Second United States Bank.

On January Ist, 1817, the Second United States Bank opened. By the charter its capital was to consist of $7,000,000 government subscription, 7,000,000 specie, and $21,000,000 government stock or specie. It began business with $1,400,000 in specie, $14,000,000 in stocks, and the rest in stock notes. $2,800,000 were soon due on the second instalment, but this would come for the most part from notes or discounts of the bank itself. Only $32,400 of it were paid in specie. The third instalment was still worse. The bank discounted its own stock at par to enable the instalment to be paid. “ The discounts, the payment of the second instalment, the payment of price to the owner, the transfer, and the pledge of the stock were, as it was termed, simultaneous operations.” In August, 1817, the bank discounted its own stock at 125. The facilities for stock-jobbing were excellent, and they were used.