, 1813, at Portsmouth, Salem,
Boston, Providence, New York, Albany, Philadelphia, Baltimore,
Washington, Richmond, and Charleston. In the two days the subscriptions
only reached the sum of $3,956,400. They were again opened on the 25th
of March at New York, Philadelphia, Baltimore, and Washington. The New
England and Southern States seem to have been disregarded because of
their indifference in the first instance. The books remained open from
March 25 to 31, during which time there were received $1,881,800, a
total of $5,838,200.

The pressure fell on the Middle States. In these, fortunately for the
government, there were three great capitalists whose faith in the future
prosperity of the United States was unimpaired. All were foreigners:
David Parish and Stephen Girard in Philadelphia and John Jacob Astor in
New York. These now came forward, no doubt at the instance of Mr.
Gallatin, who was a personal friend of each. Parish and Girard offered
on April 5 to take eight millions of the loan at the rate of
eighty-eight dollars for a certificate of one hundred dollars bearing
interest at six per cent., redeemable before December 31, 1825, they to
receive one quarter of one per cent. commission on the amount accepted,
and in case of a further loan for the service of the year 1813, to be
placed on an equal footing with its takers. John Jacob Astor on the same
day and at the same place proposed to take for himself and his friends
the sum of two million and fifty-six thousand dollars of the loan on the
same conditions. These offers were accepted and the loan was complete.
An offer on behalf of the State of Pennsylvania to take one million of
the loan was received too late. Altogether the offers amounted to about
eighteen millions, or two millions more than the sum demanded. Mr.
Gallatin, clinging to his old plan, endeavored to negotiate this loan at
par, by offering a premium of a thirteen years' annuity of one per
cent., but found it impracticable. Indeed, the system of annuity,
general in England, has never found favor as an investment in the United
States.

This was Mr. Gallatin's last financial transaction. A few weeks later,
at his own request, he severed his actual connection with the Treasury
Department and was on his way to St. Petersburg to secure the proffered
mediation of the emperor of Russia between the United States and Great
Britain.

Thus ended Mr. Gallatin's administration of the national finances. The
hour