58. The Bank of North America was the first institution of this kind, established in the United States. It was incorporated by Congress, in 1781, at the suggestion of Robert Morris. In 1791, after the union of the states had been effected under the present constitution, the first Bank of the United States was incorporated, with a capital of ten millions of dollars. Most of the states soon followed this example; and, before the beginning of the present century, the whole banking capital amounted to near thirty millions of dollars.
59. The charter of the first Bank of the United States expired, by its own limitation, in 1811; and a new one, with a capital of thirty-five millions of dollars, was established in 1816, which also closed its concerns, as a national bank, in 1836, President Jackson having vetoed the bill for its recharter. In that year the number of banks was 567, and the bank capital $251,875,292. In the year 1840, the number of banks had increased to 722, and their capital to $358,442,692.
1. The Auctioneer is one who disposes of property at public sale to the highest bidder. The sale of property in this manner is regulated, in some particulars, by legislative enactments, which have for their object the prevention of fraud, or the imposition of duties.
2. In Pennsylvania, the present law provides for three classes of auctioneers, each of which is required to pay to the state a specified sum for a license. The first class pays two thousand dollars per annum; the second, one thousand; and the third, two hundred; and, besides this, one and a half per cent. on the amount of all their sales is required to be paid into the treasury of the state. To each class are granted privileges corresponding to the cost of the license.
3. In the state of New-York, the number of auctioneers for the cities, villages, and counties, is limited by law; and all persons who would follow the business are compelled to give security for the faithful execution of its duties. The state requires a duty of one per cent. on all merchandise imported from beyond the Cape of Good Hope, one and a half per cent. on such as may be imported from other foreign countries, and two per cent. on wines and ardent spirits, whether foreign or domestic. The laws and usages regarding sales at auction, in most of the United States, are similar, in their general principles, to those of Pennsylvania or New-York.