Its establishment was necessary because of the absence of a national bank.
Mr.Gallatin at once turned his attention to bring about first a liquidation and then a resumption.

It was a favorite maxim with him, that "the agonies of resumption are far harder to endure than those of suspension," as it is easier to refrain from lapse of virtue than to restore moral integrity once impaired.

But in resumption the suffering falls where it belongs, on the careless, the improvident, and the over-trader.
On August 15, 1837, the officers of the banks of New York city, in a general meeting, appointed a committee of three to call a convention of the principal banks to agree upon a time for a resumption of specie payments.

This committee, of which Mr.Gallatin was chairman, on August 18 addressed a circular to the principal banks in the United States, inviting the expression of their wishes as to the time and place for a convention, suggesting New York as the place, and October, 1837, as the time.

They said, in addition, that the banks of New York city, in view of the law of the State dissolving them as legal corporations in case of suspension for one year, must resume at some time between January 1 and March 15, 1838.