Clinton Canal Bank Five Dollar Note

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1837

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The Clinton Canal Bank at Pontiac was chartered to help finance the Clinton Kalamazoo Canal project, to connect Lake St. Clair to Lake Michigan. Unfortunately, the financial panic of 1837-1841 and the competition of the railway led to the demise of the project, with only the portion from Mount Clemens to Rochester being completed. This five dollar bearer note was issued by the Clinton Canal Bank in 1837. Written on it are the words "The Clinton Canal Bank at Pontiac will pay FIVE dollars to J. Atwood or Bearer on demand. Pontiac Dec. 9 1837. Michigan Safety Fund. Real estate pledged and private property holden."

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