. A history of the Bank of New York, 1784-1884. to exceed $260,000 in amount. The charter of the Bank of the United States ex-pired in 1811, and great fears were entertained that asevere crisis must follow the winding up of its efforts were made by its friends to obtain arenewal of the charter, and these met with vigorousopposition. The directors of the Bank of New Yorkfelt it to be their duty to express their views on thesubject, and in January, 1811, they prepared a memorialto be presented to Congress, asking for a renewal of thecharter. In it they stated that they regarded
. A history of the Bank of New York, 1784-1884. to exceed $260,000 in amount. The charter of the Bank of the United States ex-pired in 1811, and great fears were entertained that asevere crisis must follow the winding up of its efforts were made by its friends to obtain arenewal of the charter, and these met with vigorousopposition. The directors of the Bank of New Yorkfelt it to be their duty to express their views on thesubject, and in January, 1811, they prepared a memorialto be presented to Congress, asking for a renewal of thecharter. In it they stated that they regarded the in-stitution of the Bank of the United States as highly use-ful to the State banks. From the extent of its capital,its numerous branches in every part of the UnitedStates, and, above all, from the protection of the Govern-ment, which it enjoyed, it was enabled, they believed,to equalize the balance of specie capital among the dif-ferent cities, and in case of any sudden pressure uponthe merchants, to step forward to their aid in a degree. THE BANK OF NEW YORK. 65 which the State institutions were unable to do. Thedirectors further stated, that as the Bank of New Yorkhad been established prior to the incorporation of theBank of the United States, they had witnessed fromthe commencement of the branch bank in the city ofNew York the influence of such an institution, as wellas the conduct of those to whom its management hadbeen confided during the whole period ; and they de-clared with confidence that the power had been uni-formly exerted with prudence as it respected the public,and with great liberality as it respected the other inconvenience and danger to the public whichwould attend the withdrawal of so considerable a partof the active capital of a commercial community weredwelt upon in the memorial, and other reasons givenfor renewing the charter of the bank ; but as the effortsto that end proved fruitless, the only effect of thememorial was to show the friendly
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