A bill was brought forward with this view. Biddle, who wished to
increase the circulation, said he could resume specie payments, and thus
forced his shares to rise; but the rejoicing of the Bank party was soon
disturbed by the fact that collectors of taxes were forbidden to receive
any bank note for less than $20, which was not redeemable in hard money.

After a struggle of eight years the separation became complete, and the
administration of National finances was withdrawn from the Bank.

In 1836, a law was passed providing that upon the expiration of its
charter, the National funds should be again deposited with it, as soon
as the Bank resumed specie payment. Upon the suspension in 1837, the
Government was forced to abate the law, in order to protect the specie,
and imposed on its financial and postal agents some of the duties of the
Treasury. In 1840, the management of the public Treasury constituted a
separate and distinct department. Such was the liquidation following the
panic, that Congress granted the Bank three months in which it must
either resume specie payment or liquidate. To conform to this decree the
State of Pennsylvania fixed the resumption of specie payments by its
banks, for January 15, 1841. The shares of the Bank, which had yielded
no dividend in 1839, and offered a similar outlook for the first half of
1840, fell to $61. They had been quoted as high as $1,500. General
liquidation and a loss of 50 per cent. was inevitable. This occurred in
1841. Thus ceased for a time the bank mania in the United States.

We will recall here Buchanan's opinion about the Bank: "If the Bank of
the United States, after ceasing to be a national bank, and obtaining a
new charter in Pennsylvania, had restrained itself to legitimate
banking, had used its resources to regulate the rate of home exchange,