one of those classic structures which by reason of nicety in
proportion and precision in detail still compares favorably with the
best modern buildings of the city. The high, fluted columns and
pilasters with their nicely wrought capitals lend an imposing nobility
that immediately arrests attention, while the refinement of detail
throughout well repays careful scrutiny. In this latter respect its best
features are the cornice with its beautifully enriched moldings and
modillions, the balustrade above, the window heads supported by
hand-tooled consoles and the insert panels under the portico.

The first Bank of the United States was incorporated in 1791 with a
capital of ten million dollars. It was the first national bank of issue
essential to the system of banking built up by Alexander Hamilton in
organizing the finances of the Federal Government under the constitution
of 1789. It issued circulating notes, discounted commercial paper and
aided the government in its financial operations. Although the
government subscribed one-fifth of the capital, it was paid for by a
roundabout process which actually resulted in the loan of the amount by
the bank to the treasury. Other loans were made by the bank to the
government, until by the end of 1795 its obligations had reached
$6,200,000. In order to meet these obligations, the government
gradually disposed of its bank stock and by 1802 had sold its entire
holdings at a profit of $671,860. A statement submitted to Congress
January 24, 1811, by Albert Gallatin, then Secretary of the Treasury,
showed resources of $24,183,046, of which $14,578,294 was in loans and
discounts, $2,750,000 in United States stock and $5,009,567 in specie.

The expiration of the charter of the bank, in 1811, was the occasion for
a party contest which prevented renewal and added greatly to the
financial difficulties of the government during the War of 1812.
Although foreign stockholders were not permitted to vote by proxy, and
the twenty-five directors were required to be citizens of the United
States, the bank was attacked on the ground of foreign ownership, and it
was also claimed that Congress had no constitutional power to create
such an institution.

Thereupon the bank building and the cashier's house in Philadelphia were
purchased at a third of the original cost by Girard, who, in May, 1812,
established the Bank of Stephen Girard and thereafter assisted the
government very materially. He was, in f