The exportation of specie had entirely ceased.
On December 15 Mr.Gallatin and his committee appointed at the general convention submitted a report which he had drafted, which, though addressed to the New York banks, covered the whole ground.

Meanwhile the highest authority in Pennsylvania had given it as his opinion "that the banks of Pennsylvania were in a much sounder state than before the suspension, and that the resumption of specie payments, so far as it depends on their situation and resources, may take place at any time." On February 28, 1838, Mr.Gallatin's committee made a further report showing that the liabilities of the New York banks had been reduced more than twelve millions and a half, or fifty per cent., and asserting that with the support of the community and the state authorities they could resume on an equal footing on May 10.

This declaration was welcomed with great satisfaction by a general meeting of the citizens of New York.

On April 11 the general convention again met in New York.

The Philadelphia banks declined to attend.