"At the period the commissioners entered upon their labors, every portion of the state was flooded with a paper currency, issued by the institutions created under the general banking law. New organizations were daily occurring, and the public mind was everywhere agitated with apprehension and distrust. The state was in the midst of the evils consequent upon an excessive and doubtful circulation. Rumors of the most frightful and reckless frauds were daily increasing. In this emergency, prompt and vigorous action was imperiously demanded, as well by the public voice as the urgent necessity of the case. Upon a comparison of opinions, the commissioners united in the conclusion that their duty was of a two fold character. The first, and most obvious one, was to take immediate and decided measures in ascertaining and investigating the affairs of every institution suspected of fraud, and closing the door against the evil without delay. The second was a duty of far more difficult and delicate a nature, and involving the assumption of a deep responsibility."