Benton continued his speeches. The panic was now subsiding; there had not been time for Jackson's ruinous policy of making deposits in numerous state banks, and thereby encouraging wild inflation of credit, to bear fruit and, as it afterwards did, involve the whole country in financial disaster. Therefore Benton was able to exult greatly over the favorable showing of affairs in the report of the secretary of the treasury. He also procured the passage of a gold currency law, which, however, fixed the ratio of value between gold and silver at sixteen to one; an improper proportion, but one which had prevailed for three centuries in the Spanish-American countries, from which he copied it. In consequence of this law gold, long banished, became once more a circulating medium of exchange. The Bank of the United States afterwards was turned into the State Bank of Pennsylvania; it was badly managed and finally became insolvent. The Jacksonians accepted its downfall as a vindication of their policy; but in reality it was due to causes not operative at the time of the great struggle between the president and the Senate over its continued existence. Certainly by no possible financial policy could it have produced such widespread ruin and distress as did the system introduced by Jackson. Long after the Bank controversy had lost all practical bearing it continued to be agitated by the chief parties to it, who still felt sore from the various encounters. Jackson assailed it again in his message; a friendly committee of the Senate investigated it and reported in its favor, besides going out of their way to rake up charges against Jackson and Benton. The latter replied in a long speech, and became involved in personalities with the chairman, Tyler of Virginia. Neither side paid attention to any but the partisan aspect of the question, and the discussions were absolutely profitless.