Wiser by the experience of five years, Congress was now disposed to establish another national bank. A first bill, however, fell short of the President's desires and was vetoed. A second bill became law on April 10, 1816. The provisions of this Bank of the United States differed in several particulars from that chartered in 1790. Its capital was three and one half times as large. One fifth of the total capital of $35,000,000 was to be subscribed by the Government, and the remainder by individuals. Five of the twenty-five directors were to be appointed by the President of the United States. The funds of the Government were to be deposited in the Bank unless the Secretary of the Treasury should otherwise direct, laying his reasons for any such change before Congress. In return for the privileges granted in the charter, the Bank was required to transfer the government funds from place to place without charge, and to pay $1,500,000 to the Government. On its side the Government agreed not to charter any other bank except in the District of Columbia. The circulation of the Bank was limited to the amount of its capital. Its notes were to be payable on demand in specie and to be receivable in all payments to the Government. Such an institution gave promise of serving the Government as a sound fiscal agent and of assisting materially in the restoration of the currency to a specie basis. The stock was subscribed promptly by 31,334 individuals, all but three thousand of whom resided in the Middle States. New England was still reluctant to support the plans of Mr. Madison; the South had other uses for its capital. To facilitate the resumption of specie payments, Congress passed a joint resolution, that after February 20 of the following year (1817), all dues to the Government should be paid in specie, treasury notes, national bank notes, or notes of banks payable in the "said currency of the United States." This was strong medicine for the state banks. Unwilling or unable to contract their circulation and to call in their loans, the banks of the Middle States asked to have the date of resumption deferred, on the ostensible ground that the new bank could not be organized in time to assist them. The energetic Secretary of the Treasury disposed of this plea by putting the Bank in operation in January, 1817. On the date set by Congress the banks very generally resumed specie payments.