Later in the same Congress, the subject of the establishment and principles of a national bank came into discussion, and the finances of the country being then greatly embarrassed, this subject rose to paramount importance, and absorbed much of the attention of Congress up to the moment when the annunciation of peace put a period, for the time, to all such debates. On the whole matter of the bank and the currency, Congress was divided into three parties. First, those who were against a national bank under any form. These persons consisted chiefly of the remains of the old party, which had originally opposed the establishment of the first bank in Washington's time, in 1791, and in 1811 had prevented the renewal of its charter. They were, however, generally, friends of the existing administration, whose position now called strongly for the creation of a new bank; and, therefore, while they usually voted on preliminary and incidental measures with the favourers of a bank, they voted, on the final passage of the bill, against it; so that it was much easier to defeat the whole of any one project, than to carry through any modification of it. Second, there was a party consisting almost entirely of friends of the administration, who wished for a bank, provided it were such a one as they thought would not only regulate the currency of the country, and facilitate the operations of the government, but also afford present and important aid by heavy loans, which the bank was to be compelled to make, and to enable it to do which, it was to be relieved from the necessity of paying its notes in specie;--in other words, it was a party that wished to authorize and establish a paper currency for the whole country. The third party wished for a bank with a moderate capital, compelled always to redeem its notes with specie, and at liberty to judge for itself, when it would, and when it would not, make loans to the government.