capital in loans and discounts as was required for Boston. Besides these city institutions but two other Banks existed in the State—at Hudson and at Albany.
The proportion of capital in private hands seemed to be no larger. The value of exports from New York in 1800 was but $14,000,000; the net revenue on imports for 1799 was $2,373,000, against $1,607,000 collected in Massachusetts. Such a foreign trade required little capital, yet these values represented a great proportion of all the exchanges. Domestic manufactures could not compete with foreign, and employed little bank credit. Speculation was slow, mostly confined to lands which required patience to exchange or sell. The most important undertakings were turnpikes, bridges such as Boston built across the Charles, or new blocks of houses; and a canal, such as Boston designed to the Merrimac, overstrained the resources of capital. The entire banking means of the United States in 1800 would not have answered the stock-jobbing purposes of one great operator of Wall Street in 1875. The nominal capital of all the Banks, including the Bank of the United States, fell short of $29,000,000. The limit of credit was quickly reached, for only the richest could borrow more than fifteen or twenty thousand dollars at a time, and the United States Government itself was gravely embarrassed whenever obliged to raise money. In 1798 the Secretary of the Treasury could obtain five million dollars only by paying eight per
