In January the banks of New York,
Philadelphia, Baltimore, Richmond, and
Norfolk decided to resume specie payment
on the 20th of February, provided the
balance showing against them was not de-
manded by the Bank of the United States
before discounts became $2,000,000, at
New York, as much in Philadelphia, and
$1,500,000 in Baltimore ; and these condi-
tions were accepted.
The discount line of the Bank of the
United States was thus greatly increased ;
it grew from $3,000,000 on the 27th of
February to $20,000,000 on the 30th of
April; to $25,000,000 on July 29th, and
to $33,000,000 on the 31st of October.
The Bank imported much metallic money,
redeemed its notes and those of its branches
without distinction; the notes of its East-
ern and Southern branches were returned
as soon as those of the North had paid



46 A Brief History of

them, and they were newly issued ; conse-
quently eighteen months after this prac-
tice began the cash boxes of the North
were drained of their capital, the length of
discount was reduced, and 5 per cent,
was charged for sixty days. On April 1,
1819, only $126,000, cash remained on
hand, on the 12th only $71,000, remained,
$196,000, was owed to the city banks.
