Together they held one third of the entire specie reserve of the banks.

The amount of specie in the Bank of the United States, January 1, 1811, had fallen to $5,800,000, which soon found its way abroad.
The notes of the Bank of the United States, payable on demand in gold and silver at the counters of the bank, or any of its branches, were, by its charter, receivable in all payments to the United States; but this quality was also stripped from them on March 19, 1812, by a repeal of the act according it.

To these disturbances of the financial equilibrium of the country was added the necessary withdrawal of fifteen millions of bank credit and its transfer to other institutions.

This gave an extraordinary impulse to the establishment of local banks, each eager for a share of the profits.

The capital of the country, instead of being concentrated, was dissipated.