On the 15th of February, 1815, when
scarcely through with all this confusion, an
effort was made to re-establish for the second
time a United States Bank. It was author-
ized on the 10th of April, 1816, the Act
permitting the formation of a Company,
with a capital of $35,000,000, divided into
350,000 shares of $100 each, of which the
Government took 70,000 shares and the
public. 1LS0,000 shares. These last were
payable in $7,000,000 of gold pr silver, of
the United States of North America, and
$21,000,000 in like money, or, in the funded
debt of the United States either in the 6
per cent. Consolidated Debt at par, the 3
per cent, at 65, or the 7 per cent, at 106^
per cent. ; upon subscription $30 was pay-
able, of which at least $5 had to be in gold



40 A Brief History of

or silver ; in six months after, $35, of which
$10 had to be in metal, and twelve months
after the same amount was to be paid in the
same manner. The directors were author-
ized to sell shares every year to the amount
of $2,000,000, after having offered them at
the current price to the Secretary of the
Treasury for fourteen days. The Govern-
ment reserved the right to redeem the debt
at the subscription price.
The charter, made out in the name, of
the president, ran until March 3, 1836.
There were twenty-five directors of the con-
cern, five of whom were appointed by the
President of the United States with the
consent of the Senate, and not more than
three by the State ; the stockholders chose
the others.
