George Dangerfield discusses the charter fo the Second Bank of the United States; it had a capital of $35,000,000.

Date
1965
Type
Book
Source
George Dangerfield
Non-LDS
Hearsay
Secondary
Reference

George Dangerfield, The Awakening of American Nationalism, 1815-1828 (New York: Harper & Row, 1965), 79

Scribe/Publisher
Harper and Row
People
George Dangerfield
Audience
Reading Public
Transcription

As for the Bank which now emerged, it had a capital of $35,000,000, of which the government owned $7,500,000, and the government was to receive a bonus of $1,500,00 payable in three installments during the first years of operation. The head office was to be in Philadelphia; its directors were authorized to establish branches where they saw fit; and its charter was to run for twenty years. It was to be the principal depositary of the United States Treasury inspection. There were to be twenty-five directors, of whom five were to be appointed by the President, with the approval of the Senate. Finally, in order to fix a day for the resumption of specie payments, a resolution was adopted requiring payment of all government revenues in legal tender after February 20, 1817. Here one may leave the Bank, for the moment a symbol of financial chastity and nationalist order; its relapses will be examined later on.

Citations in Mormonr Qnas
Copyright © B. H. Roberts Foundation
The B. H. Roberts Foundation is not owned by, operated by, or affiliated with the Church of Jesus Christ of Latter-day Saints.