Between January 1, 1811, and 1815, one hundred and twenty new banks were chartered, and forty millions of dollars were added to the banking capital.

To realize profits, the issues of paper were pushed to the extreme of possible circulation.
Meanwhile New England kept aloof from the nation.

The specie in the vaults of the banks of Massachusetts rose from $1,706,000 on June 1, 1811, to $7,326,000 on June 1, 1814.

This was a consequence of the New England policy of opposition.

Mr.Gallatin estimated that the proceeds of loans, exclusive of treasury notes and temporary loans, paid into the treasury from the commencement of the war to the end of the year 1814 were $41,010,000: of which sum the Eastern States lent $2,900,000; the Middle States, $35,790,000; Southwestern States, $2,320,000.
The floating debt of the United States, consisting of treasury notes and temporary loans unpaid, amounted, January 1, 1815, to $11,250,000, of which nearly four fifths were loaned by the cities of New York, Philadelphia, and Baltimore, and the District of Columbia.