The Custom House, a classic stone structure, on the south side of Chestnut Street between Fourth and Fifth streets, was built for the second United States Bank, authorized by Congress in April, 1816, because of the bad financial condition into which the government had fallen during the War of 1812. The building was designed by William Strickland, in his day the leading American architect, being modeled after the Parthenon of Athens. It was completed in 1824 and was put to its present use in 1845.
The main building of Girard College on Girard Avenue between North 19th and North 25th streets, of which Thomas Ustick Walter, a pupil of Strickland's, was the architect, is one of the finest specimens of pure Greek architecture in America. Indeed, this imposing Corinthian structure of stone has been called "the most perfect Greek temple in existence." Work upon it was begun in 1833, and the college was opened January 1, 1848. To a sarcophagus in this main building were removed the remains of Stephen Girard in 1851. The building is 111 feet wide and 169 feet long, and is surrounded by thirty-four fluted columns fifty-six feet high and seven feet in diameter at the base, which[216] cost thirteen thousand dollars each. The total height of the building is ninety-seven feet, and it is arched throughout with brick and stone, and roofed with marble tiles. The weight of the roof is estimated at nearly one thousand tons.
The old Stock Exchange at Third and Walnut and Dock streets, facing a broad open space once an old-time market, is also the work of William Strickland, who likewise designed St. Paul's Church, St. Stephen's Church, the almshouse and the United States Naval Asylum. It is an impressive round-fronted classic structure of gray stone in the Corinthian order, with a semicircular colonnade above the first story supporting a handsomely executed entablature with conspicuous antefixes about the cornice. Instead of a central flight of steps leading to a main entrance, there were two well-designed flights at each side. Surmounting the whole is a daring, tall, round cupola, its roof supported by engaged columns and the spaces between pierced by classic grilles. The structure is notable throughout for excellence in mass and detail.
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| Plate XCII.—St. Peter's Church, South Third and PineStreets. Erected in 1761; Lectern, St. Peter's Church. | |
At Number 116 South Third Street stands the oldest banking building in America, and withal one of the handsomest of such buildings. Erected in 1795 by the first Bank of the United States, this beautiful stone and brick structure in the Corinthian order, with its fine pedimental portico bearing in high relief a modification of the seal of the United[217] States, was owned and occupied by Stephen Girard from 1812 to 1831, and since 1832 by the Girard Bank and the Girard National Bank. It is 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.[218] 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.