Washington, who in the weary years of war had seen the imperative necessity of some national organization of the finances, after mature deliberation approved the plan, and on February 25, 1791, the Bank of the United States was incorporated.

The capital stock was limited to twenty-five thousand shares of four hundred dollars each, or ten millions of dollars, payable one fourth in gold and silver, and three fourths in public securities bearing an interest of six and three per cent.

The stock was immediately subscribed for, the government taking five thousand shares, two millions of dollars, under the right reserved in the charter.

The subscription of the United States was paid in ten equal annual installments.

A large proportion of the stock was held abroad, and the shares soon rose above par.