Otherwise the Mediterranean Fund would suffice.

The cash in the Treasury had fallen from nearly fourteen millions on June 2, 1809, to less than six millions on September 3, following.

In this report Gallatin expressed his opinion, that the system of restriction established by the embargo and partly relaxed must be entirely reinstated or wholly abandoned.

On May 1, 1810, an act of strict prohibition of importations from Great Britain and her dependencies was passed.
While from the incompetency of the administration the country was fast approaching the real crisis of open war, the Republicans in Congress were deliberately destroying and undermining the basis of national credit, by which alone it could be carried on.

In February the United States Bank, by which, and its branches, the customs were collected throughout the country, was destroyed by the refusal of Congress to renew its charter.