Hamilton's orders,[1] came into force again, but by the Act of June 30, 1812, Treasury notes were made a good tender to the Treasury, and the first of them were issued in October.
The dividends of the Bank, down to January, 1809, inclusive, averaged eight and thirteen thirty-fourths per cent. The highest point the stock ever reached was 150. It is stated that at one time the stock of specie in the New York branch was reduced to $10,000.[2] It is also stated that the average loss per annum by bad debts, during the twenty years of its existence, was sixty-one one-hundreths of one per cent.[3] No financial disturbance whatever occurred upon the winding up of this bank. Carey's apprehensions proved entirely groundless.[4]
Its stock was liquidated at one hundred and nine dollars, one and a-quarter cents for one hundred dollars paid in. The last such payment which has been found, is mentioned in Niles' Register for September 13, 1834. Raguet calculated that ifthe dividends were regarded as deferred payments, compounded semi-annually, the return was equal to 97, on the day the charter expired.[5] The amount of its notes which had not been presented, in 1823, was $205,000. The court then released the commissioners from liability for them, $5,000 being reserved to meet any cases of special hardship. Eleven hundred dollars only were afterwards presented, most of it by an old Revolutionary soldier, in 1825.[6]
In 1854, the city council of Philadelphia appointed a committee to inquire into the best means of closing the trust of the old Bank of the United States, in order that they might get possession of the house which had been bequeathed to the city by Girard, but which was then "in tenure" of the cashier of Girard's bank without rent. The report of this committee showed that Girard bought the banking house of the old Bank and a house in Chestnut street belonging to it, which was the one in question. The banking house had already passed to the city and was leased to the Girard Bank. It was stated that the Bank trust held at that time, $22,564 of unclaimed dividends, and had just declared a dividend of $51,250. There were some debts not collected. The city desired to take over the trust, to be administered by the Commissioners of the Girard estate. It is inferred that this was done.[7]
It is very desirable to form, if possible, a notion of the point of departure from which the country entered on the inflation of the following period. Blodget's figures represent the amount of specie in the currency as exceeding the paper in the first years of the century. In the debate on the renewal of the charter, however, the statements made show a very different state of
- ↑ See page 22.
- ↑ Gouge; Journal of Banking, 252.
- ↑ H.C. Carey; The Credit system, 1838. It is there stated also that the Bank of America, New York, lost, from 1812 to 1837, less than one-tenth of one per cent. per annum on its loans, and that Girard, in twenty years, lost one-half of one per cent. per annum in the same way.
- ↑ Seybert, 522.
- ↑ Gouge; Journal of Banking, 240.
- ↑ 56 Nile, 273.
- ↑ 14 Hazard's Register, 216; 15 Ditto, 124.
