oting satisfactory to the Government and equal to the
purposes of a bank of the United States; but its cooperation would
naturally accelerate the accomplishment of the great object, and the
collision, which might otherwise arise, might, in a variety of ways,
prove equally disagreeable and injurious. The incorporation and union
here contemplated may be effected in different modes, under the auspices
of an act of the United States, if it shall be desired, by the Bank of
North America, upon terms which shall appear expedient to the
Government."

As far as can be ascertained, however, the management of the bank took
no steps in accordance with the suggestions of the report. The quiet and
prosperous business in which they were engaged, under State auspices,
was to them preferable to the anxieties and hazards which would probably
attend the new national undertaking; the scheme of a separate
institution was, therefore, rapidly pushed forward, and on February 19,
1791, the first Bank of the United States began its corporate existence.

The Bank of North America now sustained a serious loss in the
resignation of its president, Mr. Willing, on January 9, 1792, after a
term of service extending over a little more than ten years. He had been
chosen to preside over the affairs of the Bank of the United States, a
station for which it was justly supposed that his talents and experience
eminently qualified him. He was succeeded in office by John Nixon, an
almost equally well-known and respected citizen. Born in 1733 of Irish
parentage, Mr. Nixon for a number of years did a prosperous business in
the city of Philadelphia. He was one of the many signers of the
Non-importation Resolutions, and upon the breaking out of the Revolution
made himself prominent by his strenuous efforts and warm interest in the
national cause. He was a member of the Committee of Safety, and had the
honor of first proclaiming to the citizens of Philadelphia the
Declaration of Independence. During some portion of the war he did
active service, with the rank of colonel, in the Continental Army. He
was one of the original subscribers to the bank, and had been a director
since 1784. He retained the office of president for seventeen years
until his death, which occurred on December 24, 1808.

Meantime the business of the bank was rapidly increasing as the commerce
of the country grew. The profits were so great that annual dividends of
12 per cent. were paid to the v