When the subscription failed, he was at the mercy of the capitalists.
Another immediate effect of the dissolution of the bank was the withdrawal from the country of the foreign capital invested in the bank, more than seven millions of dollars.

This amount was remitted, in the twelve months preceding the war, in specie.

Specie was at that time a product foreign to the United States, and by no means easy to obtain.
Specie, as Mr.Gallatin profoundly observed, does not precede, but follows wealth.

The want of it nearly destroyed Morris's original plan for the Bank of North America, and was only made up by the fortunate receipt of the French remittances.

In 1808 the specie in the vaults of the treasury reached fourteen millions of dollars, but during the operation of the Embargo Act, the banks of New England had gradually accumulated a specie reserve, and that of Richmond, Virginia, pursued the same policy.