By an act of March 2, 1791, the funded three per cents.

were also made receivable in payment of subscriptions to the bank, whence it has been said that out of the funding system sprung the bank, as three fourths of its capital consisted of public stocks.

Authority was given the bank to establish offices of discount and deposit within the United States.

The chief bank was placed in Philadelphia, and branches were established in eight cities, with capitals in proportion to their commercial importance.
In 1809 the stockholders of the Bank of the United States memorialized the government for a renewal of their charter, which would expire on March 4, 1811; and on March 9, 1809, Mr.Gallatin sent in a report in which he reviewed the operations of the bank from its organization.

Of the government shares, five million dollars at par, two thousand four hundred and ninety-three shares were sold in 1796 and 1797 at an advance of 25 per cent., two hundred and eighty-seven in 1797 at an advance of 20 per cent., and the remaining 2220 shares in 1802, at an advance of 45 per cent., making together, exclusive of the dividends, a profit of $671,680 to the United States.