distribute usurious dividends. When the Bank of the United States saw
the danger that menaced it, it reduced its discounts and circulation.
The circulation of the country banks fell from $5,000,000 to $1,300,000,
and the total circulation from $10,000,000 to $3,000,000.

Increase and Decrease Circulation in Pennsylvania.

City Banks. Country. Total.
1814 ........ $3,300,000 $1,900,000 $5,200,000
1815 ........ 4,800,000 5,300,000 10,100,000
1816 ........ 3,400,000 4,700,000 8,100,000
1817 ........ 2,300,000 3,800,000 6,100,000
1818 ........ 1,900,000 3,000,000 4,900,000
1819 ........ 1,600,000 1,300,000 2,900,000

Number
of Banks. Capital. Circulation. Specie.
1811 ... 88 $52,000 00 $28,000 00 $15,000 00
1815 ... 208 82,000 00 45,000 00 17,000 00
1816 ... 246 89,000 00 68,000 00 19,000 00]


From the 1st of January, 1811, to the 1st of January, 1815, one hundred
and twenty new banks were registered, thus raising their capital to more
than $80,000,000; this increase took place during a war that entirely
did away with foreign trade. The expenses of the war declared against
Great Britain in June, 1812, were defrayed by notes issued by the banks
of the various States. Six million dollars were obtained from them in
1812, in the following year, 1813, twenty million, and then fifteen
million in exchange for twelve million of Federal stock, issued at the