George Dangerfield discusses the Second Bank of the United States; notes that it collected $2 million in coin, $14 million in government securities, and $12 million in personal notes.

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

If the provisions of the charter had been obeyed, the Bank should have received $7 million in specie from its private stockholders and $21 million in government stock. What it really did receive is beyond exact calculation: the statement that it collected $2 million in coin, $14 million in government securites, and $12 million in personal notes may be taken only as a rough picture of its situation. It was, at any rate, obliged to send John Sergeant to London to look for more specie at a time when the competition for precious metals was almost fierce, and from the summer of 1817 to the end of 1818 it succeeded in importing $7,300,000 at a cost of itself of some $500,000.

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