It is not confined, however, to this subject, but covers the entire field of American finance.

His treatment of the currency question was novel.

He analyzed the systems of Europe, compared them with those which prevailed in the United States, and reached the conclusion, the general correctness of which has been justified by the experience of all other nations, and sooner or later will be accepted by our own; namely, the necessity of a currency strong in the precious metals, and the restriction of paper money to notes of one hundred dollars to be issued by the government.

This limit is higher than that adopted in France and England, but the general principle that a circulating medium is sound only as it is strong in gold and silver, and that gold and silver can only be retained permanently by making a place for them in the circulating medium by a restriction of paper issues, will yet find favor even in this paper-loving country.
In 1832 Mr.Gallatin accepted the presidency of a bank in New York, the subscription to the stock of which, $750,000, was completed by Mr.John Jacob Astor on condition that Mr.Gallatin should manage its affairs.
The direction of its concerns, without absorbing his time, kept him in the financial current.

The bank was called the National Bank of New York.