
Victory of Dionysius at Helorus.
2234
ical observations sent by Callisthenes
878
Carthage founded by Dido the Tyrian.
inhabitants.
Birth of Eschines.
to Aristotle; the earliest extant is of
875
Sardanapalus I. of Assyria.
562
Sparta defeats Messenia
870 The Assyrians conquer Phenicia.
Death of Nebuchadnezzar.
720 B. C .-
Nabonidos King of Babylon.
Pisistratus becomes tyrant of Athens.
460
Egypt revolts against Persia.
The Gauls expelled from Rome and city
2200 The Hia dynasty in China founded.
860
Assyrian conquest under Shalmaneser.
560
(The revolt is suppressed .in 455.)
rebuilt.
Cuneiform writing probably in use.
Hazael attacks Israel.
Confucius and Zoroaster.
Birth of Democritus and Hippocrates
387
Peace of Antalcidas, Persia.
Greek cities in Asta subjected to Persia.
2180
Nineveh built.
846
Lycurgus flourishes.
(both died in B. C. 357).
Olympic games revived in Elis, Greece.
Esop's fables.
Anacreon begins to be known.
The Athenian in Egypt.
End of the Corinthian War.
2160
First Persian dynasty founded.
559
Persian Empire founded by Cyrus.
459
Gorgias flourished.
385
Capitoline games established in Rome.
2130
Amen-em-hat I. founds 12th Egyptian
Assyria conquers Tarsus.
dynasty.
820 . Babylon becomes subject to Assyria.
834
458
Commission of Ezra to rebuild Jerusalem.
38
Defeat of the Persians under Evagoras.
554 Conquest of Lydia and capture of Cresus
556
Birth of Simonides (died B. C. 467.)
Birth of Aristotle.
2120 Pyramids built north of Memphis.
800 The Egyptians the most powerful nation
Birth of Lysias the orator (died 378).
The Obelisk of On erected.
on the sea.
by Cyrus.
Death of Phalaris, tyrant of Agrigentum.
Cincinnatus made dictator at Rome.
Manlius hurled from Tarpeian rock for
having aimed at sovereignty.
2100
2093
Reign of Urich of Chaldea.
Eolian colonies established.
549
Defeats the Equi.
794 Ionian colonies established.
546
383
Battle of Lecheum,
2042 Uranus arrives in Greece.
Fall of Lydian Empire.
457
2008 Sicyon, Greece founded.
776 Commencement of the Olymy.
First authentic date in Greek history.
Cyrus annexes Asia Minor to Persia.
540-510 Era of Pythagoras.
543
456
Battle of Tanagra.
The Long Walls of Athens completed.
The Olynthian war begins, and ends 379.
451
382
Seizure of the Cadmea at Thebes by
1996
Birth of Abraham.
(circa) Marseilles founded by Pheni-
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