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
force the issue of bank notes, and to stimulate trade, although Mr.
Carey pretends that no over-trading had taken place. He blames them for
having restricted their loans in October and November, thus producing a
decline in prices; and the necessity of cutting down credits came about,
according to him, from the speculations in National securities.
Six Philadelphia banks with a capital of $10,000,000 held $3,000,000 in
Government stock.
On the 15th of February, 1815, when scarcely through with all this
confusion, an effort was made to re-establish for the second time a
United States Bank.
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