Note L — LETTER IV.

The dividends of the Bank of North America were, in 1792, 15 per cent.; in 1793, 13 1-2; from 1794 to 1799 inclusive, 12 per cent.; from 1804 to 1810, 9 per cent. Those of the old Bank of the United States varied from 7 5-8 to 10 per cent. Those of the Pennsylvania Bank, from 1792 to 1810, from 8 to 10. The Bank of the United States regularly divides 7 per cent. to the share-holders. In the city of New York the average dividends of the banks in 1832, was 6.14 per cent.; of the country banks 9 per cent. It must not be forgotten that the legal rate of interest is higher in the United States than in Europe; it is 6 per cent. in Pennsylvania, 7 in New York, from 8 to 9 in the Southern States, and 10 in Louisiana. In the Western States there is no regulation of interest by law, but the ordinary rate is very high.