pire by limitation on the second Tuesday in May, 1811) to the second Tuesday in May, 1820. The act further provided that the Comptroller of the State should no longer be ex officio a director of the bank, but that the Governor should appoint, on behalf of the State, two directors residing in the city of New York, who should not be directors in any other bank, and that the State should not be entitled to vote at any election of directors. During the same month the Comptroller of the State, having notified the bank that he was authorized by a recent act of the Legislature to borrow from the city banks $450,000 on the credit of the State, and possiby $150,000 more, the bank advanced $200,000 of the amount required.

On the 13th of April of the same year, an additional loan of $150,000 was made to the State at the request of the Comptroller.

The credit of the United States had become so well established in 1809, that in April of that year the bank was able to sell $100,000 of the United States stock bought of the State in 1797, at 102. Another sale was made of $21,000 in May at the same price, and in October $200,000 was sold at 104.

In January, 1810, a memorial and petition presented by the bank to the Legislature, showed that in 1797 the bank purchased at par from the State $1,390,871.50 of United States stock, then at a discount of from fifteen

to twenty per cent., and that the bank had paid on account of the purchase $103,908, and had lent to the State $460,000. The bank requested that the payment of the balance due might be postponed to the year 1818. An act was accordingly passed by the Legislature, extending the time of payment, as desired, to the second Tuesday in May, 1818, on condition that the bank should, if required, make loans to the State not to exceed $250,000 in amount.

The charter of the Bank of the United States expired in 1811, and great fears were entertained that a severe crisis must follow the winding up of its affairs. Strenuous efforts were made by its friends to obtain a renewal of the charter, and these met with vigorous. opposition. The directors of the Bank of New York felt it to be their duty to express their views on the subject, and in January, 1811, they prepared a memorial to be presented to Congress, asking for a renewal of the charter. In it they stated that they regarded the institution of the Bank of the United States as highly useful to the State banks. From the extent of its capital, its numerous branches in every part of the United States, and, above all, from the protection of the Government, which it enjoyed, it was enabled, they believed, to equalize the balance of specie capital among the different cities, and in case of any sudden pressure upon the merchants, to step forward to their aid in a degree