show what was the general magnitude and proportion of the different factors in its operations. We possess but one other statement of the affairs of this Bank. According to its charter, it was bound to report to the Secretary of the Treasury, at his demand, not oftener than weekly. Upon the question, how often it did report, history throws no light whatever. The fact that a law imposed some duty on a bank, at that period, raises but a limited presumption that it ever did it. In a communication of January 24, 1811, Gallatin said that the charter of the Bank called only for "general statements" of the leading facts in regard to its condition; that only such had been required, and only such had been furnished. In view of the prevalent notions about the mystery and secrecy proper to a bank, we may well believe that this bank was very reluctant to make statements, and we may doubt if the Secretary called for them very often. If any were made, who should have been in a position to use them, if not the man who had been Secretary of the Treasury for ten years? If they ever existed they have been burned; so that the question whether they ever existed or not is open to easy and unprofitable speculation. According to the detailed report of January, 1811, the bank held private deposits, $6 millions; public deposits, $2 millions; bank deposits, $600,000. It had $5 millions circulation; $14.5 millions discounts; had lent the United States $2.7 millions; was a creditor of other banks for $900,000 and held their notes for $400,000. It had $5 millions in specie.[1] In looking to the future, Gallatin regarded the Bank as essential to the fiscal affairs of the federal government, especially if there should be a war. He proposed that, in renewing the charter, the Bank should be called on to pay interest on the public deposits; that itshould have some government directors; that its capital should be made $30 millions; and that the States should be allowed to subscribe a part of the capital and to appoint some of the directors.[2]
The 5,000 shares in the Bank owned by the United States were sold as follows: 2,493 shares, in 1796-7, at 125; 187 shares, in 1797, at 120; 2,200 shares, in 1802, at 145. As the stock was paid for in ten annual installments, some of this was sold before it had been paid for. The total premium obtained was $671,860; the amount of dividends received by the United States, while it held the stock, was $1,101,720.[3] The sale, in 1802, was to Sir Francis Baring, who re-sold in England at 150. Carey argued that it would disgrace American credit not to re-charter the bank after selling the stock at this rate. He also argued that the Bank of the United States was no longer a "national" bank, since these government shares had been sold, and therefore that all the allegations of danger on account of the connection between the government and the Bank had now fallen to the ground. He attributed the stringency in the money market, in 1810, which the "Aurora" and other opponents of the Bank charged to its wilful and malicious action, to the multiplication of branch banks in Pennsylvania, and the necessity
