amount of half a million of dollars. When the charter expired, he was
the principal creditor of that institution, which Congress refused to
renew. Discovering that he could purchase the old Bank and the cashier's
house for one hundred and twenty thousand dollars, he at once secured
them, and on the 12th of May, 1812, opened the Girard Bank, with a
capital of one million two hundred thousand dollars, which he increased
the next year by one hundred thousand dollars more. He retained all the
old officers of the Bank of the United States, especially the cashier,
Mr. Simpson, to whose skill and experience he was greatly indebted for
his subsequent success.

Finding that the salaries which had been paid by the Government were
higher than those paid elsewhere, he cut them down to the rate given by
the other banks. The watchman had always received from the old Bank the
gift of an overcoat at Christmas, but Girard put a stop to this. He gave
no gratuities to any of his employés, but confined them to the
compensation for which they had bargained; yet he contrived to get out
of them service more devoted than was received by other men who paid
higher wages and made presents. Appeals to him for aid were unanswered.
No poor man ever came full-handed from his presence. He turned a deaf
ear to the entreaties of failing merchants to help them on their feet
again. He was neither generous nor charitable. When his faithful cashier
died, after long years spent in his service, he manifested the most
hardened indifference to the bereavement of the family of that
gentleman, and left them to struggle along as best they could.

Yet from the first he was liberal and sometimes magnificent in the
management of his bank. He would discount none but good paper, but it
was his policy to grant accommodations to small traders, and thus
encourage beginners, usually giving the preference to small notes, by