The recovery of internal exchanges kept pace with the influx of specie. At Boston, July 27, 1816, United States six-per-cent bonds were quoted at eighty-five, and Treasury notes at ninety-four to ninety-four and one-half; at New York six-per-cents stood at ninety, and Treasury notes at par; in Philadelphia six-per-cents were worth ninety-eight, and Treasury notes one hundred and seven; in Baltimore six-per-cents were selling at one hundred and two, and Treasury notes at one hundred and twelve. During the next five months the recovery was steady and rapid. The banks of New York, September 26, began to cash their one-dollar notes, thus relieving the community from the annoyance of fractional currency. October 26 the six-per-cents stood at ninety-two in Boston, at ninety-three and one-half in New York, at ninety-eight in Philadelphia, and at one hundred and one and one-half in Baltimore. November 28 they sold at ninety-six in Boston; November 30 they sold at ninety-six and one-quarter in New York, at one hundred and one and one-half in Philadelphia, and at one hundred and five in Baltimore. January 1, 1817, the Treasury resumed payments at Boston in Boston money, and no further discredit attached to government securities. The banks of the Middle States were less disposed than the government to hasten the return of specie payments. In order to do so, they were obliged to contract their circulation and discounts to an extent that would have been unendurable in any time but one of great prosperity; and only the threats of Dallas overcame their reluctance, even under most favorable conditions. Both Dallas and the President were irritated by their slowness.[139] July 22, 1816, the Secretary of the Treasury issued a circular warning them that, at whatever cost, the Treasury must carry into effect the order of Congress to collect the revenue, after Feb. 20, 1817, only in specie or its equivalent. “The banks in the States to the South,” he said,[140] “and to the west of Maryland, are ready and willing, it is believed, to co-operate in the same measure. The objection, or the obstacle to the measure, principally rests with the banks of the Middle States.” Dallas invited them to assist the Treasury in resuming specie payments with the least possible delay; and accordingly the banks of the Middle States held a convention at Philadelphia, August 6, to consider their course.