[L] 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.