The first United States bank , was
chartered 127 years ago todav and soon
went into operation. The capital was
$10,000,000, of which the irovernment
subscribed $2,000,020 in specie and
$6,000,000 in stocks Df the United
States. The headquarters of the insti
tution were in Philadelphia, with
branches in various cities. Th bank
paid an average dividend of i 1-2 per
cent, on its capital and the shares sold
at from 2 a- to 45 per cent., premium.
The charter ran for twenty years, and
during that period a host "of private
banks sprang up, the owner of which
strenuously opposed a renewal of the
United States Bank "Charter,' on the
ground that it was unconstitutional.
The bill for its re-charter " was de
feated by . the casting 'ot of Vic
President George ClintSfe in the Sen
ate, and the governmul institution
. passed out of existence ' - -..
V.
7
ft
X.
