The immediate effect of the refusal of Congress to recharter the Bank of the United States was to bring the Treasury to the verge of bankruptcy.

The interference of Parish, Girard, and Astor alone saved the credit of the government, and this interference was no doubt prompted by self-interest.

That Mr.Astor was hostile to the bank is certain.

Gallatin wrote to Madison in January, 1811, that Mr.Astor had sent him a verbal message, "that in case of non-renewal of the charter of the Bank of the United States, all his funds and those of his friends, to the amount of two millions of dollars, would be at the command of government, either in importing specie, circulating government paper, or in any other way best calculated to prevent any injury arising from the dissolution of the bank," and he added that Mr.
Bentson, Mr.Astor's son-in-law, in communicating this message said, "that in this instance profit was not Mr.Astor's object, and that he would go great lengths, partly from pride and partly from wish, to see the bank down." In 1813, when the bank was "down," Mr.Gallatin was no longer master of the situation.

He offered to treat directly with Parish, Girard, and Astor for ten millions of dollars, but finding some hesitation, he opened the loan for subscription.