That the statement annexed to the report made to the Senate on the 2d day of March, 1809, contained all the dividends made by the Bank of the United States, from its establishment to the date of the report, as stated to the Treasury by the bank.
That the annexed table, (A,) being a transcript of the above-mentioned statement, with the addition of the dividends made on the 1st day of July, 1809, and on the first day of January last, embraces not only the semi-annual dividends of 4 per cent., but also all the extra dividends which are within the knowledge of this Department, and which, it is believed, have ever been made by the bank; making, in the whole, an average of 8 13-36 per cent. a year.
That there remained to the credit of the bank, after payment of the dividend made on the first day of January last, a surplus of $409,410, consisting of two items, viz: $125,000, designated by the name of "General Bank Estate," intended as an offset against decay and presumed loss, in case of sale of the real estate of the bank—that estate having been paid for from the capital stock, and not from the profits of the bank; and $284,410, designated by the name of "Contingent Fund," intended in the first place to cover losses arising from bad debts, not yet actually lost; and the residue of which, if any, will be applicable to another extra dividend.
That the nominal profit resulting to the bank, from each of its offices of discount and deposit, could not be ascertained without an investigation of all the weekly returns made to this Department; and that there are no returns from which the actual loss sustained by each office can be known.
But, that the statement (B) shows the permanent capital given to each office of discount and deposit; the balance due in account current by the offices of the bank, (exclusive and in addition to the said permanent capital,) on the 27th day of March last; the amount of the notes actually discounted and due to the bank by the last returns, specifying the amount discounted at Philadelphia, and at each office respectively; and an estimate of the gross amount of the annual expenses and losses of the bank, including its several offices, by which it appears that the annual expenses, being about $125,000 a year, the ascertained losses must in the whole have amounted to about $35,000 a year.
All which is respectfully submitted.
ALBERT GALLATIN.
Dividends on United States Bank Stock.
| No. | Date. | Rate p. ct. |
|---|---|---|
| 1 | July, 1792 | 4 |
| 2 | January, 1793 | 4 |
| 3 | July, " | 3-5/8[7] |
| 4 | January, 1794 | 3-7/8[7] |
| 5 | July, " | 4 |
| 6 | January, 1795 | 4 |
| 7 | July, " | 4 |
| 8 | January, 1796 | 4 |
| 9 | July, " | 4 |
| 10 | January, 1797 | 4 |
| 11 | July, " | 4 |
| 12 | January, 1798 | 5[8] |
| 13 | July, " | 4 |
| 14 | January, 1799 | 4 |
| 15 | July, " | 4 |
| 16 | January, 1800 | 4 |
| 17 | July, " | 4 |
| 18 | January, 1801 | 6[8] |
| 19 | July, " | 4 |
| 20 | January, 1802 | 4½[8] |
| 21 | July, " | 4½[8] |
| 22 | January, 1803 | 4½[8] |
| 23 | July, " | 4 |
| 24 | January, 1804 | 4½[8] |
| 25 | July, " | 4 |
| 26 | January, 1805 | 4 |
| 27 | July, " | 4 |
| 28 | January, 1806 | 4 |
| 29 | July, " | 4 |
| 30 | January, 1807 | 6[8] |
| 31 | July, " | 4 |
| 32 | January, 1808 | 4 |
| 33 | July, " | 4 |
| 34 | January, 1809 | 4 |
| 35 | July, " | 4 |
| 36 | January, 1810 | 4 |