powers into effect, yet this clause could only be considered as applicable to acts, in justification of which there could be pleaded an absolute, paramount, and irresistible necessity: not to those which, like the bank proposed, would only rest on the grounds of expediency, superior convenience, precedent, and general usefulness. The manly understanding, however, of the secretary of the treasury, and the practical wisdom of the august chief then at the head of the nation, could not be swayed by grammatical considerations so futile. The former investigated the question, and refuted the pretended constitutional objection, with a force of reasoning which could not fail to remove all doubts on the subject from every sound and unprejudiced mind; and the latter, consequently, gave his sanction to the act of congress incorporating the bank, which passed into a law on the 25th February, of the year following. Agreeable to this law, the capital stock of the Bank of the United States was limited to 25,000 shares of $400 each, $10,000,000, payable one fourth in gold and silver, and three fourths in public securities, bearing an interest of six and three per cent. The corporation were restricted from contracting debts beyond the amount of their capital, and from holding property exceeding in value $15,000,000, or real estate more than necessary for the convenient transacting of their business. The affairs of this bank were to be managed by twenty-four directors, to be elected by the stockholders. Only citizens of the United States, and stockholders, were eligible as such. Only three fourths of their number could be re-elected every succesding year; and several other regulations were contained in the charter, generally well calculated to guard against political danger from this national establishment, to extend its usefulness, and confirm its solidity. The duration of the bank was limited to the 4th of March, 1811. LATE BANK OF THE UNITED STATES. 97 The subscriptions were filled as soon as opened. The government, conformably to the right reserved in the charter, subscribed for 5000 shares, equal to $2,000,000, and the bank went into immediate operation. The dividends were semi-annually. Its stock, a great proportion of which was held in Europe, soon rose considerably above par, and the institution proved always convenient; on some occasions eminently useful to the government, and not less beneficial to the public at large. This bank made an average annual dividend of eight and one third per cent., during the continuance of its charter of twenty years, amounting to $16,666,666; and from a report of the trustees of that institution, made a few months since, the public are given to expect further dividend. It is now a well known historical fact, that in the infancy of our republic, we were but little respected by foreign nations, and by some scarcely acknowledged, until we had established a sound and efficient national system of finance. This bank, exhibiting the profound wisdom of its projectors, tended greatly to establish not only stability of character at home, but to command respect abroad. Besides the facilities afforded to the government, the public at large reaped an advantage from this institution, during its existence, as above stated, to the amount of $16,666,666; and it is altogether doubtful, whether, under the then situation of the country, an equal sum could have been realized from an investment, in the ordinary course of the then business, to double the amount. Yet when the period of the termination of its charter arrived, and the stockholders applied to congress for the renewal of it, the same objection of unconstitutionality, which had been successfully combated twenty years before, was again revived. The institution had become the more invidious to the party in power, for having been, at its very origin, unsuccessfully opposed by their principal leader; an opposition, which perhaps even then arose from the desire of signalizing a system of political principles and measures, different from those which were adopted. When the subject came now again under discussion, the force of sound argument, the considerations of general usefulness, and the unquestionable fiscal expediency of the renewal of the charter, could not be expected to prevail against unfriendly sentiments of so long standing. An impulse was given accordingly, the renewal of the charter refused, and the institution dissolved. The public prosperity might have received a severe shock, and the government itself been exposed to difficulties and embarrassments, much more serious than those under which it must now necessarily labor, from the want of a national bank, if the same course of deliberate prudence, which has marked the conduct of the late Bank of the U. States throughout, had not been also pursued in their mode of withdrawing from business. But they proceeded in this work so slowly, and acted towards individual debtors, and towards other banks on which they had claims, with so much liberal forbearance, that time was gained to supply the public with the circulating medium of new bank credits, in lieu of those to be withdrawn; a conduct which was moreover dictated by the interests of the expiring institution itself, and signally favored by the general stagnation of commerce, at the period in which it took place. BANK OF THE UNITED STATES. The present BANK OF THE UNITED STATES, located at Philadelphia, with branches in the several states, was created by an act of congress of the 3d March, 1816, to endure twenty years, composed of 350,000 shares of $100 each. The United States hold in five per cent. stock, 70,000 shares, $ 7,000,000 Individuals hold 280,000 shares, 28,000,000 $35,000,000 The president of the bank at New York, is ex officio loan officer of the United States, for the state of New York. This bank collects the revenue of the United States, and pays the debts of the United States in every commercial city where a branch is established. Its dividends, from the commencement to the present year, (1830,) inclusive, amount to $70.10, making $24,535,000. Although this institution has been assailed by foes within and foes without, and sustained severe losses, it has continued an undeviating course, shedding light, health, activity, and vigor throughout the body politic. And while it sustains and enlivens the fiscal concerns of the nation, it gives employment to many thousands of persons in its operations--constantly bearing on its fore front, in bold relief, this imperative language to the powers that be: "Sta per te ipsum, et permitte nos esse solos." The history of this institution is fully detailed, and its prosperous condition clearly manifest, from the following statement, extracted from their own authorized publication. REPORT on the condition of the BANK OF THE UNITED STATES, by the committee of inspection and investigation; and afterwards adopted by the stockholders. At a triennial meeting of the stockholders of the Bank of the United States, held by adjournment at their hall in the city of Philadelphia, on Tuesday, the 1st of October, 1822 THOMAS ELLICOTT, Esq., in the Chair, and The following report of the committee of inspection and investigation, appointed agreeably to the resolution of the stockholders, at the meeting held on the 2d of September, 1822, having been adopted, it was "Resolved that the report, with its appendix, be published in the public papers; and that the president and directors of the Bank of the United States do also cause the same to be published in pamphlet form, and that a copy thereof be held at the disposal of each stockholder." Your committee, to whom was referred an examination of the condition of the bank, Report, That they have carefully considered and diligently investigated the subject confided to them. But, before submitting any opinion or statement in detail, as to its actual situation, they beg leave to refer to the luminous exposition of the president, hereto appended, containing a fund of information in relation to the institution in connection with various topics of sound speculation and practical utility, which cannot fail to prove highly interesting to the stockholders and to the public; while, at the same time, they illustrate the consoling truth that the most appalling difficulties may be surmounted by the steady application of industry, integrity, and talent. In compliance with the provisions of the 13th article of the 11th section of the charter, your committee have ascertained that the suspended debts at the bank, and its various branches, are Upon personal and other than stock secu Dolls. Cts. Your committee are decidedly of opinion, that the loss to the Bank upon this debt, together with overdrafts, counterfeit checks, and from all other sources, cannot exceed 3,743,899 dollars, a loss arising partly from the peculiar situation of the |