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Specie payments. The banks suspended specie payments during the War of 1812-15. After its close a new National Bank had been created, which became the great controller and regulator of the finances of the country. The public money had been intrusted to the keeping of about 100 local deposit banks, including all of much account in the South and West. The Secretary of the Treasury MacKENZIEenzie, Alexander Slidell: Somers, the.