their charter, which would expire on
March 4, 1811; and on March 9, 1809, Mr. Gallatin sent in a report in
which he reviewed the operations of the bank from its organization. Of
the government shares, five million dollars at par, two thousand four
hundred and ninety-three shares were sold in 1796 and 1797 at an advance
of 25 per cent., two hundred and eighty-seven in 1797 at an advance of
20 per cent., and the remaining 2220 shares in 1802, at an advance of 45
per cent., making together, exclusive of the dividends, a profit of
$671,680 to the United States. Eighteen thousand shares of the bank
stock were held abroad, and seven thousand shares, or a little more than
one fourth part of the capital, in the United States. A table of all the
dividends made by the bank showed that they had on the average been at
the rate of 8-3/8 (precisely 8-13/34) per cent. a year, which proved
that the bank had not in any considerable degree used the public
deposits for the purpose of extending its discounts. From a general view
of the debits and credits, as presented, it appeared that the affairs of
the Bank of the United States, considered as a moneyed institution, had
been wisely and skillfully managed. The advantages derived by the
government Mr. Gallatin stated to be, 1, safekeeping of the public
moneys; 2, transmission of the public moneys; 3, collection of the
revenue; 4, loans. The strongest objection to the renewal of the charter
lay in the great portion of the bank stock held by foreigners. Not on
account of any influence over the institution, since they had no vote;
but because of the high rate of interest payable by America to foreign
countries. If the charter were not renewed the principal of that
portion, amounting to $7,200,000, must at once be remitted abroad; but
if the charter were renewed, dividends equal to an interest of about
8-1/2 per cent. per annum must be remitted. Mr. Gallatin's report closed
with the following suggestions:--

I. That the bank should pay an interest to the United States on the
public deposits above a certain sum.

II. That it should be bound to lend the United States a sum not
exceeding three fifths of its capital.

III. That the capital stock of the bank should be increased to thirty
millions of dollars, to be subscribed for, 1, five millions by citizens
of the United States; 2, fifteen millions by the States; a branch to be
established in each subscribing State; 3, payments by either individ