The Bank of the United States proposed a compact which was accepted by the state banks and ratified by the secretary of the treasury.

That institution engaged, to a reasonable extent, to support any bank menaced.

This engagement and the importation of seven millions of specie from abroad by the Bank of the United States secured a general restoration of specie payment.

In 1822 Mr.Gallatin was tendered and declined the office of president of the Bank of the United States.
In 1829 he prepared for Mr.Ingham, then secretary of the treasury, a masterly statement of the relative value of gold and silver.

In 1830 Mr.
Gallatin wrote for the "American Quarterly Review" his essay, "Considerations on the Currency and Banking System of the United States." Appearing at the time when the renewal of the charter of the Bank of the United States was an absorbing question, this essay was equally sought for by both the friends and opponents of the bank.