price of $125 face for every $100 paid in. Until January 1, 1814, in
order to avoid taxation, Treasury bonds were issued in addition to what
was contributed by the banks.

In 1812 ..................... $3,000,000
" 1813 ..................... 6,000,000
" 1814 ..................... 8,000,000


Up to this time no account of their administration had been rendered,
but now Mr. Bland, a Maryland representative, called attention to the
fact that all their operations seemed veiled from the public.
Unfortunately we have been unable to find a statement of the discounts.

The suspension of specie payments differed with the corresponding state
of affairs in England, inasmuch as it was not general, and, since each
State was independent, the depreciation varied. It became very difficult
to circulate paper, and the Government was again obliged to issue
Treasury bonds, bearing 6 per cent. interest. In February, 1815, peace
having been proclaimed, it was hoped that the banks would resume specie
payments. There was no sign of it. The re-establishment of peace merely
made some of the legal regulations seem less pressing upon the banks.

In the middle of May, 1815, the first English vessel arrived, and
business became very active again. In May, June, and July it might have
been said "This is the golden age of commerce." Discounts of unsecured
paper were easy, and it was not an unusual occurrence to have notes of
$60,000 offered.

The banks had authorized a suspension of specie payment in order to