OF THE UNITED STATES.    713

Bank of Pennsylvania, the Philadelphia banks resumed, for the fourth and last time, in March, 1842.
The banks south gradually resumed, or otherwise went into liquidation; since which time the banks
of the United States have maintained specie payments, and have been generally prosperous.

The period from 1830 to 1840 was marked by an extraordinary increase of banking capital, the
largest during any period of our history. In 1830, there were 329 banks and branches in the United
States, with a capital of $143,301,898; in 1840,901 banks and branches, with a capital of $358,442,692.
being an increase of $215,140,794 in nine years.

The loans and discounts upon the capital were, in 1837, $525,115,702; in 1840, $462,896,523.
The financial revulsion in 1837 and. 1840 caused an extensive failure among the banks, with almost
the entire loss of bank capital in Mississippi, Illinois, Alabama, and portions of other states. The
loss of bank capital, during the transition from 1838 to 1846, by failure or otherwise, amounted to
$161,558,383, resulting in a contraction of the circulation of $54,088,755, and a reduction in the num-
ber of banks, from failure alone, of 194.

The increase of banks and banking capital within the last ten years has been slower, but probably
on a more sure and firm basis, than at any former period. The whole number of banks and branches
in the United States, January 1, 1852, was 871, -with a capital of $227,469,074, being a less aggregate
capital of $130,973,618 than at the period of 1840. The reduction of banking capital was con-
stantly going on from 1840 down to 1846, when the whole bank capital in the United States was
$196,894,309 ; since which period there has been a gradual increase in the aggregate. The increase in
1847 and 1848 was $8,000,000; in 1849, $12,000,000; in 185C, about $10,000,000; the whole aggre-
gate of increase since 1846 being $30,574,765; the whole number of banks and branches being
871, only 30 less than at the great expansive period of 1840. The circulation at a period near Janu-
ary, 1852, was $163,649,812 ; loans and discounts, $412,607,653; and silver and gold in the vaults of
the several banks to the amount of $49,133,122 ; amount of bank capital, $254,640,630.

It will be seen from this statement that the banks of the United States began to expand in 1831,
and reached their maximum in 1837, then their lowest point of depression in 1843. Since that
period, they have gone on again to extend their issues, but without any serious fluctuations.

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